According to Bloomberg, the new crypto fund tracking Solana has been greenlit for its much-anticipated debut. The fund has been able to navigate regulatory obstacles by investing 40% of its holdings in other Solana exchange-traded products, as explained by Bloomberg’s ETF analyst, Eric Balchunas.

The REX-Osprey product initially encountered regulatory challenges with the SEC, primarily concerning whether the ETF met the “investment company” criteria under federal law. The issuers have resolved this by agreeing to invest at least 40% of assets in other ETFs, mostly based outside the US. This includes ETPs that track Solana and staked Solana, which are generally classified as securities.

Strahinja Savic, the head of data and analytics at FRNT Financial, spoke to Bloomberg about this development, stating it was another step towards the integration of crypto and public markets. According to Savic, this move demonstrates how the previous administration has paved the way for crypto to become a key part of the US economy via public markets.

The introduction of this ETF follows hot on the heels of other Solana ETFs like the Volatility Shares Solana ETF (SOLZ) and its leveraged fund, SOLT. Nate Geraci, President of the ETF Store, celebrated this news, declaring it the start of the “Crypto ETF summer”.

The reaction on the market to this news was immediate, with Solana prices jumping 5.3%, from an intraday low of $150 to over $158 within minutes. However, the momentum didn’t last, and the asset slid back to $153 shortly after. Despite this, SOL has had a strong week overall, with a 7% increase since the previous week.

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Source: https://tinyurl.com/2w5tfdta

It’s important to note that this report hasn’t been independently verified by Reuters, and they aren’t responsible for its accuracy. Nevertheless, this news continues to fuel the discussion surrounding the role of traditional financial institutions in the rapidly evolving crypto landscape.

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Financial analysis of JPMorgan’s performance can be conducted using Supercharts and other relevant tools for a deeper understanding of this progressive move.

Stay tuned for more updates from Reuters.

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Hassett’s investment in Coinbase, represented as vested stock, is reportedly valued between $1 million and $5 million. This broad range is typical of financial disclosures. Hassett’s total disclosed assets amount to a minimum of $7.6 million.

In addition to his Coinbase stake, Hassett disclosed that he received an income of $50,001 from the Academic and Regulatory Advisory Council of Coinbase. He shared the board with notable figures such as former SEC Chair Jay Clayton and former CIA General Counsel Courtney Elwood, both of whom have connections with President Trump.

The Bloomberg report did not indicate whether Hassett is obligated to sell his Coinbase shares to prevent potential conflicts of interest. Hassett, who was the chairman of the White House Council of Economic Advisers from 2017 to 2019 during Trump’s first term, was also part of the team that developed economic strategies in response to the Covid-19 pandemic in 2020.

Hassett also served on the advisory council of One River Digital Asset Management, a cryptocurrency fund management firm. In November of the previous year, he was nominated by Trump to be the director of the National Economic Council. The Council formed a digital asset market working group following an executive order from the pro-crypto U.S. president. This group’s role involves proposing regulations and legislative actions aimed at strengthening U.S. leadership in cryptocurrency and financial technology.

Disclaimer: As of November 2023, Foresight Ventures is a majority investor of The Block, an independent media outlet that delivers news, research, and data. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. This article is for informational purposes only. It is not intended as legal, tax, investment, financial, or other advice.

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The trend in Solana prices over the past year has been consistent with the wider cryptocurrency market. However, there are indications that Solana may outperform numerous other altcoins in the second quarter of 2025. Here are four reasons why:

1. Bullish Long Term SOL Cup and Handle Pattern: On Apr. 28, renowned Crypto X chart technical analyst Ali Martinez, better known as “Ali Charts”, pointed out to his 136K followers an interesting pattern in the Solana price chart. Starting around Oct. 2022, the chart appears to form a bullish cup and handle pattern. This pattern, a classic signal of a bullish reversal, continued to develop until Nov. 2024 and became evident during market panic after Trump took office. Ali emphasized that the Bollinger Bands tightening on the 4-hour chart for SOL tokens hinted at impending activity in Solana markets.
2. Solana Tokenized Stocks Announcement: Tokenized contracts have the potential to disrupt the world even more radically than Bitcoin’s settlement-based finance system. One of the most promising applications for this would be tokenized stocks. The Solana Policy Institute, along with three other organizations, announced a proposal to the SEC on Apr. 30 for a pilot project to enable the issuance and trading of equity securities on public blockchain networks like Solana.
3. Bloomberg SOL ETF Approval Odds Soar to 90%: Eric Balchunas, senior ETF analyst for Bloomberg, posted the latest approval odds from Bloomberg Intelligence for active crypto ETF applications at the SEC on Apr. 29. Bloomberg’s prediction for a Solana ETF approval from the SEC in 2025 jumped to 90%, higher than Ripple’s 85% odds despite Ripple having more applications.
4. Solana Stablecoin Market Cap Skyrocketing: Data from DeFiLlama shows a significant increase in stablecoins on Solana, rising from under $5 billion a year ago to above $13 billion in May. Stablecoins are popular among Web3 users for their convenience in currency swaps and as a shelter from market volatility. This sudden increase in available liquidity is a bullish indicator for Solana this quarter.

