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Crypto Trends

Stalls Near $111K as Traders Brace for Data Week

by admin September 10, 2025

Bitcoin BTC$112,273.11 hovered around $111,500 on Monday, keeping a tight range as traders weigh macro catalysts for cues on positioning.

Ether (ETH) traded near $4,312, XRP XRP$2.9686 held $2.96, BNB (BNB) at $880, and Solana’s SOL (SOL) climbed to $218. Dogecoin DOGE$0.2399 extended its 11.6% weekly gain to 24 cents, outpacing most major cryptocurrencies as the first-ever memecoin ETF looks set to go live for trading in the U.S. on Thursday.

The market tone stayed tentative. “Crypto prices treaded water much of the past week, but with BTC lagging noticeably both vs its peer group as well as vs equities and spot gold,” said Augustine Fan, head of insights at SignalPlus, in a note to CoinDesk, pointing to softer buying in digital asset trusts and a pullback in on-ramp activity at centralized exchanges.

“The short-term picture looks a bit more challenging and we would prefer a more defensive stance consistent with the tough seasonal story. Keep an eye on DAT premia compressing and the risk of negative convexity on the downside,” Fan said, referring to the many digital asset treasuries held by U.S.-listed companies that have sprouted in recent months.

Macro could break the stalemate. “Markets are entering a decisive week as US data and central bank decisions converge,” said Lukman Otunuga, senior market analyst at FXTM, in an email.

He added a cooler CPI and any downward revision to payrolls would strengthen the case for Fed cuts, weaken the dollar and could lift alternative assets, while a sticky print would argue for patience and raise volatility across cryptoThat push and pull is mirrored in positioning.

“Investors are caught between turning bearish and risking missed upside, or buying the dip too early,” said Justin d’Anethan, founder of Poly Max Investment. He noted chatter about Strategy’s potential S&P 500 inclusion faded, denting the corporate treasury meme, yet public companies now hold about 1 million BTC.

“In the bigger picture, BTC consolidating around 111K is a fine place for long-term believers. Pullbacks of 10% to 15% inside bull runs have not historically broken the trend,” d’Anethan said.

For traders, the checklist is straightforward. Watch CPI and PPI for the policy path, the dollar for cross-asset risk appetite, and the DAT premium for any renewed knee-jerk selling into redemptions.

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September 10, 2025 0 comments

Crypto Trends

Spot Dogecoin ETF Delayed Again As SEC Stalls Bitwise’s Bid

by admin September 10, 2025

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The US Securities and Exchange Commission (SEC) has pushed back its decision on whether NYSE Arca can list the Bitwise Dogecoin ETF, designating a “longer period” to complete its review of the exchange’s proposed rule change under Rule 19b-4.

In a notice dated Sept. 9, the agency said it is extending the deadline to Nov. 12, 2025, to either approve or disapprove the application to list Bitwise’s DOGE trust as Commodity-Based Trust Shares under NYSE Arca Rule 8.201-E. “The Commission… designates November 12, 2025, as the date by which the Commission shall either approve or disapprove the proposed rule change,” the order states.

Spot Dogecoin ETF—Nah, But DOJE Is Coming

The delay keeps Bitwise in the growing queue of spot altcoin ETFs waiting on the traditional pathway used by the spot bitcoin and ether products: an exchange rule change under the Securities Exchange Act of 1934 paired with a Securities Act registration statement. Bitwise’s DOGE product is structured as a commodity-based trust that would hold Dogecoin in custody, with Coinbase Custody listed as the Dogecoin custodian in its S-1 filing.

Even as the spot DOGE application slips to November, a Dogecoin ETF from REX Shares and Osprey Funds is slated to begin trading this Thursday via a different regulatory route. The product will list under the ticker DOJE and is distributed by Foreside Fund Services, with launch timing confirmed for Thursday. This fund leverages the Investment Company Act of 1940—rather than the ’33/’34 Act spot-commodity-trust pathway—to offer DOGE exposure, a structure the issuers previously used for their Solana product.

Bloomberg’s Eric Balchunas framed the moment succinctly, posting on X: “Meme coin ETF era about to kick off it looks like with DOJE slated for a Thursday launch, albeit under the 40 Act a la SSK. There’s a big group of ‘33 Act-ers waiting for SEC approval still. Pretty sure this is first-ever US ETF to hold something that has no utility on purpose.”

REX-Osprey’s use of the ’40 Act route echoes the playbook behind SSK, the REX-Osprey SOL + Staking ETF, which lists on Cboe and holds SOL exposure while seeking to pass through staking rewards within the constraints of a registered fund. That earlier launch established a template for crypto-exposure ETFs that do not rely on an exchange’s 19b-4 rule change to list a spot commodity trust.

