Home Blog Page 1207

Bitwise Officially Files for XRP ETF With the SEC

Mark Brennan
-
0
Bitwise Officially Files for XRP ETF With the SEC

Bitwise, a $4.5 billion asset manager, announces it has officially filed for an XRP exchange-traded product (ETP) with the US Securities and Exchange Commission.

In a tweet on Wednesday, Bitwise noted it had filed an S-1 form with the securities top dog for a Bitwise XRP ETP.  Per the announcement, the fund will hold XRP and provide investors with alternative means of investing in the XRPL native token.

Bitwise Makes Filing Official

The asset manager, who already offers Bitcoin and Ethereum ETFs to clients, publicly confirmed its push for the XRP ETF a few days after the application was seen on the Delaware Division of Corporation website. 

Although an earlier report stated that a Bitwise spokesperson confirmed the filing, the asset manager had yet to apply to the SEC. However, the Wednesday application reinstated Bitwise’s ploy to expand its crypto offering to the seventh-largest digital asset by market cap.

Notably, the filing shows that Bitwise has not selected the exchange where the XRP ETF will trade or the fund’s ticker. However, the asset manager could amend the application as it progresses with the SEC approval process.

Bitwise XRP ETF Application
Bitwise XRP ETF Application

Stakeholders React

Reacting to the filing, Bitwise CEO Hunter Horsley stated that blockchain technology will provide the 21st century with “new apolitical monetary assets and permissionless applications.” He further noted that the XRP ETF was part of the firm’s commitment to provide endless opportunities for investors in the crypto space.

Ripple’s CEO Brad Garlinghouse also reacted to the announcement, noting it was just the beginning. He said the ETF application underscores the growing trust and adoption of digital assets like XRP into the traditional system.

Traditional financial institutions’ traction towards XRP was first noticed when Grayscale launched an XRP Trust last month. The launch fueled the prospect of an impending ETP, with a speculator asserting that the SEC will approve an XRP ETF before that of Solana.

BlackRock Bitcoin ETF Enters Top 10 Rank of Biggest ETFs Launched This Decade

Abdulkarim Abdulwahab
-
0
BlackRock Bitcoin ETF Enters Top 10 Rank of Biggest ETFs Launched This Decade

The rapid rise of Bitcoin-focused exchange-traded funds (ETFs) from BlackRock and Fidelity has taken the investment community by surprise. 

They now rank among the most prominent ETFs established this decade. In a fresh update today, Eric Balchunas, a senior ETF analyst at Bloomberg, shared data showing that both the iShares Bitcoin Trust ETF (IBIT) and Fidelity Wise Origin Bitcoin ETF (FBTC) have secured their place among the top 10 ETFs launched this decade based on total assets under management (AUM).

For context, both ETFs launched in January 2024, just ten months ago, making this remarkable achievement particularly impressive. 

Bitcoin ETFs Dominate with Stunning Asset Growth

BlackRock’s IBIT has amassed $23.2 billion in total assets since its inception on January 11, making it one of the fastest-growing ETFs in recent memory. Based on this AUM, it trails behind only three legacy ETFs of this decade.

Similarly, Fidelity’s FBTC follows closely, reaching $11 billion in assets as of today after also launching in January. Balchunas noted that about 2,000 ETFs have been launched since 2020, but few have seen such rapid growth.

Competing with Legacy ETFs

The list of top ETFs by AUM includes well-known, low-cost, actively managed legacy funds from JPMorgan, Dimensional Fund Advisors, and Capital Group.

JPMorgan Equity Premium Income ETF (JEPI), launched in May 2020, currently leads the ETFs of this decade with $35 billion in assets. The Invesco Nasdaq 100 ETF (QQQM), launched in October 2020, follows closely with $33 billion in AUM. iShares’ 0-3 Month Treasury Bond Fund, also launched in May 2020, currently has total assets of $25.2 billion.

Meanwhile, BlackRock’s IBIT, which launched just ten months ago, has caught up, boasting $23.2 billion, ranking it as the fourth-largest ETF established this decade. Fidelity’s FBTC sits in ninth position with its $11 billion in total assets.

