U.S. spot Ethereum exchange-traded funds could debut in June after asset management giant BlackRock filed an updated version of a key filing required by the Securities and Exchange Commission (SEC) before a security can be publicly listed.

On Wednesday, BlackRock filed its amended S-1 registration statement nearly a week after eight ETH ETFs, including BlackRock’s iShares Ethereum Trust, took a giant leap toward reality following the SEC’s greenlighting of 19b-4 forms tied to them. This move sparked bullish sentiment in the wider crypto market as it followed a surprising turnaround for the financial regulator.

The S-1 form disclosed a “Seed Capital Investor” had bought the initial shares for the proposed offering.

“On May 21, 2024, the Seed Capital Investor, an affiliate of the Sponsor, subject to conditions, purchased the Seed Creation Baskets, comprising 400,000 Shares at a per-Share price equal to $25.00,” the revised form reads. “The net asset value of the Trust was $10,000,000.”

The world’s largest asset manager also revealed that the shares would list and trade under the ticker “ETHA”.

A “Good Sign”

Bloomberg ETF analyst James Seyffart suggested that this is “almost certainly” the engagement the market should look for on the S-1 forms following the 19b-4 approvals last Thursday, as it shows that “Issuers and SEC are working towards spot Ethereum ETF launches,” Seyffart added.

Fellow Bloomberg ETF analyst Eric Balchunas labeled BlackRock’s updated S-1 statement registration a “good sign” in a May 29 post on X (aka Twitter).

There will likely be another round to “fine tune” SEC staff comments, he continued — but an “end of June launch [is] a legit possibility.” However, Balchunas maintained his approval odds for July 4, suggesting that an earlier approval by America’s top financial cop would be a “long shot.”

That being said, industry experts believe the ETH ETFs will catapult the price of Ether to new historic highs as some expect Wall Street to use it as a bet on Web3’s expansion. Others speculate the largest altcoin could endure bearish pressure as the Grayscale Ethereum Trust (ETHE) could see massive outflows for weeks after it converts — similar to the hemorrhaging witnessed with the Grayscale GBTC ETF.

BlackRock’s Bitcoin ETF has proven to be a resounding success for the firm since its launch in January. On Tuesday, BlackRock’s IBIT became the world’s largest BTC-based ETF, overtaking Grayscale, with almost $20 billion in assets under management.

Earlier in April 2022, the director of equity and cryptocurrency products at the Chicago Mercantile Exchange (CME) revealed during CryptoCompare’s Digital Asset Summit in London that the commodities exchange was “looking at” offering futures and other derivative products for altcoins such as Solana (SOL). Some traders considered the potential listing as a precursor to an eventual spot SOL exchange-traded fund (ETF).

However, a source familiar with the matter has clarified that the CME Group is not planning to list Solana futures soon. This news is a huge blow amid growing anticipation around the industry’s fifth-largest crypto receiving the ETF wrapper status in the US.

No Solana Futures 

A widely-followed X user going by the online alias db (@tier10K) noted that the Chicago Mercantile Exchange has no plans to offer Solana futures, citing an individual privy to the issue.

Seasoned finance lawyer Scott Johnsson shared his two cents on the development, spotlighting the legal barriers that “Ethereum killer” Solana faces. He explained that while a Solana market ETF does not require the CME particularly to serve as the designated contract market (DCM), any prospective market would need a strong framework with a Custody and Security Services Agreement (CSSA) and adequate liquidity.

“ETF doesn’t need to be CME as the DCM that is listing (just one with a CSSA and liquid).”

Furthermore, Johnsson observed that the ongoing lawsuits against leading digital asset exchanges like Coinbase and Binance cast a dark cloud over the possibility of such a SOL product. The SEC has previously named Solana an unregistered security in its enforcement actions against Coinbase and Binance.

 “No one is going to self-certify SOL as commodity futures so long as Coinbase/Binance enforcements are ongoing. Even if CME (or other DCM) self-certified, the current SEC could and would block,” Johnsson remarked.

The attorney further highlighted the need for a major shift in the SEC leadership or its regulatory policies before Solana could move toward an exchange-traded fund. “SOL really needs a change in admin to have a shot in the foreseeable future. Or the current SEC reversal goes way further than anyone is expecting. The former seems more likely,” opined Johnsson.

Bloomberg ETF strategist James Seyffart agrees with Johnsson’s opinion on the SEC’s perspective, adding that “This SEC isn’t gonna let anyone register Solana futures with the CFTC as ‘Commodities Futures’. They made that mistake with Bitcoin and Ethereum. I seriously doubt this admin does that again. They would very likely push back.”

Crypto futures allow investors to speculate on an asset’s price without physically holding the underlying asset. Investors use them to bet on price action and hedge against the asset’s volatility. Most believe that futures are a prerequisite to an ETF. As such, the news about the CME not planning to include Solana in futures markets slashes any hopes of SOL getting its exchange-tradeable spot vehicles in the foreseeable future.

The price of SOL traded rather flat following the report. At publication time, the token changed hands for $167.91, a 1.06% increase over the past 24 hours.

Former President Donald Trump has intensified his advocacy for Bitcoin and other cryptocurrencies, signaling a potential alliance with tech magnate Elon Musk.

According to a May 30 report by Bloomberg, Trump’s campaign strategists are exploring avenues to incorporate Musk’s insights into cryptocurrency policy discussions. Sources familiar with the matter revealed that talks have included the possibility of Musk’s involvement in the Republican National Convention, although definitive plans remain pending.

The report comes after The Wall Street Journal (WSJ) disclosed on Wednesday that Trump and Musk have explored the prospect of an advisory role for the Tesla CEO in the event of Trump’s return to the White House following a win in the upcoming presidential elections. The proposed role would focus on shaping policies concerning border security and the economy and combating voter fraud through data-driven initiatives. In this area, Musk and his associates have proposed significant investments.

Trump’s recent foray into the cryptocurrency sphere has been notable. In a recent post on Truth Social, Trump voiced support for the burgeoning industry, positioning the United States as a leader while lambasting the current administration’s purported antagonism toward cryptocurrencies.

