Fed Policy Changes and the Increasing Link with Solana (SOL)

The relationship between macroeconomic strategies and the cryptocurrency sector reached new heights in November 2025, as the Federal Reserve’s sudden transition from quantitative tightening (QT) to quantitative easing (QE) sent shockwaves through various asset markets. (SOL), known for its high-speed blockchain infrastructure, became a central figure in this turbulence. Its on-chain metrics, exchange movements, and derivatives activity all mirrored the intricate balance between increased liquidity and speculative trading. This report explores the impact of the Fed’s policy adjustments on Solana’s path, providing guidance for those navigating a macro-influenced crypto environment.

Fed Policy and the Yield Curve: A Global Macroeconomic Catalyst

The Federal Reserve’s announcement to end QT by December 2025 and begin QE in January 2026

. This strategy, designed to boost liquidity in the markets, follows a year marked by tightening measures that limited risk-taking. At the same time, U.S. Treasury yields have been swayed by unexpected international developments—most notably, the sharp rise in Japan’s government bond (JGB) yields. , Japan’s yield curve has become a crucial factor in shaping U.S. Treasury trends, highlighting the deep links between global financial systems. This dynamic indicates that the Fed’s decisions are increasingly influenced by international capital flows and the actions of other central banks, rather than acting independently.

For digital assets, the Fed’s shift toward more liquidity has created a complex backdrop. Although QE is anticipated to encourage risk-taking,

have restrained excessive speculation. This push and pull is visible in Solana’s market performance, which has even as ETF investments continued to flow in.

Solana's On-Chain and Exchange Activity: A Tale of Two Metrics

Solana’s blockchain activity in November 2025 paints a nuanced picture. Decentralized applications (DApps) on the network generated over $16 million in revenue in the last week, with platforms such as Pump.fun and Ore leading the way. However, the number of daily active wallets has

. This reduction signals a return to normal engagement levels after the meme coin surge, but also exposes the vulnerability of growth driven by speculation.

In contrast, exchange data tells another story.

in net new investments since their debut, with Bitwise’s BSOL and Grayscale’s GSOL at the forefront. These inflows have remained strong despite SOL’s price decline, indicating that institutional interest is becoming less tied to short-term price changes. and drawing in capital from traditional investors eager to participate in blockchain advancements.

Derivatives Markets: Speculative Positioning and Funding Rate Fluctuations

Solana’s derivatives market offers further insight into speculative trends. The average open interest (OI) for

futures stood at $7.2 billion in November 2025, down from $10 billion at the start of the month and significantly lower than the $17 billion peak in September . This downward trend points to fewer leveraged bets on short-term price movements, possibly hinting at a bearish outlook if risk aversion continues .

However, funding rates for Solana’s perpetual futures turned positive on November 5, 2025, as market participants became more optimistic

. The OI-weighted funding rate shifted from -0.0253% to 0.0066% in just one day, alongside a 2.73% rise in OI to $7.64 billion. This increase in leveraged activity coincided with ongoing ETF inflows, suggesting that both institutional and retail traders are aligning their approaches around Solana’s long-term prospects .

Macroeconomic Volatility and Leverage Ratios: A Delicate Balance

, as described by Cleveland Fed President Beth Hammack, adds an element of unpredictability for markets that rely heavily on leverage, such as crypto. While QE is projected to reduce borrowing costs and potentially unlock $2.6 trillion in bank lending by 2026 , persistent inflation above the 2% mark could limit aggressive use of leverage. For Solana, this means that leverage ratios in derivatives may remain unstable, as traders position themselves for both increased liquidity and possible policy reversals.

Historical patterns highlight Solana’s responsiveness to macroeconomic changes. Its beta, which has consistently exceeded 1.5,

in reaction to shifts in liquidity and uncertainty around Fed decisions. For example, the rate cut in October 2025 led to a 20% price drop despite $2.1 billion being invested in Solana-related ventures, demonstrating the two-sided nature of macro-driven market swings .

Conclusion: Navigating the Macro-Crypto Nexus

The strong link between Federal Reserve actions and Solana’s performance in November 2025 highlights a larger pattern: cryptocurrencies are becoming increasingly influenced by macroeconomic realities. Although the Fed’s move to expand liquidity has helped stabilize risk assets, the combined effects of global yield curve shifts, speculative trading, and regulatory changes will shape Solana’s short-term direction. Investors should keep a close eye on derivatives indicators like open interest and funding rates, as well as ETF flows and blockchain activity, to assess the balance between optimism and caution. In this context, Solana’s durability—demonstrated by its $35 billion in Total Value Locked (TVL) and ongoing institutional investments—suggests that its long-term growth potential could surpass short-term market swings

.