Image
Records for ETF launched this decade 

Essentially, these crypto funds are quickly joining the ranks of more established players in the traditional ETF market, marking a significant milestone for the cryptocurrency industry. Ultimately, the rise of Bitcoin ETFs shows how much demand for digital assets has permeated the broader financial markets.

Tron Founder Cashes Out $21.66M After Selling 5.37M EIGEN Airdrop on Binance

Lele Jima
-
0
Tron Founder Cashes Out $21.66M After Selling 5.37M EIGEN Airdrop on Binance

Tron founder and famous crypto entrepreneur Justin Sun sells his 5.374 million EigenLayer (EIGEN) airdrop on Binance, cashing out a whopping $21.66 million. 

According to popular blockchain sleuth EmberCN, the Tron founder withdrew $21.66 million in the USDT stablecoin from Binance earlier today. 

Sun Dumps 5.374M EIGEN on Binance 

Following the transaction, the blockchain sleuth speculated that Sun sold all 5.374 million EIGEN tokens he received via an airdrop last month to procure these tokens. This would translate to an average price of $4.03 per token. 

Notably, EmberCN revealed that the EigenLayer team airdropped 5,374,260 (5.374 million) EIGEN tokens to six separate blockchain wallets belonging to the Tron founder. 

After the team removed transfer restrictions from the token yesterday, Sun immediately moved all airdropped EIGEN tokens to HTX crypto exchange. 

Interestingly, he subsequently transferred the 5.374 million tokens from HTX to Binance and later withdrew 21.66 million USDT ($21.66 million) from Binance.

Tron founder withdraws $21.66 million USDT from Binance
Tron founder withdraws 21 million USDT from Binance

Data from Arkham Intelligence shows that Sun supplied all 21.66 million USDT as collateral on Aave V3. The recipient address holds $253.1 million worth of crypto, including the USDT tokens Sun supplied as collateral on Aave V3. 

EigenLayer Stakedrop Season 2 

For context, Sun was among the top beneficiaries of Eigenlayer’s second stakedrop season, which saw the distribution of 86 million EIGEN tokens. These 86 million tokens represent 5% of EIGEN’s 1.68 billion total supply.   

Notably, EigenLayer’s team distributed the 86 million tokens to stakers, node operators, and community members. Of the 86 million EIGEN tokens, the team distributed 70 million to stakers who were active participants between March 15 and August 15. Here, the airdrop was allocated based on each participant’s staked Ethereum (ETH) on the EigenLayer protocol. 

The team also allocated 10 million EIGEN to other contributors, including third-party networks and rollups-as-a-service providers. It set aside the remaining six million EIGEN tokens for the community. 

At the time of writing, EIGEN, which hit an intraday high of $4.24, is trading at $3.63. The token is down 7.6% over the past 24 hours. Ranked as the 94th-biggest cryptocurrency, EIGEN has a market cap of $672.38 million, with a daily volume of $650.56 million. 

Dogecoin On-chain Activity Hits 6-Month High as Indicator Flashes Possible 180% Rally

Mark Brennan
-
0

A crucial indicator points to a possible 180% surge in the Dogecoin price as whale activities persist despite the market downturn.

Dogecoin, like most other crypto assets, is experiencing a prominent price correction amidst market skepticism on the back of the crisis in the Middle East. For context, DOGE is down over 7% in the past 24 hours, trading at $0.106 at the time of writing.

The top memecoin is also down over 17% from its two-month high on September 28. Notably, Dogecoin shrugged off the $0.11 resistance, sponsored by the heightened whale activity on the network.

Surging On-chain Activities Persist Despite Correction

Meanwhile, whales have maintained an increased traction despite the recent market correction. Per Santiment, whales kept carrying out large transactions on the network, hitting levels seen in June. Notably, whales performed about 1,203 transactions worth $100,000 and above before the September 28 price peak.

