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Wealth Manager Says People Might Be Underestimating Demand for Spot XRP ETFs

Mark Brennan
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Wealth Manager Says People Might Be Underestimating Demand for Spot XRP ETFs

The demand for XRP from institutional players is becoming increasingly evident, as evidenced by the intense momentum in the regulated derivatives market.

Wealth manager Nate Geraci highlighted that CME Group’s XRP futures contracts have already surpassed $1 billion in open interest. It reached the milestone in just over three months. This makes XRP the fastest crypto futures contract to hit $1 billion OI on CME’s platform.

The rapid growth highlights the level of institutional engagement with XRP. Given the strong appetite for its futures-based products, Geraci suggested that many in the market may still be underestimating the potential demand for spot XRP ETFs.

Futures-Based XRP ETFs Surge Past $800M

Alongside CME’s milestone, futures-based XRP ETFs are seeing heavy inflows. Products like Teucrium’s 2x Long Daily XRP ETF (XXRP) and Volatility Shares’ newly launched XRPI 1x Futures ETF have helped push combined assets past $800 million.

Bloomberg ETF analyst Eric Balchunas previously noted XXRP’s rapid rise from a $5 million debut volume in April to $35 million in daily trading in May and $120 million in assets under management. This trajectory paved the way for XRPI’s strong debut in May.

The scale of flows into leveraged and futures-backed ETFs further confirms a growing institutional bid for XRP-linked investment products even as the SEC continues to delay decisions on spot applications.

At present, the SEC is reviewing more than 10 spot XRP ETF applications from asset managers, including Grayscale, 21Shares, and Franklin. While the regulator delayed decisions on multiple filings, the final deadlines fall in Q4 2025.

BlackRock Speculation Heats Up

Adding to the anticipation, Nate Geraci recently predicted that BlackRock will eventually file for a spot XRP ETF, alongside Solana. With the firm already running the world’s largest Bitcoin and Ethereum ETFs, Geraci believes it would be “illogical” for BlackRock to ignore XRP if demand continues to rise.

He noted that if BlackRock waits until regulatory clarity improves, it may “swoop in at the last minute” to secure early-mover advantage.

XRP Community Reactions

Geraci’s latest comments have drawn strong reactions from the XRP community.

Attorney John Deaton responded by noting that he had previously predicted this outcome—just as he had predicted that the recently unveiled Gemini XRP Card would become the platform’s most popular crypto card, thanks to the strong spirit within the XRP community.

Indeed, following the launch of Teucrium’s futures ETF, Deaton had remarked that the move demonstrated Wall Street’s growing interest in XRP, something many had been reluctant to acknowledge.

In his latest commentary, Deaton pointed out that the Gemini app has now even surpassed Coinbase in recent app downloads. He also recalled how over 75,000 XRP holders from 143 countries participated as amici in the now-concluded SEC v. Ripple lawsuit. “Nothing like that has happened before,” he said.

Responding to Deaton, Brad Kimes of Digital Perspectives commented that if the XRP card has already gained this level of popularity, market participants should consider the impact of more than 10 XRP ETF applications going live. He suggested it could have a major influence on the price of the coin.

Massive Shiba Inu Expansion to New ATH Imminent as Consolidation Nears End

Elendu Benedict
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Massive Shiba Inu Expansion to New ATH Imminent as Consolidation Nears End

An analyst has identified a recurring pattern of expansion after a period of consolidation on the Shiba Inu chart, suggesting it might see a repeat.

History does not repeat itself, but it often rhymes; this principle might apply to Shiba Inu, an analyst has insinuated. Specifically, Kamran Asghar highlighted a recurring pattern of price accumulation and parabolic expansion on the meme coin’s weekly chart, suggesting that things will align as they have in the past.

Consolidation Phase Nearing End?

For context, this pattern has seen the price of Shiba Inu consolidate within a rectangular range for months, then explode after sustaining a breakout. The rhythm has occurred twice since 2021, and the commentator projects that Shiba Inu will follow that trend this time.

An accompanying chart highlights the specific periods during which this happened. It shows that SHIB entered an accumulation phase in May 2021, when it dropped to $0.00000630, and remained within this range until a breakout in late September 2021.

