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VanEck and ProShares have decided to walk away from Ether ETF filings

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Crypto-related exchange-traded funds [ETF] have had a tough time in the US. Asset management firm, VanEck is a popular one in the crypto-verse. However, the platform is known for being shot down with regards to Bitcoin ETFs by the Securities and Exchange Commission [SEC] of the US. Now, in a new turn of events, VanEck as well as another asset manager ProShares decided to withdraw its latest Ether ETF application.

ETFs have been a sensitive topic for the US financial watchdog, the SEC. While several countries have already approved Bitcoin or crypto related ETFs. US decided to take it slow. The SEC has been consistently delaying or disapproving crypto ETF applications. This has not only caused the US to take a back seat in the crypto game, but has also forced US citizens to miss out these ETF services.

While VanEck submitted its application for an Ethereum Strategy ETF back in May itself, ProShares filed its application on the same day. However, once VanEck decided step back, ProShares followed suit.

VanEck takes a backseat on Ether ETFs

In two separate filings, the aforementioned firms decided to take a step back on the same day. While none of the firms revealed the reason behind their sudden decision, the crypto community began laying out speculations. Several noted that the SEC would have expressed reluctance in approving an ETH ETF which would have further forced them to steer away.

Eric Balchunas, Senior ETF Analyst at Bloomberg, shared his opinion about the same on Twitter. His tweet read,

He further stated,

“As long we ONLY see the Ether ones ejected, I’d say that’s decent news for bitcoin ETF. Sort of like them saying, look, let’s baby step this, only bitcoin rn. Stop exciting the crypto trade pubs with all these filings.”

Another prominent firm, WidsomTree hasn’t pulled out from the ETF ETF race.

VanEck’s Bitcoin ETF Plea Verdict Postponed To June

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The Securities and Exchange Commission’s constant delay in the approval or disapproval of VanEck’s Bitcoin Exchange Traded Fund [ETF] has left the community in distress.

While several other countries like Canada have started to enjoy the potentials of a crypto ETF, those living in the United States of America have been deprived of this feature. With no Bitcoin ETF being approved as of yet in the country, the citizens of America have lost the hope of a crypto ETF. However, the recent change in SEC’s leadership from Jay Clayton to Gary Gensler got the community excited. But the latest news from the financial watchdog wasn’t very crypto-friendly.

VanEck’s Bitcoin ETF Still On Hold

A recent filing from the SEC revealed that VanEck’s Bitcoin ETF verdict was further pushed to 17 June 2021 from 3 May 2021. While the SEC has the option of extending this sort of window before delivering a decision by 45, 60, or 90 days, the financial agency delayed VanEck’s approval or disapproval by 45 days.

Elaborating on the same, the Assistant Secretary of the SEC, J. Matthew DeLesDernier wrote in the filling,

“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the comments received.”

Several platforms have applied for the approval of a Bitcoin ETF in the country, but none have received a positive response. VanEck reportedly submitted all of the necessary paperwork for the Bitcoin ETF application back in January. This application was done in collaboration with SolidX, a well-known blockchain platform.

Additionally, many were on cloud nine after Gary Gensler was appointed as the Chairman of the SEC. This, however, seemed to have no impact on the approval of Bitcoin ETFs as they continue to be shot down.

Solana Set to Surge: Could It Reach $330 and Rival Ethereum?

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A recent report from VanEck suggests that Solana could surge to $330, capturing up to 50% of Ethereum’s current market capitalization due to its superior speed and transaction processing. Despite Solana’s technological edge, the institutional shift toward Solana has yet to match its performance metrics, leaving Ethereum dominant.

Solana significantly outperforms Ethereum in several areas. It processes 3,000% more transactions, boasts 1,300% more daily active users, and charges transaction fees that are nearly 5 million percent lower. These impressive figures highlight Solana’s scalability and efficiency.

Market Cap Discrepancy: Solana’s Underappreciation

However, Solana’s market cap still only exceeds Ethereum’s by 22%, a discrepancy many analysts attribute to Ethereum’s established position and widespread institutional familiarity.

The growing debate between ETH and SOL has gained attention as SOL’s transaction volume and user engagement continue to outpace Ethereum. Predictions from TradingView indicate that SOL may soon close the gap, with a price target of $330 suggesting a shift in the cryptocurrency landscape.

One area where both platforms shine is decentralized finance (DeFi) and stablecoin ecosystems. With decentralized exchanges (DEXs) playing a critical role, creating and transferring stablecoins have emerged as vital use cases. SOL’s low fees and faster transaction times are particularly attractive in this space, offering a potential edge over Ethereum.