“I am very positive and open minded to cryptocurrency companies, and all things related to this new and burgeoning industry. Our country must be the leader in the field. There is no second place. Crooked Joe Biden, on the other hand, the worst president in the history of our country, wants it to die a slow and painful death. That will never happen with me!” Trump wrote on May 25.

Additionally, during a speech at the National Convention of the Libertarian Party on Saturday, Trump reiterated his commitment to fostering crypto innovation within the U.S., vowing to safeguard the rights of digital currency holders and oppose central bank digital currencies (CBDCs). If elected, he also pledged to commute the sentence of Ross Ulbricht, the founder of the infamous Silk Road darknet marketplace.

Ulbricht’s case has garnered widespread attention, with prominent figures like Musk advocating leniency. Despite appeals for clemency, Ulbricht remains incarcerated, serving multiple life sentences for his role in operating the Silk Road.

Meanwhile, Musk’s endorsement of cryptocurrencies, including Dogecoin and Bitcoin, has contributed to their mainstream acceptance. His previous remarks hinting at Tesla’s potential acceptance of Dogecoin for vehicle purchases, as well as Tesla’s significant portfolio holdings of 9,720 BTC, further underscore his impact on the digital asset landscape.

That said, Trump’s alignment with the crypto community resonates with many voters, with polls indicating significant support from digital asset owners. Such backing underscores the growing influence of cryptocurrencies in shaping political discourse and could have far-reaching implications for governance and policymaking in the United States.

Ripple has submitted a response letter bolstering its Motion to Seal documents amid the ongoing legal clash with the U.S. Securities and Exchange Commission (SEC). This move by Ripple aims to maintain confidentiality around certain materials filed in connection with the SEC’s Motion for Judgment and Remedies.

James K. Filan, a prominent figure in the XRP community, shared insights on Thursday regarding Ripple’s recent legal maneuver. Notably, Ripple’s submission, addressed to Hon. Analisa Torres of the United States District Court in New York, argued that disclosing current financial statements, especially those pertaining to years following the alleged misconduct, is irrelevant to the court’s analysis.

Notably, the company argued against the SEC’s claim that information about Ripple’s financial condition is crucial to determining remedies for its historical conduct. Furthermore, Ripple emphasized the need to maintain confidentiality around past contracts, highlighting potential leverage future counterparties could gain if such details were made public.

The reply letter also rebutted the SEC’s assertion that Ripple’s historical contracts are no longer relevant due to changes in its XRP sales methods. Ripple clarified that while its sales approach may have evolved, the terms of past contracts remain commercially significant and could provide valuable insights into the company’s current business practices.

The letter comes even as Ripple’s CEO, Brad Garlinghouse, actively advocates for favorable cryptocurrency regulations alongside those of other industry leaders. Recently, the businessman applauded the passage of the FIT21 bill, which is seen as a legislative victory for the crypto community, while expressing confidence in Ripple’s favorable outcome in the SEC lawsuit.

That said, amidst these legal developments, XRP’s price struggles to gain momentum, with months of consolidation resulting in a Doji Candle formation on the monthly timeframe, indicating indecision among buyers and sellers.

Nonetheless, amid this weakness, various analysts remain bullish. Crypto analyst Babenski predicts a breakout for XRP, suggesting that the altcoin is on the verge of breaking out of its seven-year accumulation trend.

In a tweet, the pundit presented a chart showing he anticipates XRP breaking out of a bullish symmetrical triangle pattern. He projects a surge of over 1,100% to reach $6, thus setting a new all-time high for the coin.

This sentiment is echoed by other analysts, including U-Copy, who suggested that XRP’s price is nearing the end of its triangle formation, potentially indicating an imminent breakout. While U-Copy refrained from specifying a target price, the analyst anticipates significant XRP price movement by December 2024.

At press time, XRP was trading at $0.5213, reflecting a 0.43% drop over the past 24 hours.

In a significant development for the crypto community, Singapore’s largest bank, DBS, has emerged as a major Ethereum (ETH) holder.

On Thursday, on-chain analysis firm Nansen revealed that addresses linked to DBS Bank boast an impressive stash of 173,753 Ethereum, boasting a staggering valuation of approximately $655 million, factoring in Ethereum’s market value of $3,782 per unit at press time.

“We’ve identified this $650m ETH Whale holding 173.7k ETH as DBS, the largest bank in Singapore with assets totaling $739 billion as of 31 Dec’23 This address has made over $200m by holding ETH.” Tweeted Nansen.

However, commenting on this development, a n X user named “kirbyong.sismo.eth” argued that ETH holdings might primarily represent client funds rather than direct investments by the bank itself.

“DBS has a digital exchange for accredited investors which has been live for a while, it’s likely ETH held on behalf of these investors and not bank investments,” he wrote.

Notably, this revelation comes as no surprise, given DBS’s long-standing involvement in the cryptocurrency space. The bank has been a proponent of digital assets and has offered various services, including digital asset custody, security token exchange, and portfolio management apps covering traditional and cryptocurrency assets.

In 2021, the bank launched an institutional investor-focused crypto trading platform, DDEx, in Singapore. The Monetary Authority of Singapore also gave the bank “in-principle” approval to provide cryptocurrency services. Reportedly, in 2022, the bank also planned to launch a crypto exchange before shelving the plans following the collapse of FTX.

In July 2023, DBS also added support for the digital yuan, a Central Bank Digital Currency (CBDC) launched by the People’s Bank of China. Notably, the bank’s digital yuan payment solution allows mainland Chinese businesses to accept payments in CBDC, automatically settling the payment into bank deposit accounts.

That said, DBS’s significant holdings of Ethereum also coincide with growing interest from institutional investors, including retail investors, high-net-worth traders, and hedge funds, especially after the approval of several spot Bitcoin ETFs in the United States earlier this year. 

Meanwhile, Singapore has cooperated with global financial authorities in the digital currency field. In September 2023, the Monetary Authority of Singapore, in collaboration with the Bank for International Settlements and the central banks of France and Switzerland, completed cross-border trading and settlement testing of wholesale central bank digital currencies.