Shiba Inu Analysis/Kamran Asghar

SHIB soared 1,154% to its all-time high of $0.000088554 in five weeks, illustrating how quickly its value can escalate when it gains momentum. Meanwhile, after the high, Shiba Inu retraced massively to enter another consolidation phase, starting from May 2022.

The accumulation spanned a much longer period this time, lasting until February 2024. Then, Shiba Inu surged to a high of $0.00004563 in March 2024, with Asghar’s chart indicating that this resulted in 501% increase.

Shiba Inu Could Reach New ATH After Breakout

Meanwhile, Shiba Inu entered another accumulation phase in late January, following its dip to $0.00001471, and has since trended within the range. However, Asghar suggested that the phase could be winding down.

If it breaks out and history rhymes, then Shiba Inu could go parabolic from here. The analyst stated that the meme coin appears poised for a massive expansion, targeting greater heights.

Moreover, his chart highlights that the rally could take the prominent meme coin to a new all-time high. He marked the target around $0.0000900, representing an approximately 619% upsurge from the current market price of $0.0000251 and an unprecedented level for Shiba Inu.

Notably, an earlier The Crypto Basic report aligns with this $0.000090 target. The analysis utilized Changelly to project when Shiba Inu could reach the target, and according to the report, this could occur in late 2028.

Top XRP Critic Predicts XRP to Hit 4,761 — Here’s What He Means

Sam Wisdom Raphael
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Top XRP Critic Predicts XRP to Hit 4,761 — Here’s What He Means

A well-known Bitcoin maxi and long-term XRP critic has presented his mid-term XRP target amid the recovery toward $3.

For context, XRP is again testing the $3 level, a price point that has become a major line for investors. After a strong rally earlier this year, it now faces pressure to prove it can hold and build on its gains. 

While the community discusses whether XRP has the strength for another leg up, one of its most vocal critics, Davinci Jeremie, has presented what he believes could be XRP’s short-term price target.

Davinci Jeremie Predicts XRP to 4,761

Jeremie, a well-known early Bitcoin adopter, has long dismissed XRP’s potential. However, in his latest analysis, he pointed to a target of 4,761. While this may have been interpreted as $4,761 on the surface, he later clarified that his projection was in Chilean pesos, which equals about $4.93 in U.S. dollars.

Despite this, his analysis remains mildly bullish, particularly as he expects XRP to double from its current level. Specifically, he explained that XRP recently built a strong price structure, forming what he described as a clear “W” pattern on the charts. 

For context, this W pattern formed on the weekly chart after XRP dropped from the $3.4 peak in January. From this level, it hit a low of $2.11 in April, recovered to a high of $2.6 in May before collapsing again to around $2 in June. The latest recovery back above the January peak of $3.4 completed the formation of the W pattern. 

XRP W Pattern
XRP W Pattern

Jeremie noted that the price action leading to this W pattern looked organic rather than manipulated. The Bitcoin maxi said this recent price action contrasts XRP’s sharp 580% surge from November 2024 to January 2025, which he insinuated was manipulated.

Now, with XRP breaking above the W pattern, Jeremie applied Fibonacci extension levels from the foundation, which pointed to a target of 4,555 pesos at Fib. 1.618. He argued that XRP could push slightly beyond that mark and hit the 4,700 range before cooling off. In dollar terms, this places XRP just under the $5 line.

Earlier Predictions of an XRP Run to $24

The recent analysis comes after his comments on XRP earlier in the year. Notably, for years, he dismissed XRP as little more than a “stablecoin” and regularly predicted it would collapse to zero.

However, this tune changed after XRP staged a massive rally between November 2024 and January 2025, climbing 580% and breaking through $3. Following that surge, Jeremie revised his stance and said XRP could climb to between $20 and $24 during this cycle.

Still, he didn’t fully abandon his doubts. In January, while acknowledging XRP’s rally, he warned that he didn’t view it as a safe long-term bet. He stressed that his optimism was tied to the cycle’s momentum rather than any newfound confidence in XRP’s fundamentals. 

