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Ethereum Sees $4.34B Inflow Surge as Whales and ETFs Fuel Bull Run

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  • Ethereum sees a $4.34B surge in fresh capital over two weeks, signaling renewed investor confidence and potential for a sustained rally.
  • Institutional interest rises, with Fidelity’s ETF adding 3,498 ETH and whales like Cumberland withdrawing tens of thousands of ETH from exchanges.
  • ETH nears key resistance at $1,829, with technicals hinting at a breakout; price targets of $1,950–$2,000 are possible if support holds.

Ethereum (ETH) is back in the spotlight as new on-chain data reveals a surge in investor activity and capital inflows, suggesting a revival in market confidence. Insights from leading analytics platforms Glassnode and Lookonchain show that both retail and institutional players are positioning for what may be a pivotal moment in Ethereum’s market trajectory.

According to Glassnode, Ethereum’s “Hot Capital,” a metric tracking fresh investment over short timeframes, has jumped significantly in recent weeks. On April 17, the figure stood at $2.60 billion. By April 28, that number had ballooned to $4.34 billion, marking a 67% surge in less than two weeks.

This sharp increase signals that new capital is flowing rapidly into the Ethereum ecosystem, a shift that often coincides with renewed investor confidence. The move is particularly notable given that Hot Capital had previously plummeted by 52% from its December 2024 high during a February correction.

Ethereum ETF and Whale Moves

Some of this inflow may be linked to recent ETF developments. Fidelity’s FBTC ETF was reported to have added 3,498 ETH valued at approximately $6.48 million to its holdings, suggesting institutional vehicles are playing a role in this resurgence.

Whale wallets are also making significant moves. Lookonchain identified a wallet tied to trading firm Cumberland that withdrew 27,632 ETH worth roughly $50.24 million from major exchanges including Copper, Binance, and Coinbase. Large-scale withdrawals of this kind are often interpreted as a signal that whales are preparing for potential price appreciation by moving assets into cold storage.

However, not all large holders are adopting a bullish stance. One whale, after acquiring 14,994 ETH at $1,801, sold 10,511 ETH at $1,828, realizing short-term gains. The same wallet still holds 4,491 ETH purchased at $1,797, highlighting the mixed strategies among big players.

Ethereum Eyes Breakout Near Resistance

As of publication, Ethereum is trading at $ 1,802.35 with a 24-hour trading volume of $ 17.10B and a market cap of $ 217.71B. The ETH price increased 0.20% in the last 24 hours. A breakout above this level could trigger a stronger upward move.

ETH 1D graph coinmarketcap 14

Previous technical analysis suggests a breakout from the current flag pattern could push ETH as high as $8,000 over a longer timeframe.

Supporting this bullish outlook are rising whale net flows and a recent MACD bullish crossover. If ETH maintains strong support above $1,800, price targets of $1,950 and $2,000 could be well within reach in the coming weeks, especially amid improving market sentiment and growing institutional interest.

However, caution is warranted. The Relative Strength Index (RSI) currently signals overbought conditions, which could lead to a short-term pullback. In that scenario, $1,750 is expected to serve as a key support zone, cushioning potential downside pressure in the near term.

While Ethereum is showing promising signs, market sentiment remains mixed. Some traders on social media have pointed to erratic Bitcoin price spikes, including a recent surge to $95,013.26, as potential evidence of manipulation, raising questions about the sustainability of current price trends across the crypto market.

Still, Ethereum’s recent performance, backed by strong inflows and whale accumulation, paints a cautiously optimistic picture. With major resistance levels in sight and institutional interest on the rise, the coming weeks could prove pivotal for ETH’s medium-term trajectory.

Read More | Cardano Surpasses Ethereum in Contributions by Developers with More Than 21,000 Code Commits 

UK Unveils Draft Crypto Rules to Regulate Exchanges and Protect Investors

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  • UK draft law brings crypto exchanges and dealers under financial services regulation.
  • According to FCA research, UK crypto ownership rose from 4% in 2021 to 12% in 2024.
  • UK and US plan transatlantic collaboration on digital asset regulation and innovation.

The UK government has released draft legislation to regulate cryptoassets. The proposal intends to bring digital asset exchanges, dealers and agents within existing financial services law to improve investor confidence and consumer protection. Chancellor of the Exchequer Rachel Reeves announced the changes during UK Fintech Week in London.

