For cryptocurrency to gain more value, wider ownership is crucial. Institutions investing directly in bitcoin or indirectly through spot ETFs, launched in January, can drive this growth. Some entities, like MicroStrategy (NASDAQ:MSTR), invest directly in bitcoin, while others, like the State of Wisconsin, invest indirectly. This trend is positive for cryptocurrency as it increases exposure to the asset class.

The State of Wisconsin Investment Board has invested over $160 million in spot bitcoin ETFs, allocating $98 million to BlackRock’s iShares Bitcoin Trust and $63 million to Grayscale’s spot bitcoin ETF. Although this is a small fraction of the board’s $156 billion in assets, it is significant since few large institutions invest in bitcoin.

The approval of these ETFs in January allows equity investors to gain exposure to bitcoin’s price movements without directly buying the cryptocurrency. The ETF sponsors purchase bitcoins and package them into shares, which are then sold to the public.

Bloomberg ETF analyst Eric Balchunas commented on the investment on X, noting that it is unusual for large institutions to invest in new ETFs so quickly. “Normally, you don’t see big institutions in the 13Fs for a year or so until the ETF gains more liquidity. These are not ordinary launches. This is a good sign, expect more institutions to follow, as they often move in herds.”

Balchunas speculates that more funds might invest soon, with Florida and Wyoming being likely candidates. These states are known for their pro-crypto stance and could lead their pension funds to invest in bitcoin or other cryptocurrencies.

The news coincides with increasing discussions about a spot Ethereum ETF, which, if approved, could further ease regulatory concerns and reinforce cryptocurrency’s stability as an investment.

This development marks a pivotal moment for crypto, suggesting that increased institutional interest could lead to broader adoption and a new era for the digital asset class.

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In a largely partisan vote, the U.S. House of Representatives has moved to prohibit the Federal Reserve from launching a central bank digital currency (CBDC). The bill, known as the CBDC Anti-Surveillance State Act, was introduced by Majority Whip Tom Emmer (R-Minn.), with concerns raised by Republicans regarding the potential for a U.S. CBDC to infringe on Americans’ privacy and autonomy.

Democrats, on the other hand, argued during the debate preceding Thursday’s vote that these concerns were exaggerated and that banning the development of a digital dollar would hinder innovation and research in the public sector. Ultimately, the bill received support from 213 Republicans and three Democrats, while 192 Democrats opposed it.

This vote stands in stark contrast to the bipartisan support witnessed the day before, when 71 Democrats joined 208 Republicans in passing the Financial Innovation and Technology for the 21st Century Act. This bill, focused on crypto market structure, aims to grant the U.S. Commodity Futures Trading Commission increased authority over digital assets’ spot market and delineate the Securities and Exchange Commission’s approach to the sector.

The passage of the FIT21 Act was celebrated by industry stakeholders as a significant milestone, signaling growing recognition of the crypto industry’s importance in the United States. Kristin Smith, head of the Blockchain Association, described it as a “watershed moment” for the crypto sector, while Nicole Valentine, director of FinTech at the Milken Institute, hailed it as a “welcome step.”

However, both the market structure bill and the anti-CBDC legislation face uncertain prospects in the Senate, where neither has a clear counterpart. With half of Congress lacking a companion for either piece of legislation, it appears likely that both bills may stall in the Senate, limiting their potential impact on the regulatory landscape surrounding cryptocurrencies.

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The Fantasy Top collection surged to the top of CryptoSlam’s daily non-fungible token sales chart on Wednesday, exceeding $1 million in transactions for the first time this week.

The leading Blast collection reported 7,467 transactions involving 2,246 unique buyers and 2,749 sellers.

Meanwhile, the Ethereum blockchain outperformed other platforms on the same day, recording sales of $6.25 million, although this represented a 22.3% decline from the previous day’s $8.15 million. In the NFT rankings, Bitcoin’s NodeMonkes collection secured the second spot with sales of $908,671, up from the previous day’s $571,992.

NodeMonkes currently ranks 26th in CryptoSlam’s all-time list with total historic sales of $224.5 million, just $2.5 million short of surpassing Crabada, an Avalanche collection.

The third-ranking collection for the day was Mocaverse on the Ethereum chain, which achieved $830,873 in sales, a significant increase from the previous day’s $193,042. On Wednesday, Mocaverse released additional details about its upcoming NFT airdrops.

DMarket from Mythos claimed the fourth position with daily sales of $711,025, a slight dip from the previous day’s $734,617. The collection saw a high volume of activity with 28,120 transactions conducted by 3,635 unique buyers and 3,231 sellers.

