🔔 MARKET MOVING NEWS! (29/12/24)
1️⃣ Volatility Shares Files For Solana Futures ETF, Despite Lack Of Sol Futures Products ‼️
Asset manager Volatility Shares has reportedly filed an application for three new ETFs that would invest in Solana futures contracts offered on CFTC-regulated exchanges. Interestingly, the filing comes despite the absence of such Solana futures products in the market. Bloomberg ETF analyst Eric Balchunas commented on the filing stating that it was “wild," but added it is a "...good sign Solana futures [are on the] way which arguably bodes well for spot [ETF approval] odds."
2️⃣ El Salvador's Bitcoin Stash Hits 6,000 BTC, Worth $569M 💸
El Salvador has reportedly become the sixth country to currently hold more than 6,000 BTC. According to The National Bitcoin Office of El Salvador’s portfolio tracker, the country acquired 1 BTC on Dec. 29th, pushing its holdings to 6000.77 BTC (worth $569.3 million). Notably, El Salvador’s BTC holdings were acquired at an average purchase price of $45,450 per BTC, putting it up 108.02% on its Bitcoin investment at current prices. Data from BitBo’s Bitcoin Treasuries shows that the only countries ahead of El Salvador in terms of BTC holdings are the United States, China, the United Kingdom, Ukraine and Bhutan.
3️⃣ Memecoins Lose Momentum As $40B Lost In December 🔽
According to a Cointelegraph report, the overall market capitalisation of memecoins dropped by about 30% in December, hinting there may be a slowdown in momentum and demand for meme-based tokens. The report cited data from CoinMarketCap which shows that the total market cap for memecoins went up to as high as $137.06 billion on Dec. 9 before plummeting to a low of $92.67 billion on Dec. 23, marking a 32.38% decrease in market capitalisation within the month.
4️⃣ Squid Game Token Scams Flood The Market ❌
According to media reports, the recent release of the popular Korean dystopian thriller Squid Game’s second season on Netflix has seen a significant number of similarly named crypto tokens flooding the market. However, community members warn these tokens may be scams or rug pulls. Blockchain security firm PeckShield has alerted community members of Squid Game tokens that they deemed fraudulent.