According to the government, the draft amends the Financial Services and Markets Act 2000 to include crypto-related activities such as operating exchanges and offering custody services. The proposed framework establishes new transparency, operational resilience, and consumer protection standards that companies serving UK customers must implement.

These draft rules follow a notable rise in crypto adoption in the UK. According to data from the Financial Conduct Authority, 12% of UK adults owned or had owned crypto assets in 2024, compared to 4% in 2021. The initiative has been implemented to define safe regulatory boundaries for promoting responsible technological advancement.

International Cooperation and Transatlantic Alignment

In addition, Chancellor Reeves also revealed ongoing discussions with the United States to coordinate digital asset policy. These talks with U.S. Treasury Secretary Scott Bessent included proposals for a potential “transatlantic sandbox” for digital securities. The UK and US will continue this dialogue during the next June Financial Regulatory Working Group meeting.

The UK’s approach aligns more closely with the United States’ regulatory path, which treats crypto assets as securities, rather than the European Union’s specialized crypto framework under the Markets in Crypto Assets Regulation (MiCA). Experts suggest this alignment may offer greater clarity to firms operating across the Atlantic.

Nick Price, a financial services lawyer at Osborne Clarke, described the legislation as “a simple and straightforward piece” that introduces regulatory certainty. Simon Treacy from Linklaters noted that while the draft defines which assets and activities are in scope, more detailed implementation rules will follow.

Stablecoins and Crime Enforcement Measures

The legislative framework also contains provisions that intend to regulate stablecoin operations. The proposed framework specifies UK-based stablecoin issuers as the exclusive subjects for regulatory oversight. The inclusion reflects the growing recognition of stablecoins as digital payment instruments, potentially affecting monetary policy and consumer safety.

In addition, the UK government passed new legislation strengthening crypto-related enforcement efforts as part of its regulatory expansion. The crime bill passed earlier this year increases police authority to confiscate digital assets related to illegal activities.

These developments form part of the government’s broader Plan for Change which includes measures to grow the financial services industry. Reeves stated that the new rules “make Britain the best place to innovate and the safest place for consumers.” She emphasized that the UK remains open to responsible innovation but will act decisively against fraud and instability.

Notably, the Treasury is accepting feedback from stakeholders on the draft until May 25. After collecting industry feedback the final legislation will be introduced later in 2025.

Additionally, the Chancellor plans to launch the UK’s first Financial Services Growth and Competitiveness Strategy on July 15 at the annual Mansion House speech. The strategy prioritizes fintech development and targets UK leadership in digital finance.

Cboe Unveils Cash-Settled FTSE Bitcoin Index Futures to Boost Crypto Derivatives

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  • Cboe’s XBTF futures offer 1/10th value BTC exposure with monthly cash settlement.
  • XBTF joins CBTX and MBTX as Cboe’s Bitcoin derivatives are cleared through OCC.
  • Barak Capital and Prime Trading will provide liquidity for Cboe’s new Bitcoin futures.

Cboe Global Markets, a leading trading and investment solutions provider, introduced its Cboe FTSE Bitcoin Index futures on April 29, 2025. This newly launched product enables institutional and professional investors to trade or manage digital asset risk in the market.

The Cboe FTSE Bitcoin Index futures trading under the ticker XBTF are cash-settled contracts based on the FTSE Bitcoin Reduced Value Index. The new product launch represents an important move toward simplifying the complexities of Bitcoin trading.

XBTF, operating as a cash-settled futures solution, enhances financial efficiency by eliminating the requirement of actual Bitcoin delivery at contract expiration, providing an alternative to traditional futures that require the physical transfer of the cryptocurrency.

According to Cboe, XBTF futures are settled in the afternoon on the last business day of each month. This move complements its existing lineup of digital asset products which include spot Bitcoin exchange-traded funds and Bitcoin ETF options.

Strategic Expansion Amid Rising Demand for Bitcoin Risk Tools

The new futures product by the company shows the rising demand from institutions for crypto-based derivatives. According to Cboe Global Head of Derivatives Catherine Clay, the new product gives users a versatile tool for managing Bitcoin exposure and risk. “As customer demand for crypto-based derivatives continues to rise, Cboe is committed to building a well-rounded ecosystem to facilitate more efficient access to Bitcoin,” Clay stated.