That said, the emergence of DBS as a major Ethereum holder underscores the increasing involvement of traditional financial institutions in the digital asset market. As the crypto community eagerly awaits the approval of a spot Ethereum ETF in the U.S., it will be interesting to see how other financial institutions will respond to this rapidly growing space.

In the wake of the recent movements of Mt. Gox’s long-dormant Bitcoins, the cryptocurrency community finds itself at a crossroads, debating whether the transfer signifies a potential buying opportunity or portends market instability.

On Tuesday, over 140,000 BTC, valued at approximately $9.4 billion, was moved from Mt. Gox’s wallets in a series of transactions, reigniting concerns among market participants and causing Bitcoin’s price to decline sharply.

However, amidst the apprehension, analysts have offered varying perspectives on the implications of Mt. Gox’s bitcoin distribution. “Caueconomy,” an analyst at Cryptoquant, suggested that rather than signaling a market dump, the movement of funds could present a potential buying opportunity.

In a Wednesday post, the pundit emphasized the importance of examining BTC price levels for optimized new purchases, noting that most transferred coins have been consolidated into a new address and are not expected to impact the market immediately.

“Around 141,000 coins have been moved to a new address, but apparently nothing has actually been distributed to the market yet. While novice investors believe this could bring the market down, it will be important to look for price levels for optimized new purchases,” the pundit argued.

“Although a large number of coins have moved, these funds have mostly gone to a new consolidation address and are not expected to impact the markets as much as imagined. To do this, we can observe the region of the realized price of 1-to-3-month currencies as a zone of buyer interest.”

Meanwhile, other analysts, such as Cryptocapo, urged investors to exercise caution and avoid drawing premature conclusions about the market dynamics. Notably, the expert reassured investors that the current movement of funds is part of preparing to repay creditors, which is expected to extend until October 2024.

“Regarding the Mt. Gox movements, they are sending the funds to a new wallet for repayment preparation. It doesn’t mean immediate repayments to users. Although there have been confirmations and some progress, the full repayment process extends until October 2024. So, nothing to worry about (yet).” The pundit wrote.

Elsewhere, Alex Thorn, Head of Research at Galaxy Digital, observed the significant movement of BTC from Mt. Gox as the beginning of distributions to creditors. The pundit suggested that while most BTC may be held, the fate of other cryptocurrencies like BCH remains uncertain.

That said, amidst the unfolding Mt. Gox saga, Bitcoin demonstrated remarkable stability on Thursday. At press time, according to CoinMarketCap data, BTC was trading at $68,450, marking a modest 1.43% increase over the past 24 hours.

Cathie Wood, founder of investment manager ARK Invest, has revealed her crypto investment choice between Bitcoin and Ethereum.

Speaking on stage at Consensus 2024, Wood noted that she prefers Bitcoin “hands down,” describing the crypto as a “global monetary system” and a “new asset class.”

“Bitcoin Hands Down”

Cathie Wood, whose Ark Invest is one of the issuers of a spot bitcoin exchange-traded fund (ETF), would categorically bet on Bitcoin rather than Ethereum, the industry’s second-largest cryptocurrency.

Although Ether has stolen the spotlight in recent days owing to the progress in greenlighting spot ETH ETFs, Wood did not hold back when asked if she prefers holding Bitcoin or Ethereum.

“Bitcoin, hands down. No question about it. It is a global monetary system. It is a technology, and it is a new asset class. Those are three big ideas in one, and nothing else in the crypto world is competing with it.”

Wood believes Bitcoin is being used as an “insurance policy” by nations and people to hedge against a loss of purchasing power and wealth, pointing out the broad spectrum of the alpha crypto’s applicability. She’s convinced that Bitcoin could grab a significant chunk of the global monetary supply, possibly as much as 20%, bolstered by countries such as El Salvador, which have embraced Bitcoin as their legal tender. El Salvador currently holds roughly 5,750 Bitcoin in its treasury — valued at $394 million — marking a 56% increase from its average purchasing price.

Wood’s Take On Bitcoin Growth 

Wood also touched on the significance of preserving the core tenets of Bitcoin, including decentralization, censorship resistance, and the right to self-custody. Notably, Ark Invest has devoted a portion of its revenues from private funds to support these principles and the developers who uphold them.

Moreover, Ark Invest is creating an index to monitor and gauge the balance between centralization and decentralization in the Bitcoin ecosystem. Wood is of the opinion that understanding and handling potential centralization risks is essential for the success of Bitcoin in the long term.

Looking forward, Wood cited regulatory risks as a major hurdle facing Bitcoin and other new technologies like artificial intelligence (AI). She noted that over-regulation in the United States could push talent to other friendlier jurisdictions. 

Meanwhile, Wood recently doubled down on her $1.5 million by 2030 Bitcoin price prediction, labeling BTC as a “financial super highway.”

The recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) has ignited a fervent debate within the cryptocurrency community about the future of similar financial instruments for other digital assets.

At the center of this debate is XRP, one of the most popular cryptocurrencies, which has become a focal point of speculation and discussion regarding the potential for an XRP ETF in the United States.

A recent poll by a prominent XRP community member on social media platform X highlighted a significant division in opinion. Of the respondents, 66% expressed confidence that an XRP ETF would be approved by 2025, while 34% remained doubtful. 

Will there be an XRP ETF in 2025 ?

— Vet (@Vet_X0) May 24, 2024

Proponents: Institutional Investment and Market Legitimacy

Advocates for an XRP ETF argue that its introduction could lead to a substantial increase in institutional investment. They believe that an ETF would provide a regulated and accessible entry point for institutional investors, which could, in turn, lead to a surge in XRP adoption. 

Proponents suggest that this increased participation would enhance XRP’s legitimacy and stability in the market. Historical data supports this view, as Bitcoin’s rise to a new all-time high was partly attributed to the approval of spot Bitcoin ETFs earlier this year.

Skeptics: XRP Core Utility Over Institutional Involvement

However, not all members of the XRP community share this optimistic outlook. Bill Morgan, a well-known advocate for XRP, voices skepticism about the necessity of an ETF for XRP’s future success. Morgan and like-minded community members argue that XRP’s true value lies in its ability to facilitate seamless cross-border payments.

