Headlines
The ETF Store President: Solana ETF is likely to be approved by the end of next year at the latest
The ETF Store President Nate Geraci stated, "I believe the likelihood of the Solana ETF being approved by the end of next year at the latest is very high. The SEC is likely currently in discussions with issuers about this product, which is clearly a positive signal."
Given that industry leaders like Bitwise have already submitted applications, Two Prime Digital Assets CEO Alexander Blume agrees with this view.
"If they didn't have a good feeling about success, they wouldn't waste time and money doing this," Blume said, adding that the success and precedents set by spot Bitcoin and spot Ethereum ETFs, along with a more crypto-friendly regulatory environment, will lead to the launch of the SOL ETF within the year.
Blume stated, "Institutional and retail investors can access cryptocurrencies through regulated traditional financial channels via ETFs, opening up previously non-existent pools of capital. It's like replacing a swimming pool hose with a fire hose, which means potential momentum and speculative trading could have a greater impact." (The Block)
Elon Musk confirms X is preparing to launch remittance features in its X Payments service
Elon Musk confirmed in response to a social media post on podcast giant Joe Rogan's profile, which displayed a dollar sign icon, that X is preparing to launch a remittance feature in its X Payments service.
This feature is part of Musk's strategy to transform X into a WeChat-like "super app." X Payments LLC has obtained remittance licenses in most states in the U.S. (excluding New York), laying the groundwork for integrating payment services on the platform. The planned peer-to-peer transaction feature aims to enhance user engagement by enabling direct remittances within the platform.
While details regarding potential crypto asset integration have not been confirmed, the community speculates that given Musk's long-standing support for Dogecoin, this cryptocurrency is likely to be included.
Earlier in September, it was reported that Musk's wholly-owned subsidiary X Payments obtained a money transfer license in Oklahoma, and it has now accumulated money transfer licenses in 37 states in the U.S. It is said that X Payments aims to seek licensing in all 50 states and hopes to launch payment services across the U.S. later this year.
Bitcoin mining company MARA: Acquired 5,771 BTC through convertible note issuance
Bitcoin mining company MARA announced on the X platform that it acquired 5,771 BTC through the issuance of convertible notes at an average price of $95,554, with a current total holding of approximately 33,875 BTC, valued at $3.4 billion.
Magic Eden Foundation: ME will have its TGE on December 10
The Magic Eden Foundation officially announced that ME plans to have its TGE on December 10. However, specific information regarding the conversion of the existing reward program Magic Eden Diamonds into ME tokens has not yet been disclosed. Relevant parties indicated that the token distribution is expected to be based on factors such as "organic" trading activity, cross-chain trading, and historical usage of "loyalty" or qualifying platforms.
While users will have to wait until December 10 to know their allocation, they will be able to check their eligibility for the airdrop using tools released by the ME Foundation a few days before claiming. When the token claim officially opens on December 10, 12.5% (125 million tokens) of the total supply of 1 billion ME tokens will be immediately unlocked and made available for eligible Magic Eden users to claim, while an additional 22.5% of the supply (225 million ME tokens) will be reserved to incentivize future users of ME Foundation-related protocols and platforms. (Decrypt)
Industry News
In a recent report, Binance Research discussed the integration and synergy between blockchain technology and artificial intelligence (AI). The report noted that the adoption of AI agents (systems or programs that autonomously perform tasks on behalf of users) is growing in areas such as decentralized asset management and community-driven governance, with some potential use cases including:
Digital Influencers: AI agents like Luna can redefine the influencer economy, providing tireless, personalized, and around-the-clock engagement that human influencers cannot match;
DeFi Advisors: AI agents can act as financial advisors, optimizing investment strategies and managing risks in real-time;
Consumer Services: From virtual personal trainers to digital therapists, AI agents can fundamentally change how people interact with services;
Multi-Agent Ecosystem: As more AI agents enter the blockchain space, we may see the emergence of ecosystems where agents autonomously collaborate and trade;
The report also stated that while the prospects for AI agents are broad, they face various obstacles, including scalability limitations, integration challenges, and risks of hallucination errors.
On-chain analyst @ai_9684xtpa posted on the X platform, stating, "Since Binance launched the GOAT contract at the end of October, it has been evident that Binance's attitude towards Memecoins has begun to change."
In the past 30 trading days (2024.10.07 - 11.15), Binance's trading volume was 10% higher than Nasdaq, double that of the New York Stock Exchange (NYSE), and 16 times that of Coinbase, accounting for approximately 50% of the global centralized exchange trading volume.
According to Spot On Chain monitoring, Tether has issued a total of 5 billion USDT in the past 3 days and injected 2.83 billion USDT into the cryptocurrency market.
Since November 6, its total net issuance has reached 13 billion USDT.