Speaking again in April, he maintained the bullish prediction. At the time, when XRP had dropped below $3 and fought to hold $2, he still projected that it might reach $24 before the year’s end. It is unclear if his recent prediction of a run to $4.93 represents his short-term target before the run to $24.

Expert Says XRP Outperforming Bitcoin, Must Hold This Support for Elliot Wave 3 Push to $5.4

Elendu Benedict
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Expert Says XRP Outperforming Bitcoin, Must Hold This Support for Elliot Wave 3 Push to $5.4

Top analyst CasiTrades has identified key areas for XRP amid the recent downtrend while highlighting its resilience compared to Bitcoin.

In an August 25 X post, she noted that XRP has held its own compared to Bitcoin, as the latter fell to a new price low yesterday. For context, the crypto firstborn dumped below $110,000 on Monday for the first time since July, as it broke below the $112,000 support level.

The analyst emphasized that this further spells trouble for Bitcoin, as its next support lies at the macro 0.383 Fibonacci support at $88,000. However, this is not the case for XRP, which has clearly performed differently in comparison to the largest cryptocurrency by market cap.

XRP Holds Major Support Despite Consolidation

Notably, XRP did not make a new low like Bitcoin did. Instead, it continued to trend within its consolidatory pattern, particularly within a symmetrical triangle. The 6-week-old pattern kicked in after July’s high of $3.66 and has contained the token’s price since then.

The recent dip, which saw Bitcoin and some other cryptocurrencies record new lows, only pushed XRP to the bottom of the triangle, aligning with a key support trendline at $2.91. Interestingly, this also aligns with the 0.618 Fibonacci retracement, popularly known as the golden pocket.

XRP Analysis/CasiTrades

The crypto analyst noted that XRP must hold this support if it is to regain bullish momentum. She emphasized that trading above the level would set the tone for the start of the third wave of the textbook Elliot Wave pattern.

Confirmation Point and XRP Wave Target

Notably, CasiTrades highlighted the $3.12 price as the confirmation point should XRP resume its northward price drive. She noted that the resistance level would be a major impediment and breaking it would give room for higher prices.

If XRP defies the supply zone, data from her chart shows that wave 3 of the Elliot Wave pattern targets the Fibonacci level at $4.47. Remarkably, this 53% rally from the current market price of $2.92 would mark a new all-time high for XRP.

Meanwhile, the analyst expects the consolidatory wave 4 to spark a retest of the 0.32 Fibonacci level at $3.65 before the fifth and final wave. After the retracement, wave 5 of the Elliot Wave structure will push XRP to $5.4, representing an 85% rally from the current market price.

Remarkably, the chart shows that XRP could go higher to the 1.618 Fibonacci extension at $5.55, further benefiting those who buy the current dip.

Resistance Turns Support for XRP

Another chart analysis further solidifies the optimism among analysts. “CoinsKid” identified in his post today that XRP has flipped a former resistance to support.

Specifically, he identified that the former resistance at $2.59 now serves as a support area for XRP and could provide the cushion required to rebound. The zone was a significant resistance zone for XRP on multiple occasions since December 2024, rejecting higher prices in January, March, and May.

However, XRP broke out in July and has now turned the area into support. A bounce from the zone, if XRP were to retrace that low, would solidify the support and set XRP up for higher prices.

XRP Hovers Over Mega W Pattern, Analyst Identifies Level XRP Must Breach Before Run to $40

Sam Wisdom Raphael
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XRP Hovers Over Mega W Pattern, Analyst Identifies Level XRP Must Breach Before Run to $40

XRP is currently hovering over a multi-year “mega” W pattern after breakout, with analyst EGRAG identifying the level it has to breach before an explosive run.

Notably, EGRAG discussed this in one of his recent analyses amid XRP’s current price struggles. For context, after observing an impressive 7.81% gain on Aug. 22 to recover above $3.1, XRP saw three consecutive days of decline, dropping to $2.85 by Aug. 25.

As this bearish price action triggered investor caution, EGRAG called attention to a pattern he has persistently highlighted over the past few months, asking his followers, “What are you feeling bearish about?”

The XRP W Pattern Breakout

Specifically, he confirmed that XRP still holds above the trendline of a multi-year W pattern or double bottom structure after breaking out decisively in January 2025.

