Market
Analysts Expect Spot Ethereum ETFs to Launch in Weeks
Analysts anticipate the launch of spot Ethereum ETFs within weeks, following significant amendments to filings by issuers like Fidelity and Ark 21Shares.
Though US Security and Exchange Commission (SEC) approval remains uncertain, these developments could mark a pivotal moment for the crypto market.
SEC Filings Amended, Paving Way for Potential Ethereum ETF Launch
The SEC recently requested amendments to the 19b-4 forms filed by asset managers for spot Ethereum ETFs. Five potential issuers—Fidelity, ARK 21Shares, Invesco Galaxy, VanEck, and Franklin Templeton—have complied and made the necessary changes through Cboe. They removed language related to staking and added clear statements that the funds cannot be staked by anyone.
“Neither the Trust or the Fund, nor the Sponsor, nor the Custodian, nor any other person associated with the Trust or Fund will, directly or indirectly, engage in action where any portion of the Fund’s ETH becomes subject to the Ethereum proof-of-stake validation or is used to earn additional ETH or generate income or other earnings,” the amended documents read.
The Depository Trust & Clearing Corporation’s (DTCC) website has also featured VanEck’s proposed spot Ethereum ETF with ticker ETHV. Despite these positive developments, SEC approval is not guaranteed.
Read more: Ethereum ETF Explained: What It Is and How It Works
“Need to actually see SEC approval orders on all the 19b-4s and then we need to see S-1 approvals,” James Seyffart, ETF analyst at Bloomberg Intelligence, said.
The 19b-4 filings propose rule changes necessary for listing new products on stock exchanges, such as spot Bitcoin or Ethereum ETFs. Meanwhile, S-1 registration forms provide detailed information about new securities offered to the public, including the fund’s structure, management, and investment strategy. Issuers must obtain approval for both forms to launch ETFs in the market officially.
Nonetheless, Seyffart expressed optimism after seeing this progress. He stated it “could be weeks or more before [Ethereum] ETFs launch.” Despite his optimism, Seyffart affirmed that his approval odds are still the same, at 75%.
Many see the approval of spot Ethereum ETFs as a bullish signal for the broader crypto market. However, approving these ETFs without allowing staking might disadvantage investors seeking additional yield from staking rewards.
Investors who buy, hold, and stake ETH can earn staking rewards, which provide extra yield. In contrast, spot Ethereum ETFs without staking provide exposure to ETH prices but lack the benefits of staking rewards.
According to a recent report, the same reason led asset managers CoinShares and Valkyrie to decide not to apply for spot Ethereum ETFs. A source familiar with the matter said that the firms don’t see value for investors without the staking aspect.
Industry experts believe that political considerations could influence the approval of spot Ethereum ETFs. This is especially relevant to the upcoming US presidential election in November. BeInCrypto reported that several experts agree the approval might signal a shift in President Joe Biden’s administration’s stance on crypto.
Read more: How to Invest in Ethereum ETFs?
Recently, Emilie Choi, President and Chief Operating Officer (COO) at Coinbase, also noticed the swift change in SEC’s stance.
“And the sense is that the tone from the SEC has just changed literally overnight based on some feedback, it must have gotten from just seeing the [Staff Accounting Bulletin No. 121] SAB 121 repeal and probably the administration seeing sensing some panic, I guess,” Choi said during the JPMorgan Technology, Media & Communications Conference 2024.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Zircuit, HashKey, Kima Network, & More
This week, several cryptocurrency projects are gearing up for their Token Generation Events (TGEs). These events mark the launch of a project’s tokens, offering traders and investors a chance to get in early on promising ventures.
TGEs often draw attention and boost liquidity, making them key moments for both developers and participants. Here’s a look at the most anticipated TGEs happening this week.
Zircuit (ZRC)
Zircuit, an EVM-compatible zero-knowledge rollup, held its TGE on November 25 at 10:00 a.m. UTC. Planned exchange listings include Bybit, MEXC, Gate.io, and KuCoin, with these platforms already confirming the listings on X (formerly Twitter).
The project emphasizes community ownership, allocating 21% of its tokens to community initiatives.
“Proud to be the most community-owned L2: 21% allocated for community airdrops, 12.45% claimable, no requirements to claim, 13.08% for future community initiatives, 12-month cliff for team and investors,” Zircuit said.
Notably, Zircuit has garnered attention from major players like Binance and crypto researchers, who are optimistic about its potential, especially amid the recent recovery in Ethereum’s ecosystem tokens.
RWA Inc. (RWA)
This tokenization ecosystem raised $1.18 million in private fundraising and $800,000 during its public token offering. With a valuation of $10 million, the TGE also happened on November 25 at 10:00 a.m. UTC, followed by listings on KuCoin, Gate.io, and MEXC.
The project boasts strong community support, with its fundraising rounds selling out in record time. Over 20,000 participants joined the public sale, signaling high investor confidence.