The launch follows the earlier introduction of options on the Cboe Bitcoin U.S. ETF Index (CBTX and MBTX), which track the performance of multiple spot Bitcoin ETFs listed in the U.S. XBTF. These options can be used independently or together to build complex strategies around Bitcoin volatility.

Additionally, the Options Clearing Corporation, which is responsible for clearing CBTX and MBTX options contracts, will handle clearing the XBTF contract. Using OCC for clearing, the company secures centralized risk management and transparent settlement, creating more secure and stable conditions for its crypto derivatives marketplace.

Market Makers Back Product Rollout

The launch of XBTF futures occurs concurrently with institutional investors’ rising demand for digital asset derivatives. The new product receives backing from market makers like Barak Capital and Prime Trading. Barak Capital, a leading market maker, highlighted its excitement to support the company’s new futures offerings.

“As investor participation in digital assets has grown, the ability to access efficient and stable markets is paramount,” a representative from Barak Capital commented.

Furthermore, Prime Trading, LLC, announced its engagement as a liquidity provider. “We are strongly aligned with Cboe’s efforts to grow the crypto derivatives market and look forward to working with them,” said Tom Chlada, Prime Trading’s Chief Operating Officer.

Moreover, the XBTF futures establish a new phase of the company’s dedication to providing diverse regulated products aligned with Bitcoin-focused investment requirements.

Polygon-Incubated Miden Secures $25M to Develop Edge Blockchain for Scalable Privacy

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  • Miden raised $25M led by a16z Crypto to build a privacy-first blockchain for institutions.
  • Miden’s edge blockchain executes transactions on user devices for speed and confidentiality.
  • A Q4 2025 mainnet launch and 10% token airdrop to POL holders are planned by Miden.

Miden, an independent blockchain protocol, has secured $25 million in seed funding to develop its zero-knowledge (ZK) infrastructure for privacy-centric, scalable transaction execution. The funding round received support from a16z Crypto, 1kx, and Hack VC, followed by investments from Finality Capital Partners, Symbolic Capital P2 Ventures, Delta Fund, and MH Ventures. Rune Christensen from MakerDAO and Sreeram Kannan from EigenLayer participated as angel investors in the raise.

Incubated initially within Polygon Labs the protocol now operates independently and is positioning itself as a privacy-focused solution for institutions requiring confidential blockchain transactions. According to co-founder Bobbin Threadbare, formerly an engineer at Meta, the protocol enables transaction execution on users’ edge devices, improving privacy and scalability.

Edge Blockchain Design Targets Institutional Use Cases

Miden achieves its core innovation through an “edge blockchain” operational model that relocates computation from central nodes to user-managed devices, including smartphones and laptops. Moreover, users can choose between processing transactions privately or publicly on an application tailored to meet institutional needs.

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Source: Miden

Through its design structure, the protocol provides large enterprises with an ideal platform to execute confidential operations. Miden co-founder Azeem Khan stated that the technology would help prevent market disruptions from public transaction visibility.  For example, if a large company like Apple were to process supplier payments on a public chain, it could lead to unintended market reactions.

Threadbare noted that current blockchain networks often compromise either scalability or privacy. He stated that the protocol aims to remove those trade-offs, creating a platform that simultaneously serves institutions needing performance, confidentiality, and decentralization.

Miden to Airdrop Native Tokens and Integrate With Agglayer

The newly independent Miden will distribute about 10% of its native token supply to holders and stakers of Polygon’s POL token. The airdrop aligns with it’s goal of supporting the Agglayer ecosystem, which includes Polygon’s scaling and cross-chain liquidity infrastructure.

According to Polygon Labs founder Sandeep Nailwal, the protocol embodies the future of blockchain architecture. He described the edge-execution model as a necessary shift away from reliance on supernodes or centralized validators. Miden will remain part of Polygon’s Breakout Program, which encourages scaling-focused innovations.

Miden is in its alpha stage, onboarding early developers through a dedicated Pioneer program. The seed funding will be directed toward core protocol development, ecosystem expansion, and tools for builders.

Industry specialists are enthusiastic about blockchain systems with confidentiality features due to their appeal to institutional users. Moreover, technologies like zero-knowledge proofs and confidential computing are developing solutions to the privacy performance challenge.

Remi Gai, the founder of Inco, a confidential computing platform noted that overcoming blockchain privacy constraints could unlock up to $1 trillion in capital. The protocol’s combined execution model and institutional focus are recognized as a solution to long-standing blockchain challenges.

