Latest news with #JamesSeyffart
Yahoo
05-07-2025
- Business
- Yahoo
XRP $3 Bets Dominate Trading Volumes as XRP/BTC's 'Wedge' Suggests Further Rally
Payments-focused cryptocurrency XRP (XRP) has risen by over 3.5% in the past 24 hours, with volume in the Deribit-listed options market suggesting bullish expectations. Since July 1, higher-level July 25 call options at strikes of $3.00 and $4.00 and the Sept. 28 expiry call at the $2.80 strike have emerged as the most traded bets, according to data source Amberdata. A call option gives the buyer the right to buy the underlying asset at a predetermined strike price at a later date. The option represents a bullish view on the market. For instance, the $3 strike call buyer is betting that XRP's spot price will top that level by July 25. On Deribit, one options contract represents one XRP. A closer look at the flows reveals that the higher volume ranking for the $3 calls primarily stems from buy trades. In the past 24 hours, the $3 strike call has seen 2 million contracts change hands in investor buy trades (market makers on the opposite side). Conversely, investors have been mostly sellers or writers in the $2.8 call. The $3 call is also the most popular bet in terms of the increase in open interest, or the number of active or open contracts, in the past seven days. The increased activity in the higher strike calls follows strengthening expectations for a spot ETF debut in the U.S. According to Bloomberg's analysts Eric Balchunas and James Seyffart, the probability that the U.S. SEC will approve a spot XRP ETF now stands at 95% – almost a done deal. On Wednesday, fintech firm Ripple, which utilizes XRP to facilitate cross-border transactions, announced that it has applied for a national banking license at the Office of the Comptroller of the Currency (OCC). "If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market," Ripple's CEO Brad Garlinghouse said on X. XRP's bitcoin-denominated price, represented by the Binance-listed XRP/BTC pair, may be headed higher, having broken out of a falling wedge pattern. The falling wedge is a bullish reversal pattern, characterized by two converging trendlines that indicate a narrowing range of price movement. The converging nature of trendlines suggests that sellers are slowly losing steam. Hence, a subsequent move above the upper trendline is said to confirm renewed bull dominance. XRP/BTC has risen above the upper trendline, confirming the bullish breakout. The pattern indicates that the correction from the April highs has ended and the broader XRP bullish trend has resumed. While the wedge breakout indicates that the path of least resistance is on the higher side, popular averages, 50-day, 100-day and 200-day SMAs disagree. Both the 50- and 100-day SMAs are trending south, having recently crossed bearishly below the 200-day SMA. Note, however, that moving averages are lagging indicators and take backseat to the bullish wedge in to access your portfolio
Yahoo
04-07-2025
- Business
- Yahoo
SEC's Pause of Grayscale Fund Is Likely Temporary
The U.S. Securities and Exchange Commission likely halted the launch of the Grayscale Digital Large Cap Fund (GDLC) for administrative reasons, not political ones, multiple individuals familiar with the matter told CoinDesk. The SEC approved GDLC to uplist as an exchange-traded fund (ETF) on Tuesday through staffers' delegated authority, meaning the regulator's commissioners did not have to vote on the application. Nevertheless, the regulator informed Grayscale and the New York Stock Exchange — GDLC's listing partner — on Wednesday that the SEC's commissioners will review the approval, pausing GDLC's go-live date in the meantime. GDLC is based on CoinDesk Indices' CoinDesk 5 Index. Halting the launch gives the SEC time to develop listing standards for other ETFs that would launch under the same mechanism, the individuals said. There's also the fact that GDLC contains two digital assets — XRP XRP and Cardano ADA — that don't currently have their own individual ETFs. Two of the other assets in the basket, Bitcoin BTC and Ethereum ETH, have had their own ETFs since 2024, and the SEC has even previously okayed funds containing both of those assets. Solana SOL also saw its first ETF launch earlier this week, though applications for other ETFs tied to the asset remain under SEC review. The SEC faces deadlines later this year for the XRP, ADA and SOL applications. James Seyffart, Bloomberg Intelligence ETF analyst, told CoinDesk that the SEC's pause was 'not normal.' In a post on X, he wrote that there are two potential reasons behind the move. 'The SEC doesn't want to let anything to launch under the 19b-4 process until they officially approve or come up with some framework for digital assets in the ETF wrapper.' The other option, he wrote, is that the SEC wants to work on something in relation to a specific aspect of the fund itself, for example the structure. In a statement, a Grayscale spokesperson said the SEC's pause "was unexpected" but "reflects the dynamic and evolving nature of the regulatory landscape surrounding a first-of-its-kind digital asset product like GDLC." "Grayscale remains committed to pursuing the listing of GDLC as an ETP and we are working closely with key stakeholders to meet all necessary requirements. We will provide further updates as additional information becomes available," the spokesperson said. An 8-K filing from Grayscale said the firm "remains committed to pursuing the listing of the Fund on NYSE Arca and continues to work closely with key stakeholders to obtain approval of the application."