“Our Launch raise was a huge success. We raised 800,000 USD across Decubate, Eesee, and Ape Terminal, in record time! With over 20,000 combined participants, only the Decubate raise made it out of the GA round where the remainder of the allocation sold out in under a minute! It seems the community is feeling more than a little bullish about,” RWA Inc. shared on X.
HashKey (HSK)
HashKey, a comprehensive digital asset financial services provider, will host its TGE on November 26 at 10:00 a.m. UTC. Listings will follow on HashKey Exchange, KuCoin, BingX, and Gate.io.
The project, with a valuation of $1.2 billion and after a $100,000 public token offering raise, promises long-term ecosystem growth. It aims to do this by capping its supply at 1 billion tokens and allocating 20% of net profits to token buybacks every quarter.
“Designed for use across all HashKey businesses Capped supply at 1,000,000,000 (1 billion) HSK. Native and gas tokens for HashKeyChain are Not sold through private or public sales for fundraising, ensuring the long-term growth of the ecosystem HashKeyGroup will use 20% of its net profit to purchase the circulated HSK every quarter,” HashKey said.
Kima Network (KIMA)
As a cross-ecosystem money transfer protocol, Kima Network has raised $11.2 million in private fundraising and $940,000 in its public offering. The TGE is scheduled for November 26 at 1:00 p.m. UTC, with a Gate.io listing soon after.
The project, incubated by ChainGPT, operates across 10 blockchains and boasts over 800,000 unique testnet wallets. It is backed by major industry players like Mastercard’s FinSec Innovation Lab and Outlier Ventures. Its ecosystem includes over 200 integrated dApps, which suggests its potential for widespread adoption.
“ChainGPT Pad investors who participated in the KIMA Private Round will be able to claim their tokens via a claim portal. Token Claim Time: 1:30 PM UTC, 26 November,” ChainGPT said.
World of Dypians (WOD)
World of Dypians, an MMORPG available on Epic Games, plans its TGE for November 27 at 11:00 a.m. UTC. The project has raised $5.3 million in private funding and $850,000 publicly, with a valuation of $42 million. Post-TGE, listings on KuCoin and Gate.io are expected.
Backed by significant names like BNB Chain, Manta Network, and Core, the game is also leveraging community engagement through campaigns such as the $5,000 Gate.io Startup Voting Campaign.
“Big companies are supporting World of Dypians, they can see the project is the real deal,” one user on x said.
Plena Finance (PLENA)
Plena is the first Crypto Super App to use Account Abstraction technology for over three years — more than a year before Vitalik Buterin wrote his paper on this tech. It combines the ease of a centralized application with full custody of assets. Utilizing advanced account abstraction technology eliminates the need for its users to hold native tokens and have prior blockchain knowledge.
This makes it easy for them to perform complex transactions. Beyond trading, Plena incorporates social networking and smart investment tools like chatting, sharing market insights, and Dollar-Cost Averaging, offering a secure, social, and sophisticated platform for community engagement and profitability.
The crypto super app powered by account abstraction technology will launch its tokens on November 27 at noon UTC. The project, valued at $25 million, raised $6.3 million privately and $500,000 publicly. Gate.io will host its initial listing, and the project has already engaged its community through airdrop campaigns.
Major (MAJOR)
Major, a P2E game integrated with Telegram, has scheduled its TGE for November 28 at noon UTC. Following the TGE, the game will be listed on Bybit, KuCoin, OKX, and Bitget. With its unique gameplay and task-driven reward system, Major has captured the attention of early adopters.
Along with the TGE, the project will also integrate Wallet in Telegram, where users will be able to buy, sell, and transfer the MAJOR crypto with zero fees.
“Major of Telegram arrives in Wallet in Telegram on November 28! Get ready to receive, exchange, and send MAJOR to your friends on Telegram for free! Stay tuned – we will let you know when you can claim MAJOR on Wallet,” Wallet in Telegram announced.
Shieldeum (SDM)
Shieldeum, an AI-powered decentralized physical infrastructure network (DePIN), is preparing for its TGE on November 28 at 1:00 p.m. UTC. The project raised $1.8 million in private rounds and $415,000 publicly, with a valuation of $9 million. Listings will follow on KuCoin, MEXC, Gate.io, and PancakeSwap.
With projects like Zircuit and HashKey debuting their tokens, the top TGEs this week may cause significant activity in the cryptocurrency market. Each TGE offers unique opportunities for investors and enthusiasts to engage with novel blockchain solutions. As these tokens debut on prominent exchanges, market watchers will keenly observe their performance and broader implications for the crypto ecosystem.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Why the XLM Price Rally May Reach the $0.91 All-Time High
Stellar (XLM) has been steadily gaining momentum in recent days, currently trading at $0.52 — a 127% increase over the past week.
Strengthening buying pressure is pushing XLM closer to reclaiming its all-time high of $0.91, which it last reached in January 2018.
