Top Stories of The Week
Ethereum co-founder Jeffrey Wilcke has made a significant transaction by transferring approximately 1,500 ETH, valued at around $6 million, to the Kraken exchange on Thursday. This move, noted by the on-chain analytics platform Lookonchain, coincided with a decline in Ether’s price from $4,000 to roughly $3,900. It’s important to highlight that transferring cryptocurrency to an exchange does not necessarily imply a sale is imminent. In August, Wilcke had previously deposited ETH worth $9.22 million to Kraken and had earlier moved $262 million worth of ETH to the same exchange. Lookonchain speculated that he might have withdrawn this amount to several newly created wallets rather than intending to sell.
Chintai and Splyce Target Retail Access to Tokenized Securities on Solana
Real-world asset (RWA) protocols Splyce and Chintai have introduced a new product on the Solana blockchain aimed at providing retail investors with access to institutional-level tokenized securities. This initiative has the potential to enhance the appeal of RWA tokenization on one of the leading blockchains globally. The offering utilizes strategy tokens, or S-Tokens, which allow retail investors to benefit from the yields generated by Chintai’s assets. While users do not directly hold Chintai’s tokenized securities, S-Tokens function as a “mirror” through a loan structure that is secured by the underlying assets. This model is designed to extend access to RWA yields to retail investors, breaking down the barriers often present in institutional products which tend to impose stringent capital requirements.
Hashdex Expands Crypto Index US ETF Under SEC Generic Listing Standards
Asset management firm Hashdex has broadened its Crypto Index US exchange-traded fund (ETF) to incorporate XRP, SOL, and Stellar, following recent updates to the listing rules by the US Securities and Exchange Commission (SEC). The ETF, listed on the Nasdaq stock exchange, now encompasses five cryptocurrencies held in a 1:1 ratio by the fund, including Bitcoin and Ether, and trades under the ticker symbol NCIQ. The SEC’s approval of generic listing standards for ETFs in September has streamlined the process for approving ETFs for eligible cryptocurrencies.
Several Solana Staking ETFs May Win US Approval Within Two Weeks: Analyst
ETF analyst Nate Geraci has suggested that multiple applications for Solana exchange-traded funds (ETFs) that include staking could receive approval from US regulators by mid-October. Geraci, who leads NovaDius Wealth Management, expressed confidence in a post on X, predicting that these approvals could happen within the next two weeks. He noted that prominent asset managers such as Franklin Templeton, Fidelity Investments, CoinShares, Bitwise Asset Management, Grayscale Investments, VanEck, and Canary Capital submitted amended S-1 documents for spot Solana ETFs to the SEC on Friday. The S-1 document serves as a detailed disclosure covering financial details and the securities being offered.
Hester Peirce Discusses Her Future NFT Plans After Serving at the SEC
Hester Peirce, widely recognized in the crypto space as “Crypto Mom” and a commissioner at the SEC, delivered a speech filled with references to non-fungible tokens (NFTs) while addressing the agency’s stance on digital assets. Speaking at an event hosted by Coin Center, Peirce appeared to allude to speculation about her future at the SEC, where her term officially ended in June. However, existing regulations permit SEC commissioners to remain in their positions for up to 18 months until the Senate confirms a successor. Peirce mentioned, “Many people have asked me what lies ahead,” jokingly suggesting she could pivot away from crypto, but expressed her true intention of transitioning into beekeeping, humorously noting that honey is both delicious and bees are less aggressive than some of her social media critics.
Winners and Losers
As the week concludes, Bitcoin (BTC) is valued at $109,427, with Ether (ETH) at $4,011 and XRP at $2.78. The total cryptocurrency market capitalization stands at $3.78 trillion, as reported by CoinMarketCap. Among the top 100 cryptocurrencies, the leading three gainers this week are Aster (ASTER) with a staggering increase of 98.12%, Plasma (XPL) up by 82.51%, and Flare (FLR) rising by 10.71%. Conversely, the three biggest losers are Pump.fun (PUMP) down by 28.51%, Pi (PI) down 24.87%, and Story (IP) decreasing by 22.53%. For a detailed analysis of crypto prices, readers are encouraged to consult Cointelegraph’s market insights.
Most Memorable Quotations
“This comes at a time when many are positioned for a Q4 rally — making the bigger surprise not a surge higher, but a correction instead.” — Markus Thielen, CEO of 10x Research.