Yahoo
03-07-2025
- Business
- Yahoo
SEC Delays Grayscale Crypto ETF Launch Despite Approval
The Securities and Exchange Commission has placed a stay on Grayscale Investment Trust's Digital Large Cap Fund (GLDC) conversion to an exchange-traded fund, despite approving the fund on Monday, preventing the multi-asset crypto product from launching until further notice. The stay order creates uncertainty around the timing of the first diversified crypto ETF launch in the U.S. market, with analysts suggesting the delay may stem from the SEC's desire to establish broader digital asset listing standards before allowing new crypto products to trade. The SEC granted accelerated approval for GDLC to convert to an ETF trading on NYSE Arca, according to the filing. However, a separate letter from Deputy Secretary J. Matthew DeLesDernier notified the exchange that the Commission will review the delegated action, automatically triggering a stay under Rule 431 of the Commission's Rules of Practice. The fund tracks the CoinDesk 5 Index and holds Bitcoin at an 80.4% weighting, Ethereum at 11.2%, XRP at 4.8%, Solana at 2.9% and Cardano at 0.8%, according to Grayscale data as of July 1. Assets under management totaled $754.7 million, with more than 15.8 million shares outstanding. James Seyffart, Bloomberg Intelligence ETF analyst, posted on X that the SEC may want to avoid launches under the 19b-4 process until officials approve a framework for digital assets in ETF form. The analyst also suggested the delay could relate to specific aspects of the fund's structure. Bloomberg Senior ETF Analyst Eric Balchunas offered a different theory in a separate X post, suggesting the delay likely stems from the SEC's plans to issue crypto ETP listing standards before spot ETFs with alternative coins hit the market. The approval would have marked the second multi-asset crypto ETF for U.S. investors after Hashdex launched the Nasdaq Crypto Index US ETF (NCIQ) in February. The stay prevents trading until the SEC orders otherwise, according to the letter. The Office of the Secretary will notify the exchange of any action taken by the | © Copyright 2025 All rights reserved Sign in to access your portfolio
Yahoo
03-07-2025
- Business
- Yahoo
XRP $3 Bets Dominate Trading Volumes as XRP/BTC's 'Wedge' Suggests Further Rally
Payments-focused cryptocurrency XRP (XRP) has risen by over 3.5% in the past 24 hours, with volume in the Deribit-listed options market suggesting bullish expectations. Since July 1, higher-level July 25 call options at strikes of $3.00 and $4.00 and the Sept. 28 expiry call at the $2.80 strike have emerged as the most traded bets, according to data source Amberdata. A call option gives the buyer the right to buy the underlying asset at a predetermined strike price at a later date. The option represents a bullish view on the market. For instance, the $3 strike call buyer is betting that XRP's spot price will top that level by July 25. On Deribit, one options contract represents one XRP. A closer look at the flows reveals that the higher volume ranking for the $3 calls primarily stems from buy trades. In the past 24 hours, the $3 strike call has seen 2 million contracts change hands in investor buy trades (market makers on the opposite side). Conversely, investors have been mostly sellers or writers in the $2.8 call. The $3 call is also the most popular bet in terms of the increase in open interest, or the number of active or open contracts, in the past seven days. The increased activity in the higher strike calls follows strengthening expectations for a spot ETF debut in the U.S. According to Bloomberg's analysts Eric Balchunas and James Seyffart, the probability that the U.S. SEC will approve a spot XRP ETF now stands at 95% – almost a done deal. On Wednesday, fintech firm Ripple, which utilizes XRP to facilitate cross-border transactions, announced