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?
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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
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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
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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
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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
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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
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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.
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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. 
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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. 

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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.

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From the Backpack Learn Portal
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Want to dig deeper? Check out our guides:

What Are Tokenized Stocks? A Complete Guide for 2025
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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
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The Week Ahead
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Watch for:
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• 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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Learn more about Backpack
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