The SEC’s latest Bitwise order leaves the market with two parallel tracks for Dogecoin exposure in US ETFs. On one side is the Bitwise proposal, proceeding through the familiar spot-trust approval gauntlet that culminates on Nov. 12 absent another procedural shift. On the other is DOJE, which—if it begins trading Thursday—would represent a first-of-its-kind US DOGE ETF launched as a ’40 Act fund, a structure industry analysts say can reach the market without the same exchange rule-change approval required for commodity-based trusts.

For investors and issuers, the split underscores how crypto ETFs are evolving beyond the binary of “approved or denied” for spot commodity trusts. Bitwise is pursuing a product that would hold DOGE directly in a trust structure consistent with NYSE Arca’s Rule 8.201-E framework, while REX-Osprey appear set to offer DOGE exposure inside a registered investment company—akin to SSK’s approach—highlighting the growing role of ’40 Act mechanics in bringing non-bitcoin assets to the exchange-traded market.

At press time, DOGE traded at $0.24.

DOGE price, 4-hour chart | Source: DOGEUSDT on TradingView.com

Featured image created with DALL.E, chart from TradingView.com

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September 10, 2025 0 comments

Crypto Trends

SEC Delays Decision on Grayscale’s Hedera Trust as Firm Updates Bitcoin Cash, Litecoin Filings

by admin September 10, 2025

In brief

The SEC set November 12 as the new deadline for Grayscale’s Hedera Trust.
Grayscale submitted updates for its Bitcoin Cash and Litecoin trusts, with both structured to list on NYSE Arca.
The delayed decision adds to a wave of over 90 crypto ETF applications, including Solana and XRP products now pending before the Commission.

The SEC has pushed back its decision on Nasdaq’s bid to list the Grayscale Hedera Trust as the investment firm filed updated registrations for its Bitcoin Cash and Litecoin trusts.

The SEC is designating November 12 as the new deadline, according to an order on Grayscale’s Hedera Trust published Tuesday.

On the same day, Grayscale submitted registration statements for its Bitcoin Cash Trust and Litecoin Trust, both of which were filed on Form S-3 as existing vehicles that already report to the SEC.

Bank of New York Mellon is listed as administrator, while Coinbase will serve as custodian and prime broker. Both funds are structured to list on NYSE Arca.

Separately, Grayscale has filed a Form S-1 for the Hedera Trust, marking its initial registration with the SEC on the same day. The S-1 outlines a new product that would trade under the ticker HBAR, contingent on Nasdaq’s pending rule-change request to permit its listing.

Under U.S. securities law, the SEC normally has 180 days to decide on a proposed exchange rule change, but can add another 60 days, often to review comments or amendments before making a final decision.

The latest delay is part of a broader pattern.

Earlier in August, the SEC exercised its final procedural extension on pending Solana ETF applications, pushing the deadline to October 16.

The commission decided it would need more time to assess the Cboe BZX proposals from Bitwise and 21Shares, as well as other filings from Canary Funds and Marinade Finance.

Before August ended, over 90 crypto ETF applications had lined up for SEC action, spanning products tied to Bitcoin, Ethereum, Solana, XRP, and other digital assets.

Most are clustered around deadlines set by fall, raising the prospect of multiple rulings in quick succession as the Commission weighs how far to extend approvals beyond Bitcoin and Ethereum, which were approved last year.

“Assets with near-term ETF product decisions often command premium pricing on the open market,” Lionel Iruk, managing partner at Empire Legal, said in a statement shared with Decrypt.

An ETF wrapper “unlocks more than fresh liquidity for digital assets,” he said. “It provides the compliance, custody, and transparency frameworks that traditional investors often require before making any investment decision.”

Such a structure “amplifies their appeal beyond the crypto-native audience,” he said, adding that the appeal of crypto ETFs is anchored on their “potential transition from speculative enthusiasm to structured, regulated offerings that meet institutional standards.”

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September 10, 2025 0 comments

Crypto Trends

Kraken brings tokenized U.S. stocks to the EU via xStocks

by admin September 10, 2025

Kraken users based in the EU can now gain access to tokenized U.S. stocks and ETFs on-chain through the release of xStocks. The offerings are powered by Backed.

Summary

Kraken has expanded access to xStocks for traders based in the EU.
EU investors will gain access to more than 60 U.S. tokenized stocks and ETFs.

