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Backpack’s Weekly Crypto News: Nov 21-27, 2025 | ETF Outflows, SOL Inflows & a Big Hack
Key Takeaways
- Top Story: Upbit got hit by a big $36-$37 million hack on Solana-network assets, while institutional inflows into SOL funds continue even as Bitcoin (BTC) and Ethereum (ETH) ETFs pull capital out.
- Market Mover: Crypto funds overall saw significant outflows, putting pressure on large-cap tokens; contrastingly, Solana’s fresh inflows suggest a shift in sentiment toward high-speed alt-chains.
- Altcoin Watch: SOL again stands out, with capital flowing in even amid broader market tightening — hinting that some investors are repositioning toward scalability-focused networks.
- What’s Ahead: Watch for further fund-flow data, security audits and exploits news, regulatory headlines, and whether SOL’s momentum can hold under macro and security pressure.
This Week’s Top Crypto Story
What Happened?
On November 27, 2025, Upbit detected unauthorized withdrawals of roughly $36-$37 million worth of Solana-network and related tokens from its hot wallets. Tokens impacted included SOL, USDC and several ecosystem/meme tokens. The exchange promptly froze SOL-network withdrawals and deposits and pledged to reimburse all affected users from its own reserves.
Why It Matters
The incident underscores that even high-profile, well-funded exchanges remain vulnerable to hot-wallet exploits. It serves as a stark reminder that the crypto space, especially for network-native tokens and alt-chains, carries security risks that can spook investors. At the same time, despite this breach, institutional inflows into SOL funds suggest some players view Solana not just as a high-risk token, but as a long-term infrastructure bet. That duality of risk and opportunity may shape how capital flows in coming weeks.
What’s Next
Expect heightened scrutiny on exchange security practices, with possible pressure on platforms to shift more assets to cold storage and improve hot-wallet safeguards. Projects in the Solana ecosystem might double down on audits, bug-bounties and security disclosures to restore confidence. Meanwhile, funds and asset managers may weigh whether SOL’s risk/reward profile remains attractive compared to legacy assets.
Crypto Market Analysis
The Big Picture
Institutional capital appears to be rotating out of blanket exposure to major tokens via ETFs and toward more selective, possibly higher-reward bets like Solana. Security incidents such as Upbit’s hack complicate the narrative, adding volatility and uncertainty — but also highlighting the value of robust infrastructure and risk management.
Bitcoin & Ethereum Update
With broad risk-off sentiment and crypto fund outflows, BTC and ETH have seen downward pressure. Without strong institutional support or macro catalysts, further consolidation or volatility remains likely.
Altcoin & Token Watch
Riser of the Week: Solana (SOL)
Even against a backdrop of market-wide stress and exchange security incidents, SOL continues to attract capital, a sign that some investors are betting on Solana's long-term utility, speed, and ecosystem potential over legacy big-caps.
Tale of the Tape: Solana vs Ethereum
Ethereum remains foundational for smart-contract activity and institutional infrastructure. But Solana’s inflows — despite recent hacks — may reflect a growing appetite for high-throughput, low-latency blockchains which promise different tradeoffs around performance and yield.
Upcoming Airdrops & Launches
Watch for protocol upgrades, new dApp launches or token-economic changes in Solana’s ecosystem. Positive developments may attract fresh speculative and institutional money — especially if exchanges shore up security.
New on Backpack Exchange
This week on Backpack Exchange we rolled out Monad (MON) for trading on the MON/USD pair. Monad is a new high-performance, EVM-compatible Layer-1 blockchain that promises up to 10,000 transactions per second, sub-second finality and near-zero fees, while still supporting familiar Ethereum smart-contract tooling.
With MON now live, users can buy, sell or hold the token, or explore staking and ecosystem incentives as the network goes live and launches its early-user rewards programs.
Solana Network News
Despite the Upbit hack, Solana’s ecosystem remains active. Institutional inflows continue, and some projects are reportedly accelerating audits and security hardening — a sign that both builders and investors still believe in the chain’s long-term potential.
From the Backpack Learn Portal
Want to dig deeper? Check out our guides:
What Are Tokenized Stocks? A Complete Guide for 2025
Monad is Coming
What Is a Solana Epoch? Understanding How Solana’s Time System Works
XRP ETF: Ultimate Guide for 2025 Investors
What Is Perpl? The Next Generation of On-Chain Perpetual Trading on Monad
The Week Ahead
Watch for:
- More fund-flow reports across coins — could reveal whether capital rotation toward alt-chains continues.
- Security audits and potential new hacks — particularly around hot-wallet infrastructure and exchange-level systems.
- Regulatory or macro developments impacting crypto sentiment globally.
- Major protocol updates, launches, or token unlocks in altchain ecosystems.
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