They believe the focus should remain on this core utility rather than attracting institutional investment through an ETF.

CRYPTO ETFs LAUNCHING IN USA !! Ripple CEO Brad Garlinghouse At Davos 2024, Discussing The Inevitability Of Other Crypto ETF Products Besides #Bitcoin. “How About An $XRP ETF?” “There Will Be Other ETFs For Sure” – @bgarlinghouse Do You Believe We See An #Ethereum… pic.twitter.com/xHmpyh05bg

— Good Morning Crypto (@AbsGMCrypto) May 21, 2024

Morgan has voiced his concerns that the SEC might not approve an XRP ETF. He suggests that Ripple and the XRP community should instead concentrate on positioning XRP as a global reserve currency, which could yield greater benefits than an ETF structure.

According to Morgan, an ETF’s complexities could potentially hinder XRP’s ability to fulfill its intended role within the global financial system.

The ETF Impact

A respected figure in the crypto industry has also weighed in, suggesting that ETFs would have minimal impact on XRP’s price. He described the race for ETF approval as a distraction and an invitation for institutional corruption. This viewpoint aligns with the belief that the essence of cryptocurrencies lies in their decentralized nature and utility rather than in their appeal to institutional investors.

The success or failure of Ethereum ETFs in the coming months will likely influence the XRP community’s stance on this issue. Many attribute Bitcoin’s recent surges to its ETF approval, and similar expectations are now placed on Ethereum.

If Ethereum ETFs prove successful, they might sway some skeptics within the XRP community. Conversely, if Ethereum fails to meet expectations, the broader crypto community may need to reconsider the role and importance of ETFs in the cryptocurrency market.

As the debate over the potential for an XRP ETF continues, the division within the community highlights the broader tensions in the cryptocurrency space between institutional adoption and core utility. Whether an XRP ETF will come to fruition remains uncertain, but the discussions surrounding it reflect the evolving landscape of the cryptocurrency market and the differing visions for its future.

In a development that highlights the potential for explosive returns in the cryptocurrency market, a dormant Shiba Inu (SHIB) wallet has come back to life after over three years, netting over $1 million in profits for an early investor.

On Monday, Lookonchain, a platform specializing in tracking large crypto transactions, tweeted that the anonymous investor’s SHIB investment had skyrocketed an astonishing 419 times after lying dormant for 3.5 years.

Notably, the trader, known only as the “super diamond trader,” had invested 2 Ethereum (equivalent to $2,625 at the time) to acquire 48.09 billion SHIB on February 1, 2021. After years of patient waiting, the trader cashed out on Monday, selling the SHIB haul for a staggering 278.7 Ethereum, worth around $1.1 million at current prices.

While this case of a dominant SHIB wallet might seem isolated, recent occurrences suggest otherwise. Earlier this month, another investor reaped a remarkable $3.2 million in profits, marking an impressive 200% surge in investment returns over 2.6 years. This mysterious whale initially entered the SHIB market in October 2021, acquiring a substantial 199 billion SHIB tokens from various exchanges.

Adding to the intrigue, an Ethereum whale wallet holding over $1.5 billion worth of SHIB exhibited signs of activity in February after a year of dormancy.

These developments coincide with growing anticipation surrounding a potential Ethereum ETF approval. Many experts believe such an ETF could be a game-changer, opening the doors for wider adoption of meme coins like SHIB and Dogecoin. This increased accessibility could lead to a significant price surge for these tokens, potentially rewarding those who’ve held onto their SHIB for the long haul.

A recent post by Shytoshi Kusama, the anonymous lead developer of Shiba Inu, adds fuel to the speculative fire. Last week, the pundit congratulated the Ethereum community on the potential ETF approval. While this sparked conversations about a future SHIB ETF, Kusama emphasized the Shiba Inu team’s current focus on ongoing projects.

Since its inception in August 2020 by the mysterious figure Ryoshi, Shiba Inu has captivated the crypto community with its meteoric rise, particularly in 2021. Over the years, the meme coin has evolved from a speculative tool into a thriving ecosystem, attracting significant investors and witnessing its market capitalization surge to $16.2 billion, outpacing giants like Avalanche, Tron, and Chainlink.

BlackRock’s spot Bitcoin exchange-traded fund (ETF) has overtaken the Grayscale Bitcoin Trust (GBTC) as the world’s largest ETF tracking BTC’s price performance after registering over $100 million in inflows in Tuesday’s trading session.

IBIT Steals Biggest ETF Crown From Grayscale

BlackRock’s Bitcoin exchange-traded fund now holds more Bitcoin than its close rival, the Grayscale Bitcoin Trust.

When U.S. markets closed on May 28, the iShares Bitcoin Trust (IBIT) had 288,671 BTC compared to GBTC’s 287,454. According to Coinglass, the flippening occurred after IBIT witnessed $102 million worth of inflows on Tuesday while GBTC bled $105 million in investors’ funds.

BlackRock surpassed Grayscale yesterday, and is now the largest BTC ETF, holding 288,671 BTC. IBIT needed only 96 trading days to close GBTC's huge lead. pic.twitter.com/rmrIAhtQCL

— Vetle Lunde (@VetleLunde) May 29, 2024

Per a Wednesday report from Bloomberg, IBIT now holds $19.68 billion worth of Bitcoin, outshining GBTC, which holds $19.65 billion in BTC. Fidelity’s ETF product held the third spot with $11.1 billion.

All 11 US spot Bitcoin ETFs logged a net inflow of roughly $45 million on Tuesday, marking the funds’ 11th consecutive day of positive flows — the longest streak of inflows since February.

BlackRock becoming the new king in the land of Bitcoin ETFs comes nearly five months after the spot BTC offerings commenced trading on U.S. exchanges after securing the SEC’s landmark approval on January 10, 2024. The management fee structure has played a key role in IBIT’s shift. Grayscale’s GBTC exorbitant 1.5% fee has pushed investors towards funds with much lower fees, such as IBIT.

