Originally published on: December 06, 2024
Wall Street seems to be diving headfirst into the altseason, with Ether surpassing Bitcoin in exchange-traded funds inflows in the closing week of November. According to data from CoinShares, ETH funds saw a record-breaking net inflow of $634 million that week, contributing to a total of $2.2 billion in 2024 as investors seek to diversify their portfolios amidst expectations of improved regulatory conditions in the US.
Analysts are keeping a keen eye on the potential for additional revenue from ETH funds, with Bernstein Research predicting that Ether ETFs may soon offer staking yields. The possibility of ETH staking yield approval under a more crypto-friendly Securities and Exchange Commission is gaining traction, with annualized returns on ETH stakes currently around 3.1%. With ETH trading near $4,000 and posting a year-to-date return of 63%, investors are looking towards the future with optimism.
In other news, Meta’s stablecoin project Diem faced a setback due to political pressure from US regulators, leading to its eventual sale of intellectual property assets in 2022. BitGo is in talks with India’s crypto watchdog to enter the local market, targeting a market projected to reach $6.6 billion in revenue in 2024. Additionally, crypto exchanges like Binance.US and Coinbase are expanding their memecoin offerings, following the recent listing of Pepe and other popular tokens.
Grayscale Investments has filed with the SEC to launch a spot Solana exchange-traded fund (ETF), joining a growing list of ETF issuers seeking approval for spot SOL ETFs. If approved, the Grayscale Solana Trust, under the ticker GSOL, will trade on the NYSE, providing investors with exposure to the Solana ecosystem.
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