Investors have been long anticipating a breakout from XRP, especially with the market trends and regulatory outlook swinging in its favor. One top analyst has made a bullish case for the market capitalization of XRP to blast to an astounding $3 trillion in the next cycle phase.

This comes as Ripple CEO Brad Garlinghouse remains convinced that XRP could be the next altcoin to get its own spot exchange-traded fund (ETF) in the U.S.

XRP, Solana, ADA ETFs Are Inevitable: Brad Garlinghouse

Ripple boss Brad Garlinghouse predicts that more crypto exchange-traded funds are coming, following the greenlighting of spot Bitcoin (BTC) ETFs and positive progress on ones created to hold Ethereum (ETH) directly. 

Speaking on stage at Consensus 2024 in Austin, Garlinghouse predicted the inevitable approval of XRP, Solana (SOL), and Cardano (ADA) ETFs. “I think it’s just a matter of time, and it’s inevitable there’s gonna be an XRP ETF, there’s gonna be a Solana ETF, there’s gonna be a Cardano ETF, and that’s great,” he posited.

In a remarkable policy change, the U.S. Securities and Exchange Commission gave the regulatory blessing to several spot ether ETFs, propelling the price of the underlying crypto to the highest level since March. Following the approval of the 19b-4 forms on May 23, the only remaining step is for the S-1 registration statements to become effective before trading can finally commence.

The SEC has reportedly asked would-be issuers to submit their draft S-1 filings by May 31. The SEC will then deliver its first round of comments, which will result in additional amendments. Notably, VanEck handed in a revised S-1 form on the same day the initial key filings were approved. BlackRock followed on May 30, revealing that its ETH ETF would be seeded with $10 million.

The White Channel: XRP’s Galactic Voyage To A $3 Trillion Market Cap

Meanwhile, XRP appears to be on the brink of a parabolic breakout as the crypto expects a massive move before November based on a confluence of technical factors.

Analyst Egrag Crypto highlighted an ascending channel pattern known as “the White Channel,” within which the XRP market cap has traded since 2017. This is a historically reliable indicator of price movement. Once the XRP market value sustainably breaches the channel, the crypto could enjoy an astronomical flight to a $3 trillion market cap.

XRP currently boasts a $28.6 billion market cap. According to pseudonymous analyst Egrag Crypto, even reaching the top of the White Channel would translate to a market cap of nearly $290 billion, a considerable leap from its current level.

#XRP Market CAP to $3T!!! – THE WHITE CHANNELOnce #XRP MC blasts out of "The White Channel," we're looking at a moonshot to a $3T market cap! The mid-point of the channel is $100B, and the high end reaches $287B. This is where #XRP MC will propel like a rocket! … pic.twitter.com/QOXsyGDO2k

— EGRAG CRYPTO (@egragcrypto) May 28, 2024

He believes this is the point where XRP’s market value will propel like a rocket, possibly kickstarting unprecedented growth for the digital currency. Notably, attaining a $3 trillion market cap would mean XRP dethrones market Goliaths like Ethereum and Bitcoin.

Meanwhile, the price of XRP is currently in a tug-of-war between the bulls and bears, indicating a lack of aggressive buying or selling by the traders. The token is currently trading for $0.517, according to CoinGecko.

Franklin Templeton has become the first investment giant to reveal its fee plans for its proposed spot Ethereum exchange-traded fund (ETF).

In its amended S-1 form with the U.S. Securities and Exchange Commission on Friday, Franklin Templeton said it plans to charge customers a 0.19% sponsor fee per year for holding Ethereum in their fund.

“The sponsor’s fee is accrued daily at an annualized rate equal to 0.19% of the net asset value of the fund and is payable at least quarterly in arrears in U.S. dollars or in-kind or any combination thereof,” Franklin stated in the filing.

Moreover, the asset manager has promised to waive sponsor fees for its ETH ETF offering for the first $10 billion during the first six months.

Bloomberg’s senior ETF analyst Eric Balchunas quickly remarked on Franklin Templeton’s proposed fee. “The opening shot in the ETH ETF fee war has been fired by Franklin, 19bps,” Balchunas posited in an X post.