Tether Gold (XAUT) Hits $770M Market Cap With 7.7 Tons of Verified Gold

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  • XAUT tokens fully backed by 246,523 oz of physical gold held securely in Swiss vaults.
  • Tether Gold hits record price of $3,423 amid global inflation and economic tensions.
  • Central banks bought 1,044 tons of gold in 2024; Tether Gold demand surges in response.

Stablecoin issuer Tether has stated that its Tether Gold (XAUT) token now holds approximately 7.7 tons of physical reserves. XAUT, launched in 2020, has received its first official attestation from the company. The gold reserves, consisting of 246,523 ounces remain safely stored in Switzerland. The market capitalization of XAUT reached $770 million at the end of the first quarter of 2025.

The attestation follows Tether’s decision to operate under El Salvador’s new digital asset regulations. The stablecoin issuer backs XAUT tokens through their compliance with international standards which represents one troy ounce of LBMA-certified gold.

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Source: x

Rising Demand for Gold-Backed Digital Assets

Gold demand worldwide surges, coinciding with the release of the XAUT attestation. Geopolitical tensions, inflation fears and financial market instability caused investors to search for safer assets. According to the World Gold Council, global central banks purchased over 1,044 metric tons of gold in 2024, with BRICS nations leading these acquisitions. The growing market trend demonstrates that gold is essential to protect against economic uncertainty.

Tether pointed out that XAUT offers a digital alternative to traditional gold investment. Through blockchain technology, investors can access gold investments without delay and with easier access to gold while maintaining trust through verified reserves and periodic audits. Paolo Ardoino, CEO of Tether, explained that XAUT bridges conventional gold storage methods with advanced digital financial products suitable for individuals and institutions.

Tether Gold’s Position in the Growing Tokenized Gold Market

Market volatility has driven investors to embrace tokenized gold products as a financial asset solution. The company’s recent report shows that Tether Gold holds the top position in market capitalization among tokenized gold products. The token achieved its peak value of $3,423 on April 21, 2025, as gold’s rising valuation rose in worldwide markets. The market value of gold stands at approximately $3,343 per ounce, experiencing a 27% increase year-to-date.

Through XAUT, Tether stands apart from other offerings by maintaining a strict one-to-one physical gold backing. The company implements gold bar verification to maintain transparency while following thorough auditing procedures. XAUT distinguishes itself from derivative products or “paper gold” systems by offering physical ownership of stored gold in world-class Swiss vaults.

XAUT’s operation under El Salvador’s digital asset regulations adds further legal certainty to the product. Tether positions this stablecoin as a reliable tool for those in need of value protection due to the mounting pressure on fiat currencies and changing economic circumstances.

Ethereum Eyes 2,000 TPS as Dankrad Feist Pushes Bold 100x Gas Limit Expansion

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  • Ethereum researcher Dankrad Feist has proposed EIP-9698, aiming to 100x the network’s gas limit over 4 years, boosting throughput to ~2,000 TPS.
  • The gas limit would grow gradually starting June 2025, reaching 3.6 billion and fitting around 6,000 transactions per block.
  • EIP-9698 signals a renewed focus on Layer 1 scaling, complementing Layer 2 solutions and preparing for future upgrades like Fusaka and Pectra.

Ethereum could soon see a massive boost in transaction throughput, thanks to a new proposal from Ethereum Foundation researcher Dankrad Feist. On April 27, Feist introduced Ethereum Improvement Proposal (EIP) 9698, which outlines a plan to increase the network’s gas limit by 100 times over the next 4 years. If implemented, Ethereum’s transactions per second (TPS) could skyrocket to around 2,000 TPS, significantly strengthening its position against fast competitors like Solana.

Under the proposed EIP-9698, Ethereum would adopt a deterministic gas limit growth schedule beginning at epoch 369017, estimated to be around June 1, 2025. Over roughly 4 years, the network’s gas limit would increase steadily by a factor of 10. At the end of this period, a final 10x boost would be introduced, taking the current gas limit of 36 million to a staggering 3.6 billion.

According to Feist, this method would offer a sustainable and transparent way to increase network capacity without sudden shocks, aligning with expected advancements in hardware and protocol efficiency. This gradual growth could allow around 6,000 transactions to fit into each Ethereum block.

