Avalanche’s AVAX token and Near Protocol’s NEAR have finished the week on top. AVAX gained almost 50% in the last seven days while NEAR added more than 18%. Some analysts are pointing to Avalanche’s inclusion in the Monetary Authority of Singapore’s (MAS) tokenization initiative, Project Guardian, earlier this week as a catalyst for the increase. The project includes the likes of Onyx by JPMorgan and Apollo Global. Meanwhile, NEAR likely drew strength from a series of developments announced last week at its annual Nearcon conference in Lisbon. Bitcoin lost ground on the week, dropping 3%, and ether fell 6%.
(Messari)
BlackRock (BLK), the world’s largest asset manager, has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF). This move follows last week’s corporate registration of that name and Nasdaq’s filing of a 19b-4 with the SEC seeking approval for the spot ETF. The price of ether (ETH) briefly jumped nearly 2% to $2,080 on the S-1 filing, but has since returned to roughly its price prior to the news.
Crypto asset manager CoinShares said it secured an exclusive option to buy the exchange-traded fund (ETF) unit of Valkyrie Investments, gaining a U.S. foothold amid speculation the Securities and Exchange Commission will soon approve a spot bitcoin ETF. The Saint Helier, Jersey-based company, whose shares trade on Nasdaq Stockholm, said the option expires March 31. CoinShares didn’t disclose how much it paid for the option, or details of pricing for the acquisition, should it decide to go ahead. Spot crypto exchange-traded products are already available in Europe. That’s not yet the case in the U.S., though speculation has swirled recently that one is coming – which could open up bitcoin investing to a broad range of people.
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Market Insight: Recent Altcoin Rally Powered by South Korean Traders
Part of the rapid surge in prices for alternative cryptocurrencies (altcoins) in the past few months can be traced back to South Korean traders, known for their high-risk behaviors that often spark speculative frenzies in tokens.
Spot volumes on local exchange Upbit have nearly doubled since September, analysts at on-chain data firm CryptoQuant shared in a Friday note with CoinDesk. Upbit, which constitutes over 85% of the Korean trading volume, experienced 82% growth in October from September, with trading volume rising to $59.8 billion.
This may have created a flywheel effect as rising volumes attracted market makers and traders, who, in turn, invested profits to continue buying in a rising market.
The chart shows that the number of blockchain addresses holding at least $1,000 worth of BTC, known to move in tandem with BTC’s price, surged to a record high of 8,306,118 on Nov. 15, topping the previous peak registered two years ago.
Meanwhile, bitcoin’s price is still 89% away from the peak of $69,000 registered in November 2021.
Source: Glassnode
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.