Kraken’s EU-based clients can now trade tokenized U.S. stocks and Exchange Traded Funds or ETFs as part of the global phased roll-out of xStocks. The expansion builds upon a recent phased launch of over 60 tokenized assets available across more than 140 countries.

This means that EU investors will be able to trade stocks like Tesla, NVIDIA, Strategy, Circle, Google, Apple and more through the Kraken app.

Powered by Backed, xStocks are tokenized stocks on a blockchain that represent shares of traditional companies or ETFs. They are backed 1:1 by the underlying shares held by a custodian and designed to mirror the value of traditional stocks.

The on-chain product offers benefits like around-the-clock trading, global accessibility, fractional ownership, and integration with Decentralized Finance protocols, without the need for traditional brokerage account. In fact, EU traders can immediately access xStocks through the Kraken app.

Historically, traders in the EU attempting to gain exposure to U.S. markets often face hurdles that make it difficult to participate. With traditional markets, EU investors are have to deal with limited or partial exposure to U.S. markets, friction from currency rates and cross-border transfers. Moreover, they experience delays due to different market hours as well as difficulty withdrawing and transferring equities between platforms.

By placing U.S. stocks on-chain, Kraken hopes to remove those barriers by offering a flexible and globally accessible way to gain exposure to U.S markets. xStocks can track the price of U.S. equities without the need for traditional brokers or third parties. EU investors can trade in tokenized certificates, enabling them to control assets and move them freely across platforms.

In addition, traders in the EU can use xStocks across DeFi protocols in the form of financial building blocks. Unlike traditional markets that are restricted by the operational hours, xStocks are available for 24 hours within the five weekdays on Kraken.

Kraken’s xStocks offering

Initially, xStocks were first deployed as SPL tokens on the Solana blockchain. Now, Kraken claims that it has plans to expand xStocks token support to include BEP-20 on the Ethereum mainnet. Users will be granted the choice to either interact with xStocks through Solana (SOL) or Ethereum (ETH).

Overtime, Kraken plans to expand support for xStocks by integrating with more blockchains, including Ink and other chains in the future.

Kraken’s Global Head of Consumer, Mark Greenberg, called expanding access to xStocks for customers in the European Union as a “natural next step” for the platform because of its established presence there.

“For too long, it’s been unnecessarily challenging to gain exposure to U.S. markets, and with xStocks we’re removing many of the barriers,” said Greenberg.

Scatter plot chart for xStocks measured Assets Under Management | Source: Dune Analytics

According to data from Dune analytics, xStocks has reached more than $3.6 billion in cumulative trading volume since its launch on June 30 this year. This figure accounts for volumes across centralized and decentralized exchanges, including Raydium and Kraken.

So far, the largest share of volume comes from TSLAx, NVDAx, MSTRx and CRCLx, tracking tracking Tesla, NVIDIA and Circle stocks respectively.

Most recently, xStocks made up roughly 58% of all tokenized stock trading in mid-August this year. In fact, Solana alone held a majority share of the xStocks market value at $46 million out of $86 million, as reported by crypto.news.

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September 10, 2025 0 comments

Crypto Trends

Polymarket’s Top Trader Bets on a 50bps Fed Rate Cut Next Week

by admin September 10, 2025

A leading trader on decentralized betting platform Polymarket, who goes by the name JustWakingUp, is wagering that the Federal Reserve (Fed) will cut interest rates by 50 basis points (bps) next week.

According to X handle Polymarket Whales, JustWakingUp is the platform’s most prolific trader, boasting nearly $400 million in total trading volume to date and profits exceeding $2 million.

The trader has placed a $15,000 bet that the Fed will reduce rates by 50 bps to 3.75% next week and is already showing a 3% gain on the position as of writing. The trader stands to make roughly $226,000 if the Fed does cut rates by 5 bps.

The market, however, largely expects the Fed to deliver a 25 basis point cut next week, with the CME’s FedWatch Tool assigning a 91% probability to such an outcome.

That said, the odds of a jumbo 50 bps cut have surged to nearly 10% following Friday’s disappointing August jobs report, reflecting growing expectations of more aggressive easing. BlackRock and StanChart have called for a 50 bps cut.

Adding to market expectations, the U.S. Bureau of Labor Statistics reported on Tuesday that the economy added 911,000 fewer jobs in the 12 months ending March 2025 than previously estimated, marking the largest annual downward revision on record.

Traders are now closely watching Wednesday’s U.S. Producer Price Index and Thursday’s Consumer Price Index data releases. Softer-than-expected readings could add to expectations for a 50 bps cut, potentially sending bitcoin and stocks higher.

