According to those who keep track of such things (crypto.news, in this case), Zcash (ZEC) has been bouncing around like a caffeinated frog, up 30% in the last week and a frankly ridiculous 175% in the last month. As of Thursday, November 20th, it was wobbling around at $691.5, which is nearly 1,625% up from wherever it was lurking in early September. A substantial leap, even for a cryptocurrency.
The draftâs primary aim is to lay out a framework that will hopefully entice the institutional bigwigs into the digital asset playground. It starts by classifying Bitcoin and Ether as digital commodities (hello, CFTC), which might finally provide the clarity that institutional investors have been crying out for. Those massive pension funds and asset managers whoâve been casually sipping their coffee on the sidelines might now have the âsignalâ theyâve been waiting for to dive into the fray. And once they jump in, expect more market activity, sophisticated trading, and possibly financial products that even the most seasoned Wall Street traders canât fathom yet.
This little tremor occurred with a suddenness that momentarily suggested a potential bottom. But alas, hope flickers dimly. Two imposing resistance zones, like stern guardians, remain to be conquered before we can speak of a true reversal of fortune. One wonders if the market is simply teasing us.
But hold your horses (or should I say, your Ether?), for this is but the first act in BlackRockâs crypto opera. Their current spot Ethereum ETF is so last season, darling. This new trust is the sequel no one saw coming-a bold stride into the world of yield-generating ETH ETF products. The filing, of course, is pending approval, but one canât help but marvel at the audacity of it all. đ
According to the venerable on-chain oracle, Glassnode, these industrious little investors-those humble souls with nothing more than a grand on hand-have their profitability measured with the Realized Price. Think of it as the ‘average cost’ where they first laid their coins down, a sort of market memory, if you will. When the spot price dances above this elderâs head, our small players revel in gains unseen-akin to a humble pastry chef secretly wealthy from a single ĂŠclair. When below, alas, tears and despair! đĽ
Apparently, Bitcoinâs recent plummet to its lowest point in eight months isnât because Uncle Sam took a nap. đđ¤ Many had speculated that the macroeconomic jitters from the government shutdown were to blame, but Rational Root-yes, thatâs their name-was like, âNah, not buying it.â During a podcast that probably had more viewers than a cat playing piano on YouTube, they said, âI wouldnât contribute the drawdown in Bitcoin all to the shutdown of the government.â Groundbreaking stuff, really.
ETF investors here in the States are hovering around their cost basis of $90,146, which is just a fancy way of saying theyâre neither winning nor losing-theyâre just… existing. Even with $372.8 million fleeing the scene in a single day, total assets havenât plummeted off a cliff. This suggests the sellers arenât coming from the ETF markets but from somewhere else entirely. Maybe theyâre just tired of Elon Muskâs tweets. đ¤ˇââď¸ Meanwhile, IBIT is trading near $52, which is roughly the price of a decent sushi dinner in New York City.
With a gaggle of firms prancing into the fray, including the intrepid Canary Capital, the sagacious Franklin Templeton, and that ubiquitous Grayscale, a question as bold as a barney in a bathhouse is once again dueling for attention across the lands of crypto: Might XRP, that spirited contender, gallantly stride beside Ethereum to snatch the No. 2 laurel from its firmly clutched grip?
Should XRP fall below the golden $2 mark, one might say a wave of sorrow, and indeed selling, will bring its price down to $1.9, and potentially to the dregs of $1.61.
In this grand opera of finance, issuers now juggle solana ETFs like firesticks, fueled by investorsâ feverish hunger for SOL exposure. 21shares, the crypto ETP maestro, unveiled its TSOL on CBOE, promising U.S. investors a âstakedâ ride to riches-because who doesnât want their money dancing for profit? đş