For context, most ether spot ETFs in other countries or in other vehicles are >1%. The US ETF market is just special in its hard core ness but that’s why vast majority of new inv cash flowing here.

— Eric Balchunas (@EricBalchunas) May 31, 2024

The low fee is similar to that of spot Bitcoin ETFs that went live in January when all wanna-be BTC ETF issuers cut their planned fees in a brutal fee war days before their products were launched. The majority now charge fees below 0.3%, with some—like Fidelity and VanEck—temporarily eliminating fees for a competitive edge.

Other Potential Ether ETF Providers Yet To Announce Fees

The S-1 registration statements that asset managers must file with the Securities and Exchange Commission include detailed information about the firm and the securities they plan to offer.

The securities watchdog asked would-be Ethereum ETF issuers to finalize their S-1 forms by March 31. While BlackRock, VanEck, and Invesco Galaxy also submitted their revised forms, none disclosed their planned sponsor fees.

“Also no fees in any of the new S-1s. Fee war on hold for now,” Bloomberg’s Balchunas later observed.

Notably, prominent financial institutions have already secured ticker symbols for their Ethereum ETFs, indicating a huge step toward introducing these investment vehicles in the United States. However, it could take several weeks before the S-1 forms become effective and spot ETH ETFs start trading officially.

Yat Siu, founder of Web3 giant Animoca Brands, has boldly predicted a transformative shift in the crypto industry, envisioning a $200 trillion market cap for cryptocurrencies over a decade.

The Case For A $200 Trillion Crypto Market Cap

Speaking during the latest episode of The Valr Podcast on May 28, Animoca Brands founder Yat Siu shared a robust and optimistic projection for the crypto sector. Siu envisions the market’s total value, currently valued at $2.5 trillion, according to CoinGecko, doubling or even tripling in the near future.

“In the near term — within 12 to 18 months — we can conceive of a doubling or tripling of the space,” Siu posited, voicing his strong conviction that the crypto market will continue achieving new feats afterward, including catapulting to a staggering $200 trillion market value within 10 years. He postulated:

“Basically over a five or 10-year period, I’m expecting the space to accelerate, 100 to 200 times — to $200 trillion — or even bigger. I think we could reach that kind of number within a decade.”

Key Factor To Fuel Market Cap Growth

During his interview, Siu revealed a crucial factor that could propel the crypto market value to $200 trillion. The Animoca Brands executive revealed that billions of people becoming digital property owners in the Web3 ecosystem is a prime catalyst for the market’s projected expansion:

“It is entirely conceivable that we’re going to have a billion property owners because we’re going to have a billion token holders. This is not possible in the physical world,” Siu continued.

In his belief, Asia has solidified its position as the leading force in Web3 while other jurisdictions such as the United States trail behind due to the “uncertainty on the regulatory side”.

Siu’s optimistic vision of the Web3 market is in line with his bullish position on the world’s oldest and largest cryptocurrency, Bitcoin (BTC). As ZyCrypto reported in April, the Animoca Brands founder made another stunning market forecast, stating that he expects BTC to hit $100,000 before the end of this year and $1 million in the foreseeable future.

At the time of writing, Bitcoin was worth $67,708, nearly 15 times less than Siu’s seven-figure price tag.

In a notable development, data from analytics firm Cryptoquant reveals that whale investors poured a staggering $100 billion into Bitcoin in the first half of 2024.

This revelation, made on Friday by Julio Moreno, head of research at the firm, highlighted a significant trend of wealthy investors accumulating Bitcoin, likely through over-the-counter (OTC) deals, sidestepping conventional exchanges.

Notably, OTC deals, which facilitate direct transactions between parties, have become a preferred avenue for acquiring substantial amounts of Bitcoin, with notable entities like MicroStrategy engaging in such transactions to bolster their corporate treasury strategies.

Moreno’s disclosure coincides with observations from Ki Young Ju, the firm’s CEO, who drew parallels between current market dynamics and those of mid-2020 and in February 2019 when similar patterns of high on-chain activity preceded a remarkable surge in Bitcoin’s value reinforcing the notion of whale activity as a strong bullish indicator. Particularly, this year’s remarkable accumulation could be attributed to the green light given to several spot Bitcoin exchange-traded funds (ETFs) in January, opening avenues for traditional investors to dabble with crypto asset investments.