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September 10, 2025 0 comments

Crypto Trends

Ethereum Validator Exit Queue Set to Surge: This Is Why

by admin September 10, 2025

The Ethereum validator exit queue may spike in the coming days, but crypto market participants have little to worry about, says Ethereum educator Anthony Sassano.

“This ETH will presumably be restaked using new validator keys, aka it’s not going to be sold,” Sassano said in an X post on Tuesday, citing Kiln Finance’s announcement following a hack of a Switzerland-based crypto wealth management platform, SwissBorg.

A large volume of Ether (ETH) being unstaked is sometimes considered a bearish indicator, as traders may fear it signals upcoming selling pressure. The ETH exit queue is sitting at 1,628,074, according to ValidatorQueue data. Approximately 35.5 million ETH is staked, roughly 29.36% of the total supply.

Kiln begins “orderly exit” of Ethereum validators

“Following our announcement yesterday regarding the Solana incident involving SwissBorg, Kiln is taking additional precautionary measures to safeguard client assets across all the networks,” Kiln Finance said in an X post on Tuesday.

SwissBorg earlier revealed that hackers had exploited a vulnerability in the API of its staking partner Kiln, draining about 193,000 Solana (SOL) tokens from its Earn program.

“As part of this response, Kiln today began the orderly exit of all of its Ethereum validators. The exit process is a precautionary measure designed to ensure the integrity of the staked assets,” Kiln Finance explained.

The Ethereum exit queue currently has approximately 1.63 million ETH. Source: ValidatorQueue

Exit process could take up to 42 days, Kiln says

Kiln Finance explained that the exit process is expected to take between 10 and 42 days, depending on the validator.

Ether is trading at $4,306 at the time of publication, according to CoinMarketCap.

Related: Ethereum exit queue hits record $5B ETH, raising sell pressure concerns

It comes after Ethereum has experienced times of surging entry and exit queues in recent months.

On Aug. 28, Cointelegraph reported that Ethereum saw the most significant validator exodus in crypto history, with over 1 million Ether tokens currently waiting to be withdrawn from staking through Ethereum’s proof-of-stake (PoS) network.

Meanwhile, on Sept. 3, the amount of Ether in the queue to be staked surged to its highest level since 2023 as institutional traders and crypto treasury firms aim to scoop rewards for their holdings.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

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September 10, 2025 0 comments

Crypto Trends

Asset Entities Merges with Strive to Launch $1.5B Bitcoin Treasury Plan

by admin September 10, 2025

Shares of Asset Entities (ASST) surged on Tuesday after the company’s shareholders approved a merger with Vivek Ramaswamy’s Strive Enterprises. The move will create a new Bitcoin treasury company, renamed Strive, Inc., which plans to raise $1.5 billion to buy Bitcoin.

Asset Entities stock closed 17.8% higher at $6.28 and jumped another 52% after-hours to $9.55, following the announcement. The company said a “strong majority” of shareholders voted for the merger, signaling strong support for its crypto-focused shift.

Matt Cole, CEO of Strive Asset Management, will lead the merged company, while Asset Entities’ CEO Arshia Sarkhani will take on the role of Chief Marketing Officer and Board Member. Ramaswamy, who co-founded Strive and was the youngest U.S. presidential candidate in 2024, has not yet disclosed his role in the new venture.

Strive Eyes Big Bitcoin Buy

The combined firm plans to fund its $1.5 billion Bitcoin purchase through a mix of private investments and warrants. At current prices, the plan would secure around 13,450 Bitcoin, placing Strive among the top 10 largest corporate holders.

This move resembles an increasing trend in public companies, which now own a total of more than 1 million Bitcoin, approximately 5.1% of the circulating supply. Michael Saylor’s Strategy remains the leader with more than 638,000 BTC, while firms like MARA Holdings and XXI follow behind.

Strive has also expressed interest in acquiring up to 75,000 Bitcoin tied to claims from the collapsed Mt. Gox exchange. The move, if successful, could boost its Bitcoin-per-share ratio, a key metric in the treasury space.

Launched in 2022, Strive has already amassed $2 billion in assets. By teaming up with Asset Entities, a social media marketing firm with no prior crypto involvement, the new Strive is making a bold bet on Bitcoin adoption.

Also Read: Fidelity’s Timmer: Bitcoin, Gold Top Investment Returns

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September 10, 2025 0 comments

Crypto Trends

Binance Warns Crypto Projects Against Listing Scams: Details

by admin September 10, 2025

Major crypto exchange Binance has issued an important security reminder for crypto projects, urging them to stay vigilant against fake listing agents and scams.

