By Shikha Singh
Bitcoin ETF Options Pass ‘Second Hurdle’ With CFTC Clearance.
The United States Commodity Futures Trading Commission (CFTC) has cleared the path for spot Bitcoin exchange-traded fund (ETF) options, stating it no longer has a role in their clearing, leaving the final step to the Options Clearing Corporation (OCC). Analysts speculate the products could launch soon, with expectations ranging from late 2024 to Q1 2025.
ETF analysts Eric Balchunas and James Seyffart expressed optimism about the development. Meanwhile, crypto executives like Nick Forster highlighted the potential impact on Bitcoin’s price, drawing parallels to SoftBank’s influence on markets in 2020-2021.
Ethereum ‘Dying A Slow Death’ as ETH Breaks 8-Year Trend vs. Bitcoin.
Ethereum’s Ether (ETH) recently fell below its longest-standing support level against Bitcoin (BTC), triggering concerns about further declines. The ETH/BTC pair broke a key ascending trendline for the first time since 2016, dropping 15% amid strong trading volumes, signaling increased selling pressure.
Factors behind Ethereum’s underperformance include Bitcoin’s appeal after spot ETF launches, BTC’s upcoming halving, and competition from Solana (SOL), whose SOL/ETH pair has surged over 925% since late 2022. Ethereum’s market dominance has dropped to its lowest since April 2021.
Goldman Sachs Discloses $710 mn Bitcoin ETF Holdings in SEC Filing.
Goldman Sachs has significantly increased its Bitcoin ETF holdings, reaching $710 million as of Q3 2024. Its largest investment is in BlackRock’s iShares Bitcoin Trust (IBIT), where it now holds 12.7 million shares worth $461 million, an 83% increase since August. Goldman also boosted positions in Fidelity’s Wise Origin ETF, Grayscale Bitcoin Trust, and Bitwise Bitcoin ETF, reflecting growing institutional interest in Bitcoin.
The surge aligns with record inflows into Bitcoin ETFs, driven by favorable market conditions, increasing institutional demand, and optimism about pro-Bitcoin regulatory policies under the Trump administration. BlackRock’s IBIT recently surpassed its Gold ETF in net assets, showcasing Bitcoin’s rising appeal.
Microstrategy’s $26 bn Bitcoin Stash Now Exceeds IBM and Nike Holdings.
MicroStrategy’s $26 billion Bitcoin holdings surpass the cash reserves of global giants like Nike, IBM, and Johnson & Johnson. Led by co-founder Michael Saylor, the company adopted Bitcoin in 2020 as an inflation hedge, acquiring 279,420 BTC (1.33% of Bitcoin’s total supply) through a debt-financed strategy. This approach has inspired other companies and propelled MicroStrategy’s shares to a 2,500% increase since mid-2020.
The firm plans to double its holdings through its “21/21 Plan,” aiming to raise $42 billion for more Bitcoin purchases. Analysts see this shift as a strategy to maximize shareholder value. Analysts predict that Bitcoin will soon reach $100,000, leading to a further rise in MicroStrategy’s stock, with a 12-month price target of $302.75.
Ethereum & Bitcoin NFTs Surge as Market Sees 181 mn in Weekly Sales.
NFT sales are rebounding, with weekly volumes reaching $181 million, a 94% rise from the previous week. Ethereum remains dominant, contributing $67 million with a 111% growth rate. October saw $356 million in sales, marking an 18% monthly increase and ending a seven-month decline.
Bitcoin’s bullish performance, reaching $93,477, fuels the recovery and boosts investor optimism in NFTs. Average NFT sale prices surged to $133.08, up from $71.11, reflecting growing demand for premium collectibles. October also saw 7.2 million transactions—a 42% rise, highlighting increased market engagement.
Franklin Templeton Expands $410 mn Money Market Fund to Ethereum Blockchain.
Franklin Templeton has expanded its OnChain U.S. Government Money Market Fund (FOBXX) to Ethereum, adding to a growing list of blockchains it supports, including Base, Aptos, and Avalanche, while Stellar remains its primary network. Launched in 2021, FOBXX is the third-largest tokenized money market fund, with a $410 million market cap.
Ethereum leads as the preferred blockchain for tokenized treasuries, handling over $1.6 billion in assets, followed by Stellar and Solana. Grayscale highlights Ethereum’s decentralization and neutrality as key advantages for tokenization, positioning it as the top smart contract platform for such assets.
HUGO Steps Into The Metaverse With Flowers For Society.
HUGO has partnered with South African footwear brand Flowers For Society (FFS) to launch the ‘HUGO x FFS GO-2’ sneaker, a vegan, modern running shoe with a sleek design in earthy tones.
Planet HUGO, the brand’s digital Roblox realm, features the collaboration in its metaverse, where users can engage in activities like climbing challenges and unlock exclusive items.
This marks HUGO’s continued efforts to engage younger audiences through digital innovation, following previous metaverse activations like the interactive SS23 runway show.
Telegram’s Tap-to-Earn Gaming Has Low Daily Engagement, But Players Are Optimistic About Future.
A ChainPlay report shows that Telegram’s tap-to-earn (T2E) games saw high initial interest but struggled with retention. Over half of players either quit or play less after receiving their first airdrop, though 74% remain optimistic and willing to invest in these games. Only 15% of players engage daily, with many focusing on earning rewards. TON network wallet activations have dropped by 85%, reflecting reduced player activity. However, a dedicated group continues to engage, especially with upcoming airdrops and new game seasons.
CryptoPunk Prices Surge as Bitcoin Gains Help Pump NFT Market.
CryptoPunks, the prominent NFT collection, has seen a significant resurgence, with its floor price surpassing $100,000 for the first time since June, fueled by gains in Bitcoin and the broader crypto market. Trading volume for the collection surged by 730% last week, reaching over $14.5 million. New entrants to the CryptoPunks ecosystem brought the unique holder count to an all-time high of 3,793. Despite the broader NFT market cooling since its peak in 2021, CryptoPunks remains a luxury digital status symbol, with notable sales and celebrity endorsements bolstering its reputation.
DDM Launches Cryptocurrency Property Purchase Option Amid Growing Global Crypto Landscape.
In 2024, Global Citizen Solutions ranked Portugal sixth in its Global Report on the Best Jurisdictions for Crypto Investors, highlighting the country’s favorable environment for cryptocurrency. In line with this, property developer DDM has introduced a process for purchasing real estate using cryptocurrency at its developments, Reserva da Luz and Nova Terraces. The process involves selecting a willing seller, choosing USDT as the cryptocurrency, ensuring compliance with anti-money laundering regulations, and using a notary for legal oversight. DDM has also partnered with a regulated crypto-exchange platform to facilitate crypto-to-euro conversions, while taxes and fees still apply.
You need to login in order to Like