For the uninitiated, this W pattern typically forms when an asset drops to a particular low price, recovers from the drop, and then collapses to a similar low before eventually rebounding again. When this occurs, it indicates that the asset is on the verge of a much larger upside push. Analysts often confirm the pattern after a breakout above the trendline.

With XRP, the first crash occurred when it dropped from the $3.31 peak in January 2018 to a low of $0.1140 in March 2020 before recovering to $1.96 in April 2021. After this, it slumped again from the $1.96 high to a second low of $0.2870 in June 2022 on the back of the Terra implosion and then rebounded to $1.95 in November 2024.

XRP W Pattern EGRAG Crypto
XRP W Pattern | EGRAG Crypto

This price action from January 2018 to November 2024 essentially formed the W pattern, with the trendline resting around the $1.95 to $2 price region. XRP broke above the trendline in December 2024, but it was not until January 2025, when it soared to $3.4, that this breakout was decisive enough.

XRP Needs to Breach the $3.3 Resistance

From here, XRP collapsed to retest the breakout, leading to the months-long consolidation that lasted until July 2025. Amid this range-bound movement, XRP formed a parallel channel as it hovered above the W pattern. Notably, the $2 mark acts as the last support, representing the lower end of the channel, while $2.55 is the midline of the channel. This is the most immediate support.

Meanwhile, EGRAG’s chart indicates that the upper end of the channel rests on the $3.3 region, which acts as the resistance between XRP and a breakout above the channel. Today, XRP has recovered the $3 mark, currently trading for $3.01. It now requires a meager 9.6% increase from here to breach the $3.3 resistance.

Such a breach would allow XRP to act on the expected uptrend from the earlier W pattern breakout. While EGRAG failed to highlight any upside targets in the latest analysis, a previous report shows he believes a run to $15 is possible, being his conservative target. Meanwhile, his average target sits at $15, with $40 acting as his optimistic target.

XRP Upside Targets EGRAG Crypto
XRP Upside Targets | EGRAG Crypto

However, he advised investors to ensure they start taking profit at lower targets, such as $6 to $7. According to him, his loftier targets could actually be wrong, and it is important that investors realize some profit before the next bear run.

Trump Media Group Launches $6.42B CRO Treasury Strategy

Zabi
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Trump Media Group Launches $6.42B CRO Treasury Strategy

Trump Media, Crypto.com, and Yorkville Acquisition Corp. have unveiled a $6.42 billion digital asset treasury company. This move establishes the first publicly traded CRO-focused entity.

Today, Trump Media & Technology Group, Crypto.com, and Yorkville Acquisition Corp. revealed plans to launch Trump Media Group CRO Strategy, Inc.

The new company will serve as a dedicated treasury vehicle for Cronos (CRO), the native token of Crypto.com’s blockchain. This partnership marks the first time CRO will be the centerpiece of a publicly traded entity.

The new entity will be majority-owned by Yorkville, Trump Media, and Crypto.com. As a result, these stakeholders will have direct influence over its direction and growth.

Yorkville, a special purpose acquisition company (SPAC), will bring the business public. To achieve this, it plans to list its Class A ordinary shares on Nasdaq under the symbol MCGA, short for Make CRO Great Again. The symbol change is expected to take place before the merger is finalized. After the business combination closes, the new ticker will then transfer to Trump Media Group CRO Strategy.

Yorkville has said it will provide a separate announcement once the exact timing of the symbol change is confirmed.

Treasury Breakdown: Cash, CRO, and Credit

The company’s funding package totals an impressive $6.42 billion, making it one of the largest dedicated crypto treasuries ever announced.

The structure of the deal comprises several components, including $1 billion in CRO tokens, which is equivalent to approximately 6.3 billion CRO. This amount represents roughly 19% of CRO’s market capitalization. It also contains $200 million in cash reserves and $220 million in warrants. In addition, Yorkville affiliate YA II PN, Ltd. will provide the company with access to a $5 billion equity line of credit.

Separately, Trump Media & Technology acquired $105 million of CRO tokens, while Crypto.com purchased $50 million of Trump Media stock (DJT). Combined, these transactions push Trump Media Group’s total CRO holdings close to 7 billion tokens.

