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Bitwise 10 Crypto Index ETF Filed With US SEC
Asset mangement firm Bitwise has officially submitted the 10 Crypto Index ETF product’s with the US Securities and Exchange Commission (SEC). The firm’s exchange partner, New York Stock Exchange (NYSE) filed the 19b-4 officially earlier this month. The 19b-4 is now recognized by the commission.
The Bitwise 10 Crypto ETF
Per the filing, the components of the Bitwise 10 Crypto Index ETF include Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP. Others include Cardano (ADA), Avalanche (AVAX), Chainlink (LINK), Bitcoin Cash (BCH), Polkadot (DOT), and Uniswap (UNI).
The fund will track the prices of these assets in weighted proportions, giving investors indirect exposure to the underlying coins. Each of the assets in the Crypto Index ETF has its unique holdings. Bitcoin will occupy a 75.14% share of the index, Ethereum 16.42% and Solana 4.3%
Others including XRP will occupy 1.56% of the fund, Cardano 0.66%, Avalanche 0.55%, Chainlink 0.39%, Bitcoin Cash 0.38%. The last two assets in the Index Uniswap and Polkadot will take 0.31% and 0.30% share respectively.
To determine its Net Asset Value (NAV) at the end of the trading day, the fund will rely on the CF Benchmarks pricing data.
Notably, the ETF has named Coinbase Custody as its partner for the crypto component of the fund. In complement, the Bank of New York Mellon will serve a triple purpose for the fund. BNY Mellon will serve as the custodian for the fund’s cash holdings, play a role as the Trust’s administrator and as the transfer agent.
Bitwise has featured in the news more often lately. As reported earlier by Coingape, NYSE Arca filed the 19b-4 for its Bitcoin and Ethereum ETP earlier this week in hopes of approval.
The Challenge With US SEC Approval
The question around more crypto ETF approval beyond Bitcoin and Ethereum was uncertain months ago, however, with the resignation notice of Gary Gensler as US SEC Chair, industry experts are now hopeful.
Bitwise is riding on this positive sentiment to advance its crypto ETF agenda. In addition to the combined Bitcoin and Ethereum ETP filed this week, the asset manager also joined the Solana ETF train this month.
With the countdown for SEC feedback now activated, it remains to be seen if the filings will be approved.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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The renowned dog-themed meme crypto Shiba Inu has continued birthing market speculations, primarily in the wake of its sluggish performance despite ecosystem developments. On Wednesday, January 1, SHIB price soared roughly 1% intraday, struggling to reach the $0.0001 level. In turn, crypto market enthusiasts are now anticipating whether the token could achieve gains ahead, primarily in the wake of broader market trends and ecosystem developments.
Here’s Why Shiba Inu Price Unable To Reach $0.0001
In an unprecedented turn of events, the meme coin Shiba Inu has garnered significant scrutiny, primarily as investors speculate over the token’s future potential. As per the latest market data, the leading dog-themed meme crypto has encountered substantial hurdles.
Notably, the SHIB burn rate has witnessed a sluggish performance in recent days, with only 55.54 million coins burnt in the past week. Interestingly, this feat marks a much lower burn rate as compared to past chronicles. The waning burn rate, in turn, lines with the sluggish performance, underscoring that the circulating supply has not taken a drastic hit. Further, even the intraday burn rate witnessed only a 55% uptick, aligning with the asset’s sluggish performance. Altogether, the recent decline in burn activity has significantly impacted Shiba Inu’s price.
On the other hand, recent market trends further rationalize the coin’s price volatility. Notably, the broader crypto market faces immense heat moving into 2025, in tandem with the broader trends and a holiday sentiment brewing. Notably. investors continue showcasing a low-risk appetite, aligning with the crypto seeing downside pressure in the market.
Besides, despite recent ecosystem developments, such as the SHIB Metaverse launch and the looming TREAT token launch, the token is yet to show its potential in this bull cycle.
What’s Ahead For The Meme Coin?
At the time of reporting, SHIB price traded at $0.00002015, up marginally by 0.4% over the past day. Its 24-hour low and high were $0.00002052 and $0.00002178, respectively. Notably, the current volatility falls in line with the broader market trend following the U.S. Fed’s hawkish stance on rate cuts.
Nevertheless, long-term prospects for the asset continue to reflect bullishness, indicating more price gains ahead. Notably, as the Shiba Inu community has seen remarkable advancements in recent days, such as the Metaverse launch and the looming TREAT token launch, market participants remain optimistic about future movements as the coin enjoys enhanced market visibility.
In addition, a recent SHIB price analysis by CoinGape revealed that a $0.0001 target is achievable for the token despite the broader market turmoil as of now. A rally to the abovementioned price target is possible by January 2025, given that the market has recovered and SHIB has leveraged its strong market technicals. Market watchers continue to eye the coin for further price shifts.
Coingape Staff
CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Ripple’s Chief Legal Officer, Stuart Alderoty, outlined six key principles on New Year’s Eve, urging the US SEC to adopt a measured approach to crypto regulation. According to Alderoty, the SEC should only regulate securities transactions rather than expand its authority over asset sales without contractual rights or obligations.
