XRP ETF Race Started
WisdomTree, Bitwise, 21Shares, and Canary have filed spot XRP ETF applications with the U.S. Securities and Exchange Commission (SEC). The applications come after the approval of Bitcoin and Ethereum ETFs. While XRP’s regulatory status remains unclear, the applicants argue that XRP is not a security, citing the SEC’s 2023 decision in the Ripple Labs case. The SEC can decide on the applications within 45 days or extend the review process to 90 days. This development could be a significant step for the expansion of the crypto ETF market in the U.S.
Trump-Backed World Liberty Financial Plans to Create Strategic Token Reserve
Trump-backed DeFi platform World Liberty Financial plans to create a strategic reserve with the tokens it purchases. According to Bloomberg, the platform’s co-founder Chase Herro has not made a clear statement about the purpose and size of this reserve. World Liberty Financial purchased $470,000 worth of Ondo Finance’s tokens last week. The company’s current token holdings are around $35 million, and it recently transferred large amounts of AAVE, ENA, ETH, LINK, and WBTC. President Trump’s team is also considering the idea of creating a strategic Bitcoin reserve as part of his administration’s pro-crypto policies.
SEC Considers Grayscale’s Solana ETF Proposal, Requests Public Comment
The U.S. Securities and Exchange Commission (SEC) has reviewed the application to convert Grayscale Solana Trust into an exchange-traded fund (ETF) and has requested public comment. The SEC, which accepted NYSE Arca’s 19b-4 filing, has launched a 21-day comment period. According to Bloomberg analysts, the SEC’s move is significant after previously rejecting similar applications for Solana. The newly established SEC crypto task force is focused on determining whether digital assets are securities, while analysts predict the Solana ETF could be approved as soon as 2025.
Trump’s Truth.Fi Initiative Plans to Launch ‘Bitcoin Plus’ ETF
US President Donald Trump’s media company Trump Media and Technology Group (TMTG) is preparing to offer Bitcoin investment products through its new fintech venture Truth.Fi. Truth.Fi has filed trademark applications for two Bitcoin funds, the Truth.Fi Bitcoin Plus ETF and the Truth.Fi Bitcoin Plus SMA. The move comes after Bitcoin ETFs in the US have attracted significant interest. Truth.Fi also announced that it will be adding crypto assets and related securities to its portfolio with a cash reserve of $250 million.
Czechia Exempts Long-Term Crypto Earnings from Taxation
Czechian President Petr Pavel has signed a law that will exempt sales of crypto assets held for more than three years from taxation. In addition, transactions under CZK 100,000 ($4,136) per year will not have to be reported in the tax return. The law extends the tax exemption principle applied to securities to crypto assets. Meanwhile, Czech Central Bank Governor Aleš Michl said that the bank should consider adding Bitcoin to its reserves. However, European Central Bank President Christine Lagarde expressed confidence that Bitcoin will not be included in EU central bank reserves.
Utah Poised to Lead with Bitcoin Reserve Bill
Utah has passed the House of Representatives and sent its Strategic Bitcoin Reserve bill, which would allow public funds to buy Bitcoin and other major crypto assets, to the Senate. The bill would authorize the Utah Treasurer to invest 5% of certain public funds in digital assets such as BTC and stablecoins. If passed, Utah would become the first state in the U.S. to create a Bitcoin reserve. A similar bill is moving forward in Arizona, while New Mexico has also proposed a new Bitcoin Reserve Bill. In the US, 14 states have so far introduced bills that would allow local treasuries to purchase crypto assets.
Virtune Launches Avalanche and Cardano ETPs on Nasdaq Helsinki
Sweden-based digital asset manager Virtune has launched new crypto exchange-traded products (ETPs) that offer investors in Finland direct exposure to Avalanche and Cardano. The Virtune Avalanche ETP is tied one-to-one to AVAX, while the Virtune Staked Cardano ETP offers a 2% annual staking yield along with ADA. The products are securely stored in Coinbase’s cold storage wallets for institutional and individual investors. The move follows Virtune’s previous launch of five crypto ETPs on Nasdaq Helsinki. BlackRock also plans to launch a Bitcoin ETP in Europe.
Strategy (MSTR) Set to List STRK Convertible Stock on Nasdaq
Strategy (formerly MicroStrategy) announced that its STRK convertible preferred stock will list on Nasdaq on Thursday. The company introduced new performance metrics that include targets for $10 billion in Bitcoin revenue and a 15% Bitcoin yield by 2025. It also reported a $1 billion impairment loss for not adopting Financial Stability Accounting Board (FASB) rules, but said those rules will be implemented this quarter. The company has deployed $17 billion of its $21 billion ATM stock program. Following the announcement, Strategy shares rose 1.3% in premarket trading.
