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Bitwise Files Amended S-1 for Ethereum ETF Ahead of Launch Deadline
Bitwise has filed an amended S-1 form for its Ethereum exchange-traded fund (ETF) just days before its July 8 deadline. This move indicates that the product is nearly ready for launch. Analysts predict that these ETFs could begin listing within the next two weeks.
Bitwise Submits Amended S-1 for Ethereum ETF
Bitwise’s updated registration form was submitted on Wednesday. Analysts suggest that these products be listed by mid-July. A source close to the situation indicated the SEC might approve the final drafts by the end of next week.
The SEC approved 19b-4 forms for eight spot Ethereum ETFs, including Bitwise, on May 23. However, issuers need their S-1 statements to become effective before trading can begin. This two-step process has kept the market eagerly awaiting the launch.
Despite the light comments on the S-1 forms, the SEC has taken its time to get approvals. A single problematic issuer may need to be on time to process. Nevertheless, expectations remain high for a launch this month.
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Analysts Confident in Near-Term ETF Launch
Bloomberg ETF analyst James Seyffart noted the frequent amendments in S-1 forms. He expects more filings from other issuers throughout the week. This pattern suggests a coordinated effort to meet regulatory requirements.
UPDATE: We’ve got another amended S-1 from @BitwiseInvest for their #Ethereum ETF. Expect more from other issuers throughout the rest of the week. We’re thinking these things could potentially list later next week or the week of the 15th at this point. pic.twitter.com/xqVlt9lSGy
— James Seyffart (@JSeyff) July 3, 2024
Senior Bloomberg ETF analyst Eric Balchunas expressed surprise at the SEC’s slow pace. He speculated on possible reasons, including summertime vacations. Despite this, he confirmed indications of a launch this month.
The SEC’s return of S-1 forms with light comments suggests minimal hurdles remain. Analysts view this as the final round of feedback. This has increased confidence in a near-term launch.
Bitwise made significant updates to its S-1 form. One notable change includes waiving the sponsor fee for the first $500 million assets. However, the firm still needs to disclose the fee after this threshold.
Another issuer, VanEck, also announced that fees would be waived initially. These moves suggest competitive strategies to attract initial investors. By waiving fees, these firms aim to lower the entry barriers for new investors.
The recent amendments highlight Bitwise’s proactive approach to regulatory compliance. The firm’s updates reflect a strategic positioning ahead of the anticipated market entry. This aligns with the broader trend among issuers to streamline their offerings.
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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.
The Ripple Labs-backed cryptocurrency, XRP, has again turned heads across the broader crypto market. On-chain data revealed that a whale has accumulated 30 million coins in the past 24 hours, stirring speculations over the XRP’s future price movements.
Notably, a recent optimistic buzz surrounding the token is its potential to scale $0.50. The whale activity, emerging amid significant price growth raises market interest.
XRP Whale Activity
Recent on-chain data has revealed significant whale activity in the XRP market, capturing the attention of crypto enthusiasts. A whale address, identified as rDA…Pxr, transferred a staggering 29.7 million XRP coins, valued at approximately $12.7 million, from Binance to an unknown wallet (rfQ…Cvi).
This movement of tokens has coincided with speculation about XRP’s potential to reach the $0.50 price target. The timing of this whale activity is particularly noteworthy, as it coincides with XRP’s recent breakthrough of the $0.42 resistance level.
This combination of large-scale accumulation and price growth has reignited interest in the Ripple Labs-backed cryptocurrency, with many investors closely monitoring the token’s performance for signs of further upward momentum.
Recent Price Movements and Market Sentiment
XRP experienced a tumultuous period in early July, with its price dropping to its lowest level since March 2023. On July 5, amid a broader crypto market crash, XRP plummeted by 12%, reaching a daily low of approximately $0.38. However, the token showed resilience as bulls managed to recover some of the lost ground.
The recovery continued into July 6, with XRP recording minor gains. Market analysts are now contemplating two potential scenarios: If the bullish trend persists, XRP could rally towards the $0.45 resistance level before targeting the much-anticipated $0.50 mark.
Conversely, if selling pressure intensifies, the token might test support levels around $0.407 (aligning with the 38.2% Fibonacci retracement) and potentially drop further to $0.369 (corresponding to the 23.6% retracement). These price movements have created a mix of caution and optimism among XRP investors, who are closely monitoring these key support and resistance levels.
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Notable Investors and Market Indicators
Amidst the market volatility, prominent figures in the XRP community have made notable moves. Pro-XRP lawyer Bill Morgan has seized the recent downturn as a buying opportunity, purchasing additional XRP at just over $0.40. Morgan’s optimistic stance extends further, as he hinted at plans to acquire more tokens if the price reaches $0.375.
This show of confidence from a key market participant has not gone unnoticed by the XRP community. On the technical analysis front, the Relative Strength Index (RSI) for XRP has entered the overbought territory with a score of 58.8 on the daily charts, suggesting potential bullish momentum.