Payments and remittances represent another major growth sector for Solana, where its ability to facilitate cheaper, faster transactions may drive further adoption. Institutional adoption, however, has been slower to follow SOL’s rise. Ethereum’s first-mover advantage and familiarity within institutional circles have kept Ethereum dominant.

However, many experts believe that institutions will soon begin rotating into undervalued assets like SOL, particularly as they look for opportunities beyond Ethereum. Markets are dynamic, and even in bull markets, strategic rotations are key to avoiding missed opportunities.

As blockchain technology advances, investors may find that a diversified approach is best. Rather than betting solely on Ethereum or SOL, institutions could benefit from investing in a basket of leading Layer 1 blockchain. This strategy would spread risk while capturing upside from multiple platforms as the blockchain ecosystem continues to grow and evolve.

Related Reading | Vitalik Buterin Praises Celo’s Growth, Surpassing Tron in Stablecoin Usage

Prep for SOL ETFs With POODL + 2 More: Best Cryptos To Buy in September

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As the likelihood of Solana ETFs edge closer, with Brazil approving the first one ever, investors are hunting for the top Solana tokens to take advantage of a speculative jump. Fortunately, we’ve done the hard work to find three of the best cryptos to buy in September to join the Solana moon-bound rocket. Stay tuned to find out which projects made the cut.

Best cryptos to buy in September

  1. Poodlana: Solana’s next big meme coin
  2. Solana: Top pick for SOL ETF spike
  3. Raydium: The DeFi engine behind Solana

Poodlana: Solana’s next big meme coin

Growing anticipation of a Solana ETF has crypto enthusiasts keeping a close eye on Solana-based assets in anticipation of a huge spike—and Poodlana is emerging as a standout.

After raising more than $8 million during its 30-day presale and securing a listing on Solana’s decentralized exchange (DEX) Raydium, Poodlana is set to be the next big hit in the meme coin world. With a listing on MEXC following closely on 19th August, and an additional CEX listing on BingX on 23rd August, hype and demand around POODL have steadily increased; at press time, POODL has already pumped by 50%.

Solana meme coins have been a scorchingly hot topic this year. Take Gigachad, which soared over 680% between June and mid-August, and is at press time, up around 1400% from launch. Or Popcat, which rocketed over 25,000% from February to its all-time high in July. These meteoric rises show the potential returns Solana meme coins can offer, and with an impending SOL ETF on the horizon, the stage is set for even more explosive growth across the board.

So why Poodlana? Unlike its competitors, Poodlana taps into an overlooked goldmine: the love for poodles and luxury fashion in Asia. With its branding as “The Hermès of Crypto” and a regal, black poodle mascot adorned with a crown, Poodlana is set to be a smash hit.

After all, Poodles rank among the top three dog breeds in Japan, Korea, and China, and the region’s luxury market is booming. For example, China’s luxury fashion market grew by 12% year-on-year in 2023 and is expected to account for 35-40% of the global total by 2030.

Meme coins are also a hit in Asia. Projects like PeiPei and Biaoqing have recorded massive gains in mere days this year. Poodlana is laser-focused on this region, already using a marketing blitz to spread the word in these regions and dedicating entire Telegram channels to its Eastern audience.

There’s even a competition offering $2,500 to the creator of the best Poodlana meme, judged by community engagement. In the long run, Poodlana plans to expand its staking platform, offer exclusive airdrops, forge international partnerships, and even support canine-related philanthropy. With its potential to dominate the Asian market, Poodlana is starting to look like the best crypto to buy in September.

Poodlana is available on Raydium, MEXC, and BingX. Learn more and invest in POODL by visiting the Poodlana website.

Solana: Top pick for SOL ETF spike

As speculation around the approval of Solana ETFs heats up, Solana’s price is expected to rise sharply. Major institutions like VanEck and 21Shares have already filed applications with the SEC, and Brazil’s approval of a Solana ETF in early August has buoyed this optimism.

The broader reasons to invest in Solana go beyond just impending ETFs. Assuming there’ll be an uptick in Solana-based projects in the coming months, many of these tokens require SOL for essential functions such as paying gas fees or minting NFTs. This situation is comparable to selling shovels during a gold rush—when demand for Solana projects rises, so too does the need for SOL.

But there are plenty of other reasons to be bullish on Solana. It’s become the go-to chain for new projects, particularly meme coins, thanks to its lightning-fast transaction speeds of around 3,500 per second at a fraction of a dollar per transaction. It’s swelled to become the third most valuable blockchain by total value locked, peaking at $5.63 billion in late July​. 