Following closely were Solana’s Mad Lads and Ethereum’s The Captainz, ranking fifth and sixth, respectively. Mad Lads recorded $613,391 in sales from 50 transactions, while The Captainz generated $567,277 from 50 transactions as well.

The Bored Ape Yacht Club, a regular feature in CryptoSlam’s daily NFT charts, ranked seventh with $530,359 in sales from just 11 transactions, reflecting the high value of assets within the collection.

Rounding out the top ten were Immutable’s Guild of Guardians Avatars, Polygon’s SKGirl, and Bitcoin’s SOL BRC-20 NFTs, with sales of $514,252, $301,171, and $209,525, respectively.

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Ethereum experienced a remarkable rally on Monday, marking its largest daily gains in three years and surpassing industry giants like Mastercard and LVMH in market capitalization. The surge was triggered by increasing speculation regarding the Securities and Exchange Commission’s (SEC) potential approval of a spot Ethereum exchange-traded fund (ETF).

News of the heightened probability of SEC approval for a spot Ethereum ETF sparked a frenzy of buying activity for ETH, driving its price from under $3,100 to over $3,800 within 24 hours. This significant surge, the largest since May 2021, reflects growing optimism among investors regarding the potential ETF approval.

The momentum was further fueled by a post from Eric Balchunas, a Bloomberg ETF analyst, who raised the probability of spot Ether ETF approval to 75%, citing emerging discussions within the SEC. Balchunas’ post quickly gained traction, amassing nearly five million views and igniting speculation within the crypto community.

The unexpected news surrounding the potential approval of spot ETH ETFs propelled Ethereum’s market cap to over $450 billion, positioning it among the top 20 companies worldwide by market capitalization. Notable companies that Ethereum surpassed include Mastercard (NYSE:MA), LVMH (LVMUY), Procter & Gamble (NYSE:PG), Samsung (KRW), and Bank of America (NYSE:BOA).

However, the approval process for ETFs is not straightforward, as it involves multiple forms and regulatory considerations. While the SEC may greenlight the 19b-4 forms allowing funds to list the ETFs, a decision on the detailed S-1 forms could be delayed. This approach would provide regulators with additional time to evaluate individual applications and understand the implications of ETF launches.

Despite the potential for regulatory complexities, many crypto enthusiasts remain optimistic about Ethereum’s prospects, anticipating a price surge beyond $4,000 and even new all-time highs above $4,900 in the event of spot ETF approval. Similar to Bitcoin’s price trajectory following ETF approvals, Ethereum could experience significant upside momentum.

As the crypto market awaits further developments, the potential approval of spot ETH ETFs could catalyze Ethereum’s continued growth and market dominance in the digital asset space.

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A 43-year-old software engineer, who previously worked on the BlackBerry in the 2000s and helped develop the Windows Phone app store at Microsoft, has now taken on a new challenge. Despite not having worked in crypto until early 2022, Laver is leading Solana Labs’ effort to revolutionize the crypto experience by integrating blockchain capabilities into a mobile device.

“This has that big, sky’s the limit energy,” Laver said in a rare interview with DL News. “This feels like madness, but at the same time, this feels like the end result.”

The end result is Solana’s second mobile phone, called Chapter 2, set to release in early 2025. With a $500 price tag for preorders, Solana has already secured more than 130,000 preorders, totaling $65 million.

A Bold Bet

This ambitious move is significant for the four-year-old blockchain network, given the heavily regulated mobile phone industry, which is dominated by giants like Apple and Samsung.

Why would Solana, a major player in decentralized finance (DeFi) with a token market cap of $82 billion and a leading brand in crypto, venture into hardware manufacturing?

“It’s a tough, tough ask,” said Chris Lewis, an independent telecoms analyst with over 40 years of experience, in an interview with DL News.

The answer lies in control. Solana aims to free crypto from desktop reliance and the restrictive app platforms of Apple and Google. These Silicon Valley giants have long hindered crypto-friendly mobile developers with high fees and app bans.

In today’s world, where investing, shopping, and banking are increasingly mobile, crypto is still struggling to establish a presence. “We’re used to everyone bringing a laptop to dinner, so you don’t miss a drop or a claim,” said Emmett Hollyer, head of business development and operations at Solana Labs.

Overcoming Past Challenges

Solana isn’t the first to challenge the incumbents. Over the past decade, numerous bespoke crypto phones have entered the market, but none have achieved significant success. Last year, Solana introduced the Android-powered Solana Saga, selling about 20,000 of the $600 handsets, far short of the 50,000 unit goal. In contrast, Apple shipped over 80 million iPhones in the fourth quarter alone.

Despite past setbacks, Solana is betting big on the Chapter 2, hoping to carve out a substantial niche in the mobile market and provide a seamless blockchain experience for its users.

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