As of the latest data, XRP is trading at $0.4336, representing a 7.79% increase in the last 24 hours, despite an 8.72% decline over the past week. With a circulating supply of 56 billion XRP, the token’s market capitalization stands at $24.1 billion.
The 24-hour trading volume of $1.1 billion further underscores the active interest in XRP trading. These metrics provide a comprehensive snapshot of XRP’s current market position and the mixed signals investors are grappling with as they assess the token’s short-term prospects.
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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.
The Shiba Inu meme coin has garnered significant optimism today, gaining over 10% against the backdrop of massive SHIB burn. As nearly 360 million coins were recorded to be destructed in the past seven days, a favorable impact on the meme coin’s market dynamics has taken place.
This chronicle has generated a torrent of speculative buzz on the asset’s potential to offer gains ahead. Let’s delve deeper into the SHIB’s current market dynamics and what it hints for future movements.
360M Coins Taken Out Of Supply
Notably, the tracker Shibburn on X revealed that 360.35 million Shiba Inu coins were burnt over the past week. This gave rise to a significant 418% spike in the weekly burn rate.
Meanwhile, usual market sentiments have taken a bullish turn, coinciding with the price rally and burn rate surge. Shiba Inu’s supply takes a massive blow as the token burn mechanism continues to kill SHIB.
At press time, the total supply was evaluated to be 589.27 trillion SHIB. Also, it’s worth mentioning that the meme coin’s community recorded the burning of 3.84 million tokens today.
Shiba Inu’s price trajectory waned significantly in tandem with the broader market’s trend in recent days. However, today came as a silver lining, attributable to the surge in burn rate and the broader industry showing signs of recovery.
Notably, SHIB has reversed yesterday’s losses, trading dominantly in the green.
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SHIB Price Rallies
As of writing, the SHIB price rallied 15.30% over the past day to reach $0.00001539. Its 24-hour bottoms and tops were recorded as $0.00001296 and $0.00001546, respectively.
SHIB’s futures OI surged 8.45% to $34.53 million, further hinting at increased investor interest in the asset. However, the derivatives volume saw a 28.62% fall to $213.20 million.
The RSI moved along 30, contrastingly hinting at downside pressure on the asset. This data has shrouded the meme coin’s future price movements in a cloud of an enigma.
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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.
Crypto asset manager Grayscale Investments announced updated component weightings of crypto assets in its key funds based on the second quarter 2024 reviews. The key funds are Grayscale Digital Large Cap Fund (GDLC), Grayscale DeFi Fund (DEFG), and Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). It has removed Polygon (MATIC) from GSCPxE Fund as part of rebalancing.
Grayscale Announces Updated Fund Component Weightings
After prudent reviews of crypto asset performance in the second quarter, Grayscale announced changes in GDLC, DEFG, and GSCPxE Fund. The components and weightings are rebalanced quarterly according to market events, indexes, and other factors.
According to the latest press release, no new tokens were added or removed from Grayscale Digital Large Cap Fund (GDLC). The component weightings are Bitcoin (70.46%), Ethereum (23.51%), Solana (3.86%), XRP (1.54%) and Avalanche (0.63%).
As CoinGape reported, XRP and AVAX were added earlier in January to replace Polygon (MATIC). Also, Cardano (ADA) was removed from GDLC in April.
Meanwhile, the Grayscale DeFi Fund (DEFG) components remained the same. However, weightings have changed to Uniswap (53.75%), MakerDAO (17.94%), Lido (12.68%), Aave (10.58%), and Synthetix (5.05%).
In addition, Polygon (MATIC) was removed and sold from Grayscale Smart Contract Platform Ex-Ethereum Fund (GSCPxE Fund). The fund weightings are now rebalanced as per CoinDesk Smart Contract Platform Select ex ETH Index. The basket of the assets and weightings are Solana (65.80%), Cardano (14.67%), Avalanche (10.70%), and Polkadot (8.83%). Cash proceeds were used to purchase these crypto assets.
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Polygon (MATIC) Price Performance and Outlook
Polygon (MATIC) has dropped to 21 rank after the U.S. Securities and Exchange Commission (SEC) listed MATIC among crypto assets the agency considers as securities.
MATIC price has dropped 34% in a month as the crypto market crashed due to panic selling by investors. The price has rebounded more than 7% over the last 24 hours after new jobs data confirmed two rate cuts by the U.S. Federal Reserve. The 24-hour low and high are $0.4305 and $0.4796, respectively. However, trading volumes saw a 38% drop over the last day.
As earlier reported by CoinGape, Polygon (MATIC) price hit a two-year low after a 20% loss over the week. The price outlook remains weak despite being among the most popular blockchain networks, Polygon’s position in the market has continuously declined since last year.
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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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