Likewise, SOL’s impressive 700% rise from mid-2023 to March 2024 shows the market’s confidence in its long-term prospects. While it’s fluctuated since, the fact that SOL has struggled to break lower is a bullish sign. The potential approval of a SOL ETF could be the catalyst needed to push Solana even higher, making it one of the best cryptos to buy in September.

Raydium: The DeFi engine behind Solana

Raydium is a leading DEX built on the Solana blockchain that’s known for its lightning-fast transaction speeds and low fees. As an automated market maker (AMM), Raydium provides decentralized trading by pooling liquidity and enabling instant swaps. It’s also integrated with Serum, another Solana-based DEX, which boosts its liquidity and capabilities.

Currently, Raydium has a total value locked of around $1 billion, having peaked at $1.26 billion in July 2024​. Similar to Solana, the growing interest in SOL-based projects is driving demand for RAY, the platform’s native token, which is used to pay fees and incentivize liquidity providers. 
Between October 2023 and March 2024, RAY’s price surged over 1,500%, reaching a high of $2.82. Although RAY is still trading well below its all-time high of $16.64 from 2021, the potential for growth remains high, especially with the anticipated approval of SOL ETFs. This positions Raydium as one of the most promising cryptos to watch in September.

Penpie Hacker Launders $27M Through Tornado Cash, Ignoring Bounty Offer: Report

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The Penpie hacker has completed the money laundering process of the last batch of stolen funds worth $27 million by moving 1,661 ETH through Tornado Cash. This marks the end of the whole movement of the 11,261 ETHs, which in today’s equivalent is about $27 million that was stolen in the latest hack. Despite Penpie’s attempts to settle the issue and set a bounty while assuring the hacker’s safety from legal consequences,

In the process of negotiations, Penpie tried to negotiate with the hacker and offered him to become a part of Penpie’s team as a white-hat hacker, a person who hacks systems for positive purposes. The company aimed at at least minimizing the loss and the risks of lawsuits but the hacker proceeded to wash the stolen assets.

The laundering process was rather fast. The whole $50 million was sent via Tornado Cash, a Ethereum-based mixrer which helps to launder the money by making their source less traceable. Tornado Cash is often used by hackers as it helps them launder the stolen cryptocurrency and make it hard to trace by the authorities. This case is yet another example of how hackers coulf easily transfer stolen funds through cryptocurrencies due to their decentralized nature.

Penpie Hacker Launders Millions

According to Spot On Chain, a blockchain analytics platform, four hackers including the Penpie hacker have been using Tornado Cash since the beginning of September as revealed in a recent post on X. In total, they have shifted 20,561 ETH worth of around $49.3 million, through the platform.

The Penpie hacker was able to transfer 11,261 ETH or $26.7 million within a short span of time. The WazirX exploiter, who was behind another major attack, still has 54,155 ETH ($123 million) stolen, which makes up 88% of all the stolen funds in that hack.

Stolen assets are now being moved at a faster rate and with the help of Tornado Cash, there are growing fears within the community of how stolen funds can be tracked and recovered.

With increasing attention being paid to such cases, large exchanges such as Binance are being forced to enhance measures to avoid such occurrences. These challenges remain relevant to the crypto industry as hackers find loopholes to penetrate and use while the regulators try to contain the increasing cases of crypto-crime.

Solana ETF Hope’s Massive Shattered: SEC Blocks 19b-4 Filings

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The U.S. Securities and Exchange Commission (SEC) has raised concerns with prospective issuers about Solana’s (SOL) classification as a security, according to a source familiar with ongoing talks. These discussions reportedly occurred before the Cboe BZX Exchange removed related 19b-4 filings, which were crucial for the approval process of SOL ETFs.

Following these talks, the SEC rejected the 19b-4 forms, according to another source. As a result, the documents were removed from the Cboe website and not filed with the Federal Register. This maneuver effectively halted the approval timeline, which would have otherwise put pressure on the SEC to reach a decision regarding Solana ETFs.

Over the weekend, it was observed that the filings were no longer visible on the Cboe website, nor are they on the Federal Register. For ETFs to be approved, the 19b-4 forms must gain SEC approval, while the S-1 registration statements need to be effective. Notably, S-1 forms do not impose a specific deadline on the SEC.

Currently, two issuers, 21Shares and VanEck, are pursuing Solana ETFs. Their applications remain active on the SEC’s EDGAR system. VanEck’s Head of Research, Matthew Sigel, confirmed that their submission is still in play.