Binance, in an official blog post, stated that it has become aware of bad actors attempting to exploit the Binance brand by falsely claiming to be Binance Business Development (BD) employees, official “listing agents,” or intermediaries who can guarantee a listing on the Binance platform for a fee.

These claims are a scam, Binance added, as such listings are never guaranteed. This is because Binance evaluates every project on its merits, taking into account factors such as community demand, market conditions, compliance, project viability and business model sustainability, among others.

Crypto projects should note that Binance does not accept or recognize any third-party individual or agency to apply for a listing or negotiate on their behalf.

Binance opens crypto payments for 31,000 merchants in South Africa

Through a new partnership with Zapper, one of South Africa’s leading payment providers, over 31,000 merchants will now be able to accept crypto.

Joins Race to Issue Hyperliquid’s USDH Stablecoin With BlackRock-Backed Token

by admin September 10, 2025

Decentralized finance protocol Ethena ENA$0.6692 submitted Tuesday a proposal to issue Hyperliquid’s upcoming stablecoin, joining a bidding race that has already attracted a slew of companies like Paxos, Sky, Frax and Agora.

The token would be fully backed by Ethena’s USDtb, a stablecoin issued with federally chartered bank Anchorage Digital and fully backed by BUIDL, the tokenized money market fund by asset management giant BlackRock and Securitize.

“We are excited to enable Ethena’s USDtb, which is 100% backed by BUIDL and uniquely positioned to offer institutional grade cash management as well as on-chain liquidity to Hyperliquid users,” said Robert Mitchnick, Blackrock’s head of digital assets, in the proposal.

If adopted, Ethena pledged that 95% of net revenue from USDH reserves would flow back to the Hyperliquid ecosystem, the proposal said. Ethena also said it would cover the costs of migrating existing USDC trading pairs on Hyperliquid to USDH to ease adoption.

The proposal comes as competition to win the issuance of Hyperliquid’s USDH stablecoin is intensifies. The decentralized exchange executed almost $400 billion in perpetuals trading volume last month, making it an attractive market for stablecoin providers to corner. Sky (formerly MakerDAO), Paxos, Sky, Frax, Agora and Native Markets threw their hat in the ring. Validators are set to vote on proposals on September 14.

Read more: Sky Pitches Genius-Compliant USDH Stablecoin With $8B Balance Sheet and 4.85% Yield

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September 10, 2025 0 comments

Crypto Trends

GameStop Posts Narrower Loss in Q2 as Bitcoin Holdings Lift Balance Sheet

by admin September 10, 2025

In brief

GameStop disclosed 4,710 BTC on its balance sheet, valued at $528.6 million with $28.6 million in unrealized gains.
Net loss narrowed to $18.5 million from a $44.8 million profit in Q1.
Revenue slipped to $673.9 million from $732.4 million while operating costs fell as collectibles sales rose.

GameStop narrowed its quarterly loss after booking $528 million of Bitcoin on its balance sheet, a move that ranks among the largest corporate wagers on the crypto since Strategy’s headline-grabbing buys.

The Grapevine, Texas-based company reported a net loss of $18.5 million for the quarter ended August 2, compared with a $44.8 million profit in the prior three months.

Revenue slipped to $673.9 million from $732.4 million in the previous quarter, weighed by declines in hardware and software sales.

GameStop disclosed that it purchased 4,710 BTC during the quarter at a cost of $500 million, in line with an investment policy adopted earlier this year.

The holdings were valued at $528.6 million at quarter-end, generating an unrealized gain of $28.6 million. The company said it uses Coinbase pricing to measure fair value each reporting period, its filing showed.

The addition of Bitcoin places GameStop among a small but growing group of publicly traded firms that have diversified into digital assets, exposing their financial statements to swings in crypto markets.

Bitcoin’s price has risen about 18% since early May, helping bolster the carrying value of GameStop’s holdings.

The retailer has been reshaping its finances under Chairman Ryan Cohen, raising cash through a $2.7 billion convertible bond sale earlier this year and divesting international units in Canada and France.

GameStop ended the quarter with $6.1 billion in cash and equivalents, excluding its digital assets.

Operating losses narrowed to $9.2 million from $10.8 million in the previous quarter, aided by lower selling, general, and administrative costs.

Collectibles, including trading cards and pop-culture merchandise, remained a bright spot, accounting for nearly a third of sales.

Shares of GameStop were up 1.5% on the day and as much as 5.7% to $24.94 in after-hours trading following the release.

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September 10, 2025 0 comments