The United States spot Bitcoin ETF (Exchange Traded Fund) has garnered significant attention from traditional investors following its continuous development. On May 24, 2024, an on-chain analytics firm, SpotOnChain, posted on X (previously Twitter) that the previous day, the spot Bitcoin ETF experienced a massive net inflow of $108 million.

Bitcoin ETF sees a record inflow

With this massive net inflow, the spot Bitcoin ETF set a record of maintaining positive and continuous inflows for the last nine consecutive trading days. Despite this, the trading volume has been decreasing daily, indicating that while more money is being invested, the frequency of trades is declining.

Among the various Bitcoin ETFs, BlackRock’s iShares Bitcoin Trust (IBIT) experienced the largest inflow of $89 million. Other Bitcoin ETF issuers, such as Fidelity’s Wise Origin Bitcoin Fund (FBTC) and VanEck’s Bitcoin Trust (HODL), saw inflows of $19.1 million and $9.5 million, respectively. This continuous inflow of funds into these Bitcoin ETFs highlights the interest of both institutional traders and retail investors in Bitcoin and its related products.

In contrast, Grayscale’s GBTC, the largest Bitcoin holder among asset managers, saw an outflow of $13.7 million from its ETF, marking the second consecutive day of outflows. This outflow from Grayscale’s GBTC contrasts sharply with the inflows into other ETFs, possibly indicating a shift in investor preference towards the newer ETF options or dissatisfaction with Grayscale’s current performance.

Bitcoin price-performance analysis 

Despite the positive inflow into ETFs, Bitcoin’s price has dropped by 3.5% in the last 24 hours and is currently trading near the $67,000 level. Over the past seven days, Bitcoin’s price has remained stable, experiencing only a 1.2% upside move. Over the last 30 days, Bitcoin’s price has also remained stable, matching the level it was at a month ago. This stability over a longer period suggests that Bitcoin is currently in a consolidation phase, where the market is gathering strength for its next significant move.

According to expert technical analysis, Bitcoin is currently looking bearish and is at a crucial support level. If Bitcoin’s daily candle closes below the $66,200 level, it could trigger further declines, potentially leading to a more pronounced bearish trend. 

However, there is also a significant chance of a reversal from the current level, which may result in a price surge in the coming days. Analysts are closely watching this support level, as a bounce back could lead to renewed investor confidence and a rally in Bitcoin’s price.

The global digital assets market recorded a drop of almost 2% in the last 24 hours as Bitcoin (BTC) price dropped to $67,000 levels. This drop comes amid the much awaited regulatory decision from the US Securities and Exchange Commission (SEC) on spot Ethereum (ETH) exchange-traded funds (ETFs).

Bitcoin drops

The decline was not limited to just BTC and spread its roots over the other major cryptos. Ethereum price had surged to its highest price since mid-March to hit $3,900 on Thursday. However, it tumbled to near $3,700. 

Despite this decline, ETH remained to trade in green over the past 24 hours. Major altcoins including Dogecoin (DOGE), Avalanche (AVAX), Shiba Inu (SHIB), and Chainlink (LINK) all fell by more than 4% within an hour.

Bitcoin price is down by more than 3% in the last 24 hours. BTC is trading at an average price of $67,878, at the press time. Its 24 hour trading volume is up by 9% to stand at $46.5 billion. This suggests that the traders are moving their holdings to shake Bitcoin prices. The biggest crypto is holding a market cap of $1.33 trillion.

Ethereum is still up by 1.5% over the past day while it is up by 28% in the last 7 days. ETH is trading at an average price of $3,790, at the press time. One of the major factors adding to the crypto decline was a large ETH sell order from the trading firm Symbolic Capital Partner. Data reveals that the firm sold 6,968 ETH worth $27.4 million within a minute. It could have triggered a broader market sell-off.

Wassup with SEC?

Meanwhile, SEC Chair Gary Gensler declined to preview the agency’s decision on the spot ETH ETFs during a Thursday event in Washington. When questioned by CoinDesk about the SEC’s upcoming decision, Gensler advised observers to “stay tuned” and reiterated the agency’s commitment to operating within the legal framework and court interpretations.

Gensler acknowledged that a recent court decision had influenced the SEC’s approach toward ETFs, but he did not provide specifics on the response to the current ETH ETF applications. “We do it within the law and how the courts interpret the law, and that’s what I’m deeply committed to,” he stated.

The regulatory field for the digital assets market is evolving rapidly. In the latest development, a bipartisan group of House lawmakers has called on Securities and Exchange Commission (SEC) Chair Gary Gensler to approve spot Ethereum exchange-traded funds (ETFs). This comes in when the commission is closing into a crucial decision deadline.

Letter for ETH ETF

In a letter sent by the lawmakers highlighted the need for the SEC to use the same principles that it used at the time when it approved spot Bitcoin (BTC) ETFs.

House Majority Whip Tom Emmer (R-MN), along with Representatives French Hill (R-AR), Josh Gottheimer (D-NJ), Mike Flood (R-NE), and Wiley Nickel (D-NC) in the letter argued that approving ETH ETFs would demonstrate consistency in the Commission’s application of its standards.

