Wall Street gets a taste of the altseason
Wall Street appears to have embraced the alt-season, with Ether (ETH) outperforming Bitcoin (BTC) in the last week of November.
According to CoinShares, net income for ETH funds reached $634 million in the week, setting a new record of $2.2 billion in 2024 as investors increased portfolios in anticipation of improved regulatory conditions in the United States.
Markets are looking at the prospect of additional income from ETH funds. Analysts at Bernstein Research predict that Ether ETFs may soon show higher yields. “We believe in the new Trump 2.0 crypto-friendly foundation. [Securities and Exchange Commission]ETH stock production will be approved,” Bernstein said on December 2.
According to StakingRewards.com, annual returns on ETH stakes are approximately 3.1 percent. At the time of writing, ETH is trading near $4,000, posting a year-to-date return of up to 63%.
This week's CryptoBiz features the political dynamics behind the meta stable coin's sunset, BitGo India's plan, Grayscale's filing for Solana ETF, and another memecoin listed on US exchanges.
The death of the meta stable coin project was ‘100% political murder' – ex-DIM boss
The meta blockchain project Diem was halted due to intense political pressure from US regulators, the former head of the project, David Marcus, revealed on November 30. Despite clearing various regulatory problems, Treasury Secretary Janet Yellen has been influential in opposing Federal Reserve Chairman Jerome Powell. A project deemed politically dangerous. According to Marcus, this move caused financial institutions to withdraw their support due to pressure from the Fed. Meta eventually sold DIM's intellectual property assets in 2022 to Silvergate Capital, which later filed for bankruptcy.
Source: David Marcus
BitGo in talks to launch services in India
BitGo is in talks with India's crypto regulator to enter the multibillion-dollar domestic market. The company has been “in active discussions” with India's Financial Intelligence Unit (FIU), BitGo Chief Operating Officer Chen Fang told Cointelegraph at India Blockchain Week. The country is ranked at the top of the Chinalysis Crypto Adoption Index by 2024 despite the recent ban on onshore crypto exchanges. Statista data predicts India's crypto market revenue to reach $6.6 billion by 2024.
Binance.US lists PEPE as a crypto exchange for the memecoin market.
Crypto exchanges including Binance.US and Coinbase have been increasing listings of memecoin following the November 5 victory of US President-elect Donald Trump. Binance.US announced the listing of memecoin Pepe (PEPE) on December 4, citing its popularity among traders. As of December 4, PEPE trades with a total market capitalization of nearly $9 billion, according to CoinGecko. The exchange listed the popular dog-themed token BONK in November. Coinbase is ramping up its memecoin offerings. In the past few weeks it has listed Moodeng (MOODENG), Mog (MOG) and Dogwifhat (WIF).
Gray volume files with Spot Solana ETF
Grayscale Investments has filed with the US Securities and Exchange Commission to launch a Spot Solana exchange-traded fund (ETF). The ETF is to convert the existing Grayscale Solana Trust into a spot ETF, just as it converted the spot Bitcoin and ETH trust into an ETF. If approved, Greyscale Solana Trust, under the ticker GSL, will trade on the New York Stock Exchange, according to its filing with the SEC on Dec. 3, 19b-4. Spot SOL ETF Competing for SEC Approval. Franklin Templeton is also a consideration.
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