Nikhilesh De

Ethereum Spot ETF Saga: Grayscale Takes Bold Step With S-3 Form Filing https://ift.tt/v73N45G As optimism around Ethereum Spot Exchange-Traded Funds (ETFs) continues to dwindle, Grayscale Investments, the world’s leading digital asset manager, has filed an S-3 Registration Statement for its Ethereum Trust, marking a major advancement in its Ether investment services. Grayscale Ethereum Trust Sets Stage For Growth Popular Fox Business journalist Eleanor Terrett reported that the company filed the S-3 registration statement with the United States Securities and Exchange Commission (SEC), requesting to convert its Ethereum Trust into a spot ETH ETF.  According to Terrett, Grayscale’s Ethereum Trust product is already registered with the SEC, thus, it does not need to file an S-1 form like other ETH ETF issuers or applicants such as Van Eck, Blackrock, Ark Invest, Hashdex, Invesco Galaxy. With the recent filing, Grayscale has now submitted all the necessary paperwork for the regulatory watchdog to consider its ETH ETF application and provide a ruling. However, the document has not yet been made accessible to the general public. Terret also reported that the asset firm has filed for an S-1 mini Ethereum ETF under the ticker ETH, similar to that of its Bitcoin mini-me ETF filed under the ticker BTC. In March, the asset manager applied to the SEC for approval to spin out a portion of GBTC shares in order to launch the new mini-me BTC ETF. Specifically, Grayscale came up with the strategy to halt its ever-increasing GBTC outflows since the approval of BTC ETFs in the US. However, the mini-me Bitcoin ETF has yet to receive a green light from the agency. ETF Shares To Be Listed On NYSE Arca It is noteworthy that the company filed the S-3 form with the Commission under the Securities Act of 1933. The firm made the move after NYSE Arca filed Form 19b-4 for the Grayscale Ethereum Trust. With the approval of NYSE Arca’s application on form 19b-4 to list shares and the effectiveness of form S-3 to register the shares, Grayscale plans to list its ETH ETF on NYSE Arca under the ticker ETHE and issue shares continuously. These shares will be made available solely through a prospectus method. Although the shares have been registered with the SEC through a registration statement, they have not yet been deemed operational. Prior to when the registration statement takes effect, neither the shares nor purchase bids may be accepted, and any sale of these shares will be deemed unlawful. By submitting the S-3 registration statement, Grayscale hopes to improve regulatory compliance and lucidity for its ETH Trust. As a result, it will provide prospective investors with more assurance and clarity when negotiating the intricacies of cryptocurrency investments.  This move demonstrates Grayscale’s proactive response to the rising demand from institutional and retail investors for Ethereum exposure, enhancing its stand as a leader in the digital asset mark...

Bullish On Polkadot: Analyst Sees DOT Hitting $15 Soon https://ift.tt/btkI46C Polkadot (DOT), the interoperable blockchain platform designed for connecting different blockchains, is currently caught in a tug-of-war between technical indicators suggesting a potential price dip and bullish predictions from some analysts. Recent price movements paint a somewhat gloomy picture. DOT breached the lower boundary of its ascending trend channel, a technical indicator often interpreted as a sign of weakening momentum. Trading volume also leans bearish, with sellers dominating the market and putting downward pressure on the price. Support seems to be holding around $6.30, but resistance sits stubbornly at $9.40, hindering any upward movement. Polkadot Consolidation Or Correction? However, not everyone is ready to count DOT out. Proponents point to a bullish flag pattern, suggesting a consolidation phase. This consolidation, they argue, is a healthy pause after recent fluctuations and allows for accumulation before the next significant price move. This interpretation finds support from prominent crypto analysts like World of Charts. They believe the current price action is a bullish flag, a technical pattern often seen as a precursor to a breakout. Should this breakout occur, they predict a surge in value, with DOT potentially reaching $15 in the coming weeks. $Dot#Dot Consolidating In Bullish Flag In H4 Timeframe Expecting Upside Breakout & Incase Of Successful Breakout Expecting Move Towards 15$ In Coming Weeks #Crypto pic.twitter.com/nZkfjMoeDL — World Of Charts (@WorldOfCharts1) April 22, 2024 Uncertain Future For Polkadot? The conflicting technical signals make Polkadot’s future trajectory difficult to predict. The short-term outlook appears shaky, with potential for a price dip in the coming days or weeks. However, the long-term picture remains more optimistic. Polkadot’s core technology offers a compelling solution for blockchain interoperability, a major hurdle in the crypto industry. If the project continues to develop and gain traction, a significant price increase in the future remains a possibility. While the potential for a $15 price tag in the coming weeks is enticing, the current technical indicators suggest caution. Ultimately, the price of Polkadot, like all cryptocurrencies, remains highly volatile and susceptible to unforeseen events. The coming weeks will be crucial in determining whether the bulls or the bears will prevail in this ongoing battle. Polkadot JAM Protocol: Integrating Ethereum Smart Contracts, Boosting DOT’s Potential In another development, Polkadot has been at the forefront of blockchain innovation, drawing significant attention from industry stakeholders with recent developments and promising future prospects. A notable milestone is the unveiling of the Join-Accumulate Machine (JAM) Gray Paper, representing a fusion of Polkadot and Ethereum protocols. This protocol, as explained by the team, ...