The lawmakers stated that “With the Commission’s actions earlier this year, it seems a natural progression that would not only demonstrate consistency in the Commission’s application of its standards but would also affirm the legal reasoning that facilitated the spot Bitcoin ETPs decision.”

This comes in when the SEC is facing a Thursday deadline to make a decision on the VanEck Ethereum ETF. This would be the first among several who proposed spot Ethereum ETFs.

However, the exchanges have recently filed updated 19b-4 forms in anticipation of the SEC’s decision. It is important to note that the approval of 11 spot Bitcoin ETFs in January has already brought billions of dollars into the market.

Bitcoin up

Bitcoin price is up by 61% on the year to date (YTD) basis. BTC is trading at an average price of $68,110, at the press time. Its price has dropped by around 3% in the last 24 hours. Its 24 hour trading volume is up by 7% to stand at $36 billion.

Meanwhile, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act in a bipartisan 279-136 vote on Wednesday. This Republican-sponsored bill aims to create a new legal framework for digital currencies, providing much-needed regulatory clarity to promote the industry’s growth. However, it remains uncertain if the Senate will consider the measure.

SEC Chair Gary Gensler has expressed concerns about the bill, stating that it could create new regulatory gaps and undermine established oversight of investment contracts, posing high risks to investors and capital markets.

In the ongoing bullish market sentiment, the market is currently experiencing a decent price correction, and top cryptocurrencies like Bitcoin, Solana, and many others have seen price drops. During this situation, the Solana-based meme token Bonk (BONK) has garnered massive attention as it soared more than 16% in the last 24 hours.

BONK outperformed DOGE and SHIB

The performance of BONK has outperformed the top crypto meme coins, including DOGE and SHIB. In the last 30 days, BONK experienced a massive 80% upside momentum, while during the same period, DOGE experienced only a 6% upside momentum and SHIB saw a 3% downside movement. Meme token BONK not only outperformed DOGE and SHIB but also outperformed WIF, FLOKI, and BOME.

At the time of writing, BONK is trading near $0.000036. Over the last 7 days, it has experienced more than 45% upside momentum. However, looking at the 24-hour trading volume highlights a lack of investor interest, though it is still higher than other meme coins.

Additionally, BONK’s 24-hour open interest has surged by 3% in the last 24 hours. BONK’s open interest has been continuously rising since May 9, 2024. These factors highlight and signal bullishness in BONK.

BONK technical analysis and key levels

According to expert technical analysis, BONK is looking bullish and is heading toward its all-time high. However, before BONK hits an all-time high, it is currently experiencing strong resistance near $0.000037. If BONK gives a daily candle closing above this resistance level, there is a high possibility that BONK could initially surge 30% and hit $0.000047.

Besides BONK, PEPE and WIF meme coins have also experienced impressive price surges of over 8% and 3.5% in the last 24 hours. In contrast, top meme coins DOGE experienced a 1% price surge, and SHIB experienced a 0.5% downside movement.

Currently, the overall cryptocurrency market is down by 0.25%, with top cryptocurrencies including Bitcoin, Solana, and Binance Coin seeing price drops of over 1% and 3% in the last 24 hours. Additionally, the 24-hour trading volume is down by 14%, currently standing near $98 billion.

The much anticipated launch of the spot Ethereum Exchange-Traded Fund (ETF) has ignited a buzz in the market. A Bloomberg ETF analyst offered insights into the timeline for launching a Solana linked ETF. However, he suggested that the launch of a Solana ETF could be delayed due to regulatory hurdles.

Solana ETF soon?

According to James Seyffart, the expected timeline for a Solana ETF may see an extension over several years. The current regulatory environment might primarily influence this in the United States. The experts explained that the approval process is tied to building a Commodity Futures Trading Commission (CFTC) regulated futures market for the crypto.

He stated that “Based on current precedent/needs, will happen within a few years of getting a CFTC-regulated futures market. But Congress & market structure bills like FIT21 could make it happen quicker.”

It is important to note that there is one major obstacle for Solana ETF to launch is its classification as a security by the Securities and Exchange Commission (SEC). Unlike Ethereum and other cryptos, the SEC has explicitly labeled Solana as a security. This has been mentioned in the lawsuits filed against major exchanges such as Coinbase and Kraken. 

Seyffart highlighted this challenge and stated “But SEC isn’t dancing around SOL’s status like they have ETH. Those lawsuits against Coinbase and Kraken and others flat out say ‘Solana is a security.” Despite these challenges, the expert believes that a Solana ETF would likely attract big demand. This could be more than other altcoin ETFs.

What’s on the timeline?

Reports suggest that Crypto investor and CNBC ‘Fast Money’ trader Brian Kelly recently fueled this debate. He suggested that Solana could be the next digital asset to receive a spot ETF. He made this major prediction during the CNBC post-market talk show Fast Money on May 22.

“The trade now is, who’s next,” asked Kelly. “You’ve got to think about Solana as probably the next one. Bitcoin, Ethereum and Solana are probably the big three for this cycle.”

Solana has been riding on a high road with a major upswing over the past year. SOL has managed to gain more than 71% on the year to date (YTD). Solana is trading at an average price of $174.47, at the press time. Its 24 trading volume is up by 8% to stand at $4 billion.