This accumulation establishes Trump Media Group CRO Strategy as the largest CRO-focused treasury company in existence, giving it unprecedented influence over the Cronos ecosystem.

Following the announcement, Cronos (CRO) token surged 41% to $0.2037, pushing its market value to $6.87 billion and ranking it as the 23rd largest cryptocurrency worldwide.

Truth Social Adopts CRO as Platform Token

As part of this broad strategic partnership, Truth Social will adopt CRO as its official platform token. This step signals Trump Media’s deeper commitment to blockchain integration and future monetization through digital assets. 

Trump Media CEO Devin Nunes described the project as a “bold step forward,” highlighting the company’s long-term commitment to cryptocurrency in the digital economy.

Crypto.com CEO Kris Marszalek described the scale of the venture as “unmatched in the industry,” adding that the CRO acquired will be held forever as a cornerstone asset.

Marszalek also compared the size of the deal to Ethereum, noting that for an ETH-focused treasury to achieve similar buying power, it would need to acquire “hundreds of billions” in tokens.

Validator Node and Staking Strategy

Beyond accumulation, Trump Media Group CRO Strategy aims to foster active engagement with the Cronos blockchain. The company will operate a validator node, contributing to the network’s security and governance.

By running its own validator, the company can directly validate transactions, secure the chain, and strengthen community trust. At the same time, it will reinvest staking rewards back into the treasury, compounding holdings over time.

This approach not only cements the group’s role as a CRO whale but also integrates it as an active contributor to the blockchain’s growth and sustainability.

Lock-Up Period Shows Long-Term Focus

To ensure stability and demonstrate commitment, the founding stakeholders, Trump Media, Crypto.com, and Yorkville, have agreed to a strict lock-up period. Their founding shares and warrants will remain locked for one year, followed by a gradual release over the next three years.

Such restrictions are often used in high-profile deals to prevent early sell-offs and to align incentives for long-term value creation. This structure suggests that the backers view the CRO treasury as a multi-year project, rather than a short-term bet.

Advisors and Legal Guidance

A strong advisory and legal team supports the business combination. Clear Street is acting as the exclusive capital markets advisor, while DLA Piper LLP and Skadden, Arps, Slate, Meagher & Flom LLP are handling legal matters. 

500,000,000 Dogecoin Hits Binance: Here’s Who Moved the Assets and Why

Elendu Benedict
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500,000,000 Dogecoin Hits Binance: Here’s Who Moved the Assets and Why

A new whale transfer involving Binance and millions of dollars’ worth of Dogecoin has left the crypto community speculating on what was actually happening.

Notably, whale Alert spotlighted the transaction a few minutes ago. The notable movement saw an unmarked address “DU8gPC” shift 500 million DOGE tokens worth a staggering $106,338,983 to Binance, the largest cryptocurrency exchange by trading volume. Specifically, the transaction occurred at 12:36 (UTC) on Tuesday.

Screenshot 2025 08 26 152618
500,000,000 DOGE Moved to Binance/Whale Alert

Whale Alert identified the receiving address as a Binance-affiliated wallet but noted that the identity of the sending wallet remained unknown. This sparked mixed sentiments within the crypto community, particularly as the transfer was an inflow to the exchange.

Some questioned if it was a whale bailing out or if there was more to it, while other reactions concluded it was a dump. Nonetheless, deeper research from The Crypto Basic revealed some interesting details.

Who Actually Moved These Dogecoin Tokens?

Meanwhile, Arkham shows that the receiving address was surely a Binance wallet, marked as the “Binance: Hot Wallet.”

However, data also confirms that the sending address was a “Binance: Cold Wallet,” specifically created to hold DOGE tokens. As a result, these pointers suggest it was just an internal shift from a self-custody Dogecoin storage to the exchange’s hot wallet.

Notably, such transactions are regular among trading platforms as they supply fresh liquidity from their cold storage to meet the increased liquidity needs and user activity.

