Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
BlackRock has restructured its flagship money market fund, the BlackRock Select Treasury-Based Liquidity Fund (BSTBL), to serve as a compliant reserve vehicle for stablecoin issuers, aligning with the newly enacted GENIUS Act in the U.S. This strategic move positions the financial giant as a critical infrastructure provider in the rapidly expanding stablecoin market, projected to reach $4 trillion by 2030. Concurrently, Solana’s price has shown signs of weakness around the $195 mark amidst declining user activity, while Cardano has experienced significant whale selling despite initial retail capital inflows.
BlackRock’s Stablecoin Infrastructure Play
BlackRock’s BSTBL fund is specifically designed to meet the stringent reserve requirements of the GENIUS Act, investing exclusively in ultra-safe, highly liquid assets such as short-term U.S. Treasuries and overnight repurchase agreements. This offers stablecoin issuers a secure, regulated option for their reserve holdings, critical for market stability.
The fund replaces the older BlackRock Liquid Federal Trust Fund and introduces several operational enhancements, including expanded trading hours and later valuation windows. It operates with a 0.27% total expense ratio after waivers, signaling a clear pitch to institutional clients seeking yield-bearing reserve options.
This initiative expands BlackRock’s growing footprint in the digital asset space, which already includes a spot Bitcoin exchange-traded fund (ETF), an Ethereum product, and the tokenized BUIDL fund. Its entry into stablecoin reserve management represents a significant real-world integration with a core liquidity driver of the crypto economy.
Solana’s Price Action and User Activity
Solana was trading around $195 on October 16, experiencing a slight recovery after dipping to $186. However, the altcoin faces considerable resistance, with a rejection noted at the $197 level, indicating fragile momentum in the short term.
Technical indicators suggest caution, as the Solana price remains range-bound between its 200-day exponential moving average (EMA) at $186 and the 100-day EMA at $199. The Relative Strength Index (RSI) remains weak, and the Moving Average Convergence Divergence (MACD) is still bearish.
Adding to concerns, data from DefiLlama reportedly shows a substantial decline in Solana’s active addresses, dropping from 33 million in May to just 8 million. This decrease raises questions about the underlying strength of any price recovery and suggests that a sustained push above $200 would require significant trading volume.
Cardano Sees Retail Inflow Met by Whale Selling
Cardano has recently shown signs of renewed interest, with its Chaikin Money Flow reportedly hitting a three-month high. This signals capital flowing back into the asset, primarily from retail traders looking to capitalize on recent market pullbacks.
However, this rally has been challenged by substantial selling pressure from large holders. Whales possessing between 10 million and 100 million ADA tokens reportedly offloaded 180 million tokens, equivalent to over $120 million, within a 24-hour period.
This significant sell-off has largely negated the gains made by retail investors, leaving ADA trading near $0.66. The token is currently caught between key pressure zones, with a drop below this level potentially leading it towards $0.60, while a push past $0.69 might target $0.75.
DeepSnitch AI’s Presale Claims
A recent press release highlights DeepSnitch AI, an AI-focused crypto project, which claims to have raised over $430,000 in its ongoing presale and reportedly delivered a 26% rally for early investors. The project asserts its utility by offering an AI toolkit designed to provide retail traders with insights typically available to larger market participants.
According to the press release, DeepSnitch AI states its platform has been audited by Coinsult and SolidProof, with verified and publicly accessible contracts. It also features a dynamic staking program that rewards users from a growing pool, with no lockups and flexible withdrawal options.
Market Overview
BlackRock’s strategic entry into stablecoin reserve management marks a significant institutional embrace of the digital asset sector’s foundational infrastructure. Meanwhile, major altcoins like Solana and Cardano navigate volatile market conditions, with Solana facing declining user activity and Cardano grappling with whale-driven sell-offs, illustrating the complex dynamics within the broader crypto market.