It looks like the Doge days are over as Pepe has completely outperformed the biggest of the meme cryptos and this rally is not stopping here. Pepe has turned out to be one of the trendiest crypto after hitting a new all time high (ATH) on the way.

Pepe hit a new high

The meme crypto category saw a marginal surge over the last but the frog themed meme crypto is outdoing them all. PEPE price surged by another 5% in the last 24 hours. However, it has gained more than 1000% in the last 90 days. While, top meme cryptos like Dogecoin (DOGE) and Shiba Inu (SHIB) have managed to gain by 100% and 167%, respectively, in the same time period.

PEPE price is now up by 1000% on the year to date (YTD) metric and aiming to add more gains with the not now stopping rally. The frog themed meme coin is trading at an average price of $0.00001435, at the press time. However, it went to hit the ATH of $0.00001467. Its 24 hour trading volume is down by 31% to stand at $3.04 billion. Its market cap stood at around $5.96 billion.

This suggests that retail investors are driven by Fear of Missing Out (FOMO). They are pouring into the market and providing big opportunities for sharp traders. Recent on-chain data revealed high profits for traders who have capitalized on the surge in retail investment.

Investors goes gaga

One early PEPE investor made it to the headlines by depositing 182.9 billion PEPE (approx worth $2.53 million) into a financial account. This investor had acquired 324.9 billion PEPE for a mere $462. This move resulted in a total profit exceeding $3.4 million.

Institutional interest has also intensified. BlockTower Capital, a prominent investment firm, executed a high-profile trade by transferring $2.8 million worth of 202 billion PEPE to Cumberland, a market maker known for facilitating liquidity. This trade coincided with PEPE’s price exceeding the $0.000014 mark, netting BlockTower Capital a profit of $578,000 on a $2.22 million investment over six days.

The recent price surge and increased on-chain activity underscore the high-risk, high-reward nature of meme coins. Derivative data indicates a substantial increase in long positions, with open interest rising by 34.77% to $164.88 million in the past 24 hours.

After experiencing massive upside momentum in recent days, the cryptocurrency market is currently undergoing a price correction. During this situation, investors and traders are adding tokens to their holdings. Amid this activity, an unknown wallet moved over 240 million XRP tokens worth $127.05 million from Coincheck, as shared by the on-chain transaction tracker Whale Alert.

Whale transfers XRP from Coincheck

This significant XRP transaction from a DEX to an unknown wallet highlights the interest and confidence of investors and whales in this ongoing choppy market. Despite this massive transaction, the XRP price remained unchanged. The potential reason behind this unchanged price is that, in the last 24 hours, two unknown wallets have deposited over 50 million XRP tokens to Bitso and Bitstamp.

Currently, XRP is trading near $0.52 and has experienced a 1% downside momentum in the past 24 hours. Looking at XRP’s performance over a longer period, in the last 7 days, XRP has remained stable with only a 2.4% upside momentum. However, over the last 30 days, while the majority of cryptocurrencies experienced a significant upside move, XRP saw over a 3% downside momentum.

XRP technical analysis and key levels

According to expert technical analysis, XRP appears bearish and could potentially fall more than 7% in the coming days to hit the $0.48 level. The reason for this bearish outlook is that XRP is currently trading below the 200 EMA, forming an evening star candlestick pattern on the daily time frame, and is also facing resistance from a trendline. This price action signals a bearish outlook. However, if the XRP price soars and breaks out of the trendline with a daily candle closing above $0.58, there is a possibility it could surge by 25% and reach the $0.74 level.

Besides the massive XRP transfer from Coincheck to the unknown wallet, many more withdrawals have been observed in the last 24 hours. The recent purchase was made by the founder of the Amaranth Foundation, who bought 14,494 ETH using 390 WBTC and 26.1 million USDC at an average price of $3,675. Additionally, two more whales have bought 701K WIF tokens worth $204 million.

This substantial purchasing activity in the current market situation highlights that investors and traders are seizing the opportunity and heavily accumulating tokens.

The financial digital assets industry is buzzing with discussions going around the modifications done to applications for proposed spot Ether exchange-traded funds (ETFs). Filings reveal that issuers like Fidelity and Ark Investment management firms had decided to detach plans for staking Ether they would purchase if their ETFs get approval.

Ether ETF soon?

Experts suggest that this decision might prove to be beneficial for the Ethereum blockchain but it will make the ETF products less attractive to investors. However, the Staking has already seen the regulator’s scrutiny. Locking up cryptos to validate transactions and earn rewards in return has raised questions about the nature of the biggest altcoin in the industry.

This comes in when Ethereum has recorded a price surge of more than 26% in the last 7 days. This jump is driven by the hope the US Securities and Exchange Commission (SEC) will push the green button to at least one ETF by Thursday.

ETH price is up by over 67% on the year to date (YTD) basis. However, it has gained more than 30% in the last 90 days. Ether is trading at an average price of $3,811, at the press time. It is still down by 22% from it all time high (ATH) of $4,891 recorded on November 16, 2021. The biggest altcoin is holding a market cap of around $457 billion.

Staking issue

According to reports, the US financial watchdog’s stance on staking came to light when the crypto exchange Kraken settled for $30 million. The settlement came over allegations of breaking the rules with its “staking as a service” products.

