Altcoin
Fresh Wallet Scoops Up 29K Coins From Coinbase, What’s Next?
Against the backdrop of Ethereum’s highly turbulent price action in recent days, a fresh wallet appears to have accumulated colossal amounts of ETH from Coinbase, causing a stir in the crypto community. Per insights offered by numerous on-chain trackers, it was pointed out that this fresh wallet accumulated nearly 29K ETH in the past 24 hours, glimmering hope for the coin’s future.
Coupled with further whale accumulations recorded over the past day, this market data has ignited sentiments of a bolstered price action for Ethereum ahead. Here’s a closer look into the token’s recent cryptographic developments and price movements.
ETH Accumulations Signal Hope For Ethereum Despite Ongoing Legal Turmoil
According to on-chain data surfacing across the global crypto horizon, roughly 39K ETH was noted to have been accumulated in the past 24 hours. As mentioned above, a fresh wallet, 0xdfd, was recorded accumulating 28.99K ETH from Coinbase, worth $83.8 million. Further, the address 0x48e was registered accumulating 10.04K ETH from Bitstamp, worth $29.03 million.
The emergence of these transactions amid a period when Ethereum shows signs of a monthly correction has ignited sentiments of a bolstered price action for Ethereum ahead. Nonetheless, it’s worth recalling that Ethereum’s recent turbulent movement comes in tandem with the ETH security lawsuit saga, adding an enigma to the token’s future movements.
The fate of the much-anticipated Ethereum ETF hangs in the balance as its approval is contingent on the outcome of the ongoing lawsuit with the U.S. SEC. Recent developments in the lawsuit, as reported by CoinGape Media, have encountered significant obstacles, leading Bloomberg analyst James Seyffart to suggest a higher likelihood of the SEC rejecting an ETH ETF.
This development, coupled with the recent whale activity, has stirred up mixed sentiments among crypto market traders and investors. Nonetheless, it’s worth remembering that even BTC ETFs were approved after a prolonged period of legal tussle, keeping crypto market participants on their toes.
Also Read: Crypto Prices Today May 15: Bitcoin At $61K, Ethereum Dips As Market Declines
Ethereum Price Fluxes
Meanwhile, as of writing, ETH’s price noted a jump of 0.45% in the past 24 hours and is currently trading at $2,906. Its market cap rose 0.63% to $349.08 billion, whereas the 24-hour trading volume dropped 5% to $11.70 billion.
Coinglass data illustrated a 2.47% increase in ETH’s open interest to $10.83 billion, followed by a derivatives volume dip of 14.15% to $18.17 billion. This could be driving the token’s current market volatility, with reduced market activity and slight investor interest in the asset.
However, the RSI hovered at around 39, hinting at slight downside pressure on the token. Coupled with the technical indicators flagging a sell signal, Ethereum’s short-term prospects seem turbulent, with its future substantially depending on the outcome of the securities lawsuit.
Also Read: Best Buy Cryptocurrencies Under $5 For May
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.
Investment giant VanEck has registered a Binance Coin (BNB) exchange-traded fund in Delaware, marking its fifth cryptocurrency ETF registration in the state. The move comes as major financial institutions continue to bet on digital assets despite market volatility.
BNB Joins VanEck’s Crypto ETF Lineup
According to public records on Delaware’s official state website, VanEck registered the new product on Monday under filing number 10148820. The “VanEck BNB ETF” was registered as a trust corporate service company, following similar registrations for Bitcoin, Ethereum, Solana, and Avalanche ETFs.
The New York-based company confirmed the BNB ETF will track the price of Binance Coin, currently ranked as the fifth-largest cryptocurrency with a market value of approximately $599. On-chain data showed BNB’s trading volume jumped 40% to over $2 billion after the announcement.
First BNB ETF Attempt In US Markets
VanEck’s filing represents the first attempt to create a Binance Coin ETF specifically for US investors. While other BNB-related products exist in global markets, such as the 21Shares Binance ETP, none are based in the United States. The 21Shares product remains the only exchange-traded note tracking the Binance Coin index.
JUST IN: VanEck Registers Entity for Potential First BNB ETF in the U.S.
VanEck has filed in Delaware to register an entity, hinting at plans for the first-ever BNB ETF in the U.S. market. The move marks a significant step towards expanding the accessibility of Binance Coin… pic.twitter.com/iFXBVu4mkD
— Crypto Town Hall (@Crypto_TownHall) April 2, 2025
The registration follows VanEck’s successful launches of Bitcoin and Ethereum ETFs last year after securing Securities and Exchange Commission approval. The company manages nearly $115 billion in client assets globally.
Crypto ETF Race Heats Up
“VanEck seems to be taking a ‘throw everything at the wall and see what sticks’ approach, which makes sense,” said Sumit Roy, senior ETF analyst at etf.com. “Avalanche isn’t the most widely traded cryptocurrency, but being first to market with an ETF in a new category comes with potential upside and little downside.”
BNB market cap currently at $85 billion. Chart: TradingView.com
The move comes just weeks after VanEck applied for SEC approval to launch the first AVAX ETF. Based on reports from Delaware’s state website, that document was registered under file number 10125689.
