Solana ETF Move from Volatility Shares
Volatility Shares has filed for ETFs offering exposure to Solana futures with 1x, 2x and -1x leverage options, but there are currently no such Solana futures products on CFTC-regulated exchanges. The filing states that the ETFs will only invest in contracts traded on CFTC-registered exchanges. The move is a sign that Solana futures could be launched soon, which could boost the chances of spot ETF approval, said Eric Balchunas, Bloomberg ETF analyst. Experts are divided on whether Solana or other assets like XRP should get spot ETF approval first. Volatility Shares has previously launched leveraged Bitcoin and Ether futures ETFs, prompting other asset managers to launch similar funds.
Ethereum NFT Volume Soars with PENGU
Ethereum NFT trading volume surged 67% last week to $186 million, the highest in three months. The surge was driven by the $PENGU token launch of the Pudgy Penguins collection, which generated $108 million in trading volume. The token launch expanded to eligible wallets on Ethereum and Solana, and triggered $23 million and $17 million in trading volume for other collections like Azuki and Doodles, respectively. This underscores Ethereum’s dominance in the NFT space, while other blockchains lag significantly in terms of trading volume. The market is eagerly waiting to see if other major NFT collectibles will adopt similar tokenization strategies.
58x Increase in RWA Tokenization
The tokenization sector of real-world assets (RWA) has grown 58x in the past three years, bringing its total value locked (TVL) to $8.217 billion, and has gained $1 billion in the past week alone. Usual and Hashnote are leading the growth, with TVL up more than 65%, contributing to more than 35% of the total value in the sector. Usual is fueled by a $10 million Series A funding round led by Binance Labs and Kraken Ventures, as well as a record-high governance token. Other platforms like Nest Staking, MatrixDock, and Ethena have also seen notable growth, while projects like Solv Protocol and Maker RWA have seen declines. This increase in RWA tokenization marks a significant shift in the management and trading of traditional assets.
Hoskinson Calls for Reform for Cardano
Cardano founder Charles Hoskinson has criticized the Cardano Foundation’s governance model, arguing that a transition to a membership-based organization (MBO) is needed to increase community participation and oversight. Hoskinson claims that the current structure, governed by Swiss-appointed board members, excludes the community and hinders the growth of the blockchain. Emphasizing that MBO will provide benefits such as better decision-making, resource allocation, and support for developers, Hoskinson sees Intersect, a community-led initiative, as a promising alternative despite its limited resources. Hoskinson, who criticized the foundation’s current priorities of launching new initiatives like Pragma instead of initiatives like Intersect, said that even if the foundation doesn’t adopt the MBO model, it shouldn’t prevent the community from creating its own model.
Russia’s Largest Bank Sberbank Joins Digital Ruble Pilot Program
Sberbank, TBank, and Tochka Bank have joined the Central Bank of Russia’s (CBR) digital ruble pilot program. The program began with testing actual digital rubles in 2023 and has expanded to 9,000 participants. The CBR will require major banks to offer their customers services such as opening digital ruble accounts, transferring money, and accepting digital rubles by 2025. Banks that fail to comply will face fines. While 15 banks have currently joined the pilot program, a total of 22 banks are preparing for the project. The digital ruble acts as Russia’s third currency, alongside cash and non-cash. The expansion of the program aims to make the digital ruble more widely available to individuals and businesses.
ProShares Seeks SEC Approval for Bitcoin-Based ETFs
ProShares has filed with the SEC to offer innovative ETFs that track the performance of the S&P 500, Nasdaq-100, and gold denominated in bitcoin. The funds, called the ProShares S&P 500 Bitcoin ETF, ProShares Nasdaq-100 Bitcoin ETF, and ProShares Gold Bitcoin ETF, aim to measure their returns in bitcoin rather than the U.S. dollar. The ETFs will not invest in bitcoin directly, but instead will provide returns in bitcoin using bitcoin futures contracts. Each fund will maintain a short/BTC position against the U.S. dollar along with a long position in the underlying asset. ProShares’ move reflects Bitcoin’s growing acceptance within traditional finance, while also aiming to offer investors an alternative hedge against fiat currency via Bitcoin futures
Strive Asset Management Launches Innovative Bitcoin Bond ETF
Vivek Ramaswamy-founded Strive Asset Management has filed with U.S. regulators to launch a new exchange-traded fund (ETF) focused on Bitcoin bonds. The Strive Bitcoin Bond ETF will focus on convertible bonds from companies that invest in Bitcoin, such as MicroStrategy. The actively managed fund aims to provide exposure to Bitcoin bonds either directly through the bonds or through financial instruments such as swaps and options. Strive’s initiative is in line with Ramaswamy’s mission to transform traditional industries.
