Headlines
The ETF Store President: Solana ETF is expected to be approved by the end of next year at the latest
Nate Geraci, president of The ETF Store, said: “I believe there is a high probability that the Solana ETF will be approved by the end of next year at the latest, and the SEC may be currently engaging with issuers about the product, which is obviously a positive sign.”
Two Prime Digital Assets CEO Alexander Blume agrees, given that industry leaders such as Bitwise have already filed applications.
“If they don’t have a good feeling about success, they’re not going to waste time and money doing it,” Blume said, adding that the success and precedent set by spot Bitcoin and spot Ethereum ETFs, coupled with a more cryptocurrency-friendly regulatory environment, will lead to the launch of a SOL ETF within the next year.
Blume stated: 'Institutional investors and retail investors can access cryptocurrencies through regulated traditional financial channels via ETFs, opening up previously non-existent pools of funds. It's like replacing a swimming pool's water pipe with a fire hose, which means potential momentum and speculative trading could have a greater impact.' (The Block)
Elon Musk confirmed that X is preparing to launch a remittance feature in its X Payments service.
Elon Musk confirmed, in response to a social media post showing a dollar sign icon on podcast giant Joe Rogan's profile, 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.
Although details about potential consolidation of crypto assets have not been confirmed, given Musk's long-time support for Dogecoin, the community speculates that this cryptocurrency is likely to be included.
Previously, in September, it was reported that Musk's wholly-owned subsidiary X Payments obtained a money transmission license in Oklahoma, and it has now accumulated money transmission licenses in 37 states in the U.S. It is reported 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: bought 5,771 BTC through convertible notes issuance.
Bitcoin mining company MARA announced on platform X that it purchased 5,771 BTC through convertible notes issuance at an average price of $95,554, currently holding 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, although specific information about converting the existing reward program Magic Eden Diamonds into ME tokens has not yet been disclosed. Relevant parties stated that the token distribution is expected to be based on 'organic' trading activity, cross-chain trading, and factors such as 'loyalty' or historical usage of qualified platforms.
Although users will have to wait until December 10 to find out their distribution status, they will be able to use tools released by the ME Foundation to check their eligibility for airdrops a few days before collection. 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, with another 22.5% of the supply (i.e., 225 million ME tokens) reserved to incentivize future users of protocols and platforms related to the ME Foundation.
Industry news
Binance Research: Potential use cases for AI agents include DeFi advisors, consumer services, etc., while facing obstacles such as scalability limitations.
Binance Research recently published a report discussing 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 increasing 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, 24/7 engagement that human influencers cannot match.
DeFi advisor: AI agents can serve 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 the way people interact with services.
Multi-agent ecosystem: As more AI agents enter the blockchain space, we may see the emergence of an ecosystem where agents autonomously collaborate and trade.
The report also stated that while the prospects for AI agents are broad, they face various barriers, including limitations in scalability, integration challenges, and risks such as hallucination errors.
Over the past 30 days, Binance's trading volume has been 10% higher than Nasdaq, twice that of the New York Stock Exchange.
On-chain analyst @ai_9684xtpa posted on platform X, stating: 'Since Binance launched the GOAT contract at the end of October, it is evident that Binance's attitude towards Memecoins has begun to shift.'
In the past 30 trading days (2024.10.07 - 11.15), Binance's trading volume was 10% higher than Nasdaq, 2 times that of the New York Stock Exchange (NYSE), and 16 times that of Coinbase, accounting for about 50% of the global centralized exchange trading volume.
Tether has issued a total of 5 billion USDT over the past 3 days, injecting 2.83 billion USDT into the cryptocurrency market.
According to Spot On Chain monitoring, Tether has issued a total of 5 billion USDT over the past 3 days, injecting 2.83 billion USDT into the cryptocurrency market.
Since November 6, the total net issuance has reached 13 billion USDT.
CEO of Morgan Stanley: Trump brings inflation risks, and the Federal Reserve does not want to reverse rate cut decisions.
