Bastion Trading is a proprietary trading firm. Leveraging advanced quantitative models and cutting-edge technology, we trade across global financial markets.
Joined March 2022
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Last week, our five-asset spot ETF basket lost $688.5m, versus +$92.7m in the prior week. $ETH led the outflows at $431.5m, followed by $BTC $202.6m and $SOL $71.5m. $ZEC was the only asset with positive weekly net flow, adding $17.7m. On Friday, the first full U.S. session after the Binance hack, we saw $814.5m leave the ETF basket, with BTC -$643.3m and ETH -$155.8m. That erased the +$126m combined inflow recorded from Monday to Thursday, indicating that etf flow was on a track for recovery if it hadn't been for the Binance hack. An exception was SOL. SOL ETFs were already experiencing outflow even before the hack, recording -$60.7m, or 85% of the week's outflow, through Monday to Thursday. Whether Friday's outflow proves temporary will depend on how quickly concerns over exchange risk ease and how upcoming macro events play out.
29 October 2026
World Indices/Major Assets Returns
#KOSPI #Nikkei225
By @BastionTrading Quant Analytics
$KOSPI is up +4.8% over the past 7 days (+8.3% over 3 days), rebounding from last week’s -4.5% drop. The main catalyst was SK Hynix’s 3Q earnings, which beat market expectations. The company reported operating profit of $KRW 83.3tn (+632% YoY, 79.7% margin) alongside long-term supply agreements with 14 customers covering over half of 2027-28 capacity. Korean securities firms now see 4Q operating profit above KRW 100tn as HBM4 shipments ramp. Not everyone is convinced, though; for instance, BNK Securities kept its Hold rating, citing AI-related credit risk. KOSPI is still -12.7% over the past month, so the earnings have only repaired the sentiment but not yet the drawdown. $Nikkei, on the other hand, has only partly followed; it is up +2.0% over 3 days, but still down -1.0% over 7 days.
This week, we are seeing signs that ETF flows are starting to turn. After weeks of heavy outflows, the five assets we track netted +$226.3m, vs −$610.8m the week before, albeit mostly led by $BTC, while $ETH, $SOL and $HYPE outflows all narrowed. There are still obstacles to feeling optimistic, especially given the concentrated macro prints we expect over the coming weeks, including the October FOMC decision and the upcoming midterms. We will find out whether this is the start of a sustained recovery or just a short-lived bounce as the data prints roll out.
22 October 2026
World Indices/Major Assets Returns
By @BastionTrading Quant Analytics
$SKYA stockholders deserve Board accountability and a better tender offer.
We reiterate our demands to raise the offer price from $3.00 to at least $3.50, allow holders to tender 100% of their pre-funded warrants instead of 95%, and exclude insider-related strategic advisor warrants.
SkyAI Liquidates Over 2 Million SOL in a Month After Reaffirming Solana Treasury Strategy Just Four Days Before Annual Meeting
Solana treasury company SkyAI confirmed on October 19 that it had sold all of its SOL holdings, leaving approximately $223.8 million in cash as of October 16. On September 14, just four days before its annual shareholder meeting, the company had reaffirmed its commitment to its Solana digital asset treasury (DAT) strategy and disclosed holdings of more than 2 million SOL.
Bastion Trading, which together with its affiliates holds approximately 9.99% of SkyAI, issued a statement on October 21 criticizing the liquidation of the company's entire SOL treasury without prior notice to or input from shareholders. It called on the executive chairman and relevant directors to publicly explain their oversight and approval of the sales and tender offer. Bastion said the directors should voluntarily resign if they cannot demonstrate meaningful accountability, or otherwise call a special shareholder meeting.
SkyAI previously said the SOL sales were intended to fund its $3-per-share or eligible-warrant cash tender offer. Bastion has called for improved terms, including an increase in the offer price to at least $3.50, allowing 100% tender of pre-funded warrants instead of 95%, and excluding insider-related strategic advisor warrants to ensure fairer treatment of investors.
globenewswire.com/news-relea…
Bastion Trading demands accountability from $SKYA’s Chairman and Directors and a better tender offer for all stockholders and pre-funded warrant holders.
Full statement:
globenewswire.com/news-relea…
15 October 2026
World Indices/Major Assets Returns
$KOSPI $SLV $WTI
By @BastionTrading Quant Analytics
Crude oil rebounded this week on rising geopolitical risk, as Houthi strikes on Saudi Arabia intensified. The upward pressure on energy price has started to show through data;
September CPI came in hotter than expected, with gasoline (+9.1% MoM) accounting for more than half of the monthly increase in headline inflation, while core also surprised to the upside. This naturally revived inflation worries, doubling the probability of a cumulative 50bp of hikes by year-end from roughly 14% to 28% over the past week (per FedWatch). The resulting rise in nominal yields and a stronger dollar weighed on silver, which has continued to trade like leveraged gold.
Korean equities faced an additional headwind. KOSPI, known to be weighted toward semiconductors through Samsung and SK Hynix, sold off sharply after Chinese memory maker CXMT unveiled plans for next-generation DRAM, raising questions over the two incumbents’ future market share and profitability.
We urge SkyAI to engage constructively with us toward a commercially reasonable solution.
According to Bastion Trading, Solana treasury company SkyAI sold approximately 70% of its SOL holdings in less than a month, leaving around 600,000 SOL, without adequately disclosing the timing, prices or approval process. Bastion and its affiliates, which hold approximately 9.99% of SkyAI, are calling for full disclosure of the sales, a board overhaul and an increase in the proposed cash tender offer price from $3.00 to at least $3.50 per share or eligible warrant, while excluding management and related parties from participating.
wublockchain.xyz/news/bastio…
Bastion Trading retweeted
According to Bastion Trading, Solana treasury company SkyAI sold approximately 70% of its SOL holdings in less than a month, leaving around 600,000 SOL, without adequately disclosing the timing, prices or approval process. Bastion and its affiliates, which hold approximately 9.99% of SkyAI, are calling for full disclosure of the sales, a board overhaul and an increase in the proposed cash tender offer price from $3.00 to at least $3.50 per share or eligible warrant, while excluding management and related parties from participating.
wublockchain.xyz/news/bastio…
Bastion Trading demands that $SKYA improve its tender offer terms, fully account for the ~70% reduction in its SOL holdings, and meaningfully reconstitute its Board.
Full press release:
globenewswire.com/news-relea…