ETFs Control 5% Of Total BTC Supply

Spot Bitcoin ETF buying activity increased recently amidst positive sentiment for BTC and the wider cryptocurrency industry. The bulls regained momentum following the Securities and Exchange Commission’s approval of spot Ethereum (ETH) ETFs and growing support for crypto among U.S. presidential candidates.

May 28 regulatory filings indicate that BlackRock has invested in IBIT via other funds. The BlackRock Strategic Income Opportunities Fund and the Strategic Global Bond Fund snapped up $3.56 million and $485,000 worth of shares of IBIT, respectively.

Amid strong institutional support, spot Bitcoin ETF funds trading globally recently reached a significant milestone: They now control over 1 million BTC, which, as ZyCrypto previously reported, represents 5% of the total Bitcoin supply.

Market participants are observing a turnaround in the cryptocurrency market. While Bitcoin has continued to sustain its bullish momentum, the apex cryptocurrency isn’t the star of the show; altcoins are. Per analysts’ sentiments, altcoins Ether, XRP, Solana, DOGE, Cardano, and Shiba Inu are gearing up for a massive price rally.

On many occasions, during a market cycle, altcoins have historically outperformed Bitcoin, and analysts are convinced that market indicators are now collectively validating a highly promising run referred to as altcoin season.

Pseudonymous analyst CryptoJelleNL was one the first key players to note that technical, analytical data has flashed a positive signal for altcoins.

#Altcoins are about to remind everyone what a real bull market looks like.We have seen nothing yet. pic.twitter.com/UsygtJAjOo

— Jelle (@CryptoJelleNL) May 27, 2024

Further strengthening this position, a crypto analytics platform CryptoQuant analyst asserts that the altcoin season could kick off much earlier than the market anticipates.

Should Ethereum’s price follow a particular trajectory, altcoins could easily flip Bitcoin’s run in the coming weeks.

“Ethereum is surpassing Bitcoin in the growth of open interest in the current period. Are we approaching altcoin season? If Ethereum’s price continues to consolidate in the current range, it’s very possible that the altcoin season will start sooner than expected.” the analyst wrote. 

On-chain activities validate the market’s bullish outlook on altcoins

Meanwhile, a handful of altcoins seem to have met and surpassed market expectations. ETH being one such asset, has been on the run since the SEC gave its stamp to Ethereum ETF applications.

Last week, ETH soared by 22% as the hype of Ethereum-based ETFs soared. ETH’s futures market has also depicted remarkable activity. CryptoQuant notes that the preference for Ethereum has been spotlighted in “the increase in the ETH-BTC Open Interest ratio from 0.54 to 0.67.”

Even more importantly, permanent ETH holders are making purchases of more than 100,000 ETH, the highest daily level observed since 2023.

Similarly, DOGE, the most valued meme coin by market cap, is preparing to test new resistance levels.

As cryptocurrency analyst Ali Chart explained in a recent post shared with X: 

“Dogecoin is encountering significant resistance between $0.166 and $0.171, where 75,500 addresses have acquired nearly 10 billion $DOGE . However, once this barrier is overcome, #DOGE has the potential to double, with the next key resistance around $0.322.”

The on-chain movement also highlights crypto whales and sharks’ heightened accumulation of altcoins like ETH, XRP, SOL, ADA, and LINK.

In large numbers, market participants are heavily weighing in on Ethereum’s future following the recent approval of Ethereum ETFs, which has left Ether investors excited since the announcement.

Notably, price predictions have been discussed among crypto traders, investors, and analysts. The sentiments are largely bullish and linked to the current uptrend recorded by leading altcoins, especially Ether.

Market analyst Miles Deutscher believes Ether is well on its way to doubling its current price. The analyst shared his view on X with his follower base of more than 500,000 X users. Deutscher, who is not new to making bold price predictions, cited the bullish trajectory of Bitcoin bulls following the approval of multiple Spot Bitcoin ETFs back in January.

According to him, ETH bulls could send the asset above its all-time high of $4,721, a price level recorded in November 2021.

“BTC rallied 75% in 63 days after the spot ETF was approved. If ETH follows the same trend (if approved), this would take it to $6,446 by July 23.” The analyst wrote.

$BTC rallied 75% in 63 days after the spot ETF was approved. If $ETH follows the same trend (if approved), this would take it to $6,446 by July 23. pic.twitter.com/FfWg9VGUMx

— Miles Deutscher (@milesdeutscher) May 21, 2024

Certain that ETFs in the USA and similar products in Asia could catalyze a massive ETH price rally, Andrey Stoychev, the Head of Prime Brokerage at Nexo, has also made a bullish call.

“ETH ETFs in the USA and similar products in Asia could be the driver that helps the asset reach $10,000 by end-2024, catching up with Bitcoin’s performance post-ETF.” Stoychev said.

Pseudonymous market analyst Ali Chart appears to be leaning towards a more modest target. He cites Ethereum’s most important resistance barrier between the $3,940 and $4,054 levels, noting that more than 1.16 million addresses had previously purchased 574,660 ETH around those levels.

“If ETH overcomes this hurdle and prints a daily candlestick close above $4,170, the bearish outlook will be invalidated. This could result in a new upward countdown phase toward $5,000.” He wrote in a recent post.

At report time, the crypto market is making a slow recovery. Notably, the global crypto market cap has soared by 1.33% over the last 48 hours, bringing the current total to $2.55 trillion. ETH has also emerged as the best-performing asset and altcoin within the top then category over the past 30 days with more than 21% in gains. ETH is now trading for $3,820 per coin. Positive market sentiments could continue pushing ETH to newer levels as investors enter the market.

Ryan Salame, a former top lieutenant of FTX founder Sam Bankman-Fried, was sentenced to 90 months —  or seven-and-a-half years — in prison on Tuesday, making him the latest individual connected to the collapsed cryptocurrency exchange to land behind bars.

Ryan Salame Is Going To Prison For Nearly 8 Years

In a Tuesday hearing in the U.S. District Court for the Southern District of New York, Judge Lewis Kaplan ordered Ryan Salame to serve 7.5 years in prison for conspiracy to operate an unlicensed money transmitting business and conducting campaign finance fraud. The former FTX executive pleaded guilty to the charges in September 2023 and has since been awaiting sentencing.

