November 3, 2025
Jamie Dimon said stablecoins are real and the week’s performance for Solana ETFs turned out to be big.
Welcome to the Meridian Update. October was in fact not Uptober. Let’s dive in.
A skeptic of the on-chain world says stablecoins are real
Jamie Dimon is the Chief Executive Officer of JPMorgan Chase. You might know it as the largest bank in the US.
Jamie Dimon is a longtime Bitcoin skeptic, and many in the on-chain world view his positions as opposing the expansion of on-chain activities. He once said I call it the pet rock,” when referencing Bitcoin.
People on Crypto Twitter now notice when he says nice things about blockchain technology. At an investment summit, he said:
“Crypto is real. Blockchain is real. Stablecoins are real."
This comes shortly after JPMorgan announced it would accept Bitcoin and Ether, the native token of the Ethereum network, as collateral.
We find it notable that even one of the on-chain world’s chief skeptics is leaning into at least some elements of the on-chain world. Something to keep an eye on in the institutional adoption world. And in the meantime, and this is certainly not financial advice, maybe we should all invest in pet rocks if pet rocks can have this high of returns? This is a joke of course. Probably.
Last week was in fact really big for Solana ETFs
We talked several times about Solana exchange-traded funds (ETFs) last week. Bitwise’s Solana ETF started trading on NYSE. Then Grayscale’s Solana ETF started trading on NYSE.
Well, the final numbers are in, and it was a really big week. The Bitwise Solana ETF led all crypto exchange-traded products with $417M in net inflows. Grayscale’s performed less well, but it still saw inflows.
There were discussions of other exchange-traded Solana products to close the week, with many predicting a big November. So will this be the last time we talk about Solana ETFs and crypto ETFs more broadly? We suspect not. Something to keep an eye on.
That’s a wrap
Jamie Dimon said stablecoins are real and the week’s performance for Solana ETFs turned out to be big. We’ll see you tomorrow morning.
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