Schlagwort: crypto business

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State of Michigan pension fund discloses $10m Ethereum ETF holdings

  • State of Michigan pension fund holds over $11 million in spot Ethereum exchange-traded funds.
  • The 13F filing the State of Michigan Retirement System about $10 million in Grayscale ETF ETHE and $1.1 million in Grayscal Ethereum Mini Trust ETF (ETH).

The State of Michigan pension fund has disclosed in a 13F filing that it acquired and holds over $10 million in spot Ethereum exchange-traded funds.

In the latest 13F filing, details show that the State of Michigan Retirement System disclosed its holdings of the Grayscale Ethereum Trust (ETHE) and Ethereum Mini Trust ETF (ETH).

Per the filing, the Michigan state pension holds 460,000 shares of ETHE worth about $10 million and 460,000 shares ETH (the mini trust ETF) worth roughly $1.1 million.

VanEck head of digital assets Matthew Sigel shared the details below on X.

State pension funds buying spot crypto ETFs

With these spot Ethereum ETF holdings, the State of Michigan pension fund has become the first such entity to disclose an ETH ETF holding.

Notably, the State of Michigan Retirement System already disclosed its spot Bitcoin ETF holdings, revealing a $7 million position. Going by the latest 13F filing, the pension fund’s ether ETFs position is bigger than its spot BTC ETF one.

Commenting on this, Bloomberg senior ETF analyst Eric Balchunas said it is a “big win” for Ethereum. In particular, it’s because BTC price has seen massive price gains compared to ETH which has struggled a lot over the last several months.

Balchunas wrote in a post on X:

“Not only did Michigan’s pension buy Ether ETFs but they bought more then they did of bitcoin ETFs, $10m vs $7m, this despite btc being up a ton and ether in the gutter. Pretty big win for ether which could use one.”

Several US states have disclosed spot ETF holdings since SEC approved BTC ETFs in January this year. These include the State of Wisconsin Investment Board and Florida, whose chief financial officer revealed in an interview last week that the state’s crypto holdings are around $800 million.

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Crypto price prediction: Is Vantard (VTARD) set to outperform Pepe (PEPE)?

  • PEPE price has declined alongside that of Bitcoin ahead of the week’s major events – the US election and Fed’s interest rates decision.
  • Vantard has raised over $300 in seed round as investors eye the meme supercycle.

Pepe (PEPE) price has dropped significantly, but could this be a buy opportunity given potential market pump? What about the token creating the most buzz in the meme coins space today – Vantard (VTARD)?

Here’s the price prediction for PEPE and VTARD, and why the latter could outpace the frog-themed meme coin.

Vantard meme index fund

Vantard (VTARD) is a meme coin token that offers access to an index fund. For investors who have heard of Vanguard, then this is a project that seeks to replicate successes of its top funds in the crypto market.

The choice tokens for this index fund are the blue chip meme coins currently dominating the altcoin ecosystem. As a token, VTARD is the ticket to a portfolio that collates all the mega moves of top memes like dogwifhat, Popcat and hot new trends like GOAT and MOODENG.

All this does is allow investors buy a token that represents all the top movers.

The fund will rebalance periodically to add the hottest meme coins. Investors are bullish on VTARD, which stormed to $500k in its pre-seed sale and has surpassed $300k as the seed sale accelerates.

Pepe price prediction

Pepe price has declined 8% this past week and more than 21% over the past two weeks, with bulls struggling to hold key support levels.

As such, PEPE currently signals a bearish outlook as price hovers at levels last seen in mid-September. PEPE has plummeted below the key $0.0000087 area, and the downtrend has sellers eyeing the $0.0000065 level.

Both the Moving Average Convergence Divergence (MACD) and Relative Strength Index (RSI) indicators on the daily chart suggest bears have the upper hand. However, despite the bearish outlook, the overall market setup could help bulls flip momentum.

PEPE chart. Source: TradingView

Should meme coins return to an upward trajectory as its looks very likely they will with a Donald Trump win, PEPE could target a strong recovery to $0.000010. The YTD highs above $0.000017 will be a key target.

If not, likely with a Kamala Harris win, the short term price outlook could be a dip below $0.0000065. The demand reload level in this case will be the area around $0.0000048, a support level seen in April. Notably, bulls bounced off this area above before rallying to the year-to-date highs in May.

Vantard price prediction

VTARD currently sits at $0.00012 but could skyrocket as top meme coins in the portfolio begin to explode.

As noted above, the meme coin market is bullish as the US goes into Election Day on Tuesday, November 5, 2024. The crypto space is buzzing for a Trump win, with the forecast that a win for Harris could see prices fall short term.

In all these, crypto analysts have pointed out to the meme coin narrative as the one to watch.

Vantard’s unique proposition means the seed round is potentially a great entry level. As the project claims, this could be the first 1000x meme index fund, with performance riding the next meme supercycle.

To learn more about Vantard, visit the official website.

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PONKE spikes 10% after Binance announces perpetual contract listing

  • PONKE price has jumped 10% amid Binance Futures listing.
  • Binance has recently listed perpetual contracts for several meme coins, including GOAT.