Moreover, data from the same firm also indicated a surge in Bitcoin accumulation addresses over the past month, reflecting growing investor interest despite stable prices.

“Despite stable prices and relatively modest growth compared to previous months, there has been a notable increase in the number of new participating accumulation addresses. This phenomenon indicates that even with Bitcoin experiencing price stability, investor sentiment remains bullish. More investors are eager to join the ranks of buyers and invest in Bitcoin,” the firm wrote 

Meanwhile, Bitcoin’s price experienced consolidation towards the end of May, partly due to concerns regarding recent outflows from Mt. Gox addresses to a new wallet address in preparation for distribution. However, reassurances from Mt. Gox trustee Nobuaki Kobayashi regarding pending repayments have injected a semblance of stability into the market.

That said, against this backdrop, the crypto community anticipates a robust rally in the second half of the year. Analysts such as “Mags” point to historical precedents, suggesting that periods of sideways movement often precede significant price surges.

“[Bitcoin] broke out above the last monthly resistance in March and has since transformed that level into support…Last year, from March to September, the price remained stagnant for seven months before breaking out and surging by 178%. Therefore, despite the apparent monotony, this sort of sideways movement typically precedes a significant rally. If we witness a similar 178% surge upon breaking out of the current range, we could be looking at $188,000,” wrote Mags.

Elsewhere, “Crypto Caesar” proposed a target of $79,579 for Bitcoin based on an observed inverse head-and-shoulders pattern. According to his analysis, the price has broken above the neckline, and he is currently verifying it as a support level.

Bitcoin traded at $67,701 at press time, reflecting a 0.63% drop over the past 24 hours.

U.S. President Joe Biden vetoed a House Joint Resolution that would have blocked a controversial Securities and Exchange Commission guidance that critics say discourages banks and other financial institutions from safeguarding crypto assets.

POTUS contends overturning SEC’s Staff Accounting Bulletin (SAB) No. 121. would “jeopardize the well-being of consumers and investors” and stifle the regulator’s ability to address future issues in the crypto industry.

Biden Nixes SAB 121 Overturn

President Biden has followed through on a pledge to veto SEC’s Staff Accounting Bulletin 121 that recently passed the House and Senate.

In his statement announcing the veto decision, Biden made it clear that his Administration would not “support measures that jeopardize the well-being of consumers and investors.”

“By virtue of invoking the Congressional Review Act, this Republican-led resolution would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues,” his statement said. “This reversal of the considered judgment of SEC staff in this way risks undercutting the SEC’s broader authorities regarding accounting practices,” the U.S. president said in a notice to the U.S. House of Representatives.

The (SAB) 121 bulletin has drawn controversy for over a year as it requires companies that custody crypto to record customer cryptocurrency holdings as liabilities on their balance sheets.

POTUS indicated his intent to veto the bill the same day it was passed by the U.S. House of Representatives in a 228-182 bipartisan vote. Specifically, Biden indicated that “limiting the SEC’s ability to maintain a comprehensive and effective financial regulatory framework for crypto-assets would introduce substantial financial instability and market uncertainty.” 

A week later, however, the Senate also voted in favor of the measure to repeal the SEC’s accounting guidance. 

The veto announcement comes shortly after the SEC’s stunning approval of several spot Ethereum ETFs, which had led many to think that the current administration was softening its stance on cryptocurrencies. 

Community Backlash

Crypto community members voiced their dissatisfaction with Biden’s veto on the X platform, noting that it only suppresses innovation and impedes the sector during a crucial time.

“To say that this is incredibly disappointing from this white house — at an incredibly pivotal time — is an understatement,” Ripple boss Bradley Garlinghouse observed.

“This is a slap in the face to innovation and financial freedom,” Digital Chamber’s chief policy officer Cody Carbone posited in a Friday X post.

Crypto advocacy group the Blockchain Association also expressed utter disappointment in Biden’s move to veto despite the resolution passing both chambers of Congress with easy majorities:

“We’re disappointed that the admin chose to overrule bipartisan majorities in both Houses of Congress who recognized the harm created by SAB 121.”