Several experts had advocated the view the removal of staking plans from ETF issuers as a positive development. This might align with Ether’s goals of maintaining decentralization and preventing institutional takeover. 

Data provided by Nansen shows that around 27% of all outstanding Ether is staked. Still, the concerns remain that successful Ether ETFs could lead to issuers accumulating large amounts of Ether. This can lead to the network’s vulnerability to attacks.

The global digital assets market has seen a marginal surge over the last 24 hours. The total market cap stood at around $2.6 trillion. The 24 hour trading volume is down by 20% to stand at $96 billion. Bitcoin has seen a surge of 5% in the last 7 days.

In the last few days, the world’s second-biggest cryptocurrency, Ethereum, has been gaining massive attention from crypto enthusiasts following the potential approval of a spot Ethereum ETF and a recent price surge. Amid this, the on-chain analytic firm Lookonchain made a post on X (previously Twitter) that Ethereum co-founder Jeffrey Wilcke deposited a massive 10K Ethereum, worth $37.36 million, to Kraken.

Ethereum co-founder deposit 10K USDT

Following this massive ETH deposit on Kraken, Jeffrey currently holds 125,738 Ethereum worth $472 million. However, Lookonchain also highlights that, in the past year, Jeffrey has deposited a massive 46.3K Ethereum, worth $116.4 million, to Kraken at an average price of $2,515.

One more thing that has gathered everyone’s attention is that, before Jeffrey’s $37.36 million Ethereum deposit, Ethereum co-founder Vitalik Buterin also transferred 80 ETH worth $300K to the coin mixer Railgun on May 22, 2024.

While the current market sentiment for Ethereum is bullish, these massive deposits by the two Ethereum co-founders raise concerns about why they are depositing. The reason for the concern is that experts are currently anticipating the approval of a spot Ethereum ETF in the United States, and this action by the Ethereum co-founders may signal a sell-off ahead.

Ethereum technical analysis and key level

Following all these developments, today, on May 23, 2024, Ethereum is trading near $3,765. In the last 24 hours, the price has remained stable after this massive ETH deposit. Looking at Ethereum’s performance over a longer period, it has experienced a 25% upside momentum in the last 7 days. In the last 30 days, despite market uncertainty, Ethereum saw an 18% upside move.

According to expert technical analysts, Ethereum is looking bullish and is heading toward the $4,100 level. Following the massive price surge of over 25%, Ethereum experienced a breakout of a major resistance zone near $3,640 and closed above $3,800. However, in the last two days, it experienced a price correction and retested the breakout level but is now moving upward again. If Ethereum gives a breakout and a daily candle closing above the $4,100 level on the daily timeframe, there is a high chance it could move 20% higher and hit the $5,000 mark.

Amid bullish market sentiment, where top cryptocurrencies are experiencing upside momentum, an on-chain analytics firm, Lookonchain, made a post on X (formerly Twitter) that gathered massive attention from crypto enthusiasts. According to a Lookonchain post, two whales recently purchased a massive 701,688 WIF tokens worth $2.04 million.

Whales purchase $2.04 million WIF tokens

The first whale, with the address 37reKQ, spent 1.31 million USDC and bought 453k WIF tokens at an average price of $2.89 two hours ago. Following this massive investment, the WIF price soared, and the whale is currently experiencing a decent profit of over $161k.

Another whale, with the wallet address 8rWUUy, spent 4,036 SOL worth $730k and added 247k WIF tokens at an average price of $2.95 five hours ago. With this massive WIF purchase, the whale’s wallet now holds 1.4 million WIF tokens worth $4.5 million.

This massive WIF token purchase highlights the interest and confidence of whales, investors, and traders in this rapidly growing meme token. Following this significant investment in WIF, the token price surged dramatically.

WIF token price-performance analysis 

Currently, WIF is trading near $3.08, and in the last 24 hours, it experienced nearly a 12% upside move. However, intraday WIF reached a high of $3.24 and a low of $2.75. Looking at the performance of the WIF token over a longer period, in the last seven days, the WIF token price experienced nearly a 5% upside move. Over the last 30 days, WIF experienced a price surge of over 8%.

According to expert technical analysis, the WIF token is looking bullish and is now heading toward the $3.5 level. However, the $3.5 level is a strong resistance level that WIF may encounter in the coming days. If the WIF token closes above the $3.5 level, we may see a price surge of 30%, and WIF could hit the $4.8 level in the coming days.

Amid the potential approval of spot Ethereum ETF (Exchange Traded Fund), asset manager giant WisdomTree has gathered massive attention from the crypto community. On May 22, 2024, WisdomTree received approval from the Financial Conduct Authority (FCA) to list its Bitcoin (BTCW) and Ethereum (ETHW) ETPs on the London Stock Exchange (LSE).

WisdomTree to list ETPs on LSE

The New York-based firm, which manages more than $111 billion in assets globally, announced that its Physical Bitcoin (BTCW) and Physical Ethereum (ETHW) ETPs will begin trading on May 28, 2024. These ETPs have a low management expense ratio of 0.35%, making them some of the cheapest institutional-grade options in Europe.

This approval marks a notable milestone, as WisdomTree is among the first to have its prospectus sanctioned by the UK regulator for such products. The FCA’s nod comes after its March 2024, statement indicating no objections to financial institutions’ requests to list crypto ETPs for professional investors.