Ripple CLO Shares 6 Guidelines for SEC Crypto Regulation in 2025
In a statement shared on social media, Ripple CLO Stuart Alderoty emphasized the limited jurisdiction of the US SEC. He stated that the regulatory body should only oversee security transactions. Simple asset sales, such as selling a gold bar without associated rights or obligations, fall outside the Securities and Exchange Commission purview.
Alderoty illustrated his point by contrasting two scenarios: selling a gold bar with contractual rights to a gold mine, which constitutes a security transaction, versus selling a gold bar without such conditions, which does not. This clarification asserts that the US Securities and Exchange Commission cannot regulate transactions that lack post-sale obligations.
Moreover, Alderoty rejected the idea that a cryptocurrency token can change its classification from a security to a non-security. He labeled this concept a theory without legal support. This notion, he argued, serves only to complicate cryptocurrency regulations.
Alderoty insisted,
“Let’s hope these principles won’t need repeating in 2025 and beyond.”
The Ripple CLO also reiterated that while cryptocurrency tokens may be used in security transactions, they are not inherently securities. This distinction is crucial for the industry, as it challenges the SEC’s broader interpretation of its authority over digital assets.
Call for Collaboration Between US SEC and Congress
Alderoty urged the next SEC chair to adopt a collaborative approach with Congress. He recommended focusing on clear and transparent rules for the cryptocurrency industry. This call for cooperation aligns with Ripple’s position against the SEC’s enforcement actions.
In his statement, Alderoty also emphasized the need for the US Securities and Exchange Commission to address only fraud-related cases involving crypto. He criticized the regulator for expanding its jurisdiction based on subjective criteria, which he described as self-serving.
Moreso, recently, Ripple CLO Stuart Alderoty emphasized the urgency of ending the Ripple vs SEC lawsuit, labeling it a “lawless lawsuit”. Alderoty reiterated his call for the incoming Trump administration to address the controversies surrounding former SEC official William Hinman’s statements. The Ripple CLO claims that his statements caused regulatory confusion and undermined trust in the agency.
The six principles outlined by Alderoty reflect Ripple’s stance on fostering fair regulatory practices. With the incoming Donald Trump administration, the cryptocurrency industry anticipates a shift toward more cooperative regulatory practices.
Ronny Mugendi
Ronny Mugendi is a seasoned crypto journalist with four years of professional experience, having contributed significantly to various media outlets on cryptocurrency trends and technologies. With over 4000 published articles across various media outlets, he aims to inform, educate and introduce more people to the Blockchain and DeFi world. Outside of his journalism career, Ronny enjoys the thrill of bike riding, exploring new trails and landscapes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Justin Sun Ethereum Exchange Deposits Continue, ETH Price Drop to $2,800 Soon?
Tron founder Justin Sun continues with his Ethereum exchange deposits moving an additional 29,153 ETH to crypto exchange HTX earlier this. This is one of the several deposits that Sun conducted this year sparking cell-off concerns. ETH price continues to face selling pressure dropping another 2% while moving closer to $3,300, with analysts predicting to $2,800.
Justin Sun Deposits $96.7M in Ethereum to HTX
Tron founder Justin Sun has made substantial deposits to crypto exchange HTX moving another 29,153 ETH worth $96.7 million in the last 11 hours, as per the data from Spot On Chain. On-chain data shows that since November 10, the Tron founder has deposited a total of 227,000 ETH, worth approximately $807 million, to HTX at an average price of $3,556 per ETH. Sun had acquired a majority of these holdings earlier in 2024 at a cost basis of around $3,036 per ETH.
In addition, Justin Sun has initiated the unstaking of 96,580 ETH (valued at $322.7 million) from platforms such as Lido Finance and EtherFi. Analysts suggest these assets are likely intended for further deposits to HTX, indicating continued activity and liquidity management by the crypto magnate.
The recent Ethereum movement by Tron founder has sparked concerns of a major sell-off, however, Sun has denied these rumors calling it a routine part of Ethereum wallet transfers. Interestingly, this ETH movement by Sun coincides with the ETH price drop.
Where Is ETH Price Heading Next?
As we bid adieu to 2024, Ethereum and the broader crypto market have witnessed some selling pressure. ETH bulls have failed to take past the price above the crucial resistance of $3,500 opening the gates for an ETH price drop under $3,000, all the way to its next support of $2,800. As shown in the chart below, Ethereum could be forming an inverse head-and-shoulders pattern wherein it will take a support of $2,800 before reversing the trajectory.
Amid the latest move from Justin Sun’s exchange, popular analyst Charting Guy expects the ETH price to rally all the way to $7,080 by April 2025. Thus, a major rally for Ethereum could kickstart in the first quarter of 2025. Popular crypto analyst Crypto Rover expects the Ethereum rally to start from January 1, 2025, citing the peak of Bitcoin dominance based on historical trends.
As of press time, Ethereum price is trading 1.38% down at $3,340 with a market cap of $402 billion. As per the Coinglass data, the 24-hour liquidations have soared to $38.3 million with $27.52 million in long liquidations.
Bhushan Akolkar
Bhushan is a FinTech enthusiast with a keen understanding of financial markets. His interest in economics and finance has led him to focus on emerging Blockchain technology and cryptocurrency markets. He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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