Currently, ETH can reach up to 20 TPS in blocks containing simple transactions. A 100-fold gas limit expansion would push the network’s performance to around 2,000 TPS, a huge leap that could make Ethereum far more competitive with high-speed blockchains like Solana, which processes between 800 and 1,050 TPS and claims a theoretical maximum of 65,000 TPS.

This change would directly address concerns about Ethereum’s transaction throughput limitations, which have long been seen as a barrier to mainstream adoption and DeFi scalability.

Ethereum EIP-9698 Vote for Scalability or Risk

Feist emphasized that Ethereum client teams would need to vote on EIP-9698 for it to be adopted. While the proposal promises significant scalability improvements, it also raises concerns about node operability and block propagation delays. Feist acknowledged these risks but argued that the gradual, predictable increments would give developers and node operators ample time to adapt and optimize their systems.

“The exponential schedule with very gradual increments per epoch gives node operators and developers ample time to adapt and optimize,” said Feist.

The last major gas limit increase occurred in February 2025, when validators agreed to raise it from 30 million to 36 million. Before that, the London Hard Fork in August 2021 had doubled the gas limit from 15 million to 30 million.

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Ethereum’s Renewed Focus on Base Layer Scaling

The introduction of EIP-9698 reflects a broader shift in the Ethereum community’s approach to scalability. After years of prioritizing Layer 2 solutions such as Optimistic Rollups and zk-Rollups, developers are now returning attention to Layer 1 improvements.

While Layer 2 scaling has relieved mainnet congestion, critics argue it has led to a fragmented ecosystem, with liquidity spread across multiple rollups and reduced interoperability, making the user experience more complex.

EIP-9698 also comes as Ethereum developers prepare for the upcoming Fusaka hard fork, which proposes a fourfold gas limit increase under EIP-9678. Fusaka is anticipated to roll out in late 2025, further pushing Ethereum’s scalability efforts forward. Meanwhile, the next major network upgrade, Pectra, is scheduled for May 2025 and is expected to introduce foundational optimizations.

Related | XRP and Chainlink: Why They’re Partners, Not Rivals in Blockchain Growth

SEC Commissioner Hester Peirce Warns Crypto Firms About Lava Floor Regulations

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  • Hester Peirce compared U.S. crypto regulation to playing “the floor is lava” in total darkness, calling for clear, structured rules.
  • She warned that unclear laws force firms into risky legal maneuvers, stifling innovation and market trust.
  • Mark Uyeda supported allowing state-chartered trusts to serve as qualified crypto custodians.

SEC Commissioner and head of the crypto task force, Hester Peirce, compared the current U.S. regulatory environment around digital assets to playing a dangerous game of “the floor is lava” but in total darkness.

Speaking at the SEC’s “Know Your Custodian” roundtable on April 25, Peirce said financial firms are navigating crypto markets as if they’re hopping from one piece of furniture to another, desperately avoiding direct contact with digital assets, which regulators treat as molten hot lava.

“It is time that we find a way to end this game,” Peirce urged. “We need to turn on the lights and build some walkways over the lava pit.”

Peirce explained that under the SEC’s existing regulatory framework, firms must engage in elaborate legal gymnastics to interact with crypto assets without running afoul of unclear or outdated rules. Companies that want to participate in crypto-related activities are often forced to tiptoe through ambiguously defined regulations, avoiding any direct custody of crypto assets to prevent regulatory violations.

“A D.C. version of this game is our regulatory approach to crypto assets and crypto asset custody in particular,” Peirce said.

The commissioner emphasized the confusion surrounding whether certain digital assets qualify as securities, which entities can legally serve as custodians, and whether standard practices like staking or exercising voting rights could inadvertently trigger custody obligations under existing law.

“The twist in the regulatory version is that it is largely played in the dark: burning legal lava and no lamps to illuminate the way,” she said.

Peirce warned that without clear guidance, investment advisers, brokers, and alternative trading systems (ATS) are struggling to offer crypto services, hampering innovation and making it unlikely for a robust, trustworthy digital asset market to flourish.

SEC Pushes for Clear Crypto Custody Rules

Commissioner Mark Uyeda echoed these concerns, stressing that as more SEC-registered firms work with crypto assets, it’s critical to ensure they have access to custodians that meet federal legal standards. Uyeda suggested that state-chartered, limited-purpose trust companies should be permitted to act as qualified custodians for crypto holdings, a move that could offer firms a practical path forward.