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Bloomberg’s anonymous sources reveal that OKX pleaded guilty in February to breaches of anti-money laundering laws and committed to a penalty payment exceeding $500 million. The root cause of the federal probe revolved around OKX’s failure to secure a license for operating as a money transmitter, as per the firm’s statement about the settlement.

The exchange also clarified that the U.S. users implicated in the case have been expelled from the platform, and the allegations did not result in customer harm. Cuomo, currently in the race for New York City’s mayoral seat, consistently interacted with OKX executives and advised them on responding to the criminal investigation, Bloomberg noted.

Bloomberg also reported that Cuomo encouraged OKX to appoint Linda Lacewell, former superintendent of the New York Department of Financial Services, to its board of directors. Consequently, Lacewell was designated as the new chief legal officer of OKX on Monday.

OKX has yet to comment on the matter. The Block, an independent news outlet that reports on cryptocurrency, is majority-owned by Foresight Ventures since November 2023. Foresight Ventures has investments in other crypto companies, including crypto exchange Bitget.

© 2025 The Block. All rights reserved. The information in this article is solely for informational purposes and should not be construed as legal, tax, investment, financial, or other advice.

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Please note that Reuters, despite being the original news disseminator, has not independently corroborated this story and therefore cannot guarantee its veracity.

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This impressive landmark comes slightly more than a year after the inaugural trading of spot Bitcoin ETFs on Jan. 11, 2024. From Jan. 1 to 24 alone, these ETFs experienced a cash influx of $4.2 billion, accounting for over 6% of all ETF inflows, as per Bloomberg’s senior ETF analyst, Eric Balchunas.

ETF investments significantly contributed to Bitcoin’s 2024 price surge, accounting for approximately 75% of new investments when Bitcoin regained its $50,000 value on Feb. 15, less than a month after the ETFs’ introduction.

BlackRock, the world’s largest asset manager, boasts the most substantial Bitcoin ETF in terms of assets under management, valued at over $58 billion. This fund holds more than 46.4% of the market share among all US Bitcoin ETFs and has now risen to become the 31st-largest ETF globally, including both crypto and traditional finance products, as per data from VettaFi.

On Jan. 30 alone, BlackRock’s ETF added over $321 million worth of Bitcoin, representing over 54% of the day’s cumulative net inflows of $588 million, as shown by Farside Investors data.

Despite potential short-term declines to $96,000, many analysts remain optimistic about Bitcoin’s trajectory for the rest of 2025. The rising milestones of Bitcoin ETFs and the growth of BlackRock’s fund may push Bitcoin to reach $200,000 during 2025, according to Bitget Research’s chief analyst, Ryan Lee.

Nevertheless, Bitcoin’s value remains susceptible to economic developments, and any further delays in a potential US Federal Reserve interest rate cut could exert downward pressure.

The post The Rise of Bitcoin ETFs: Surpassing $125B with BlackRock’s IBIT at 31st Position Globally appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

Cryptocurrency billionaire, Mike Novogratz, forecasts a substantial rise for Bitcoin by the close of 2023. In a recent Bloomberg interview, Novogratz hinted that Bitcoin’s present consolidation phase, approximately within the range of $28,000 and $32,000, is likely to be a precursor to a significant uptrend.

He suggests this upsurge might come into play when the U.S. Federal Reserve adjusts and responds, potentially reacting to the escalating interest and demand for Bitcoin. Notably, Novogratz underlines that the recent announcement by BlackRock regarding its exchange-traded fund (ETF) did not drastically shift Bitcoin’s market price.