“The civilizations that gained the most from new waves of technology are not the ones who consumed the technology, but the ones who produced it.” — Vitalik Buterin, co-founder of Ethereum.
“I think that as we work through the resistance of late and some macro headwinds, we’ll actually see Bitcoin start to move up smartly again toward the end of the year.” — Michael Saylor, executive chairman of Strategy.
“It’s a big deal. With those two bookends of legislation, it’s going to unleash a tremendous amount of new participation in crypto.” — Mike Novogratz, founder and CEO of Galaxy Digital.
“We are thinking through [. . .] whether or not there’s the possibility of reversibility of transactions, right, but at the same time, we want settlement finality.” — Heath Tarbert, president of Circle.
“Treasuries are stacking ETH, exchange supply hits 9-year low, and Tom Lee’s calling $10K to $15K by year-end.” — Rachael Lucas, analyst at BTC Markets.
Top Prediction of The Week
Eric Trump, son of former US President Donald Trump and involved in various crypto ventures, has suggested that stablecoins could play a crucial role in maintaining the strength of the US dollar. In a recent interview with The New York Post, he expressed his belief that stablecoins would “save the US dollar.” Trump pointed to USD1, a stablecoin associated with his family’s crypto initiative, World Liberty Financial, which has faced scrutiny from lawmakers. Concerns were raised about potential conflicts of interest when details of the project were disclosed in late March. Legal expert Andrew Rossow previously remarked that this stablecoin poses a direct challenge to constitutional safeguards designed to prevent such conflicts. In April, US Representative Maxine Waters even insinuated that Donald Trump might be intending to replace the US dollar with his stablecoin.
Top FUD of The Week
Aster has taken steps to reimburse users following a malfunction in its Plasma (XPL) perpetual market that temporarily inflated prices beyond normal levels. According to Abhishek Pawa, CEO of AP Collective, the glitch occurred due to a misconfigured index that was hard-coded at $1. The price surge, which saw XPL futures on Aster spike to nearly $4 while other exchanges maintained a price of approximately $1.30, led to unexpected liquidations and abnormal fee charges, resulting in losses for some users. The platform acted swiftly to assure users of the safety of their funds and promised to compensate those affected. Within hours, Aster successfully distributed reimbursements and followed up with additional compensation for trading and liquidation fees.
Crypto Needs Dual Wallet Management, AI Monitoring of North Korean Hackers
Experts in crypto security have emphasized the urgent need for companies in the sector to bolster their defenses against North Korean hackers, who are reportedly seeking employment within major Web3 firms to perpetrate large-scale attacks. Engaging North Korean developers may expose a crypto project’s infrastructure to vulnerabilities similar to those experienced during the Coinbase data breach in May, which compromised the wallet balances and physical locations of around 1% of the exchange’s monthly users, potentially incurring significant costs in reimbursements. To address this escalating threat, industry experts recommend implementing stricter wallet management protocols, real-time AI monitoring to preemptively detect exploits, and enhanced employee vetting procedures.
Crypto Treasuries Risk 50% Downside on PIPE Selling Pressure
Companies that have raised capital through private investment in public equity (PIPE) transactions may be at risk of experiencing a 50% decline in their share prices due to selling pressure, as per analytics from CryptoQuant. The report indicated that crypto treasury companies that secured funding via PIPE deals have already faced significant price drawdowns, often reverting toward their PIPE issuance levels. These companies may see further declines of up to 50% as their shares trade above the prices set during PIPE offerings, particularly as investors approach the end of their lock-up periods and may be inclined to sell. PIPE deals, which permit private investors to purchase new shares at below-market prices, have become a popular means for crypto treasury firms to quickly generate cash amid a saturated market.
Top Magazine Stories of The Week
‘Help! My robot vac is stealing my Bitcoin’: Smart home devices are susceptible to hacking, potentially enabling unauthorized access to sensitive information such as passwords and seed phrases.
Avalanche in deal with ETF giant, yuan stablecoin ‘fake news’: Avalanche has partnered with Mirae Asset to tokenize funds, while Hong Kong’s OSL has acquired the Indonesian exchange Koinsayang.
How do the world’s major religions view Bitcoin and cryptocurrency? A closer examination of the perspectives of Christianity, Islam, and Judaism regarding Bitcoin and other digital currencies.
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