Stellar’s Uptrend Continues To Strengthen
XLM’s rising open interest indicates heightened market activity and confirms strong investor confidence. On Saturday, the token’s open interest climbed to an all-time high of $291 million.
Open interest measures the total number of outstanding contracts in the futures or options market that have not been settled or closed. When it climbs during a price rally, it indicates that new money is entering the market. This reinforces the upward price movement and signals strong market conviction.
This trend in the XLM market suggests that traders are increasingly confident in the sustainability of its rally, which may drive its price higher.
Furthermore, readings from its Average Directional Index (ADX) confirm this bullish outlook. As of this writing, XLM’s ADX is in an upward trend at 68.93.
The ADX measures the strength of a market trend, ranging from 0 to 100. An ADX reading of 68 indicates an extremely strong uptrend. This high value suggests that XLM’s current trend is likely to persist.
XLM Price Prediction: Token May Rally Toward All-Time High
XLM is currently trading just below a key resistance level at $0.58. Breaking through this critical price point could pave the way for a surge to $0.71. Sustained buying momentum at this level may position XLM to reclaim its all-time high of $0.91.
However, if buyer exhaustion sets in, XLM’s price will fall toward support at $0.47, invalidating this bullish outlook.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Today’s Trending Altcoins — November 25: GIGA, LKY, MAD
This past weekend, several “old” cryptocurrencies made a surprising comeback while some meme coins struggled, with only a few exceptions. As a result, one of the long-standing cryptos has resurfaced in today’s trending altcoins.
This shift has also sparked renewed interest across the market, particularly in tokens that have underperformed in recent months. According to CoinGecko, the top three trending altcoins today are Gigachad (GIGA), Luckycoin (LKY), and MAD (MAD).
Gigachad (GIGA)
Since it was mentioned earlier that most meme coins struggled over the weekend, GIGA is trending not due to a price increase. In fact, its value has actually dropped by 20% over the past seven days.
However, it’s part of today’s trending altcoins because popular meme coin analyst Murad continues to highlight it as one of the best tokens to hold. Additionally, the recent decline has sparked discussions in the market, with many considering GIGA to be at a strong accumulation point.
From a technical point of view, the 4-hour chart shows that the Solana meme coin continues to trade within a descending triangle. While this is a bearish pattern, the token is close to the support at $0.36.
Should the price fall to this support, there is a chance that bulls might defend this region. If this is the case, then the value might bounce toward $0.055. However, if it drops below the support line, GIGA could decline as low as $0.031.
Luckycoin (LKY)
A surprise entry in today’s altcoin trends is Luckycoin (LKY), a project launched in 2013 and recognized as the world’s first meme coin, from which Dogecoin (DOGE) was forked.
LKY is trending today thanks to impressive price action. Trading at $13.90, its price has surged by 65% in the last 24 hours and 420% over the past seven days. This rapid increase is likely fueled by buying pressure, especially given that the altcoin has a limited total supply of just 12.07 million coins.
With such a low supply, even modest buying pressure can drive significant price movements. However, according to the 1-hour chart, LKY’s price could see a notable pullback. This is largely due to the drop in the Relative Strength Index (RSI) reading.
As seen below, the RSI, which measures momentum, has fallen below the neutral 50.00 line. If the rating continues to drop, then LKY could decrease below $10. On the flip side, if buying pressure increases again, then the altcoin could move toward $20.
MAD (MAD)
Last on the list is MAD, which also appeared on the trending altcoins analysis last week. The altcoin is part of today’s list because its price has increased by 73% in the last 24 hours and 332% in the last seven days.
This price rise, alongside a rise in volume, indicates that the market seems to have great interest in MAD. As of this writing, MAD’s price is $0.000045. Meanwhile, the daily charts show that bulls have defended the price from dropping below $0.000036.
With increasing volume and accumulation, the altcoin is likely to climb higher. If that is the case, then MAD can rise to $0.000080. However, a decline below the support could invalidate the prediction, and the token could drop to $0.000032.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
-
Market23 hours ago
Can the SAND Token Price Rally Be Sustained?
-
Bitcoin22 hours ago
Bitcoin Whales Remain Determined, $3.96 Billion Worth Of BTC Gobbled Up In 96 Hours
-
Altcoin10 hours ago
Super Pepe Coin Whale Sells 130B PEPE, Shifts Focus To EIGEN
-
Market22 hours ago
Cantor Fitzgerald Deepens Tether Ties With 5% Stake Acquisition
-
Market9 hours ago
Harmful Livestreams Prompt Ban Calls
-
Bitcoin21 hours ago
$100K Bitcoin Is Only The Beginning, VanEck Targets $180K
-
Market20 hours ago
Why Ethereum Price May Fall Under $3,000
-
Bitcoin19 hours ago
Bitcoin Bull Saylor Hints at Expanding MicroStrategy’s Holdings