SEC Identifies Solana as a Security

The SEC’s stance on SOL is not surprising. The agency has previously identified Solana as a security in several court filings. Industry insiders suggest that the applications could face additional setbacks. However, some expect new filings or amendments to argue more strongly against Solana’s classification as a security.

Audrey Belloff, head of communications at 21Shares, stated, “We are unable to comment on the regulatory process at this time. We remain committed to expanding investor access to cryptocurrencies in the U.S. market and around the world.”

While Bitcoin and Ethereum ETFs have passed regulatory scrutiny, experts believe Solana ETFs face a steeper challenge. On August 17, Nate Geraci, president of The ETF Store, stated that Solana ETFs are unlikely to receive approval under the current administration. Bloomberg’s ETF analyst James Seyffart echoed this sentiment, suggesting approval could be delayed until 2025, contingent on a new SEC administration.

VanEck and the Cboe have yet to comment on the situation. The SEC also declined to provide a statement.

Solana’s Big Bet on Brazil: 2nd ETF Approved

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Brazil’s regulator has approved the second Solana exchange-traded fund [ETF] as per the CVM database. The new SOL ETF is issued by Brazil-based asset manager Hashdex with over $962 million in assets under management — in collaboration with the local investment bank BTG Pactual. Brazilian Securities and Exchange Commission or CVM stated that the new fund is in a pre-operational phase.

Earlier the nation created history when CVM greenlighted the first-ever SOL spot ETF. The fund is provided by QR—a prominent player known for its Bitcoin and Ethereum ETFs—and will be managed by Vortx. At present, the ETF awaits final approval from B3, Brazil’s main stock exchange, It is expected to hit the market within 90 days.

Following the approval of the Ethereum ETF, crypto enthusiasts were considering the possibility of a spot in the SOL ETF. However, experts in the US expressed apprehensions about the token’s close ties with Solana Labs, which might lead regulators to perceive it more as a security/stock than a commodity asset. This could present potential legal hurdles. 

Subsequently, the U.S. SEC recently held a closed-door meeting with ETF issuers about whether the token might be classified as a security. Following discussions, CBOE decided not to submit the relevant 19b-4 form to avoid initiating the approval process. While VanEck’s S-1 registration statement for the Solana ETF is still on display, 21Shares’ has been withdrawn. 

Solana ETFs In the US

Although other cryptocurrencies like Bitcoin and Ethereum have approved ETFs, the likelihood of SOL ETFs being approved under the current administration is low, with experts suggesting it might not happen until 2025, if at all.

Despite these concerns, the buzz around Solana ETFs is palpable. The head of Digital Asset Research at VanEck remains bullish on SOL ETF despite CBOE removing its 19b-4 filing.

Furthermore, the Brazilian regulator’s approval has captured the attention of institutional investors and financial advisors, who are increasingly exploring avenues to offer SOL exposure to their clients. If successful, this could potentially accelerate the mainstream adoption of Solana and its ecosystem and further integrate its technology into global financial systems.

Bitcoin Miners’ Tough Year Could Turn Around with $13.9B AI Opportunity

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It has been a terrible year for Bitcoin miners, with missed opportunities and flat market conditions. According to a recent X post by Ecoinmetrics, the year did not start off on bearable grounds for miners, and things didn’t seem to improve as they further failed to capitalize on the Bitcoin ETF rally earlier this year.

It’s very opposite to BTC’s previous parabolic run-up, in which miners, at worst, would keep outpacing the growth of Bitcoin. With BTC now stuck in a range, there has been very little to celebrate for miners.

The Synergy Between Bitcoin Mining and AI

However, there’s a potential silver lining. According to investment firm VanEck, Bitcoin miners could generate an additional $13.9 billion in annual revenue by 2027 if they partially transition to serving the artificial intelligence (AI) and high-performance computing (HPC) sectors.

VanEck’s report highlighted that AI companies are in desperate need of energy, which Bitcoin miners have in abundance. With publicly traded miners now controlling a record percentage of BTC’s global hash rate and their market caps hitting all-time highs, the report suggests that investors might be overlooking a significant opportunity.

The synergy between BTC miners and AI companies is straightforward: AI needs energy, and miners can provide it. As demand for energy-intensive AI and HPC data centers grows, the value of access to power is rising.

According to VanEck, even though it might take years to develop new AI data centers, existing sites, including used ones for Bitcoin mining, can quickly be repurposed for AI application development within a year. Currently, miners are trading at an average of $4.5 million per megawatt of installed capacity, compared to $30 million plus per MW for the data center stocks. That potentially opens up an arbitrage opportunity.