This move aligns the UK market more closely with European standards, where similar products have been available since 2019, and follows the trend set by the U.S., where WisdomTree’s Bitcoin Fund (BTCW) was approved for a spot bitcoin ETF earlier this year.

FCA’s stance on crypto investment products

The LSE confirmed its willingness to accept applications for Bitcoin (BTC) and Ether (ETH) products within the second quarter of 2024. This development reflects the FCA’s evolving stance on cryptocurrency investment products. In January 2020, the FCA imposed a ban on crypto derivatives, including ETPs, for retail investors. However, influenced by the broader acceptance of such products in Europe and the recent U.S. approvals, the regulator has adjusted its approach, maintaining the ban solely for retail investors while permitting professional investors to engage.

WisdomTree’s entry into the UK market with these crypto ETPs is a strategic expansion of its already established presence in the European cryptocurrency product sector. The firm has been offering crypto-related investment products on various European exchanges since 2019, catering to the growing institutional demand for digital asset exposure.

This approval by the FCA not only opens new routes for professional investors in the UK but also represents a progressive shift in regulatory attitudes towards cryptocurrency investments, potentially setting the stage for broader acceptance and integration of digital assets within traditional financial markets.

The global digital assets market is riding high on bullish sentiment building around Bitcoin investments. However, it is mostly driven by increasing inflows into spot Bitcoin exchange-traded funds (ETFs) and favorable trading conditions.

Bitcoin ETF sees massive outflow

According to reports, the latest Bitfinex Alpha highlighted three key factors supporting this bullish outlook. It stated that the consistently high daily closes, BTC outflows from exchanges, and inflows into the spot Bitcoin ETF market.

It mentioned that on May 15, around 55,000 BTC were withdrawn from exchanges. Meanwhile, this move did not negatively impact Bitcoin’s low volatility. Despite these concerns, large outflows show negative market sentiment. Bitcoin still continued to trade above $61,000. It had a weekly outflow totaling $3.85 billion. 

This is important to note that the US spot BTC ETF market saw net positive inflows for 7 consecutive days. Till now, the Grayscale Bitcoin Trust (GBTC) has seen for most outflows. It has lost over $17.6 billion to date. 

However, GBTC recorded net positive or zero inflows for six out of seven days during this period. The Bitfinex report noted that ETF buyers hold a similar cost basis of around $62K excluding GBTC.

BlackRock leads the pack with its iShares Bitcoin Trust (IBIT), attracting nearly $16 billion in investments and outperforming the other nine approved Bitcoin ETFs. JPMorgan Chase has disclosed investments in several Bitcoin ETFs, including those offered by Grayscale, ProShares, Bitwise, BlackRock, and Fidelity. 

In a recent filing with the U.S. Securities and Exchange Commission (SEC), JPMorgan reported holding approximately $760,000 worth of shares in these ETFs. However, the SEC cautioned that the information provided by JPMorgan should not be assumed to be “accurate and complete.”

ETP gets approval

In another development, WisdomTree received approval from the Financial Conduct Authority (FCA) to list its physically-backed Bitcoin and Ethereum exchange-traded products (ETPs) on the London Stock Exchange. 

This approval allows WisdomTree to introduce the WisdomTree Physical Bitcoin and WisdomTree Physical Ethereum ETPs, targeting the lifting of UK restrictions on May 28. These ETPs, available exclusively to professional investors, have a management expense ratio of 0.35%, making them some of the lowest fee institutional-grade crypto ETPs in Europe.

Bitcoin price is up by 65% on the year to date (YTD) basis. BTC is trading at an average price of $69,642, at the press time. It is closing towards its all time high (ATH) of $73,750.

Gala games’ native token, GALA turned out to be one of the biggest gainers of the day, and that too after witnessing a major hack event. GALA price jumped by big 20% in the last 24 hours. This comes in when Gala Games reported that the funds from the recent security incident have been recovered. It added that it will be using GalaSwap to convert the Ethereum back to its native token.

GALA recovery shoots prices

Gala price surge comes in after it dropped a report over the hack happened. It mentioned its security team’s effective response and the involvement of Federal law enforcement agencies. It added that more than $20 million in Ethereum has been returned to the ecosystem.

The gaming ecosystem recently saw a security incident involving $GALA on the Ethereum network. Their team detected a suspicious transfer of $200 million in $GALA tokens. However, within 45 minutes, all tokens in the unauthorized wallet were frozen. 

It mentioned that this was an isolated incident on the Ethereum network. Their team halted further unauthorized minting and movement of $GALA effectively mitigating the incident. Soon after this event, around 90% of the minted $GALA was locked.

Burn the tokens

In order to deal with the security incident that led to the unauthorized minting and sale of 600 million $GALA tokens and a permanent locking of 4.4 billion tokens, the organization has proposed aims to formalize the burn of these $GALA tokens. This includes as well as 600 million tokens from the central Gala Treasury. It is done to ensure the stability of the ecosystem.

It highlighted the token burn which will permanently remove 5 billion $GALA tokens from circulation by sending them to a burn address.