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 stance and noted that Trump brought risks of inflation. Ted Pick pointed out that the Federal Reserve has taken a cautious approach, which is 'the right thing to do,' and added that the Fed does not want to reverse its decision on rate cuts. Due to factors like policy uncertainty, the market may exhibit some cautious sentiment, but 'overall, people naturally continue to hold a constructive view.' (Jinshi)
Galaxy CEO: Almost all members of the Trump cabinet own Bitcoin.
Galaxy CEO Michael Novogratz stated that the election of U.S. President Trump brought a 'paradigm shift' in cryptocurrency regulation, adding, 'Almost all members of the Trump 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 cryptocurrency prices go higher. The market is discovering prices. Supply is limited.' (Businessinsider)
The U.S. publicly traded company SAIHEAT purchased 102 Bitcoins as reserve assets, valued at $1.5 million.
The U.S. publicly traded company SAIHEAT Limited (NASDAQ: SAIH, SAITW) announced that it has purchased $1.5 million worth of Bitcoin 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 comprehensive energy services for data centers, formerly known as SAI.TECH Global Corporation, which merged with TradeUP Global Corporation in May 2022 to become a NASDAQ-listed company.
Project news
WSJ: Cantor will obtain about 5% shareholding in Tether.
According to WSJ reports, sources say Cantor will receive about 5% ownership interest in Tether.
WSJ: Tether's CFO previously revealed that Lutnick would leverage his political influence to resolve the threats faced by Tether.
The president of The ETF Store, Nate Geraci, shared a WSJ report about Tether on X: 'Tether CFO Giancarlo Devasini privately indicated earlier this year that Howard Lutnick would use his political influence to try to resolve the threats faced by Tether. Lutnick holds a majority stake in Cantor, which manages most of Tether's $134 billion in assets. Cantor also evidently owns 5% of Tether.'
Wintermute Asia will establish a new headquarters in Singapore, doubling its employee count in the Asia-Pacific region.
Wintermute Asia recently announced that it will establish a new headquarters in Singapore, increasing its employee count in the Asia-Pacific region by a factor of two. The digital asset derivatives trading department of Wintermute Group stated that it is 'actively recruiting top talent critical to expanding the business.' (Blockworks)
Regulatory trends
U.S. Congressman Mike Flood: Looking forward to working with the next SEC chairman to rescind the anti-crypto banking policy SAB 121.
The U.S. House of Representatives recently stated about Congressman Mike Flood: 'Despite widespread opposition, SAB 121 is still functioning as a regulation, even though it has never gone through the normal (Administrative Procedure Act) process.'
Flood stated: 'I look forward to working with the next SEC chairman to rescind SAB 121. Whether Chairman 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 after Gensler's departure.'
It added: 'Gensler's opposition to the bipartisan digital asset regulatory framework passed by the House earlier this year should not be surprising. 71 Democrats joined House Republicans to pass this common-sense framework. Although the Democrat-led Senate rejected it, it represented a breakthrough moment for cryptocurrency and could inform the work of a unified Republican government when the next Congress begins in January.'
Voices of people
Fundstrat executive: Currently, the 'kimchi premium' in South Korea is approximately 0%, indicating that Bitcoin may still have upward potential.
Sean Farrell, head of digital asset strategy at market research firm Fundstrat, wrote in a recent report that regarding market enthusiasm, a 'quantifiable' sentiment and bubble market indicator is the price difference between Bitcoin in South Korea 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 Korean exchanges has a premium compared to other cryptocurrency exchanges, currently around 0%, indicating that Korean traders are not overly excited. Typically, the market's kimchi premium soars above 10%, and the recent rise in the past week should not be viewed as purely speculative exuberance; Bitcoin may still have room for growth.
Solana co-founder claims Solana is always faster than ZK, Matter Labs CEO refutes.
Solana co-founder Toly replied to a user on X, stating: 'ZK is slower than traditional computing. So Solana is always faster than ZK because there are no religious reasons limiting full node capacity.'
In response, ZKsync developer Matter Labs CEO Alex Gluchowski stated: 'ZK is always faster than Solana because it is protected by mathematics rather than validators, which means one or a few validators (for redundancy) are sufficient, and you do not 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 platform X, 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 working hard every day
Over 6 months
Withstood multiple sharp declines
Number of holders increasing monthly
Target amount exceeds 20 billion dollars
Large distribution + diamond hands