Meanwhile, new SEC Chair Paul Atkins struck a hopeful tone, promising a regulatory reset. Atkins, recently appointed under President Trump’s administration, emphasized the potential of blockchain technology to deliver major benefits, including greater efficiency, reduced risk, enhanced transparency, and lower costs.

Atkins also took a veiled swipe at the previous administration under Gary Gensler, suggesting that a lack of clear regulatory guidance had fueled confusion and stifled industry growth.

“I look forward to engaging with market participants and working with colleagues in President Trump’s administration and Congress to establish a rational, fit-for-purpose framework for crypto assets,” Atkins said.

With top voices at the SEC now openly calling for regulatory clarity, market participants hope that the era of playing “crypto floor is lava” in the dark may soon come to an end.

Related | Bitcoin, Solana, Ethereum: institutional FOMO ignites crypto markets with record ETF inflows 

Cryptocurrency Weaponized: Southeast Asia’s Crime Rings Fuel World Fraud, UN Reports

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  • Southeast Asia has become the world’s global hotbed of cyberfraud activities, centered on cryptocurrency, a report by the UN has revealed.
  • Criminal gangs are evading official crackdowns by relocating to hard-to-reach areas and using satellite internet and illegal crypto exchanges like Haowang.
  • The Haowang platform, linked to Cambodia, has processed over $24 billion in crypto inflows since 2021, expanding into gambling, trading apps, and its own stablecoin.

Cybercriminal organizations in Southeast Asia are significantly improving their operations, and they’re using cryptocurrency as a fundamental part of their fraudulent activities. According to a recent UN report, these criminal networks continue to spread across the world  despite the crackdown from authorities.

They have operational bases in various places, including Myanmar and Mexico. The study revealed that Southeast Asia is now the central location for the leading and highly profitable cybercrime activities worldwide, and cryptocurrency is a fundamental aspect of their operations.

The report also revealed that the cyberfraud sector within this region has grown more rapidly than any other form of transnational crime. This happens because the operators can easily scale their operations and target millions of users across national boundaries through the internet.

According to the UN study, cyber fraud resulted in the loss of up to $37 billion among residents in Southeast and East Asia in 2023 alone, with a large percentage of those losses associated with crypto scams.

Criminal Networks Evade Authorities with Illegal Cryptocurrency Exchanges

The near-anonymity and global accessibility of cryptocurrencies have made it almost impossible for authorities to find a lasting solution to the problem. As authorities are stepping up their efforts to dismantle known scam centers, some of these criminal networks are responding by moving their bases of operations to more geographically isolated areas.

Others are moving their activities online with the help of technologies such as Starlink satellite internet to remain undetected by the government. The UN report also showed that these criminal networks are using illegal cryptocurrency exchanges for their scam operations.

One of such notable exchanges is the Huione Guarantee (now known as Haowang).

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Crypto inflows across illegal marketplaces. Source: the UN.

According to the report, the Haowang platform has links with several nations, most notably, Cambodia, and has processed cryptocurrency transactions worth billions of dollars over the past four years. Following its massive growth, the platform has moved from just being a marketplace to exchange cryptocurrencies.

It has now launched several crypto products such as trading applications, an online gambling platform, and a US dollar-pegged stablecoin to avoid control from the authorities. The study further reported that cryptocurrency sellers on this illegal platform have received funds worth a minimum of $24 billion since 2021. Also, the platform boasts of nearly one million users.

Bitwise Registers NEAR ETF in Delaware to Launch Amid Surging Crypto Fund Demand

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  • Bitwise registers a Bitwise NEAR ETF in Delaware, fueling optimism for a future SEC filing.
  • NEAR Protocol’s price rises over 6% after Bitwise’s Delaware ETF registration confirmation.
  • Bitwise expands its crypto ETF lineup as the SEC reviews dozens of new digital asset proposals.

Bitwise Asset Management has registered the “Bitwise NEAR ETF” in Delaware, signaling an early move toward offering a spot Near Protocol (NEAR) ETF in the United States. According to Delaware’s Division of Corporations, Bitwise filed the trust entity on April 24, marking the first official step before seeking regulatory approval from the U.S. Securities and Exchange Commission (SEC).