Furthermore, Santiment revealed that active addresses on the Dogecoin network have reached a 6-month high. About 63,689 DOGE addresses moved DOGE tokens in the last three days, a level of on-chain presence the network last witnessed between April 2 and 4.

Notably, market expert Ali Martinez confirmed this spike in on-chain activity. The seasoned analyst noted that active addresses on the Dogecoin network have reached 84,306, indicating retail influx into the memecoin.

The increased on-chain activity on the Dogecoin network was also evident in the number of new addresses. Per an earlier report, the network witnessed the creation of about 19,930 new wallet addresses two days ago, as the dog-themed memecoin saw increased adoption.

Indicator Flashes Possible 180% Rally

Amidst the increased network activity, Martinez has drawn attention to an indicator on the DOGE weekly timeframe that could sponsor a 180% uptick in the token’s price. In a tweet today, Martinez noted that a bullish moving average convergence divergence (MACD) crossing may be forming on the DOGE chart.

The market expert cited a 90% and 180% rally in DOGE price the last time the MACD crossed over. Dogecoin rallied 90% in October 2023 when the MACD flipped bullish on the weekly timeframe. The token also surged 180% in February to the same signal.

Notably, a 90% rally will see DOGE trade at $0.2014, while a 180% surge will push the asset to $0.2968. Meanwhile, analyst Master Kenobi expects a 1,411% price uptick to $1.5 in December.

Here’s the Number of Addresses Holding Cardano from 100M to 10B as Big Investors Increase by 30%

Abdulkarim Abdulwahab
-
0
Here’s the Number of Addresses Holding Cardano from 100M to 10B as Big Investors Increase by 30%

Big crypto investors have substantially increased their exposure to Cardano (ADA) over the past month, outpacing retail investors.

On-chain intelligence platform IntoTheBlock reports that between September 1 and 30, addresses holding between 100 million to 1 billion ADA saw a significant 30% increase.

Following this notable rise, there are now 13 addresses holding 100 million to 1 billion ADA tokens on average. Cumulatively, these wallets hold 3.07 billion ADA tokens, representing a 17% increase from their Cardano holdings last month.

Notably, no other category of Cardano holders experienced a comparable growth in both holder count and ADA token accumulation. In monetary value, their cumulative holding is approximately $1.2 billion.

It is worth noting that only just one address holds between 1 billion and 10 billion Cardano.

Some Whales Selling Cardano

Among other whale wallet categories, those holding between 100,000 to 1 million ADA saw a modest 0.34% increase in their count over the last 30 days. These addresses now amount to 21,660, collectively holding 5.69 billion ADA tokens.

Conversely, wallets that hold between 10 million to 100 million ADA saw a decrease of 3.05%, resulting in 381 addresses. This suggests that these holders liquidated some of their positions in September, although they still retain substantial holdings of over 12.08 billion ADA. Notably, this tier represents the largest distribution of Cardano tokens.

Moreover, wallets holding 1 million to 10 million also decreased last month, implying they sold some Cardano tokens.

photo 2024 10 02 12 18 09
Cardano addresses by count | IntoTheBlock

Cardano Sharks See Slight Increase

Meanwhile, Cardano “sharks,” those holding between 10,000 to 100,000 ADA tokens, experienced a 0.13% increase in their count, bringing the total to 678,170 wallets. Cumulatively, they hold 4.32 billion ADA tokens.

Retail Investors Barely Increased Their ADA Holdings

On the retail side, the lowest holding tier—those with between zero to 100 ADA—saw a 0.68% increase last month. This brings their holdings to 44.51 million ADA tokens across 2.41 million addresses.

Notably, while this tier has the largest count of investors, they hold the least amount in cumulative ADA tokens.

The next largest group, those holding between 100 to 1,000 ADA tokens, experienced a 0.29% decrease last month, though their numbers remain significant at 1.19 million addresses. Cumulatively, they hold 457.38 million ADA tokens.

photo 2024 10 02 12 18 19
Cardano addresses by balances | IntoTheBlock

Shiba Inu: Here Are Addresses Holding 100B to 10T SHIB and Their Total Holdings

Albert Brown
-
0
Shiba Inu: Here Are Addresses Holding 100B to 10T SHIB and Their Total Holdings

Recent data on Shiba Inu (SHIB) holdings reveal a significant concentration of tokens among a small group of large holders. 