Remarkably, the sending wallet still holds 2.42 billion DOGE at the time of writing, worth $516.3 million. It also sent 1.75 million DOGE ($886,390) nearly 5 hours before the reported transaction to another Dogecoin-dedicated cold wallet, “DTSop,” which still holds the received tokens at the time of writing.

Dogecoin Whale Activity Fuels Rebound Optimism

Interestingly, actual whale activity on the Dogecoin network has ramped up recently, according to an earlier report. The analysis identified that the transactions worth $1 billion surpassed 100 earlier in the month, with whales accumulating 2 billion DOGE.

These heightened activities are fueling optimism among proponents who anticipate that Dogecoin will rebound from the recent price struggle and target higher prices. Market analyst Trader Tardigrade is among those projecting a price surge, as he predicted that the meme coin could rally threefold in the widely expected altcoin season.

Canary Capital Seeks SEC Approval for ETF on President Trump’s Memecoin

Abdulkarim Abdulwahab
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Canary Capital Seeks SEC Approval for ETF on President Trump’s Memecoin

Asset manager Canary Capital has submitted an S-1 registration with the U.S. SEC to launch an exchange-traded fund (ETF) tied to President Donald Trump’s memecoin, TRUMP.

This move would give investors regulated exposure to one of the most politically driven tokens in the crypto market.

Trump Coin ETF Filing

The proposed Trump Coin ETF will track the price of TRUMP, a memecoin launched in January ahead of Trump’s inauguration. The fund would allow investors to buy the token through traditional brokerage accounts instead of relying solely on crypto exchanges.

Notably, as of today, TRUMP ranks among the six biggest meme coins in the crypto market. It has a market cap of $1.67 billion and a price of $8.37.

During the peak of the frenzy around TRUMP in January, the coin rose to become the second biggest meme coin, trailing only Dogecoin, with its price then at $75. As of today, it is trading at a staggering 89% below its all-time high. 

Meanwhile, multiple asset managers see potential in the coin as they file for ETFs related to it. Notably, details such as management fees and the listing venue were not disclosed in the filing.

Image

American-Made Crypto ETF Application

Alongside the Trump filing, Canary also applied for an “American-Made Crypto ETF” under the ticker MRCA. This product would track an index of U.S.-rooted cryptocurrencies such as XRP, Solana, Cardano, Chainlink, and Stellar, while excluding memecoins, stablecoins, and pegged tokens.

The fund plans to add staking rewards to its net asset value through third-party providers. Custody would be operated by a South Dakota trust company, with most assets stored in cold wallets.

SEC’s Delays on Crypto Funds

The filings come as the SEC continues to extend decision deadlines on multiple digital asset ETFs. New review dates for XRP, Solana, and Truth Social-linked funds now run into October 2025.

Canary itself has several pending ETF applications tied to SOL, XRP, SUI, TRX, and PENGU, all still awaiting review. While recent SEC guidance has clarified staking and custody rules, approvals remain slow-moving.

Ex Morgan Stanley Reveals Why Bitcoin is Down, Expects Very Sharp Uptrend Soon

Sam Wisdom Raphael
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Ex Morgan Stanley Reveals Why Bitcoin is Down, Expects Very Sharp Uptrend Soon

Bitcoin has been under pressure in recent days, and Jordi Visser, a former Morgan Stanley Managing Director expects a sharp uptrend soon.

For context, BTC currently changes hands at $110,412, down 1.84% over the past 24 hours and 11% below its Aug. 14 peak of $124,517. Notably, the drop has erased gains from Federal Reserve Chair Jerome Powell’s dovish Jackson Hole speech. 

Bitcoin’s Price Struggles

Amid this downtrend, Anthony Pompliano invited Jordi Visser, CIO of Weiss Multi-Strategy Advisers and a former Morgan Stanley Managing Director, onto his podcast to share his take on Bitcoin’s recent struggles. 

Pompliano voiced the frustration many investors feel, asking why Bitcoin has failed to rise despite strong expectations for another rally. 

In addition to the waning sentiment, a massive whale sale of 24,000 BTC, worth more than $2.7 billion, also contributed to the latest decline and briefly pulled the price under $109,000 on Monday. 

