- ETF Developments: The SEC has delayed decisions on the Bitwise Dogecoin and Grayscale Hedera ETF applications until November. Grayscale is also seeking approval for Bitcoin Cash and Hedera ETFs. Meanwhile, a Dogecoin ETF looks set to launch in the U.S. soon.
- Market Movements: Bitcoin is showing signs of potential breakout toward $120,000, while traders are reducing risk amid macroeconomic concerns. Several altcoins experienced volatility, with QMMM surging and Sol Strategies declining, reflecting uneven performance among companies with digital asset treasuries. BNB’s rise to $884 was short-lived due to a market sell-off.
- Corporate Crypto Strategies: Metaplanet plans a significant share offering to increase its Bitcoin holdings, despite the dilution risk. Eric Trump is scaling back his role at crypto firm ALT5 Sigma.
- AI and Crypto Convergence: Microsoft’s $17.4B AI investment has positively impacted Bitcoin miners. Coinbase is expanding its AI agent-focused crypto micropayments ecosystem. Cardano’s Hoskinson suggests using AI and blockchain to fix U.S. healthcare.
- Stablecoin Competition: Ethena, backed by BlackRock, has joined the competition for Hyperliquid’s USDH stablecoin, joining Paxos, Frax, Agora, Native Markets and Sky.
- Regulatory and Political Landscape: A Virginia race backed by crypto spending highlights the growing political influence of the crypto industry. Democrats are responding to the GOP’s crypto market structure bill with their own framework of priorities. Cboe is planning to launch ‘Perpetual-Style’ Crypto Futures in the U.S. in November.
Analysis:
- The ETF landscape remains a key driver, with multiple applications and delays indicating regulatory uncertainty and potential future catalysts.
- The intersection of AI and crypto is becoming more prominent, with both sectors influencing each other’s growth and adoption.
- Macroeconomic factors continue to exert influence on crypto markets, contributing to volatility and risk management strategies among traders.