Despite recent turbulence in ADA’s price, the Cardano ecosystem has been experiencing a surge in development, marked by significant progress across various projects.

This week, the Cardano consensus team achieved noteworthy milestones, focusing on enhancing performance and compatibility. According to the latest weekly development report, scalability solutions like Hydra node version 0.17.0 have substantially improved, while the Mithril team’s transaction enhancements have bolstered efficiency. The report also disclosed a substantial increase in transactions, token policies, and Plutus scripts.

Moreover, the report disclosed notable strides taken towards the Chang hard fork, which is slated for Q3 this year, representing a pivotal moment for Cardano. Notably, this upgrade heralds a new era of decentralized governance and smart contract capabilities. Earlier in the week, Charles Hoskinson, the founder of Cardano, unveiled plans for the upcoming election of the Interim Constitutional Committee (ICC), a crucial step towards decentralized governance preceding the Chang hard fork.

The election process, scheduled to commence in June, will involve a stake-based vote accessible to all ADA holders. This will ensure democratic representation of the community’s preferences as Cardano enters the so-called “Age of Voltaire.”

Additionally, the report revealed that community engagement and testing on the SanchoNet testnet are underway to refine governance mechanisms and foster a robust, inclusive system.

However, amidst these strides in development, the price of ADA has continued to face downward pressure after experiencing a decline of over 45% since its peak in March. Cardano conceded its market capitalization throne this week to Dogecoin (DOGE), falling to the ninth position. 

Analysts view the current price range as a significant accumulation zone, potentially indicating a forthcoming price reversal. In a YouTube video on Friday, renowned crypto analyst Dan Gambardello commented on the prevailing sentiment surrounding Cardano, referring to it as the “Peak Cardano is Dead season.” Despite this, Gambardello emphasized that such phases are not uncommon in Cardano’s history, citing past market fluctuations that preceded robust price rallies. 

Notably, he underscored the resilience of Cardano’s fundamentals, particularly highlighting the upcoming Chang hard, as reasons for long-term optimism.

“Ada price exploding will be driven not by hype but by the very fact that it is one of the most secure decentralized scalable blockchains in crypto and it’s a top blockchain.” Gambardello emphasized.

In an earlier tweet, the pundit teased at the idea of ADA surging over 10X writing “Last cycle at this time, Cardano was down 90% from all-time high. Many said it was a dead ghost chain. Out of nowhere it pumped 3,000% from $0.10 to $3.00. Right now, at the same part of this cycle it’s down 85%. This time more secure, decentralized, and scalable. Patience.”

Similarly, analyst “Astronomer” expressed optimism, noting the current support levels on ADA’s chart and projecting a potential surge of up to 280% in the next leg up, with a minimal target of around $1.70.

ADA was trading at $0.4481 at press time, reflecting a 0.22% drop over the past 24 hours.

Ripple CEO Brad Garlinghouse has sparked controversy by criticizing Dogecoin (DOGE) and suggesting that it lacks a clear purpose and utility.

Speaking at the Consensus 2024 conference on Friday, Garlinghouse openly criticized the top meme cryptocurrency, questioning its value and purpose within the cryptocurrency industry, emphasizing the importance of cryptocurrencies serving a genuine purpose beyond speculation.

“We have to be about more than speculation. I don’t think Dogecoin has been a good thing for the industry,” he asserted. “I don’t know what the use case is, unlike other projects being built to solve real utility.”

Notably, this is not the first time Garlinghouse has voiced such concerns. Speaking at the World Economic Forum conference in Davos In January, he similarly questioned the purpose of Dogecoin, stating, “Other than Elon Musk as the central actor, I don’t see the use case and purpose.”

Nevertheless, despite the CEO’s latest critique, the Dogecoin community has remained staunch in its defense of its beloved digital currency. Some even cautioned that DOGE might surpass XRP in market cap soon, following its recent overtaking of Cardano.