GALA price is up by 78% in the last 90 days. It is up trading at an average price of $0.047, at the press time. Its 24 hour trading volume is down by 7% to stand at $792 million. Its market cap stands at $1.68 billion.

The recent proposal will immediately commence development of the upgraded contract upon approval of this proposal. Schedule the contract upgrade and token burn to be completed within the next 72 hours.

The voting will be open for a period of 24 hours from the moment of the proposal announcement. A simple majority of 51% of votes will be required to pass this proposal.

In this bullish market sentiment, where the majority of cryptocurrencies are experiencing massive upside moves, especially the world’s 2nd biggest cryptocurrency Ethereum, a recent transaction by Ethereum co-founder Vitalik Buterin has gathered massive attention. According to an on-chain analytics firm, Arkham Intelligence, on May 22, 2024, Vitalik Buterin transferred 80 ETH worth $300k to the coin mixer Railgun.

Vitalik Buterin moves $300k ETH to Railgun

This Ethereum transfer using the coin mixer Railgun is the 2nd time in the last 2 months. Earlier, on April 15, 2024, Vitalik deposited 100 Ethereum worth $330,000 into Railgun’s privacy protocol. At that time, Vitalik said that using Railgun can effectively prevent malicious behavior and protect privacy.

However, it is observed that Vitalik has frequently used Railgun’s privacy protocol over the last 6 months. Railgun is a type of app on the Ethereum Virtual Machine that adds privacy features to lending and token swapping. It uses a technology called zk-SNARK to prove ownership of assets without revealing them.

Record Ethereum transactions in the past 2 days

The purpose of using the Railgun protocol is clear, but why Vitalik is using it is still unclear. However, in the last few days, Ethereum transactions have soared more than 20%, and the number of ETH transactions larger than $100K spiked strongly yesterday, May 21, 2024, reaching its highest level since March 2024, as shared by an on-chain analytics firm, IntoTheBlock.

The analysis revealed that Ethereum whales, especially those with more than 0.1% of the total Ethereum available, are accumulating more Ethereum than they’re selling. This highlights that these major players believe in Ethereum’s future and are optimistic about its potential to grow in value over time. So, instead of selling their Ethereum, they’re holding onto it or even buying more, which indicates a positive outlook among these influential stakeholders following the potential approval of a spot Ethereum ETF.

As of now, Ethereum is trading near $3,740, and in the last 24 hours, it experienced nearly 1% upside momentum. However, in intraday trading, Ethereum also reached a high of $3,820. If we look at Ethereum’s performance over a longer period, in the last 30 days, Ethereum has seen a massive 17% upside momentum.

According to expert technical analysis, Ethereum is looking bullish. But on a shorter timeframe, we may see a small price correction of 3%. However, in the longer period, there is a high chance that the Ethereum price could surge 10% and hit the $4,100 level.

Reports have been emerging that the US’s Joe Biden administration’s stance over the digital assets industry seems to be softening now. This comes in when the US Securities and Exchange Commission (SEC) is filing back to back legal charges against the key crypto linked organisations. However, Ripple’s legal head had made some comments over this situation.

Ripple legal chief takes aim at SEC

Chris Brummer in a post stated this might be the first time that the SEC has become a subject of presidential politics. He mentioned that it’s hard to recall that ever a presidential candidate took the Chair of the SEC by name. Brummer added that he also doesn’t remember that a sitting President would have threatened preemptively to veto Congressional legislation about the commission.

To this, Stuart Alderoty, Chief Legal Officer of Ripple replied that the SEC chair Gensler overplayed his hand as he thought crypto was an easy target. 

“Gensler relished being the guy that everyone loved to hate. He thought he was above Congressional oversight. That’s all gone. He’s now a struggling political liability,” stated Ripple’s legal head.

He earlier highlighted that the FIT 21 is coming up for a vote this week. This is a reminder that the House Committee on Agriculture had the foresight in 2023 to publish a fact sheet. It cited Ripple’s decision (XRP, in and of itself, not a security) to debunk the SEC’s myth that all digital assets were securities.

FIT 21

According to reports, the SEC chair had made some comments before the scheduled voting on FIT21. He reportedly stated that the Financial Innovation and Technology for the 21st Century Act would hurt investors and hamper the commission’s work.

He added that the FIT 21 Act would create some new regulatory gaps. This will undermine decades of precedent regarding the oversight of investment contracts, putting investors and capital markets at immeasurable risk.

It is important to note that the FIT21 is a joint bill that the House Agriculture Committee and the House Financial Services Committee produce. This is intended to clarify how the SEC and CFTC would oversee crypto. It will surely creates a “digital commodity” term for digital assets that do not meet the bill’s definition of a security and will place those assets under the CFTC’s purview.

This comes in when the crypto market is on a surge with Ethereum (ETH) recent 20% price jump. ETH is trading at an average price of $3,737, at the press time.

In the cryptocurrency landscape, meme coins are making waves and experiencing massive upside momentum, including PEPE, WIF, and BONK. Amid this, traders holding billions of PEPE tokens are now moving to centralized exchanges (CEXs) to take profits. On May 22, 2024, an on-chain analytics firm, Lookonchain, made multiple posts on X (previously Twitter) observing that two smart traders had deposited a massive 384 billion PEPE tokens worth $5.36 million to Bybit and Binance in the last 24 hours.