“Ryan Salame agreed to advance the interests of FTX, Alameda Research, and his co-conspirators through an unlawful political influence campaign and through an unlicensed money transmitting business, which helped FTX grow faster and larger by operating outside of the law,” U.S. Attorney Damian Williams said in a release May 28 following the sentencing.

The US Attorney Damian postulated that Salame, as one of the top officials at Alameda Research and co-CEO of FTX Digital Markets, colluded with others to illegally transmit customer funds and make confidential political donations.

“Salame’s involvement in two serious federal crimes undermined public trust in American elections and the integrity of the financial system. Today’s sentence underscores the substantial consequences for such offenses.”

In addition to prison time, Salame was sentenced to three years of supervised release and ordered to pay more than $6 million in forfeiture and over $5 million in restitution.

The ex-FTX executive had hoped to get a shorter sentence of 18 months behind bars. His legal team noted Salame did not play a major role in fraudulent actions and had cooperated with U.S. authorities.

Salame was the second figurehead linked to FTX and Alameda Research to be sentenced after CEO Sam Bankman-Fried. Former Alameda CEO Caroline Ellison, former FTX engineering director Nishad Singh and FTX co-founder Gary Wang all pleaded guilty to crimes in connection with FTX’s collapse and took the stand to testify against Bankman-Fried. Fallen crypto king Bankman-Fried was sentenced to 25 years behind bars in March, but Ellison, Singh, and Wang are hoping to avoid prison time altogether.

Following in the footsteps of Michael Saylor’s MicroStrategy, yet another publicly listed company has decided to make Bitcoin (BTC) its savings vehicle of choice after adopting the foremost crypto as its “primary treasury reserve asset.”

Medical device maker Semler Scientific announced Tuesday that it had purchased 581 BTC for $40 million. The adoption of BTC has already helped Semlar Scientific gain significant market momentum, with the stock price up 32% post-announcement. 

Semler Scientific’s Bitcoin Strategy

Nasdaq-listed healthcare technology company Semler Scientific has bought Bitcoin with its cash reserves. According to the May 28 announcement, the company’s board of directors purchased 581 BTC for a total of $40 million, fees and expenses included.

“Our Bitcoin treasury strategy and purchase of Bitcoin underscore our belief that Bitcoin is a reliable store of value and a compelling investment,” said Chairman Eric Semler in the company’s accompanying statement. “We believe it has unique characteristics as a scarce and finite asset that can serve as a reasonable inflation hedge and safe haven amid global instability.”

Semler Scientific indicated that it will continue to generate revenues and accumulate cash reserves, and Bitcoin will serve as the company’s “principal treasury holding on an ongoing basis” as they believe the benchmark cryptocurrency “has the potential to generate outsize returns as it gains increasing acceptance as digital gold.”

Semler Scientific’s Shares Soar As Company Mimics MicroStrategy On Bitcoin Buying

Immediately after the announcement, SMLR stock jumped 32% to $31.07 apiece, jumpstarting a robust recovery following continuous losses since its $52 yearly high back in February. According to Yahoo Finance, the company’s market capitalization was $215 million at the time of publication.

Using Bitcoin as a treasury asset was popularized by the Fortune 500 firm MicroStrategy, helmed by Michael Saylor. As of March 31, Tysons Corner, Virginia-based MicroStrategy, owned 214,400 Bitcoin, valued at over $13.5 billion. The business intelligence company’s stock has soared in value by over 1,000% since its first Bitcoin purchase in 2020.

Similarly, Tokyo-listed Web3 infrastructure provider Metaplanet has nearly tripled in value since disclosing its Bitcoin strategy roughly two months ago. Metaplanet announced on Tuesday that it would purchase an additional 250 million yen ($1.6 million) worth of BTC. The company also aims to accumulate more Bitcoin over time.

Bitcoin is currently trading at around $67,595, according to CoinGecko data.

Popular hardware hacker Joe Grand, also known as “Kingpin” in the hacker community, has successfully cracked a long-lost, time-locked Bitcoin wallet from the Satoshi era, containing $3 million worth of Bitcoin. 

As reported by Wired on May 28, this modern-day digital treasure hunt began when an unfortunate crypto holder from Europe reached out to Grand for help. The wallet’s password, generated by the password manager RoboForm, had become corrupted, locking the owner out of their 43.6 fortune acquired in 2013.

What seemed impossible to many experts turned into a triumphant retrieval. Grand, with his hardware hacking expertise, unlocked the wallet, giving the owner access to their long-lost cryptocurrency wealth.

The wallet’s owner had amassed Bitcoin in 2013 when the cryptocurrency was in its infancy and worth significantly less than it is today. However, the owner could not access their digital fortune for a decade due to a corrupted file storing the wallet’s password.

Upon receiving the request for help, Grand embarked on a complex journey to crack the wallet’s password. Unlike his previous exploits, this task was particularly challenging due to the nature of the wallet’s password-generation process. RoboForm, a password manager known for its robust security features, generated the password.

Grand and his German friend discovered a flaw in the wallet owner’s specific version of RoboForm. This flaw made the password generation process less random, allowing them to narrow the possible passwords to a particular time range, as per the report.

After meticulously analyzing the RoboForm version and narrowing down the time frame for the password’s generation, Grand and his friend successfully cracked the wallet’s password.

With access to the wallet restored, the owner now possesses their $3 million Bitcoin fortune. Considering the significant appreciation of Bitcoin’s value over the years, the owner is patiently waiting for the cryptocurrency to reach six digits before making decisions regarding their newfound wealth.

This successful retrieval of a long-lost Bitcoin wallet is a testament to cryptocurrency’s resilience and the innovative spirit of the hacker community.

In 2022, Grand, a well-known hardware hacker, gained attention for helping a crypto wallet owner recover access to $2 million in cryptocurrency. This individual had forgotten the PIN to his Trezor wallet and believed his funds were irretrievably lost.