Notably, Elon Musk’s involvement with Dogecoin has been a significant factor, with reports suggesting collaboration between Musk and developers to enhance the coin’s utility. Musk’s Tesla has even enabled Dogecoin as a form of payment for merchandise, indicating a broader push for utility and mainstream adoption. Yet, it’s undeniable that Dogecoin has seen fewer developments and real-world applications compared to other projects like Ethereum and Solana. Its main competitor, Shiba Inu, has garnered substantial support and witnessed increased project development, particularly with the launch of Shibarium.

Meanwhile, Ripple’s XRP has made strides to solidify its utility status. In a separate fireside chat with CNBC during the Consensus 2024 conference, Garlinghouse revealed ongoing efforts to create a stablecoin and improve cross-border payment efficiency.

“We are 100% behind the growth and development of the XRP Ledger and the health of that ecosystem. We think having a stable coin built on the XRP Ledger actually adds liquidity to the XRP Ledger,” said Garlinghouse. “We already have been using stable coins in our pay flows so this is just kind of a natural extension”.

That said, Garlinghouse’s critique of Dogecoin highlights broader discussions within the cryptocurrency community concerning the significance of utility and purpose. Interestingly, Bitcoin has also faced similar scrutiny, with some within the crypto sphere questioning its utility beyond price speculation. This stance has often sparked backlash from Bitcoin maximalists who staunchly defend its status.

Cryptocurrency luminary and early Bitcoin prophet Davinci Jeremie has projected that Shiba Inu (SHIB), the self-proclaimed “Dogecoin-killer,” is set to experience a meteoric rise of over 100%.

In a tweet on Tuesday, Jeremie confidently stated, “Once it’s finished going down, and it breaks out, could break out above the 0.000025 or the 0.00003, that’s it… it’s going all the way to 0.00006, so that’s why I’m going to get some Shiba.”

His tweet promptly captured the attention of Shytoshi Kusama, the lead developer of Shiba Inu, and the fervent SHIB community, which resonated with his outlook.

This isn’t the first time Jeremie has shown faith in SHIB. Last month, the pundit advocated for including SHIB in investors’ portfolios, emphasizing its potential alongside Bitcoin. His endorsement carries weight within the crypto community, given his track record of accurately predicting early Bitcoin booms.

In 2011, the pundit famously advised investing a mere dollar into Bitcoin, stating, “I suggest you take one dollar $1, buy some Bitcoins and put it away…the way I see it um that will be worth a million dollars…but the odds are most of you 90% of you are not going to buy even $1 worth of Bitcoins for what reason I have no idea. Anyways if you take my advice um that’s great if not, that’s the way it is.” Since then, he’s earned the moniker “I told you so” guy.

Elsewhere, crypto analyst Armando Pantoja echoed Jeremie’s optimism, foreseeing a future where SHIB reaches $0.001 in the next 1 to 2 years. Pantoja cited three factors underpinning his conviction: the burgeoning retail hype, favorable market conditions driven by the Bitcoin halving, and SHIB’s pronounced correlation with BTC’s price movements.

SHIB’s recent ascent has been remarkable, catapulting it into the global top 10 crypto assets, momentarily surpassing Cardano (ADA) earlier on Tuesday. This milestone coincides with a broader positive sentiment towards meme coins, exemplified by significant gains in tokens like Floki and Dogwifhat.

Several catalysts fuel SHIB’s rally, including strategic partnerships, resurging investor interest, and recent technological enhancements within the Shiba Inu ecosystem. Notably, the project’s burning mechanism, coupled with an accelerated burning rate, aims to curtail supply and heighten scarcity. Furthermore, the recent upgrade to Shibarium, a layer-2 scaling solution, fortifies the network’s stability and augments user experience.

At press time, SHIB was trading at $0.000025, reflecting a 4.35% loss over the past 24 hours, according to CoinMarketCap.

Dogecoin (DOGE) evangelist and billionaire Elon Musk has asserted that, contrary to a recent Bloomberg report, he is not a crypto advisor to Donald Trump’s presidential campaign.

“Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do,” Musk posited in response to the article.

