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SEC Approved Bitwise Bitcoin (BTC) and Ethereum (ETH) ETF
Published
4 weeks agoon
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The U.S. Securities and Exchange Commission approved another joint bitcoin and ether exchange-traded fund (ETF) Thursday, letting investors gain exposure to the two digital assets in one regulated financial product.
The SEC announced it had granted accelerated approval to Bitwise’s Bitcoin and Ethereum ETF, just over a month after approving similar products filed by Hashdex and Franklin Templeton. Hashdex’s Crypto Index ETF gives investors exposure to a basket of different cryptocurrencies, while Franklin Templeton said it would launch its product sometime in January.
Bitwise’s product, launched with the New York Stock Exchange, gives investors exposure to both spot bitcoin (BTC) and ethereum (ETH), weighted by market capitalization. NYSE Arca filed a 19b-4 form with the SEC last November.
Asset management firms have filed a flurry of crypto-related ETF applications in recent days, seeking to take advantage of new U.S. President Donald Trump’s administration’s promised lighter touch on regulatory issues.
Companies have filed for ETFs tracking the price of memecoins like Dogecoin (DOGE) and cryptocurrencies like Solana (SOL).
Earlier Thursday, Coinbase also filed to list and trade futures products tracking Solana and Hedera.
UPDATE (Jan. 31, 2025, 01:21 UTC): Adds additional detail.
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Solana Plunges to Lowest Price Since October as Meme Momentum Cools
Published
10 hours agoon
February 24, 2025By
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Solana plunged to its lowest price since mid-October in Monday trading amid ongoing concerns about its association with a scandal involving the Libra token, along with cooling sentiment toward other meme coin initiatives that have favored the network.
The native cryptocurrency of the smart contracts Solana blockchain is trading just below $153, down 9% over the past 24 hours, according to crypto markets data provider CoinGecko. SOL has dropped 25% during the past two weeks, and dipped as low as $151 on Monday.
The decline comes just 10 days after Libra lost about 90% of its value in hours, sparking accusations of fraud and calls for the impeachment of Argentine President Javier Mllei, who had promoted the token that was supposed to help the country’s small businesses in a post on X. Milei subsequently deleted the post and denied knowledge about the coin’s creation.
It also follows investors’ retreat from the once-torrid meme coin market, and even as multiple major asset managers have applied for exchange-traded funds based on the spot price of Solana—the sixth-largest digital asset with a $75 billion market capitalization.
On Friday, Franklin Templeton followed Grayscale, Bitwise, Canary, 21Shares, and VanEck in seeking a Securities and Exchange Commission green light for Solana-based funds. Bloomberg Senior Analyst Eric Balchunas has penciled in a 70% probability that the SEC will approve the ETFs.
In a text to Decrypt, Mark Connors, the chief investment officer at New York-based Bitcoin investment advisory Risk Dimensions, wrote that token launchpad Pump.fun could no “longer carry the day for the faster blockchain, leaving investors favoring integrity over potential profit as market uncertainty sets in.”
Meme coin buzz hasn’t completely disappeared; traders speculated across social media over the weekend on whether rapper Kanye West would follow through on his X posts and launch his own coin. But while traders still see glimmers of opportunity, the hype has indeed quieted compared to January and the launch of Donald Trump’s coin.
“The fallout from the Libra launch and confusion on who owns Kanye’s online [name, image, and likeness rights] accelerated a reversal in sentiment for the meme-based L1,” he added. Connors also noted that Ethereum was “no longer the middle child,” and that it “has outperformed Solana on the downside this past month, -18% vs -38% for Solana.”
Edited by Andrew Hayward
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Solana-Based Exchange Raydium’s RAY Dives 25% as Pump.Fun Appears to Test Its Own Exchange
Published
20 hours agoon
February 24, 2025By
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Solana-based token issuance platform Pump.Fun may soon be launching its own automated market maker (AMM), according to a URL connected to the site. However, there has been no public announcement yet.
AMM is a exchange system in crypto markets that makes trading easy by using a liquidity pool of usually, and at least, two tokens. Instead of matching buyers and sellers like a traditional exchange, smart contracts set the prices based on supply and demand and allow trades to be processed without a counterparty.
The “amm.pump.fun” shows a swap product in the making with a sell and buy option alongside a deposit and withdrawal function. That’s a first for Pump.Fun, which lets anyone issue a token for less than $2 in capital, after which they choose the number of tokens, theme, and meme picture to accompany it.
When the market capitalization of any token reaches $69,000, a portion of liquidity is deposited to the Solana-based exchange Raydium and burned (or when tokens are taken out of supply permanently).
Pump.Fun’s own AMM would mean tokens are no longer migrated to Raydium, or at least that’s what the market thinks, dampening sentiment for the latter’s RAY tokens. RAY is down 25% in the past 24 hours on the apparent development.
“It seems they are planning to have pump tokens graduate to their own pools instead of Raydium,” trader @trenchdiver101, who first flagged the development, said. “They can either extract more fees on Solana or have some mechanism to reward token holders.”
Though a part of Raydium’s total trading activity is derived from Pump.Fun tokens, the exchange supports several other top markets — such as Solana (SOL) to stablecoins and others — contributing to its $500 million in average daily trading volumes.
As such, the product could further bump the revenues and profits of Pump.Fun, which has no token but is among the most profitable crypto applications in the past year — a rare feat in a market where businesses heavily rely on token sales to generate income.
Pump.Fun has pocketed over $550 million in total fees since March 2024, data shows, with $2.4 billion in trading volumes over just the past two weeks. Over 8 million tokens have been issued on the platform since its 2024 launch, with a few, such as fartcoin (FART), reaching billions of dollars in market capitalization.
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Markets
SEC Drops OpenSea Investigation Easing Pressure on NFT Market
Published
1 day agoon
February 24, 2025By
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The U.S. Securities and Exchange Commission (SEC) is closing its investigation into major non-fungible token marketplace OpenSea, the platform’s founder and CEO Devin Finzer said on social media.
The regulator issued a Wells notice against OpenSea in August 2024, indicating it was planning on pursuing an enforcement action against it. The regulator alleged the platform may have been operating as an unregistered securities marketplace.
The SEC’s move comes as the regulator is slated to vote on a deal negotiated with Coinbase to drop its lawsuit against the exchange, which is seen as a boon for the cryptocurrency industry and NFT creators.
“This is a win for everyone who is creating and building in our space. Trying to classify NFTs as securities would have been a step backward—one that misinterprets the law and slows innovation,” Finzer posted.
Reacting to Finzer’s post, Chris Akhavan, chief business officer of NFT marketplace Magic Eden, suggested it was a victory for the wider cryptocurrency space. “While we are competitors in the trenches, we share a deep belief in NFTs and what they will enable,” Akhavan wrote.
The announcement led to an uptick in activity for the native token of NFT marketplace LooksRare. The token, LOOKS, saw a surge in active addresses shortly after the announcement that represents an “approximately fivefold increase compared to the usual figures,” according to data from TheTie.
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