Notably, according to IntoTheBlock’s data, addresses holding between 100 billion and 10 trillion SHIB tokens collectively hold a substantial portion of the token’s circulating supply, with over 668,000 addresses. These clusters currently control 302 trillion SHIB tokens.

Essentially, just 668,000 wallets hold the largest supply of Shiba Inu.

SHIB
SHIB

Further Distribution of Large SHIB Holders

Addresses holding 100 billion to 1 trillion SHIB tokens currently control 173.03 trillion SHIB. This represents a notable increase of 1.01% over the past 30 days, suggesting that these holders continue to accumulate tokens. 

Additionally, 43,500 addresses control between 1 trillion and 10 trillion SHIB, holding a total of 129.51 trillion SHIB. This category also saw a slight increase of 0.20% over the same period, indicating steady confidence from the largest stakeholders.

Changes in Address Count 

While the number of addresses in the 100 billion to 1 trillion SHIB range remains substantial, there has been a small decrease in the number of holders. The 624,500 addresses in this category reflect a 1.89% reduction over the past 30 days. 

Despite this decline, the total amount of SHIB held has increased, suggesting that fewer but larger holders are emerging. Conversely, the number of addresses holding between 1 trillion and 10 trillion SHIB has seen a 2.33% increase, indicating growth in this top-tier holding group.

Shifts in Overall SHIB Holdings

Beyond the large SHIB holders, there are notable shifts in smaller address categories. For example, addresses holding between 10 billion and 100 billion SHIB have decreased by 1.18%, while their total holdings stand at 58.57 trillion SHIB. 

Similarly, the range of holders with 1 billion to 10 billion SHIB has seen a modest increase, with their holdings totaling 19.97 trillion SHIB, reflecting a 1.12% rise. These changes hint at minor adjustments in medium-sized holdings, though the largest accumulations remain with the wealthiest investors.

XRP ETF Filings Are Like a “Cheap Call Option” on Trump’s Victory, Says Bloomberg Analyst

Albert Brown
-
0
XRP ETF Filings Are Like a “Cheap Call Option” on Trump’s Victory, Says Bloomberg Analyst

Filing for an XRP ETF has emerged as the SEC approaches a critical deadline to appeal the XRP ruling, but a Bloomberg analyst believes the move is a gamble on Trump’s 2024 victory.

The U.S. SEC is nearing its deadline to appeal the 2023 ruling that XRP is not classified as a security when traded on secondary markets. Judge Analisa Torres delivered this ruling in July 2023, marking a significant legal victory for Ripple. It clarified XRP’s status and Ripple’s sales of XRP on the open market.

Now, the SEC has until October 7, 2024, to contest this ruling. Amid this billion-dollar asset manager, Bitwise has moved to list an XRP ETF.

However, Alex Thorn, head of research at Galaxy, believes the likelihood of the SEC not appealing is minimal. He argues that the chances of success for the XRP ETF would considerably drop if the SEC decides to appeal.

XRP ETF Filings Are Like a “Cheap Call Option” on a Trump Win

In response, Eric Balchunas, a senior ETF analyst at Bloomberg, compared the regulatory uncertainty facing the cryptocurrency market and economic concepts like the “Fed Put.”

He notes that filing for ETFs linked to XRP could be viewed as a calculated gamble, anticipating that a Donald Trump victory would create a more crypto-friendly regulatory environment, thereby enhancing the chances for the XRP ETF’s success.

“This is like the Trump Call. ETF filings for XRP, Solana, or any other altcoins are basically like a cheap call option on a Trump win,” he said.

On the other hand, the Bloomberg analyst noted that a presidency under Kamala Harris would likely maintain the current regulatory scrutiny under SEC Chair Gary Gensler, potentially hindering the approval of XRP ETFs.