Notably, the selloff sparked the year’s largest liquidation event, closing $900 million in leveraged trades across markets. At the same time, Bitcoin ETFs recorded six straight days of outflows from Aug. 15 to 22, draining $1.188 billion from the market.

Visser Explains Why Bitcoin is Down

Responding to Pompliano, Visser said he was surprised Bitcoin didn’t break higher when Ethereum surged past its old highs. For context, Ethereum jumped 14.33% on Aug. 22 and eventually claimed a new all-time high of $4,955 two days later, while Bitcoin managed only a 3.93% gain before turning lower.

Discussing this weakness, Visser pointed to Bitcoin’s close ties to the stock market and tech sector. He explained that when momentum in the AI trade slows, retail investors often pull money out of assets like Bitcoin. 

Moreover, changing expectations around Federal Reserve rate cuts also played a role. Specifically, markets had fully priced in a September cut just a week ago, but that probability has since dropped to around 70%, shaking investor confidence.

However, even with these setbacks, Visser emphasized that the broader setup still favors Bitcoin. He noted that strong PMI readings often line up with Bitcoin’s best rallies and argued that the same conditions are present now. 

Bitcoin Could See a Sharp Move Up

While he admitted that time is running short for a massive breakout this year, his outlook stayed bullish. “I’m still focused on this thing having a very, very sharp up move,” he remarked.

The macro investor also pointed out that hedge funds and institutions now play a bigger role in Bitcoin markets. They often use it as a liquid, round-the-clock hedge against tech exposure, which can create sharp swings. Still, he insisted that the momentum remains in Bitcoin’s favor: “All of the tailwinds are behind.”

Meanwhile, Visser argued that investors will eventually rotate into Bitcoin as traditional tech giants lose momentum. According to him, “everyone who’s looking for betas and technology is going to have to move into Bitcoin.”

Bitwise Seeks to Launch First-Ever Spot Chainlink ETF

Lele Jima
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Bitwise Seeks to Launch First-Ever Spot Chainlink ETF

Top asset manager Bitwise has filed a preliminary S-1 registration statement with the U.S. SEC to launch a Chainlink (LINK) spot ETF. 

The proposed fund will provide investors with direct exposure to Chainlink, without having to buy or custody the tokens themselves. According to the filing, the ETF’s investment objective is to track the spot market value of LINK, without the fees and other expenses. 

The net asset value (NAV) of the ETF is based on the CME CF Chainlink–Dollar Reference Rate – New York Variant. 

If the SEC approves the filing, the Bitwise Chainlink ETF will list and trade on a U.S.-based equities exchange. However, the exact name of the trading platform has not been disclosed. The asset manager has also yet to reveal the ticker symbol for the ETF. 

Bitwise to Provide Seed Funding 

Bitwise Investment Advisers, a subsidiary of Bitwise Asset Management, will serve as the sponsor and manager of the fund. Notably, Bitwise Asset Management has agreed to provide the seed funding to get the ETF started. However, the financial details of the seed investment remained confidential in the hours leading up to press time. 

The Chainlink tokens backing the trust will be held in Coinbase Custody. Each share of the proposed ETF will represent ownership of the Chainlink tokens held by the trust. 

The filing proposed that shares of the ETF be created and redeemed in large baskets, with each containing 10,000 shares. Given the magnitude of these transactions, the filing specified that authorized participants will handle the creation and redemption of these baskets. 

Like all investment products, investors of the Bitwise Chainlink ETF will pay an undisclosed management fee. Since it is a preliminary filing, Bitwise has not revealed the exact percentage of this fee. 

Although Chainlink is a Proof-of-Stake network, the filing did not indicate any plans to stake the LINK tokens of the trust, which could generate additional rewards for investors. 

First Spot ETF Filing for Chainlink?

Meanwhile, popular Bloomberg analyst Eric Balchunas suggested that the Bitwise filing is the first-ever spot ETF for Chainlink. He contrasted the Bitwise proposed ETF with a related product from Tuttle Capital. 

For context, the Tuttle Chainlink ETF is a leveraged product designed to give investors twice the daily exposure to LINK’s price movements. Unlike the Bitwise Chainlink ETF, Tuttle’s product will not hold LINK tokens. 

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