that it has applied for a national banking license at the Office of the Comptroller of the Currency (OCC). "If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market," Ripple's CEO Brad Garlinghouse said on X. XRP's bitcoin-denominated price, represented by the Binance-listed XRP/BTC pair, may be headed higher, having broken out of a falling wedge pattern. The falling wedge is a bullish reversal pattern, characterized by two converging trendlines that indicate a narrowing range of price movement. The converging nature of trendlines suggests that sellers are slowly losing steam. Hence, a subsequent move above the upper trendline is said to confirm renewed bull dominance. XRP/BTC has risen above the upper trendline, confirming the bullish breakout. The pattern indicates that the correction from the April highs has ended and the broader XRP bullish trend has resumed. While the wedge breakout indicates that the path of least resistance is on the higher side, popular averages, 50-day, 100-day and 200-day SMAs disagree. Both the 50- and 100-day SMAs are trending south, having recently crossed bearishly below the 200-day SMA. Note, however, that moving averages are lagging indicators and take backseat to the bullish wedge breakout.
Arabian Post
03-07-2025
- Business
- Arabian Post
SEC Puts Hold on Grayscale's Multi‑Token Spot ETF
The Securities and Exchange Commission has placed a hold on Grayscale's bid to convert its Digital Large Cap Fund into a spot exchange‑traded fund, pending review by the full Commission. The stoppage comes despite staff-level approval and a delegated‑authority green light issued on 1 July for the fund's listing on NYSE Arca. With around $755 million in assets, GDLC is heavily weighted towards Bitcoin, with additional holdings in Ethereum, Solana, Ripple, and Cardano. The proposed spot ETF would have been the first U.S. regulated multi‑crypto fund, broadening exposure beyond single‑asset offerings approved earlier. The SEC's Acting Division of Trading and Markets approved the listing via delegated authority under Rule 19b‑4. However, under Rule 431, any commissioner can request review—and at least one did on 2 July, triggering an automatic stay of the approval. The Commission has not stated which member requested the review nor provided a timeline for resolving it. ADVERTISEMENT Market analysts suggest the pause may reflect the SEC's intent to finalise a regulatory framework for spot crypto ETFs—especially products holding assets under unresolved legal status like Solana, XRP, and Cardano—prior to the launch of diversified digital‑asset vehicles. Bloomberg ETF specialist James Seyffart opined that the Commission may be preparing formal listing standards under the 19b‑4 rule before further layered launches. Grayscale has been converting several trusts into ETFs to close price inefficiencies and align fund prices with net asset value. GDLC tracks CoinDesk's CoinDesk 5 Index and was trading over-the-counter since 2019. The product had been expected to bring greater liquidity and lower premiums typical of Grayscale trusts. Financial observers warn that the hold introduces uncertainty for Grayscale, NYSE Arca and other issuers—including Bitwise and Franklin Templeton—who have filed for multi‑asset crypto ETFs and await regulatory clarity. The SEC's prior approvals for Bitcoin and Ethereum‑only spot ETFs in January and July 2024, respectively, signal cautious acceptance for those assets—but the inclusion of altcoins poses new legal and risk considerations. Key regulatory questions remain unresolved: the treatment of tokens with ongoing litigation, safeguards against market manipulation, valuation transparency, and asset custody protocols. Rule 431 empowers commissioners to review staff‑level delegations and, once invoked, mandates a suspension of the approval—until the Commission issues a resolution.