Bitcoin Price History and Future Predictions

Bitcoin started with a value of zero when it was launched in 2009. By October 26, 2010, its price had risen from $0.10 to $0.20, reaching $0.30 by the end of that year. In 2011, Bitcoin’s price surged past $1 and peaked at $29.60 on June 8, but a significant market downturn followed, bringing the price down to around $5 by year-end.

In 2012, Bitcoin saw modest growth, gaining a few dollars. However, 2013 was a breakthrough year, with the price starting at $13, surpassing $100 in April, and reaching $200 by October.

Various analysts support predictions for Bitcoin’s price, including targets of $95,000 by June and $150,000 by year-end. BitQuant, which forecasted the $95,000 mark, recently advised against worrying about short-term dips, expressing confidence that Bitcoin will hit this target.

I don't know what the mass media is telling you or what geopolitics will bring. The only thing I'm confident about is that #Bitcoin is going to $95K. https://t.co/GTuQErzWLq

— BitQuant (@BitQua) May 22, 2024

If the wallet owner waits and the $95,000 prediction materializes, his 43.6 BTC fortune will be worth approximately $4,142,000. If the price reaches $150,000, his fortune will be worth approximately $6,540,000. 

The XRP Ledger (XRPL) has recently captured significant attention due to a huge uptick in payment transactions. The State of XRP Ledger Q1 2024 report by Messari on May 28th reveals that XRPL experienced an astounding 350% increase in quarter-over-quarter (QoQ), averaging two million transactions daily.

This surge, primarily driven by inscriptions, started in late Q4 2023 and continued into Q1 2024 before tapering off towards the quarter’s end. The shift in transaction dynamics saw payments becoming the most common transaction type on XRPL, overtaking OfferCreates, which historically held this position.

According to the report, total transactions on the XRPL increased by an impressive 113% QoQ, averaging 2.8 million per day. This uptick in transactions was mirrored by a substantial increase in network activity, with active addresses and transactions rising by 37% and 113% QoQ, respectively.

Notably, the number of active addresses sending XRP saw a remarkable 92% QoQ increase, surpassing unique receivers for the first time since Q1 2022.

The surge in payment transactions and network activity on the XRPL has not gone unnoticed by market analysts. Some analysts predict a significant rally for XRP, targeting double-digit price levels in the coming months.

X user EGRAG CRYPTO shared a price chart showing XRP’s recent performance aligning with the Fib 0.702 – 0.786 levels. The analyst targets a price range of $1.20-$1.50, highlighting $0.70-$0.75 as a critical breakout point. EGRAG CRYPTO also noted XRP’s strength along the “Atlas line,” a trendline where prices have historically rebounded.

Analyst JAVON MARKS added that XRP has displayed a “hidden bull divergence” over recent months, potentially leading to a rapid “mass expansion.” MARKS predicted a bull run due to XRP nearing a “major converging point” and showing an RSI pattern indicating momentum. 

XRP/USDT Price Chart: TradingView

Currently, XRP’s RSI stands at 44.6, down from last week’s. Levels above 70 suggest an overbought condition.

Factors Driving XRP Ledger’s Growth and Market Outlook

Several factors are driving the growth of XRPL and its potential for a significant rally. The approval of a spot Ethereum ETF by the U.S. Securities and Exchange Commission (SEC) is expected to have positive implications for ETH and other tokens like Solana. Classifying Ether as a commodity rather than a security settles a long-standing debate and sets a precedent for other coins.

Additionally, integrating new features and functionalities, such as the Automated Market Maker (AMM) and introducing a USD-pegged stablecoin, are expected to serve as liquidity catalysts for XRPL and drive further growth and adoption.

Market analysts are increasingly bullish on XRP’s price trajectory, with some predicting a substantial rally soon. Technical analysis suggests that XRP is currently holding strong support levels and is poised for a breakout towards higher price targets. At the time of writing, XRP was trading at $0.52, marking a 2.17% decline in the past 24 hours.

Argentina is looking to El Salvador’s experience with Bitcoin to explore ways to integrate the pioneer cryptocurrency into its financial system.

In a recent meeting with El Salvador’s National Commission for Digital Assets, Argentina’s National Securities Commission officials highlighted their interest in learning from the Central American nation’s pioneering efforts.

“El Salvador has emerged as one of the leading countries, not only in the use of bitcoin, but has also stood out in the world of crypto assets,” said Dr. Roberto E. Silva, president of the CNV. He praised El Salvador’s establishment of a dedicated regulatory body, the CNAD, indicating Argentina’s desire for similar expertise.

Dr. Patricia Boedo, vice president of the CNV, echoed this sentiment, emphasizing the importance of strengthening ties with El Salvador “a pioneer in the subject, and that has vast experience in the subject.”

Max Keiser, the Senior Bitcoin advisor to El Salvador’s President Nayib Bukele, further shed light on the discussion, clarifying that the focus was not on adopting crypto but rather on leveraging Bitcoin’s anti-inflationary properties against fiat currency instability.

In a preceding tweet, Keiser had emphasized the need for Argentina to follow suit, advocating for the legalization of Bitcoin as legal tender and the crackdown on fraudulent practices surrounding other cryptocurrencies until such measures are taken.

 “Milei’s mission to save Argentina only starts when he makes Bitcoin legal tender and outlaws frauds & scams like ETH, web3, NFT’s, ICO’s, ADA, etc Until he does that, he’s just making the situation worse. The Bukele model works.” Keiser stated.

The meeting between Argentina and El Salvador comes amidst a global shift towards embracing cryptocurrencies amidst ballooning inflation. Argentina’s interest in El Salvador’s Bitcoin journey is particularly timely, given President Javier Milei’s pro-Bitcoin stance. Notably, Milei’s election last November marked a significant turning point, with Argentina officially legalizing the use of Bitcoin and other cryptocurrencies for contract settlements and payments. 

In February 2024, President Milei’s administration scrapped taxes on crypto holdings, except capital gains above a certain threshold. However, the formal proposal to make Bitcoin legal tender in Argentina remains pending, leaving room for speculation on whether the country will follow in El Salvador’s footsteps.