VanEck isn’t alone in pursuing alternative cryptocurrency ETFs. Grayscale has also applied to launch funds based on XRP, Solana, and Dogecoin. The firm’s Bitcoin fund currently manages nearly $17 billion and ranks third among Bitcoin funds from companies like BlackRock and Fidelity.
Crypto ETFs Gaining Momentum
The surge in ETF applications follows the strong performance of spot Bitcoin and Ethereum funds in 2023. Crypto-based exchange-traded products have drawn approximately $44 billion in assets during 2024 alone.
The NASDAQ exchange also submitted an application to the SEC on March 28 to list shares of an Avalanche ETF issued by crypto asset manager Grayscale. According to filing documents, Grayscale’s AVAX fund would use Coinbase Custody as its custodian.
VanEck’s latest move with BNB suggests major financial institutions see growing investor appetite for regulated cryptocurrency investment vehicles beyond just Bitcoin. The company filed for a Solana ETF in June 2024, making it the first potential SOL exchange-traded fund in the US.
To gain official approval, VanEck must now file a formal S-1 form with the SEC for these newly registered crypto ETFs.
Featured image from Gemini Imagen, chart from TradingView
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A renowned crypto analyst caused a huge market stir by forecasting a highly bullish outlook for Dogecoin price this Thursday. Market expert Ali Martinez revealed that a roughly 250% rally for the dog-themed meme coin to the $0.5 level looms. However, this bull run is possible given that the meme token holds above key support at $0.16. DOGE price exchanged hands at $0.1662 as of press time, igniting optimism over a rally ahead.
Dogecoin Price Eyes Over 250% Gains; Top Analyst Highlights Conditions
Ali Martinez on April 3 revealed that the $0.16 price level presents itself as a ‘make-or-break’ point for Dogecoin price via a post on X. According to him, if the price holds this level, a potential rally to $0.57 awaits, which is up nearly 256% from the current level.
However, failing to hold this level could result in a drop to $0.06, per the analyst. As a result, the key support level remains much-eyed by market watchers as the meme coin currently trades near it.
As mentioned above, the price is trading at $0.1662 with an intraday loss of over 3%. It bottomed and peaked at $0.1624 and $0.1787 over the past day, preventing losing support of $0.16. In an upshot, market watchers eye the token optimistically, expecting a sustained movement and thereby, a rally.
What Are The Next Resistance Levels For Dogecoin Price?
In another X post shared previously, the same analyst highlighted vital resistance levels for the dog-themed meme coin. Notably, the price faces two key resistance barriers at $0.18 and $0.21.
A sustained breakthrough above these resistance levels paves the way for a +250% bull run for DOGE price. In the wake of these price dynamics, crypto traders and investors are now glued to the meme coin’s price chart and await a trajectory shift.
Derivatives Data Sparks Speculations
However, Coinglass data has sparked contrary investor speculations by showcasing a decline in futures OI. DOGE futures OI was down over 3% to $1.56 billion today. This stat underscored slightly reduced investor interest in the meme token despite bullish predictions. Besides, the derivatives volume witnessed a 40% jump to $5.24 billion, adding a layer of intrigue to the market sentiment.
Crypto market traders and investors expect short-term volatility amid the dynamic market stats, whilst long-term prospects remain bullish. Also, a Dogecoin price prediction by CoinGape revealed that the technical chart on the weekly time frame showcases a bullish engulfing pattern. This formation suggests a strong momentum favoring buyers. Overall, broader market sentiments orbiting the meme coin remain bullish.
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.
As Binance’s Vote to List initiative kicks off, the exchange has turned its back on Pi Network for the second time. Binance is proceeding with the decentralized listing program but Pi Network is noticeably absent from the raft of cryptocurrencies.
Pi Network Fails To Make Binance List
Pi Network enthusiasts are in limbo following the absence of the token in Binance’s Vote to List initiative. According to a press release, Binance has opened voting for its second Vote to List initiative.
This time, 12 tokens are up for community voting, with Binance proceeding to spot-list successful tokens. Apart from vote count, Binance says it will consider trading demand, a risk assessment, and a compliance check to decide on tokens that will make the listing.
The selected tokens include VIRTUAL, BIGTIME, UXLINK, MORPHO, GRASS, ATH, WAL, SAFE, ZETA, IP, ONDO, and PLUME. While the first focused on memecoin, the second iteration beams a searchlight on utility tokens cutting across several verticals.
Back in March, Binance excluded Pi Network from its first edition of the Vote to List initiative. Binance has clarified that only BNB-based projects will be allowed to participate in the Vote to List initiative, dousing optimism for Pi Network enthusiasts.
When Will Binance List The Asset?
Despite Pi missing out on the Vote to List program, there is still a ray of hope for community members. Binance can list Pi via a direct listing in the future but a timeline is unavailable.
Experts say a lack of transparency by The PiCoreTeam (PCT) is a reason why Binance has not listed Pi Network. Particularly, the exchange took swipes at the PCT for failing to give proper disclosures on the Pi Network’s locking and burning mechanism.
Pi Network secured a major listing on the BTCC Exchange, bringing the token closer to being listed on mainstream exchanges. While a listing hovers on the horizon for Pi, the PCT’s domain auction is gathering steam with over 200,000 bids.
Pi price has been largely underwhelming over the last day, losing nearly 5%. Pi trades at $0.6646 to drop below the $0.7 mark for the first time in over a month.
Aliyu Pokima
Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.
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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