Hunter Horsley, CEO and co-founder of Bitwise, confirmed the registration. This filing could pave the way for broader institutional access to the NEAR ecosystem as regulatory conditions for crypto-related ETFs continue to improve under the new U.S. administration.

Bitwise Expands ETF Plans as Regulatory Climate Shifts

Bitwise submitted its application amid increased optimism for the approval of cryptocurrency ETFs. SEC leadership under the present administration has shown more acceptance toward digital assets. The SEC first approved spot Bitcoin ETFs in January 2024, while spot Ethereum ETFs received approval in July 2024 after a court supported Grayscale.

In addition to Bitcoin and Ethereum, asset managers such as Bitwise have pursued ETFs with increased dedication across various crypto assets. The asset manager has also submitted its registration documents to the SEC for Dogecoin, Aptos, Solana, and XRP ETFs. The firm demonstrates its continued interest in diversification through the NEAR filing, amid growing investor interest in altcoins.

Despite this momentum, the SEC delayed multiple ETF proposals, which include the Polkadot ETF from Grayscale and the HBAR ETF from Canary Capital. The extended review time highlights the regulator’s support for blockchain products: however, the agency follows a step-by-step evaluation process.

NEAR Price Responds Positively to ETF News

NEAR Protocol’s native token saw a significant price increase following the announcement of its registration for the ETF. According to CoinMarketCap data, the NEAR token saw a 6.5% price rise, with the current value at $2.60 per token. The NEAR token rose by more than 26% in the past week as investors showed confidence in the planned ETF development.

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Source: CoinMarketCap

NEAR currently holds a market capitalization of about $3.14 billion, ranking it among the top 40 digital assets. Often referred to as “the blockchain for AI,” Near Protocol continues to position itself as a leading platform in the evolving blockchain sector.

Moreover, the proposed ETF by the asset manager would enable institutions to obtain direct exposure to the NEAR ecosystem after filing both S-1 and 19b-4 forms with the SEC. The proposed access would create better market participation and increased liquidity for the altcoin.

Former Celsius CEO Alex Mashinsky Faces Life Sentence Call

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  • Alex Mashinsky, former Celsius CEO, accepted a guilty plea to the 2022 Celsius collapse and could face a life sentence.
  • More than 200 victims submitted emotional statements to the court, suggesting that the maximum punishment should be imposed regarding their financial and emotional losses.
  • Mashinsky withdrew millions ahead of the time when Celsius went bankrupt, infuriating investors who would no longer have access to their funds.

According to Bloomberg, Celsius Network’s former CEO, Alex Mashinsky, now faces a potential sentence to prison for life as hundreds of victims who invested in the platform ask a US judge to impose a life sentence on him. This is part of legal proceedings after the Celsius 2022 collapse. 

The crypto lending company’s founder, Mashinsky, has already admitted to fraud charges related to the company’s downfall.

Over 200 Statements Targeted the Celsius Founder Directly

More than 200 of the statements made by people saying they suffered because of the collapse were submitted to the court this week. The judge has been informed by most of these victims that they want Mashinsky to receive the maximum punishment permitted by the law. 

Brandon Lawrence, one of the investors, claimed that he has lost 1.5 Bitcoin (BTC) and now has debt and a damaged reputation. Alex Mashinsky’s and the company’s bankruptcy decision ruined his belief in cryptocurrency, he revealed.

Most of the victims are demanding the harshest sentence they can receive, while a few are willing to accept a lighter sentence if Mashinsky pays them back. Levenberg, a retired teacher who lost about $400,000 in retirement savings, suggested that a three-year sentence would be okay should he return the stolen money.

Mashinsky and his legal team appealed to the judge for no more than a one-year prison sentence. This, however, is not recommended by probation officers, who are suggesting 15 years. 

Before Bankruptcy Filing, Alex Mashinsky Withdrew Millions

In June 2022, Celsius got into trouble by freezing customer withdrawals, preventing investors from accessing their money. Then, a month later, the company went bankrupt.

It had only $167 million available at the time, far less than what was required to pay its users back. Court records show that Alex Mashinsky and his wife subsequently pulled about $12 million in cryptocurrency before the company crashed.

Set up in 2018, Celsius used to have more than 200 workers and manage about $10 billion in crypto assets by 2021. A year later the company’s ascent came to an abrupt end, and its former CEO now faces the real possibility of spending the rest of his life in prison.