Trader dumps $5.3 million PEPE tokens to Bybit and Binance

According to Lookonchain’s post, this massive PEPE deposit took place during Asian trading hours. The first trader deposited a massive 182.9 billion PEPE tokens worth $253 million to the world’s biggest cryptocurrency exchange, Binance. This smart trader had spent nearly 0.22 Ethereum, worth $462, to buy 324.9 billion PEPE tokens on April 15, 2023, and now sold all of his PEPE holdings for a massive $3.4 million.

Another smart trader deposited 201.85 billion PEPE tokens worth $2.83 million to Bybit to make a profit. Lookonchain also highlighted that this trader had traded PEPE tokens three times and made a profit each time, with a win rate of 100%. To date, this smart trader has made a total profit of over $2.48 million with just PEPE.

A smart trader deposited 201.85B $PEPE ($2.83M) to #Bybit to take profits.This trader has traded $PEPE 3 times and made money every time, with a win rate of 100%, and the total profit is ~$2.48M.https://t.co/Ww3YY4asNI pic.twitter.com/tQhTSGwh80

— Lookonchain (@lookonchain) May 22, 2024

This massive dump in PEPE comes amid a significant price surge of over 120% in the last 30 days, highlighting that traders are feeling uncertain as PEPE is trading above its all-time high. However, the open interest (OI) for PEPE has significantly increased in the last 24 hours. PEPE’s OI value has increased by 45%, indicating strong investor and trader participation in PEPE tokens.

PEPE technical analysis and price analysis

Despite this massive dump, PEPE is currently trading near $0.000013 and, in the last 24 hours, experienced a substantial 30% upside momentum. Over the past seven days, PEPE has experienced a 25% upside move.

According to expert technical analysis, the massive price surge that PEPE experienced in the last 30 days is due to the breakout of a bullish inverted head and shoulder price action pattern. Additionally, PEPE is looking bullish and is trading near its all-time high.

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Besides PEPE, other top meme tokens like DOGE, SHIB, WIF, and BONK also experienced decent upside momentum of 3%, 2%, 2.5%, and 5%, respectively, in the last 24 hours.

One of the world’s biggest financial regulators, the US Securities and Exchange Commission (SEC) has been overnighting the crypto industry thoroughly. Amid this scrutiny, Uniswap Labs moved ahead to file a reply to an SEC Wells notice in a detailed 40 page filing.

Uniswap replies to SEC

This move comes in when the commission seems to be focusing on Ethereum’s nature (ETH) and intensifying its investigation around some of the biggest names in decentralized finance (DeFi). However, Uniswap is asking the SEC not to pursue any legal action against them.

According to reports, Marvin Ammori, Uniswap’s chief legal officer stated “The SEC’s entire case rests on the false assumption that all tokens are securities. Tokens are in fact, simply a file format for value.” He added that the commission needs to revise key financial terms in order to apply its rules to DeFi operations.

Uniswap posted a blog labeling it “The fight for DeFi continues”. It mentioned that the SEC’s aggressive theories are an effort to expand its jurisdiction beyond exchanges. It added that this can lead to communications technology and beyond securities to all markets. 

The blog stated that their legal arguments are weak and have been refuted by courts. They expect the House to pass a bill that would give the CFTC robust authority to cover digital asset trading.

It highlighted that the SEC is asserting that the Uniswap Protocol is an unregistered securities exchange controlled by Uniswap Labs. It argues that the Uniswap interface is an unregistered securities broker-dealer and that the UNI token is an investment contract.

What’s going on in the market?

The platform made sure that they are confident that their work is on the right side of history. However, they believe that the SEC should not devote its taxpayer-funded resources to bringing a case against us. 

Amid this legal tussle, Uniswap price has jumped by 39% over the last 7 days. UNI price is up by around 3% in the last 24 hours. It is trading at an average price of $9.49, at the press time. It is still down by 79% from its all time high (ATH) of $44.97 recorded on May 03, 2021. Its 24 hour trading volume is down 15% to stand at $286 million. Its market cap stands at $5.66 billion.

The global crypto market saw a major surge on Wednesday as Ethereum price jumped by over 20% in the last 24 hours.

After a massive price surge across the cryptocurrency market, today the majority of cryptocurrencies have seen some price correction. Amid this price correction, an on-chain analytics firm, Lookonchain, posted on X (formerly Twitter) that a wallet related to Brantly Milligan has deposited 92.5k Ethereum Name Service (ENS) tokens worth $2 million to Coinbase.

ENS core member sold $2 million ENS token

Lookonchain highlights that Brantly Milligan is a former core team member of ENS (Ethereum Name Service). Additionally, during the early days, he received over 1 million ENS tokens worth $22.4 million. However, so far, he has sold a massive 753k ENS tokens worth $14.14 million at an average price of $18.76. Lookonchain also noted that the majority of his ENS selling was done at high levels. Following this massive selling, Brantly’s wallet currently holds 273,740 ENS tokens.

With this massive selling, the ENS token is currently trading near $21. In the last 24 hours, it experienced a significant over 8% upward momentum. Over a longer period, the ENS token saw a massive price surge of over 57% in the last 7 days and a 36% increase in the last 30 days. Following this price surge, it is observed that investors and traders are showing more interest as ENS’s 24-hour trading volume has increased by 44%, currently standing near $390 million.