XRP Ledger Usage Is Increasing
CryptoQuant analyst Maartunn noted that XRP Ledger (XRPL) usage is increasing and the network’s “speed” metric is increasing. The speed metric is calculated by dividing market cap by trading volume, and this increase indicates that activity on XRPL is intensifying. According to the analyst, this rise could be a sign of a potential increase in the price of XRP. XRPL has seen a 430% price increase in recent weeks, from $0.5319 to $2.82. However, the total locked value (TVL) has decreased by 20% to $58 million as of December 16. Projects such as Ripple Labs’ new stablecoin Ripple USD (RLUSD) and tokenized treasury bonds aim to support demand for the network by increasing the use of XRPL. In addition, the growing market with the tokenization of real assets could further increase XRPL’s long-term potential.
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BITCOIN (BTC)
BTC is priced at $93,424 as of the morning hours, down 0.43%. It is moving between the recent support and resistance areas at 93,381. The 92.232 level stands out as short-term support, while a close below this level could push the price lower and a pullback to the support area around 90.500 could be experienced. On the upside, the 99.540 level stands out as a strong resistance. If the price breaks this level, the 103.534 level can be followed as the next target. However, the fact that the price appears to be stuck at current levels may indicate that market participants are in the decision-making process and that a volumeless movement is experienced.
ETHEREUM (ETH)
ETH is priced at $ 3400 as of the morning hours with a 1.27% gain in value. It exhibits a horizontal movement with a pricing at 3,399. The green band at 3,345 is noteworthy as the lower support area, and in the event of a break below this level, the price is likely to retreat to deeper levels. In the event of a downward break, the next support level can be monitored as 3,225. In upward movements, the first resistance point is at 3,613. If this resistance is overcome, the price can be expected to head towards the next resistance area at 3,829. However, price action above these zones requires stronger momentum.
RIPPLE (XRP)
XRP is traded at $ 2.0650 with a loss of 1.16% as of the morning hours. Closing yesterday with a 4.12% decrease, XRP is priced below the support level of $2.0740, starting the new day negatively. If it makes candle closings below this level and the negative trend continues, $1.9580 can be met as the first support levels. Below this level, the $1.8170 level, where buyers are concentrated, maintains its support position. In the event of a possible positive trend, it will be important to maintain its stability above $2.0740 again. Then, the $2.1650 – $2.2305 band emerges as the first region to be overcome as the resistance zone. Then, the $2.3645 and $2.4935 levels can be expected to work as other strong resistance levels.
AVALANCHE (AVAX)
AVAX is priced at $ 36.47 as of the morning hours with a 1.70% gain in value. It is moving in the support zone of $ 35.57 – $ 37.30. In case of a possible negative trend, the $ 35.57 level is an important support level. If candles close below this level, $ 33 and then $ 30.66 levels can be met as support levels where buyers are concentrated. If the possible positive trend continues, breaking the 37.30 level and maintaining stability above it will be important. Then, the 40.06 and 42.50 dollar levels appear as areas where sellers are concentrated. It will be important for investors to carefully monitor the identified critical support and resistance levels.
SOLANA (SOL)
SOL is priced at $ 191.70 as of the morning hours with a 0.97% gain in value. For SOL, which is moving just above $ 191.26 as a support level, candle closing above this level will be important for a positive trend. Then, the $ 200.13 and $ 205.11 levels can be met as resistance. Above these levels, $ 214 is at the resistance position. If movement and persistence are achieved below the possible $ 191.26, the $ 183.60 and $ 177.10 levels appear as support levels where buyers are concentrated. It will be important for investors to carefully monitor the determined critical support and resistance levels.
