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NYSE Arca Files Application to List and Trade Grayscale's Spot Solana ETF
NYSE Arca filed a 19b-4 form for the Grayscale Solana Trust on Tuesday, seeking SEC approval for a spot Solana ETF. Grayscale joins firms like 21Shares, VanEck, Bitwise, and Canary Capital in competing for a Solana ETF. Coinbase Custody would act as custodian and BNY Mellon as administrator if approved. Optimism for Solana ETF approvals has grown following Donald Trump’s election and SEC Chair Gary Gensler’s resignation, alongside earlier approvals of spot Bitcoin and Ethereum ETFs after Grayscale’s legal challenge against the SEC.
Chainlink Surges 27% in 24 Hours, Igniting ‘God Candle’ Rally
Chainlink’s LINK token surged 27% in a single day to a two-year high of $26.92, following the announcement of a partnership with 21X to launch Europe’s first EU-regulated tokenized securities market. The integration of Chainlink’s Cross-Chain Interoperability Protocol (CCIP) drove heightened network activity, with daily transactions and active addresses soaring by 286% and 179%, respectively. LINK’s price has climbed 50% in a week and 125% in a month, with analysts eyeing $30 in the short term and potential targets above $50 for 2025.
TRX Hits $20B Record High, Signaling Potential ‘Altseason’ for December
Tron’s TRX token reached a record $20 billion market cap and hit an all-time high of $0.23 on Dec. 3, gaining 42% over the past month and 101% YTD. The rally follows Tron founder Justin Sun’s $30 million investment in Donald Trump’s crypto project, signaling a potential December altseason as Bitcoin dominance declines. Analysts predict smaller cryptocurrencies, like Hedera (HBAR), which surged 763% in November, could continue to rally into early 2025, with Ether possibly reaching $4,000 by Trump’s inauguration on Jan. 20. Growing retail and institutional interest, coupled with technical indicators, bolster the altseason outlook.
Trading Desk Insights
The current landscape for BTC remains volatile as market participants anticipate external economic indicators to possibly drive price movements. Today's focus is keenly set on Fed Chairman Powell's forthcoming address, coupled with the anticipation of this week's nonfarm payroll data, which traders hope might stimulate increased volatility in BTC. The recent resurgence of the BTC premium on Coinbase suggests mounting bullish sentiment, contingent upon Powell’s remarks aligning with the softened expectations for a December rate cut observed over the past month. Moreover, the total stablecoin market capitalization reaching a record $191 billion signifies potential inflows into the cryptocurrency space, a vital precursor for upward price dynamics.
In the realm of DeFi, optimism is rekindled, with CRV, AAVE, and UNI drawing significant benefits from the bullish undertones in BTC markets. TRX has notably surged by 100% to over $0.45, pushing its market capitalization to $34 billion, underscored by a dramatic increase in trading volumes from $2 billion to over $16 billion within the last day.
On the institutional front, Grayscale is advancing its strategic position by proposing to transform its Solana Trust (GSOL), launched in 2021 with $134 million in AUM, into an ETF. This move places Grayscale alongside other prominent asset managers like Bitwise, VanEck, 21Shares, and Canary Capital, who have all ventured into the Solana-based ETF arena earlier this year.
In the altcoin domain, vintage 2017 cryptocurrencies are witnessing renewed interest and remarkable gains. CRV has escalated over 35% today and 420% post-elections; LINK has advanced 10% today with a 150% increase since the elections; UNI has grown 6% today and surged 120% since the elections.
Reflecting on the derivatives market, November saw vigorous activity, with BTC options' open interest reaching a new record high, up by 53%, while ETH’s open interest soared by 84%. Monthly options trading volumes mirrored this trend, with BTC’s trading volume climbing 105% to $111 billion and ETH’s volume expanding by 116% to $22 billion. This robust derivatives activity underscores the heightened strategic positioning by traders in response to evolving market dynamics.
Crypto Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
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Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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