ENS technical analysis and key levels

According to expert technical analysis, ENS is looking bullish and is currently heading toward the $26.5 level. However, this $26.5 level is a strong resistance level. Looking at the ENS chart on a daily timeframe, it appears that there might be a correction due to ENS surging more than 50% in the last 3 days. This might be the reason behind Brantly Milligan’s ENS selling.

Despite ENS’s significant price surge, today the majority of cryptocurrencies are showing some price correction. On the other hand, the world’s second-biggest cryptocurrency, Ethereum, and the biggest meme coin, DOGE, have seen impressive price surges of over 2% and 3%, respectively. In contrast, Bitcoin, Toncoin, and XRP have experienced a notable decline in their prices.

Overall, the market’s dynamics indicate a mixed performance. While tokens like ENS are experiencing bullish trends and increased investor interest, many other assets are correcting after recent gains. This behavior highlights the volatile nature of cryptocurrencies, driven by significant token movements and broader market sentiment.

Dogecoin (DOGE), the biggest meme crypto, has been dealing with intense selling pressure with stagnant price movement. However, the recent DOGE price surge has signaled some promising signs of a potential bullish breakout.

Dogecoin gearing up to hit $0.2

According to market analyst Ali Martinez, Dogecoin could be gearing up to retest its highest price level of $0.2 in over a month. He shared a chart indicating DOGE’s breakout from a Descending Triangle pattern. However, it has seen multiple confirmations. 

Despite facing major retracement, it is expected that this correction might set the stage for DOGE to challenge the $0.2 resistance level. Martinez stated that that history doesn’t always repeat, it often rhymes, hinting at a potential upward trend.

Dogecoin price is now up by 88% on the year to date (YTD) basis. DOGE price has jumped by almost 100% in the last 90 days. The crypto is trading at an average price of $0.16, at the press time. Its 24 hour trading volume is up by 283% to stand at $2.9 billion.

The $0.2 price mark shows formidable resistance for Dogecoin. Historically, short-term selling pressure builds around this range. It creates a drawdown that has persisted for over four weeks. However, the current market sentiment is bullish and it suggests that the biggest meme crypto could sustain this momentum.

How can it happen?

Regaining the $0.2 target would require DOGE to appreciate by an additional 17% from its current price. This is plausible given the recent increase in whale transactions, which introduces a supply crunch that could drive prices higher.

The anticipated approval of a spot Ethereum ETF this week is another factor likely to boost Dogecoin’s price, along with other meme coins. The broader crypto market is experiencing a resurgence, with the global market capitalization reaching $2.75 trillion, as reported by CoinGecko. 

Major cryptos like Bitcoin (BTC), Ethereum (ETH), Polkadot (DOT), and Avalanche (AVAX) have surged to multi-month highs, fueled by optimism surrounding the potential SEC approval of Ethereum ETFs.

Meme coins, including Dogecoin, Shiba Inu (SHIB), Pepe (PEPE), and Bonk Inu (BONK), have also seen significant gains. Dogecoin, the leading asset in this category, has risen 8% daily, surpassing the $0.16 mark. Its market capitalization briefly touched $24 billion before settling at $23.6 billion.

The US Securities and Exchange Commission (SEC) has reportedly asked Nasdaq and CBOE to look into their applications linked to the listing of spot ether exchange-traded funds (ETFs). This communication signals a possible approval that can mark another crypto industry win.

SEC making final moves

This major move comes as a surprise for the market and that too given the industry’s expectation of a rejection. According to the report, the SEC’s request for updates to the filings is just a move before approval. However, this has fueled optimism among market participants.

The commission must decide on the applications filed by CBOE for ether ETFs from VanEck and ARK Investments/21Shares by the end of the week. The report could not verify if NYSE Arca, another exchange involved, had also been contacted by the SEC.

Amid all these things, Ethereum price has surged by more than 23% in the last 24 hours. ETH is trading at an average price of $3,773, at the press time. It is expected that Ether might move ahead to break its all time high (ATH) of $4,891 recorded on November 16, 2021.

ETH’s 24 hour trading volume jumped by a massive 336% to stand at $48.35 billion. The biggest altcoin is holding a market cap of $453 billion.

What’s next?

The exchange applications represent the first step in a two-step approval process. While they seek the watchdog’s approval for a rule change to list new products. The issuers still need the SEC to approve ETF registration statements before trading can commence. There is no set time frame for this final approval, meaning it could still take several months before ether ETFs begin trading.

The first issuers filed for spot ether ETFs after the SEC approved ETFs tied to ether futures in October. Despite the approval of ether futures ETFs, market participants expected the SEC to reject spot ether ETF applications due to discouraging and one-sided meetings with the regulator.

Led by crypto skeptic Gary Gensler, the SEC has historically rejected spot bitcoin ETFs over concerns about market manipulation. However, the SEC was forced to approve spot bitcoin ETFs after Grayscale Investments won a court challenge last year. 

These products have since attracted high interest from hedge funds, wealth advisors, and retail investors, with two new bitcoin funds amassing over $1 billion in assets within their first week.