BlackRock’s BUIDL fund and Franklin Templeton’s FOBXX fund are leading the tokenization of RWA, utilizing public blockchains like #Ethereum and Stellar Lumens. https://wix.to/cDl5cF0 #BlackRock #RWA #Tokenization #RealWorldAssets #StellarLumens #DigitalAssets

Dogecoin Contributor Issues Critical Alert On Memecoins https://ift.tt/B57lNCV In a nuanced critique published on X, a prominent Dogecoin contributor known as @Mishaboar has issued a significant warning concerning the trading of meme coins, especially those that secure listings on cryptocurrency exchanges almost immediately after their release. The contributor, who is a key figure within the Dogecoin community, used his platform to outline the potential pitfalls that unsuspecting investors might face. The Risks Of Memecoins @Mishaboar expressed deep concerns regarding the current trend in the crypto markets where meme coins quickly achieve market capitalizations in the millions or even billions of dollars, facilitated by almost instantaneous listings on major exchanges. He stated, “There is an explosion in tokens that go up to crazy market caps, with instant listings (within days) on large exchanges (sometimes in spite of red flags).” This phenomenon, he argued, typically indicates significant backing from venture capitalists (VCs) and crypto exchanges themselves. According to @Mishaboar, the rapid listing of these tokens is often prearranged through partnerships between token creators and crypto exchanges. “These big players usually hold a large portion of the tokens and may strike deals with exchanges before the tokens launch,” he explained. This arrangement allows them to profit from initial trading surges, while also increasing the nominal liquidity on their platforms at minimal cost. Such practices raise questions about the transparency and fairness of the token launch and listing process. He also highlighted the role of influencers in shaping the market perception of these tokens. “Influencers tend to create a narrative around these tokens claiming they are ‘community run’, that they are your ‘frens’, but this is often really not the case,” @Mishaboar noted. He argued that these narratives are crafted to mask the centralized, profit-driven nature of these token launches, misleading the community about the true character and governance of these tokens. Revisiting past controversies, @Mishaboar brought up unresolved questions about potential insider trading activities of BOME, especially regarding how platforms like Binance quickly list new and risky tokens. “I have a question regarding Binance’s involvement in the launch of certain tokens. Specifically, does Binance have pre-launch agreements with any of the artists or creators of these tokens?” he asked. This question aims to uncover whether there’s a deliberate strategy to manage risks for users or if the rapid listing process inherently increases the risks for them. Expanding on the general risks associated with memecoins, @Mishaboar differentiated between various types of tokens. He emphasized that while some memecoins might have a community aspect, others are “100% VC backed” and are typically those that see instant exchange listings. “Not all tokens are the sam...

Chainlink Completes Pilot to Accelerate Fund Tokenization Chainlink and the DTCC have completed tests with JPMorgan, Templeton, BNY Mellon, and other major US banks to accelerate the tokenization of funds. The pilot project, named Smart NAV pilot, tested a process to bring and disseminate fund data on multiple blockchains. Accomplishing this is a key step for the future of tokenization. Participants in the trial included American Century Investments, BNY Mellon, Edward Jones, Franklin Templeton, Invesco, JPMorgan, MFS Investment Management, Mid Atlantic Trust, State Street and U.S. Bank. According to the report, the DTCC discovered in the trial that “by delivering structured data on-chain and creating standard roles and processes, foundational data could be embedded into a multitude of on-chain use cases, such as tokenized funds and ‘bulk consumer’ smart contracts, which are contracts that hold data for multiple funds.” The Chainlink trial revealed capabilities that support future industry exploration of tokenization. This includes cases such as brokerage portfolio applications. The report adds real-time benefits including more automated data dissemination and built-in access to older information. “Based on these findings, we see an opportunity to potentially expand the scope of the pilot to explore how the technical capability leveraged in the pilot could power a broader range of use cases beyond the dissemination of price and rate data and across a greater number of blockchains,” the DTTC added in their note. Major financial institutions including BlackRock and HSBC have begun exploring the tokenization concept already. With the growing reliance on blockchain technology in finance, tokenization is becoming a favorable option. The implementation of the concept into big banks like Citi and JPMorgan Chase would be huge, showing tokenization is beneficial.