Pretty sure I’ve never discussed crypto with Trump, although I am generally in favor of things that shift power from government to the people, which crypto can do

— Elon Musk (@elonmusk) May 30, 2024

Despite years of trading barbs publicly, Bloomberg reported that Trump and Musk are getting closer, to the extent of discussing crypto. Trump used to be against cryptocurrencies, but the likely GOP flag bearer in the upcoming U.S. presidential election has recently signaled his friendliness to the asset class in a bid to woo pro-crypto voters.

Interestingly, The Wall Street Journal claimed on Wednesday that Trump was mulling appointing Musk as his policy adviser if he wins the U.S. presidential run in November. While it’s an indirect boon for crypto, as Musk is a huge fan of crypto, the WSJ didn’t link the Tesla/SpaceX CEO with the blockchain industry.

Musk has become a key figure in the cryptoverse. Back in 2020, he started endorsing the joke cryptocurrency, Dogecoin, on X (then known as Twitter). His posts and public comments helped DOGE grow a cult following, and it soon became the world’s most expensive meme-inspired digital asset — now valued at $23 billion, it’s the industry’s ninth-largest cryptocurrency.

Musk’s EV maker, Tesla, added Bitcoin to its balance sheet in 2021. It then dumped some of its holdings and suspended BTC payments due to environmental concerns. Nonetheless, both Tesla and his space exploration company, SpaceX, still hold roughly 19,794 BTC, which is today worth over $1 billion.

Trump’s Head-Spinning U-Turn On Crypto

During his first stint in the White House, Trump wasn’t a fan of Bitcoin and other cryptocurrencies. Despite once claiming that they were “based on thin air”, Trump is now presenting himself as crypto’s candidate of choice.

The embattled former U.S. President and 2024 hopeful promised to end hostility toward the crypto asset landscape if reelected and indicated that he is “very positive and open-minded” to cryptocurrency-focused companies. “Our country must be the leader in the field, there is no second place,” he further declared.

Moreover, his campaign currently accepts donations in several cryptocurrencies as he has become friendly to the bourgeoning industry — described by some as a watershed moment in crypto policy. That’s largely because Joe Biden’s administration has taken a strongly anti-crypto stance in the past.

Terra blockchain’s native LUNA tokens soared Friday amid reports that Terra founder Do Kwon and Terraform Labs had struck a tentative settlement with the U.S. Securities and Exchange Commission (SEC) in their civil fraud case.

The attorneys representing both parties revealed during a conference call held before Judge Jed Rakoff on May 29 that they had “reached a settlement in principle”. The settlement terms are expected to be finalized and handed in for court approval by June 12, 2024.

While the exact details of the settlement were not publicized, the SEC had demanded civil financial penalties, with the regulator seeking an astounding $5.3 billion and orders prohibiting Kwon and his companies from ever operating in the securities market again. Meanwhile, Terraform Labs proposed a considerably lower penalty of $1 million.

In April, a New York jury found Terraform and Kwon liable for defrauding investors in its civil lawsuit with the SEC after a nine-day trial. The parties were scheduled to attend a trial hearing on May 29, but it was canceled due to the ongoing settlement talks.

The SEC’s case against Terraform centered on Terraform Labs and Kwon’s misleading promotion about the stability of their stablecoin, TerraUSD (UST), and other Terra-related tokens. Terra’s implosion wiped out $40 billion in investor funds and was described as the main trigger in a wider collapse of the crypto market.

Terra’s revived LUNA token is up 15.5% in the past 24 hours to change hands at $0.682, while Terra Luna Classic (LUNC), the native token of the original Terra network, has gained 7.8% on the day, trading for $0.0001199.

Nonetheless, the settlement with the SEC has only partly resolved Kwon’s myriad legal woes. The embattled ex-Terra chief still faces criminal fraud charges lodged by the U.S. Department of Justice (DOJ), as well as charges of fraud, bribery, fabricating transaction volume, and breaking capital markets laws in his home country, South Korea.

Kwon was put behind bars in Montenegro in March 2023 for attempting to flee to Dubai using fake travel documents. He was later released on bail, and the U.S. and South Korea have been engaged in a months-long jurisdictional tug-of-war to deport the fallen crypto star, with a series of requests frequently being approved and denied by Montenegro’s courts. Kwon is to remain in Montenegro until it is determined which country he should be extradited to.

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.