Bitcoin Whales Support the Market
Bitcoin whale buying increased in February, providing positive momentum to the crypto market. While large investors have been accumulating BTC, taking advantage of recent price fluctuations, smaller investors have exited the market. The number of wallets holding more than 100 BTC increased by 135, while smaller wallets decreased by 138,680. Technical analysis suggests that Bitcoin is finding strong support at the $97,500-$99,999 levels. BTC is expected to continue its upward momentum towards $106,100 if it breaks $100,000. However, if it fails to break this critical level, the price risks falling to $95,668.
-300K ETH Net Flow on Ethereum
Ethereum is struggling to maintain the $2,800 level after a sharp decline on February 3. However, the decline in net flow on derivatives exchanges to -300,000 ETH is considered a possible bullish signal in the market. This may bring positive factors such as decreasing selling pressure and decreasing risk in the market. In addition, increasing liquidity conditions and interest in spot ETH ETFs offer a strong recovery potential for Ethereum. Analysts predict that if ETH maintains the $2,500 level, it could see a rally towards the $4,000-$6,000 band. However, if the $2,500 support is broken, there is a risk of a drop to $1,700.
CFTC to Discuss “Reasonable” Regulations for Prediction Markets
The U.S. Commodity Futures Trading Commission (CFTC) announced that it will hold a public forum on the regulation of prediction markets. CFTC Interim Chair Caroline D. Pham stated that “anti-innovation” policies in previous years have hindered reasonable regulation. The forum aims to create a clear framework for these markets by addressing current regulatory uncertainties. In the past, the CFTC has engaged in a legal battle with Kalshi over election betting and investigated a crypto asset trading platform over derivative contracts based on Super Bowl events. Details of the event to be held in Washington DC have not yet been announced.
Eric Trump Makes $1 Million Prediction for Bitcoin
The US President’s son Eric Trump reiterated his bullish expectations for Bitcoin, saying on social media that “it’s a great time to get into Bitcoin.” Trump, who predicted that Bitcoin could reach $1 million and be adopted by more governments, also expressed these views at the Bitcoin MENA conference in Abu Dhabi in December. The statements came as Bitcoin remained below the $100,000 level and lost 7% in the last seven days. DeFi project World Liberty Financial, which is affiliated with Eric Trump’s family, moved its portfolio to Coinbase after purchasing a large amount of crypto assets, and the value of its assets fell to $34 million.
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BITCOIN (BTC)
BTC is priced at $ 97,450 with a 0.93% gain as of the morning hours. BTC is trading just below the resistance at 97,746. This level must be exceeded in order for the upward movement to continue. If it is sustained above, the level of 99,510 can be targeted. Pricing above 101,248 will gain importance for a stronger rise. In downward movements, the level of 96,113 is the first support. If this level is lost, the levels of 95,387 and 94,261 can be tested. In a deeper correction, the level of 93,227 stands out as the critical support.
ETHEREUM (ETH)
ETH is priced at $2,717 with a 1.13% gain as of the morning hours. ETH is following a horizontal trend at 2,720 levels and is having difficulty overcoming the 2,769 resistance. Closing above this level should be seen for the upward movement to strengthen. Then, the 2,924 level can work as a strong resistance area. The 3,057 level can be followed for higher targets. In downward movements, 2,668 is the first support position. If this level is broken, the 2,529 and 2,399 levels can be tested. In a deeper decline, the 2,260 region stands out as the critical support area.
RIPPLE (XRP)
XRP is priced at $ 2.3540 with a 1.29% gain as of the morning hours. XRP is trying to hold on to the 2,353 levels and is having difficulty testing the 2,466 resistance. For an upward move, breaking this resistance is critical. If a close occurs above 2,466, there may be an acceleration towards the strong resistance area in the 2,651-2,775 area. If this level is broken, 3,295 can be followed as a long-term target. In downward movements, 2,239 stands out as the first support level. If this area is lost, 2,047 should be followed as a critical support level. In deeper declines, the 2,000 psychological limit may form an important defense line.
AVALANCHE (AVAX)
AVAX is traded at $25 levels with a 2.08% gain as of the morning hours. AVAX is currently trying to hold on to 25.00 levels and is moving below the 25.94 resistance. For an upward move, breaking this resistance is critical. If a close occurs above 25.94, 27.64 and 29.06 levels are other resistance positions. If this level is broken, 30.66 – 31.82 can be followed as a long-term target. In downward moves, 24.56 stands out as the first support level. If this area is lost, 22.73 should be followed as a critical support level. In deeper declines, the 22.00 psychological limit can form an important defense line.
SOLANA (SOL)
SOL is priced at $194.33 with a 2.54% loss in value as of the morning hours. SOL is currently trying to hold on to 194.32 levels and is having difficulty testing the 199.48 resistance. Overcoming this resistance is critical for an upward move. If a close occurs above 199.48, there may be an acceleration towards the strong resistance area in the 202.42 – 214.30 area. If this level is exceeded, areas above 216.00 can be followed as a long-term target. In downward movements, 189.19 stands out as the first support level. If this area is lost, 183.60 should be followed as a critical support level. In deeper declines, the 177.10 level can form a strong psychological boundary and an important defense line.
