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crypto news: Trump's pardon and Solana's ETF inflows

Coin circle information 2025-11-03 21:50 17 Tronvault

Trump's Crypto Pardon: A Calculated Gamble or Complete Ignorance?

The Curious Case of CZ's Pardon

Donald Trump's recent pardon of Changpeng Zhao, "CZ" of Binance fame, raises some eyebrows, to say the least. Trump claims he doesn't know who CZ is, despite the pardon and the fact that CZ's companies have partnered with entities linked to Trump on digital currency projects. (Dominari Holdings, for example, has Trump's sons on its advisory board.) It’s a bold claim, especially considering the circumstances. 'I don't know who he is,' says Trump after pardoning crypto tycoon

The official line, according to White House Press Secretary Karoline Leavitt, is that CZ's prosecution was an "overly prosecuted case" and part of a "war on cryptocurrency" by the Biden administration. She says the case was "thoroughly reviewed," leading to the pardon. Okay, but here's where things get interesting. CZ pleaded guilty to enabling money laundering in 2023, served four months, and stepped down as Binance CEO. An "overly prosecuted case"? Or a clear violation of financial regulations?

The pardon itself lifts restrictions preventing Zhao from running financial ventures. Whether it impacts his standing with US regulators or his role at Binance remains to be seen. But the timing—combined with Trump's stated support for cryptocurrency and the need for the US to lead in the space—suggests a calculated move, regardless of Trump's claimed ignorance. It's either a favor to the crypto industry, a swipe at Biden, or something else entirely.

Solana's ETF Paradox and XRP's Resistance

Meanwhile, the crypto market paints a mixed picture. Solana (SOL) is down 5.25% in the last 24 hours, trading around $177, and down 7.8% over the past week. This is despite Solana ETFs drawing $199 million in inflows last week, pushing total assets past $500 million since launch. That's a discrepancy, isn’t it? Huge inflows, sinking price. It suggests that the ETF money isn’t necessarily translating into organic demand for SOL itself. Traders seem to be unwinding risk positions, and the technical outlook remains weak. Solana price sinks below $180 despite $199m weekly ETF inflows

Solana had been in a downtrend since mid-September, struggling to form new highs. A solid support zone sits near $175, which has held since early August. If that breaks, we could see a drop to $157, possibly even $142. Downside risk could be mitigated if market sentiment improves, but the short-term outlook leans bearish.

crypto news: Trump's pardon and Solana's ETF inflows

XRP is also facing headwinds. It slipped below $2.50, falling 1.2% to $2.49 as repeated rejections at $2.55 confirmed strong resistance. Volume surged 85% above the recent average as sellers consolidated control. Three failed breakout attempts at $2.54–$2.55 defined the session's tone.

Overall activity climbed 85% above the 7-day average, with total turnover reaching 50.3 million tokens during the decline—confirming institutional-scale distribution at resistance levels. Market sentiment remains mixed, with traders watching whether XRP can maintain support above $2.49.

The repeated rejections at $2.55 confirmed a developing lower-high formation on daily charts, indicating fading momentum following October’s rally. The $2.50 support continues to act as a key psychological and structural pivot. Momentum indicators hover near neutral territory, suggesting a potential pause phase rather than outright reversal.

Volume concentration at upper resistance levels—particularly the 50.3M spike during the selloff—confirms active profit-taking from larger holders. Declining volume in the subsequent consolidation implies early signs of accumulation.

So, What's Really Going On?

Trump's pardon of CZ, coupled with the mixed signals from Solana and XRP, paints a complex picture. Is Trump genuinely ignorant of CZ, or is this a calculated move to curry favor with the crypto industry? The data is insufficient to give a clear answer, but my analysis suggests the latter. The inflows into Solana ETFs aren't translating into price stability, and XRP is facing strong resistance. The market remains volatile, and any bullish sentiment is hidden beneath short-term price weakness.

A Politically Opportune Wash

The numbers don't lie: this pardon smells like a politically opportune "wash" – a way to signal support for crypto without having to get into the weeds of actual policy.

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