 

Trump’s Stance Impacting XRP

In recent times, Trump’s stance on cryptocurrencies has led to considerable speculation within the crypto community. XRP supporters often point to Trump’s pro-crypto outlook as a potential boost for the asset.

They believe his policies would create a more favorable regulatory climate, allowing cryptocurrencies like XRP to thrive.

Industry leaders like Charles Hoskinson, the founder of Cardano, have stressed that Trump’s presidency could be more beneficial for the U.S. crypto industry than the one led by Kamala Harris.

Speaking at the TOKEN2049 conference, Hoskinson argued that any candidate aligned with decentralized finance (DeFi) and crypto initiatives would likely favor the industry. Ultimately, he pointed out that the SEC’s current approach under Gensler could change significantly with new leadership, particularly if Trump were to return to office.

Coinbase Adds Two Solana-Based Tokens to Listing Roadmap: Details

Mark Brennan
-
0
Coinbase Adds Two Solana-Based Tokens to Listing Roadmap: Details

Leading crypto exchange Coinbase has announced it would add support for two new Solana-based tokens, io.net and Degen.

Coinbase, the largest US-based crypto trading platform by trading volume, revealed late Tuesday that it has added the tokens to its listing roadmap. As a result, its users will soon be able to trade the tokens.

Coinbase to List io.net an Degen

Per the announcement, io.net’s IO token will soon debut on the Coinbase platform for trading. The Solana-based Decentralized Physical Infrastructure Network (DePIN) token is a native coin of the io.net blockchain.

Launched in June, the protocol attracted Binance, debuting as the 55th token on the exchange’s launchpad. The io.net is a decentralized AI computing network powered by the IO token. The platform offers networks access to distributed clusters by aggregating graphics processing units (GPUs) across multiple storage providers.

Meanwhile, Degen is a memecoin based on the Base network, an Ethereum sidechain. The ERC-20 token launched in January after its developers airdropped 15% of its 36 billion total supply to active Farcaster’s Degen channel members.

Tokens React Differently Upon Coinbase Announcement

The two tokens reacted differently following Coinbase’s announcement, with one surging extensively and the other plummeting.

DEGEN pulled a classic memecoin surge in 24 hours, pumping over 140% to $0.0112. The token surged to a high of $0.0119 before relinquishing some of its gains to the market drop. Notably, DEGEN is among the top gainers on Binance and Bybit in the past 24 hours.

Conversely, IO has dumped 14% in the past day despite the bullish sentiment around the ecosystem. The coin fell below the $2 psychological mark, trading at $1.81 at the time of writing.

This disparity drew comments from the crypto community, with a user calling the scenario a classic memecoin vs. utility project drama.

It bears mentioning that despite the DEGEN surge, it is down over 85% from its all-time high. The memecoin surged to $0.06459 in March following trader traction towards the Base token.

Ripple Re-Locks 800,000,000 XRP in Escrow, Yet XRP Still Falls

Lele Jima
-
0
Ripple Re-Locks 800,000,000 XRP in Escrow, Yet XRP Still Falls

Data from Whale Alert confirms that San Francisco-based company Ripple has re-locked 800 million XRP into its escrow accounts.

According to the data, Ripple re-locked 800 million XRP in three transactions, with each containing 500 million, 200 million, and 100 million XRP. This development occurred shortly after the company’s escrow system unlocked 1 billion XRP for the month of October. 

Ripple’s Latest XRP Movements and Re-Locks 

As reported earlier, Ripple witness the unlocking of 1 billion XRP from escrow to two of its wallets, rw2hzL…JWg3wY and rDqGA2…mKxEsF. Both addresses received 500 million XRP each, totaling 1 billion XRP.

A few hours after the transaction, Ripple moved 500 million XRP from rDqGA2…mKxEsF to rDdXi…FWeCK. The company also transferred 300 million XRP to rKDvg…co2op from rw2hzL…JWg3wY around the same time.

Following the transactions, Ripple has now locked these funds in escrow across three transactions, representing 80% of the 1 billion XRP unlocked on October 1.

