As a seasoned analyst with over two decades of experience in the financial industry, I find myself intrigued by the dynamic shifts unfolding in the crypto landscape. The recent surge in Ether (ETH) exchange-traded funds inflows is a testament to the growing maturity and diversification of this market. With regulatory winds seemingly favorable in the United States, it’s not hard to see why investors are eagerly embracing the altseason.
It seems that Wall Street has hopped on board with the altcoin season, as Ether (ETH) outpaced Bitcoin (BTC) in terms of inflows to exchange-traded funds towards the end of November.
Over the past week, ETH investment funds experienced an impressive inflow of approximately $634 million, marking a new annual high of $2.2 billion in 2024. This surge in investment is due to investors expanding their portfolios in expectation of more favorable regulatory conditions in the United States.
Market participants are keeping an eye on the potential increase in income from Ethereum funds, as analysts from Bernstein Research predict that Ether Exchange Traded Funds (ETFs) might soon include staking rewards. In their statement on December 2, Bernstein suggested that under a hypothetical second term of President Trump with a pro-crypto Securities and Exchange Commission, the approval of Ethereum staking yields is likely.
Based on information from StakingRewards.com, the estimated annual returns for Ethereum staking currently hover around 3.1%. At present, Ethereum is trading close to $4,000, yielding a return of approximately 63% so far this year.
In this week’s edition of Crypto News, we delve into the political reasons driving Meta’s decision to retire its stablecoin, updates from BitGo regarding their expansion in India, Grayscale’s application for a Solana-based ETF, and the listing of another humorous digital currency on American stock exchanges.
Death of Meta’s stablecoin project was ‘100% a political kill’ — Ex-Diem boss
Meta’s blockchain project, Diem, was halted because of strong opposition from US regulators, as confirmed by its former head David Marcus on Nov 30. Although the project managed to overcome several regulatory challenges, Treasury Secretary Janet Yellen exerted influence on Federal Reserve Chair Jerome Powell to reject it, considering it politically risky. According to Marcus, this decision forced financial institutions to withdraw their support under pressure from the Fed. Eventually, Meta sold Diem’s intellectual property assets in 2022 to Silvergate Capital, which later faced bankruptcy.
BitGo in talks to launch services in India
As a researcher, I am thrilled to share that BitGo, the digital asset financial services company, is actively engaging in dialogues with the Indian regulatory body overseeing cryptocurrencies to penetrate their substantial local market. In an exciting turn of events, our Chief Operating Officer, Chen Fang, has confirmed “active conversations” taking place between BitGo and India’s Financial Intelligence Unit (FIU), as disclosed during the India Blockchain Week. It is noteworthy that despite a recent prohibition on offshore crypto exchanges, India stands as the leading adopter of cryptocurrencies according to Chainalysis’ index in 2024. Furthermore, projections from Statista suggest that India’s crypto market revenue will surge to an impressive $6.6 billion by 2024.
Binance.US lists PEPE as crypto exchanges vie for memecoin market
Following Donald Trump’s election win in November, popular cryptocurrency exchanges such as Binance.US and Coinbase have been increasing their listings of meme-based coins like Pepe (PEPE) and Bonk (BONK). Binance.US added PEPE to its platform on December 4, highlighting the token’s popularity among traders, while it also listed BONK in November. As of December 4, PEPE had a total market capitalization of nearly $9 billion, according to CoinGecko. In recent weeks, Coinbase has also expanded its memecoin offerings, listing Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF).
Grayscale files with SEC for spot Solana ETF
Grayscale has submitted an application to the U.S. Securities and Exchange Commission to transform its existing Grayscale Solana Trust into a Solana exchange-traded fund (ETF). If approved, this new ETF would allow direct trading of Solana on the New York Stock Exchange under the ticker GSOL. This move mirrors how Grayscale converted its spot Bitcoin and ETH trusts into ETFs. Alongside Grayscale, other companies such as 21Shares, Canary Capital, VanEck, Bitwise, and Franklin Templeton are also seeking the SEC’s approval for a Solana ETF.
Each Thursday, you’ll receive the latest insights about the business world of blockchain and cryptocurrency straight to your email inbox, courtesy of Crypto Biz.
Read More
- GBP EUR PREDICTION
- SEI PREDICTION. SEI cryptocurrency
- TRB PREDICTION. TRB cryptocurrency
- HBAR PREDICTION. HBAR cryptocurrency
- POL PREDICTION. POL cryptocurrency
- CNY RUB PREDICTION
- RLC PREDICTION. RLC cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- INJ PREDICTION. INJ cryptocurrency
- HOOK PREDICTION. HOOK cryptocurrency
2024-12-07 00:48