Morgan Stanley CEO Ted Pick stated that the U.S. economy will continue to perform well in 2025. He praised the Federal Reserve's cautious approach and noted that Trump brings inflation risks. Ted Pick pointed out that the Federal Reserve has taken a cautious stance, which is "the right approach," and added that the Federal Reserve does not want to reverse its interest rate cut decisions. Due to factors such as policy uncertainty, the market may exhibit some cautious sentiment, but "overall, people naturally continue to hold a constructive view." (Jin10)
Galaxy CEO: Almost all members of Trump's cabinet own Bitcoin
Galaxy CEO Michael Novogratz stated that the elected President Trump has brought a "paradigm shift" in cryptocurrency regulation, adding, "Almost all members of Trump's cabinet own Bitcoin and are supporters of digital assets, so they are very supportive of this industry. They support innovation, they support digital assets, they support Bitcoin. I wouldn't be surprised if the price of cryptocurrencies goes higher. The market is in price discovery. Supply is limited." (Businessinsider)
U.S. listed company SAIHEAT purchases 102 Bitcoins as reserve assets, valued at $1.5 million
U.S. listed company SAIHEAT Limited (NASDAQ: SAIH, SAITW) announced that it has purchased Bitcoin worth $1.5 million and currently holds approximately 102 Bitcoins, including staked and restricted Bitcoins.
The company stated that it has committed to implementing a comprehensive HODL strategy for its Bitcoin holdings, aiming to retain the Bitcoins mined through operations as long-term assets. Additionally, SAIHEAT is also making strategic purchases in the open market to increase its Bitcoin reserves while aligning with its long-term financial goals.
It is understood that SAIHEAT Limited is a company providing integrated energy services for data centers, formerly known as SAI.TECH Global Corporation, which merged with TradeUP Global Corporation in May 2022 to become a publicly listed company on NASDAQ. (Globenewswire)
Project News
WSJ: Cantor to acquire approximately 5% stake in Tether
According to WSJ, sources say that Cantor will acquire approximately 5% ownership interest in Tether.
The ETF Store President Nate Geraci shared WSJ's report on Tether on X: "Tether CFO Giancarlo Devasini privately stated earlier this year that Howard Lutnick would use his political influence to try to resolve the threats facing Tether. Lutnick owns a majority stake in Cantor, which holds most of Tether's $134 billion in assets. Cantor also clearly owns 5% of Tether."
Wintermute Asia recently announced that it will establish a new headquarters in Singapore, doubling its workforce in the Asia-Pacific region. The digital asset derivatives trading division of Wintermute Group stated that it is "actively recruiting top talent critical to expanding its business." (Blockworks)
Regulatory Trends
U.S. Congressman Mike Flood recently stated, "Despite widespread opposition, SAB 121 continues to operate as a regulation, even though it has never gone through the normal Administrative Procedure Act process."
Flood said, "I look forward to working with the next SEC chair to repeal SAB 121. Whether Chair Gary Gensler resigns on his own or President Trump fulfills his (promise to fire Gensler), the new administration has an excellent opportunity to usher in a new era post-Gensler."
He added, "Gensler opposed the bipartisan digital asset regulatory framework that passed the House earlier this year, which should come as no surprise. 71 Democrats joined House Republicans in passing this common-sense framework. Although the Democrat-led Senate rejected it, it represents a breakthrough moment for cryptocurrency and could inform the work of a unified Republican government when the next Congress begins in January."
Voices from the Industry
Sean Farrell, head of digital asset strategy at market research firm Fundstrat, wrote in a recent report that a "quantifiable" sentiment and bubble market indicator regarding market enthusiasm is the price difference between Bitcoin on South Korean exchanges and Bitcoin on Coinbase, commonly referred to in the crypto industry as the "kimchi premium" or "Korean premium index."
When speculative fervor begins, the BTC price on South Korean exchanges typically has a premium over other cryptocurrency exchanges, which is currently about 0%, indicating that South Korean traders are not overly excited. Typically, the market's kimchi premium soars to over 10%, and the recent rise over the past week should not be viewed as mere speculative exuberance; Bitcoin may still have room to rise.
Solana co-founder claims Solana is always faster than ZK, Matter Labs CEO refutes
Solana co-founder toly responded to a user on X, stating, "ZK is slower than traditional computation. So Solana is always faster than ZK because there are no religious reasons limiting full node capacity."
In response, Alex Gluchowski, CEO of ZKsync developer Matter Labs, stated, "ZK is always faster than Solana because it is protected by mathematics rather than validators, meaning one or a few validators (for redundancy) is sufficient; you don't need to wait for consensus among thousands of nodes."
Murad: The essence of investing in Meme coins is investing in the community
Meme lord Murad posted on the X platform, stating that the essence of investing in Meme coins is investing in the community. The key is to find communities with the following characteristics:
People who work hard every day
Existing for over 6 months
Withstood multiple significant downturns
Increasing number of holders each month
Target amount exceeding $20 billion
Large distribution + diamond hands
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