However, he maintains that this does not undermine the potential of ETFs in propelling extensive adoption of Bitcoin. “BlackRock, Invesco, the group of ETF providers, is a real signal that adoption is coming,” he commented.

Implications of a Spot Bitcoin ETF Approval

Despite the Securities and Exchange Commission’s (SEC) past reluctance towards cryptocurrencies, the Galaxy Digital CEO remains hopeful about the eventual approval of a spot Bitcoin ETF.

Novogratz proposed that such an approval would effectively be a validation from the U.S government, suggesting that Bitcoin has genuinely emerged as a recognized asset class. He also stressed the significance of massive sales forces, like those of BlackRock and Invesco, in providing access to individuals who previously lacked it.

Challenges in the U.S. Regulatory Landscape

However, Novogratz also cautioned that the regulatory landscape in the U.S. is still fraught with challenges, with the SEC maintaining a “really tough” stance on cryptocurrencies. He indicated that a shift in the SEC’s perspective or an administration change might be required to witness substantial progress in crypto regulation in the U.S.

Nevertheless, his overall sentiment for Bitcoin and the crypto market remains positive, forecasting a higher trade by the end of 2023.

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Bitcoin (BTC) will soon no longer be a risk asset, and investors should brace for a fresh price correction, says one of Bloomberg’s best-known analysts.

In an appearance on the Wolf Of All Streets podcast on Jan. 18, Mike McGlone, senior commodity strategist at Bloomberg Intelligence, sounded the alarm on global markets’ “up only” narrative.

As Bitcoin struggles in 2022, those hoping for a dramatic return to form will be disappointed by McGlone’s mid-term forecast.

The United States Federal Reserve, he said, will all but guarantee an end to the limitless gains for stocks — and crypto, naturally correlated, will suffer too.

“The number one theme I’ve been using for months now is ‘Do not fight the Fed,’” he began.

“If you’re long risk assets, you are fighting the Fed, and cryptos are the riskiest assets. The key thing, remember, is that Bitcoin is the least risky among cryptos.”

What Bloomberg Has to Report?

As the Fed attempts to rein in inflation and dramatically decrease asset purchases. The outlook is thus much less appealing for risk assets in the near term. For McGlone, however, there is a silver lining when it comes to Bitcoin’s inherent appeal.

“I think it’s transitioning from a risk-on to a risk-off asset,” he continued. Further, he added that he, “thinks Bitcoin will come out better off” after the period of policy upheaval.

“Here’s my prediction: The markets pull back finally, and we get a 10%–20% correction in the stock market. All correlations are one, which is usually the way it works. Bitcoin comes out better off for it.”

Meanwhile, McGlone, who is famous for his bullish takes on Bitcoin in the past, is far from alone in his caution.

As Cointelegraph reported, even Bitcoin traders themselves are bracing for testing times ahead, while the analyst’s views were echoed earlier this month by Arthur Hayes, ex-CEO of derivatives trading platform BitMEX.

“The loose US monetary conditions definitely influenced the meteoric rise in price (albeit a few months delayed),” he wrote about the Fed’s balance sheet in a blog post on policy and Bitcoin according to the Bloomberg.

“Since M2% growth stalled, Bitcoin has traded sideways. If M2 is set to hit 0% — and possibly even go negative — in short order, the natural conclusion is that Bitcoin (absent any asymptotic growth in the number of users or transactions processed via the network) is likely to go much lower as well.”

An accompanying chart underscored the implications of a much more conservative atmosphere.

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Coinbase is the second-largest cryptocurrency exchange on CoinMarketCap.com and the largest US-based crypto exchange. The company was supposed to go public via direct listing on the Nasdaq stock exchange this month and received a valuation of about $68 billion last week. However, according to Bloomberg, the listing was moved to April.  

The cryptocurrency exchange also announced yesterday three new listings on Coinbase Pro. It will list Ankr (ANKR), Curve DAO Token (CRV), and Storj (STORJ), which will become available for trading from Thursday, March 25, at 9 a.m. (PT), once liquidity conditions are met.

Bitcoin is the world’s largest cryptocurrency, with a market cap of over $1 trillion. It reached an all-time high of $61,683.86 on March 13, per CoinMarketCap.com data, but lost some of its gains since then. It is trading at around $56,360 at the time of writing.

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