The first re-locking transaction, containing 500 million XRP ($314.84 million), took place yesterday at 12:25 p.m. (UTC). Notably, Ripple re-locked the funds using the rDdXi…FWeCK blockchain address. 

Furthermore, Ripple locked back 300 million XRP in two tranches (200 million XRP and 100 million XRP) using rKDvg…co2op. At the time of the transaction, the 300 million XRP was worth $189.02 million.

Given the latest transactions, Ripple is now left with 200 million XRP ($120.4 million) from the October release. The San Francisco-based company could sell the tokens anytime to cater to its business expenses.

XRP Investors Unfazed by Ripple’s Recent Unlock 

It bears mentioning that XRP community members are conversant with Ripple’s monthly release. Hence, the transaction did not trigger panic. The company usually releases 1 billion XRP monthly and re-locks 800 million tokens in escrow. 

While Ripple occasionally deviates from the routine unlock pattern, as witnessed earlier this year, the company has resolved the issue in recent escrow releases. 

Both October and September followed the usual routine, involving the release of 1 billion XRP on the first day of each month and the re-locking of 800M XRP a few hours later. 

Meanwhile, XRP is trading at $0.602, representing a 4.04% price drop over the past 24 hours. This decline is not isolated to XRP alone. Other crypto assets, including Bitcoin and Ethereum, have registered huge dips, totaling 3.56% and 6.3%, respectively. At press time, the global crypto market cap is down 4.24% in the past day to $2.17 trillion. 

Crypto Educator Predicts XRP to Skyrocket 14,700% if BTC Reaches $400K, Here’s the New Price Target

Abdulkarim Abdulwahab
-
0
Crypto Educator Predicts XRP to Skyrocket 14,700% if BTC Reaches $400K, Here’s the New Price Target

Market commentator Marusha Mattomattik, who runs an educational Discord channel, has suggested a bold price for which XRP could trade when Bitcoin attains $400K.

XRP has dipped by 4% today, losing most of the gains it accrued during last week’s run. This decline follows Bitcoin’s drop to the $60,000 level in the last 24 hours.

While XRP is currently valued just above $0.60, Mattomattik boldly claimed that its price could soar to $89 in the near future. She believes this target is particularly achievable if Bitcoin reaches a range of $200,000 to $400,000.

Numerous market commentators have speculated that this price range is Bitcoin’s potential destination for the ongoing bull season.

XRP to $89 if Bitcoin Reaches $200K to $400K

In her post on X, Mattomattik argued that large crypto traders, or “whales,” are aware of this potential price movement for XRP but are keeping it under wraps, not wanting to share this information with retail investors.

“CT whales don’t want you to know this secret,” she said.

At the floor price of $0.6014, XRP’s value must expand by approximately 14,700% to clock the ambitious $89 price target. 

Meanwhile, with Bitcoin’s value at $61,687 at press time, the leading cryptocurrency would need to grow by a mere 224% to reach the lower boundary of Mattomattik’s projection. Conversely, the $400,000 level requires a more substantial 548.4% increase.

Essentially, while Bitcoin could see a maximum fivefold surge from its current value to $400,000, Mattomattik anticipates a much more aggressive uptrend for XRP, proposing a 147-fold price increase.

Other Analysis Share This Belief 

Meanwhile, this is not the first bold XRP prediction tied to Bitcoin’s future. As reported earlier, a widely followed market analyst has similarly argued that XRP could trade at $20 in this bull season if Bitcoin crosses the $500,000 mark. 

This forecast presents a more conservative outlook for XRP compared to the more aggressive projections.

On another note, XRP community analyst Levi Rietveld boldly asserted that XRP could exceed $100 in value if Bitcoin reaches $13 million. This ambitious outlook for Bitcoin was proposed by MicroStrategy chairman Michael Saylor. He expects Bitcoin’s $13 million high to materialize in about two decades. 

Meanwhile, XRP analysts anticipate that XRP could surge beyond $100 by next year. However, this target remains highly speculative and unlikely.

1...1,2061,2071,208...2,662Page 1,207 of 2,662