Whales shift 318 million coins as the price of XRP drops to $0.5204 in the midst of declining trading activity and rising open interest in options.
Support at the intra-day low of $0.5276 held, despite a negative trend in the price of XRP during the last day following bulls’ inability to break through the intra-day high of $0.5276. The on-chain transaction tracker Whale Alert indicated that whale activity increased concurrently with this reduction.As of the time of publication, XRP’s price was trading at $0.5204, down 1.16% from the intraday high. It was continued trending downward.The 24-hour trading volume increased by 5.68% to $1,206,808,325 during this dip, while XRP’s market capitalization dropped by 1.11% to $28,869,150,197. This pattern implies that traders are grabbing more coins by taking advantage of the decline.
Whales shift 318M coins amid XRP price correction
According to a recent analysis, notable XRP transactions were noted, indicating a large amount of activity by cryptocurrency whales. A total of 28,890,000 XRP, or around $15,025,812, was sent from an unidentified wallet to the Bitstamp cryptocurrency exchange. Not too long afterward, 29,850,000 XRP, or around $15,522,089, were transferred to the Bitso exchange in another large move.At the same time, 1.61% less money has been traded in XRP futures, for a total of $646.70 million. This decline suggests a market consolidation period or a decrease in trading activity. In addition, there has been a 1.65% decline in the open interest, or the total amount of existing derivative contracts that have not been resolved, to $651.56 million. This decline suggests that fewer market participants or fewer new positions are being established.
XRP/USD technical analysis
The Moving Average Convergence Divergence (MACD) on the XRP/USD price chart is trending south and below its signal line in the negative zone, with a rating of -0.0006, suggesting that the bearish rise in the XRP price may continue.Growing selling pressure is indicated by this trend and the histogram’s move back to the negative trend in the negative zone.
ProShares seeks SEC approval for spot Ethereum ETF listing on NYSE
ProShares, a well-known producer of exchange-traded funds (ETFs), has submitted a request to list and trade spot Ethereum (ETH) ETF shares on the NYSE.With this action, ProShares is demonstrating its dedication to growing the range of digital assets it offers and giving investors a safe, regulated way to invest in Ethereum.
SEC filings clarify staking policies for ProShares Ethereum ETF
Coinbase Custody Trust Company will handle the ETH custody for the ProShares Ethereum (ETH) ETF. ProShares stressed in its submission, as did other asset managers, that it and its linked parties will not partake in Ethereum staking operations.Potential spot Ethereum ETF issuers have modified their 19b-4 and S-1 files to eliminate the staking provisions, according to BeInCrypto. With these moves, the US Securities and Exchange Commission (SEC) hopes to make its position on staking for spot Ethereum ETFs more clear.But allowing these ETFs without include staking features might hurt investors who want to increase their yield on staking incentives. Staking incentives are available to ETH holders who buy, keep, and stake the cryptocurrency. This can provide additional return. Spot Ethereum ETFs will not be able to enhance investor benefits by removing the staking function.After the notice publication date, the SEC has 45 days—which can be extended to 90 days—to react to the filing. ProShares submitted their application on June 6, 2024, therefore approval may occur as soon as late July 2024.Check Out the Latest Prices, Charts, and Data of ETH/USDTThis suggestion comes after two Ethereum-linked ETFs from ProShares were recently announced. ProShares Ultra Ether ETF (ETHT) and ProShares UltraShort Ether ETF (ETHD) have different daily ETH return targets of 2x and -2x, respectively. This Friday, these ETFs are anticipated to go live on the NYSE.The first ETF associated with Bitcoin was introduced by ProShares in 2021; it is called the Bitcoin Strategy ETF (BITO) and it invests in futures contracts. However, in contrast to several large asset management firms, ProShares has not sought a spot Bitcoin (BTC) ETF.This most recent approach is in line with previous remarks made by Fineqia Research Analyst Matteo Greco. Greco emphasized the conventional finance companies’ rising commitment to and interest in digital assets.
“These recent developments underscore the global demand among traditional finance investors to diversify their portfolios by increasing exposure to digital assets. Earlier this year, the approval of spot Bitcoin ETFs in the US paved the way, followed by similar product launches for BTC and ETH in Hong Kong. Additionally, news of spot Ethereum ETF approval in the US and spot Bitcoin ETF trading in Australia further highlights the industry’s momentum,” he told.
It’s crucial to remember that in order for these spot Ethereum ETFs to trade on the market officially, both files must be approved. The 19b-4 was the only one approved in May. Analysts estimate that these ETFs may receive final clearance in July 2024.
DeFi and Bitcoin merge with SushiSwap Rootstock integration
With Rootstock integration, SushiSwap broadens its presence in the Bitcoin ecosystem, facilitating safe decentralized trading and encouraging the use of DeFi.A major development in decentralized finance (DeFi) has occurred with the integration of Rootstock with SushiSwap, a decentralized exchange platform. With the help of this partnership, SushiSwap is able to reach a wider audience inside the Bitcoin ecosystem and provide customers with sophisticated trading features in a safe, decentralized setting.
SushiSwap expands trading on Bitcoin sidechain
The first Bitcoin sidechain that is compatible with the Ethereum Virtual Machine (EVM), Rootstock, provides key functionality. It provides interoperability, speedy transactions, and scalability—all of which are essential for improving Bitcoin’s functioning. SushiSwap users may now trade on Rootstock and take advantage of Bitcoin’s security and decentralization thanks to this integration. This is a major milestone toward integrating Bitcoin with DeFi.It is anticipated that the integration would promote the uptake of DeFi and Bitcoin, drawing new members to both networks. Users find a strong offer when they combine the security of Bitcoin with the financial innovation of DeFi. This partnership may open the door for other integrations of this kind in the future, hence increasing the use of decentralized finance.
Bitcoin DeFi grows with SUSHI integration
Immediate effects of SushiSwap and Rootstock integration may be seen in the Bitcoin and DeFi ecosystem. This marriage creates new avenues for decentralized finance by fusing the adaptability and creativity of DeFi with the security and robustness of Bitcoin. More investment and staking options are now available to users across a range of protocols and apps.Furthermore, a widespread adoption of DeFi among Bitcoin users may result from this connection. Due to security and trust issues, a lot of Bitcoin users were previously hesitant to leave the Bitcoin ecosystem. But now that SushiSwap’s sophisticated features are accessible in a safe setting like Rootstock, these users may explore with DeFi in a more convenient and low-risk manner.DeFi Llama data indicates that Rootstock has a bridged total value locked (TVL) of somewhat more over $450 million. The addition of functionality to the Bitcoin network that were previously dominated by Ethereum and other blockchains has accelerated from the beginning of 2023. The Ordinals protocol served as the foundation, enabling the creation and storage of a version of NFTs on Bitcoin. Since then, a lot of projects have tried to integrate smart contracts onto the biggest blockchain in the world.
Positive effects have been seen in the market since SushiSwap and Rootstock announced their combination. Following the news, the price of SUSHI increased by almost 3%. SUSHI is now selling at $1.19, down 0.17% from its previous price. The market’s early response is indicative of confidence over this integration’s possible advantages.