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While the transition from Bitcoin mining to AI/HPC is capital-intensive and involves huge investments in infrastructure and GPUs, the payoffs may be off the scale. If miners manage to turn even a small part of their operation toward AI/HPC, there is an outside chance they could double their market capitalization by 2028, offering growth in a changeable tech landscape.

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2024 Financial Overview & Upside Potential of MVDAPP Bitcoin Miners

Related Reading | Turkey’s Crypto Market Expands with Increase in Licensed Exchanges

Solana’s Big Win: Brazil Launch Spot ETF

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The first-ever Solana spot ETF has landed in Brazil. In a groundbreaking development, the Brazilian Securities and Exchange Commission [CVM] has approved the spot ETF. This milestone is a significant step forward as the ETF, provided by QR—a prominent player known for its Bitcoin and Ethereum ETFs—will be managed by Vortx. At present, the ETF awaits final approval from B3, Brazil’s main stock exchange, It is expected to hit the market within 90 days.

The approval comes on the heels of the SEC’s recent endorsements of Ethereum ETF and Bitcoin ETF which have sparked a surge of institutional interest. Traditional media outlets like CNBC to investment titans like Franklin Templeton have been vocal about their optimism about the token. However, some experts expressed apprehensions about the token’s close ties with Solana Labs, which might lead regulators to perceive it more as a security/stock than a commodity asset. This could present potential legal hurdles. 

Solana
Solana's Big Win: Brazil Launch Spot ETF 4

Despite these concerns, the buzz around Solana ETFs is palpable. Recent filings with the Chicago Board Options Exchange [CBOE] for the 21Shares Core SOL ETF and the VanEck SOL Trust have underscored the heightened interest of the market toward such funds. This highlights a shift towards more traditional financial instruments incorporating digital assets.

Solana ETF US launch Inches Closer

That being said, the Brazilian regulator’s approval has captured the attention of institutional investors and financial advisors, who are increasingly exploring avenues to offer SOL exposure to their clients. If successful, this could potentially accelerate the mainstream adoption of Solana and its ecosystem and further integrate its technology into global financial systems.

Looking ahead, the excitement does not stop here. The SOL exchange-traded funds (ETFs) have set the stage for potential launches in the United States around mid-March 2025 in the United States. This has sparked a flurry of speculation and anticipation within the crypto community, making this an exhilarating time for Solana and its investors.

As Solana edges closer to broader market acceptance, all eyes will be on how this new financial product performs and what it means for the future of digital assets.

Ethereum’s ETF Dip: A Temporary Setback or a Hidden Opportunity?

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Ethereum price took a nosedive post-ETF launch, sparking concerns in the crypto community. However, such dips aren’t surprising to seasoned investors. Citing past trends, experts believe pullbacks of this nature, following the introduction of financial products, can be temporary and potentially advantageous.

When the Bitcoin [BTC] spot ETF was first launched in January, it faced a 20% decline over 14 days. Experts pointed out that this setback was temporary as the dominant crypto skyrocketed 91% in the following 51 days. This pattern highlights how initial declines following major financial products’ launches can often precede substantial gains.

Ethereum
Source: Jelle

Similarly, Ethereum has seen a dip since the recent ETF launch. Despite the current headwinds, the ETF is expected to provide long-term benefits for ETH’s price. Investors should view this pullback as a potential opportunity rather than a cause for concern.

ETH since the ETF launch, and how Bitcoin performed since the ETF launch. Even if it keeps facing headwinds in the first weeks, the ETF should be a long-term benefit to ETH’s price. Be patient.

While the short-term may continue to present challenges, history suggests that patience could be rewarded. The ETF’s long-term impact on Ethereum could mirror the positive trajectory observed with Bitcoin.

Ethereum’s ETF Launch Sparks Debate

Ethereum’s recent market dip has divided the crypto community. Some experts are optimistic, speculating that ETH’s spot ETF launch will pave the way for the next altcoin spot fund. Others are more cautious, citing a lack of maturity and liquidity, as well as regulatory uncertainties. Prominent among them is, BlackRock’s Head of Digital Assets, Robert Mitchnick, who poured cold water over expectations for Solana and XRP ETFs, citing a lack of maturity and liquidity, along with regulatory uncertainties.

Mitchnick’s recent remarks come after ETH’s recent price drop post-ETF launch. The analyst further commended that the SEC was not particularly comfortable with spot Ether ETFs offering staking facilities. He used this reasoning to suggest that an ETF for altcoins such as Solana and XRP might be far off.

However, other well-known ETF analysts like Nate Geraci pointed to VanEck and 21Shares’ SOL ETF filings, highlighting institutional interest despite regulatory uncertainty.