That said, Argentina is drafting an executive order to oversee cryptocurrency service providers and avoid the Financial Action Task Force’s (FATF) greylist. According to sources familiar with the matter, this move would place crypto service providers under the jurisdiction of the national securities watchdog for regulatory supervision.

Since the spot Bitcoin ETFs were approved, there have been talks about ETFs being approved for other cryptos. Ethereum (ETH) has been a major focus point in this respect. For one, many experts and even regulators consider Bitcoin and Ethereum commodities, which works in favor of ETF approvals for the said cryptos. Similarly, many other cryptos are considered securities by their working models.

Now, there’s talk about Solana (SOL) and XRP ETFs. However, some influential entities think this is unlikely to happen soon, and they have their reasons. One such entity is JPMorgan. An exec from the bank had something to share regarding SOL and XRP ETFs.

Why A Fantasy?

According to Nikolaos Panigirtzoglou, any hopes of an SOL and XRP ETF approval soon are pure fantasy. Nikolaos believes that the SEC has the upper hand in classifying most of the existing cryptos as securities (except BTC and ETH). Nikolaos is a managing director and global market strategist at JPMorgan.

Approving an ETH ETF was a slim win, given the backlash that dogged the process. ETH has now joined BTC in the realm of crypto ETFs. Some top crypto networks have been lobbying to approve more ETFs covering other cryptos. Still, this strive has been largely suppressed by the sentiments that most cryptos are securities instead of commodities like Bitcoin. Granted, Ripple emerged with a victory against the SEC in a case where the SEC wanted XRP classified as a security. The vague regulatory framework by the SEC worked against it.

There’s Growing Optimism

While the possibility of SOL and XRP ETF approvals is currently slim, there’s still a chance that things could change for the better if new legislation is passed. This legislation would exclude all cryptos from the securities bracket, thereby paving the way for the SEC to approve their ETFs. This prospect may not be far-fetched, given that more lawmakers are joining the crypto bandwagon and advocating for the technology.

A trader has made it big from a small initial investment in the canine-themed meme coin Shiba Inu (SHIB). On-chain data shows a crypto address that bought about $2,700 worth of SHIB in 2021 bagged over $1 million in profits this week.

“Super Diamond Trader” Finally Sells SHIB

Shiba Inu enjoyed an explosive rally from its launch in August 2020 to its all-time high in October 2021. According to Etherscan data, one savvy trader purchased roughly 48.09 billion SHIB on Feb 1, 2021, for two wrapped ether (WETH) on the decentralized exchange Uniswap for $2,625. At the time, Shiba Inu was still an unrecognized project that only very few crypto fanatics knew about.

After hodling the SHIB stockpile for approximately three and a half years, the investor sold it for $1.1 million as the meme coin’s price surged to $0.00002614. The trade netted the unknown investor a 419x gain from their initial investment.

The price of SHIB jumped 1.9% on Tuesday and has gained 9.8% in the past 14 days. It is currently the 11th largest crypto by market capitalization at $15.2 billion after dethroning Avalanche (AVAX). SHIB is now only three spots behind Dogecoin (DOGE), its Shiba Inu-themed predecessor. Both Doge and SHIB soared earlier this year along with other meme coins as indirect beneficiaries of the spot Bitcoin exchange-traded fund (ETF) approvals in mid-January.

SHIB Is still down 70.5% from its current lifetime high of $0.00008616 registered back in October 2021. The aforementioned investor seems to be satisfied with the huge gains that they have accrued during these three years. The investor seems convinced that it may be too late for established meme coins like Shiba Inu to see a 2021-style mind-blowing upsurge again.

The team behind Shiba Inu recently raised $12 million through a token sale for the upcoming digital asset TREAT to develop its new privacy-centric Layer 3 blockchain, built atop Shibarium — its Ethereum Layer 2 solution.

SHIB is also one of the cryptocurrencies accepted by Republican candidate Donald Trump’s campaign for the 2024 presidential election.

A proposal designed to increase yields for validators rather than burn tokens is a significant factor in SOL’s upward action.

Solana validators will receive the full priority fee amount per transaction after a governance proposal passed with 78% support on Monday, shifting away from the current 50% reward and 50% burn model.

Solana Will No Longer Burn 50% Of The Priority Transaction Fees

The majority of Solana validators approved Solana Improvement Document SIMD-0096, which proposes charging validators all transaction priority fees. The proposal has officially been implemented.

For those unaware, Solana users with urgent transactions pay optional priority fees to avoid network congestion. Validators can, in turn, prioritize and fast-track their transactions, a crucial way Solana mitigates network congestion. 

This proposal seeks to improve incentives around how validators receive priority fees, thus enhancing network security. SIMD-0096 will also eradicate possible opaque and off-chain side deals between block producers and transaction submitters, improving the overall efficiency of the validator system.

“This ensures that validators are appropriately incentivized to prioritize network security and efficiency, rather than being incentivized to engage in potentially detrimental side deals,” the proposal creator Tao Stones explained.

According to CoinGecko data, SOL’s price slipped by 1.4% on the day after the SIMD-0096 proposal passed. Users have spent $1.9 million on Solana fees in the past 24 hours, as per DeFi Llama. Notably, the proposal to eliminate the 50% burn rate might negatively affect the Solana network by making SOL more inflationary.

The Problem With Removal Of The Burn Function

While the recently passed proposal could boost Solana’s security, some community members have voiced serious concerns about its impact on SOL’s tokenomics and the fact that only validators were allowed to vote on it.

With validators receiving 100% of the priority fees and none being burnt, this means more SOL issuance and inflationary pressures. One opponent to the proposal, going by the online moniker FreedomFighter, said:

“Not essentially stealing a deflation aspect people bought into Solana for, every user will suffer with higher inflation, doesn’t matter how much you undermine the amounts, it still remains a fact.”

Leading Solana validator Stakewiz also criticized the SIMD—0096 proposal. “I’m generally for a removal of priority fee burn, but I’m against this proposal for its lack of data-driven reasoning and failure to address the concern of priority fee inflation,” Stakewiz explained.

The proposal is considered to be more beneficial to validators than Solana users. How the SOL price reacts following the proposal remains to be seen.