Binance has announced the listing of the PONKEUSDT perpetual contract, with traders getting up to 75x leverage as from Nov. 4 at 12:30 UTC.

PONKE, a meme coin on Solana that has recently seen significant community interest amid market resurgence, surged more than 10% after the news. The price of PONKE had traded near $0.46 early Monday, but went vertical to near $0.55 as traders reacted to the Binance Futures news.

Last week, the price of meme coin Goateus Maximus also rocketed as Binance added perpetual contract for GOAT.

Ponke price surges 10%

Gains for the PONKE meme coin come as most cryptocurrencies eye upward bounce following this weekend’s dip. Per data from CoinMarketCap, Ponke was among the largest 24-hour gainers in the top 500 by market cap. PolitiFi tokens MAGA and TRUMP were seeing the most gains as polls suggested Donald Trump is leading Kamala Harris in the race for White House.

Binance has not announced spot trading support for Ponke, but the community is excited at the visibility and traction that the perpetual contract listing brings.

Notably, this comes amid the social media commentary around token listing on Binance and Coinbase.

In a post on X, Coinbase CEO Brian Armstrong noted that the US-based crypto exchange charges $0 fees to token listing. This was in response to another post that claimed Binance had asked for millions of dollars to list a top tier project.

However, Fantom co-founder Andre Cronje refuted Armstrong’s claims, noting that Coinbase had asked for millions in listing fee but Binance hadn’t. Tron founder Justin Sun also supported Cronje’s assertion.

Meanwhile, Binance co-founder Yi He, took to X to dismiss the FUD and to clarify the exchange’s listing policy.

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Crypto fear and greed index dive as focus shifts to Vantard

The crypto fear and greed index continued falling, reaching its neutral zone of 56, as most coins retreated. 

Bitcoin moved to $68,000, much lower than this month’s high of $73,500. Similarly, Ethereum token fell to $2,400, while the total market cap of all cryptocurrencies dropped to $2.28 trillion. 

Some of the worst-performing coins were Grass, Solana, Goat, and Sui, which have dropped by almost 10% in the past few months. In most periods, cryptocurrencies drop when the fear and greed index moves to the fear zone.

Trump odds fall

These coins have dropped as investors anticipate for the upcoming US general election, which could determine regulations in the coming years.

Most cryptocurrency investors favor a Donald Trump victory because he is one of them. He owns a crypto portfolio worth over $6 million and has pledged to become a crypto-friendly president. Polls show that the election is close in most swing states, making it more difficult to predict. 

Polymarket, the biggest player in the prediction market, shows that Donald Trump has higher chance of winning the election, with a 55% chance. While this is a big number, it is also lower than last week’s high of 67%, meaning that his odds are falling.

Therefore, the ongoing crypto weakness is a sign that investors are afraid that Harris could win the election. This also explains why the Trump Media & Technology (DJT) stock has plummeted in the past few days. Similarly, Trump-themed coins like MAGA, TRUMP, and DJT have plunged by double-digits.

In addition to the US election, cryptocurrencies will react to the upcoming Federal Reserve interest rate decision, in which officials are expected to cut interest rates by 0.25% after it slashed them by 0.50% in the last meeting. In most periods, cryptocurrencies do well when the Fed is cutting rates.

Read more: Traders turn to this first-of-its-kind Meme Portfolio as markets falter ahead of US elections

Vantard coin offering is doing well

Not all cryptocurrencies are struggling. Vantard, a Vanguard-inspired project is firing on all cylinders as its token sale accelerates. 

The project has already raised over $304,000 from investors, and could become the best-performing ICO of this year.

Vantard is doing well because of its promise to create a meme coin index fund. Historically, while most meme coins don’t have any utility, they have a long record of beating popular coins like Chainlink, Solana, and Binance Coin. 

Some of the most popular meme coins to watch are the likes of Popcat, Dogwifhat, GOAT, and Brett have done well this year. They have soared by more than 1,000% this year, which has brought their total market cap to over $60 billion.

Vantard is inspired by Vanguard, a company that has become an eight-trillion juggernaut, mostly because of its ETFs and mutual funds. For example, the Vanguard S&P 500 index (VOO) has accumulated over $500 billion in assets, a figure that has continued growing in the past few months. 

Vantard’s top tokens will be $VTARD, which will be made of a basket of popular cryptocurrencies. Holders of the tokens will be able to redeem it against the Treasury. 

Therefore, the Vantard token could continue doing well when the Federal Reserve continue cutting interest rates in the coming months. It will also benefit from the stability brought with the end of the election and the Santa Claus Rally. Find more on Vantard here.

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Tether CEO: we’re not launching a blockchain as “neutrality is very important” to us

  • Paolo Ardoino said that it’s not launching a Tether chain at the moment because “neutrality is very important”
  • Tether’s focus right now is partnering with businesses and communities rather than “trying to centralize everything”
  • Tether had another record-breaking quarter, resulting in $7.7 billion in profit over nine months

The CEO of Tether has ended rumors about a Tether Chain, stating that it’s “not planning to build an official blockchain at this time.”

Paolo Ardoino took to X to post his message, adding that “different independent L2 solutions are working to support $USDt for gas fees.”

In a follow-up tweet, Ardoino explained that one of the main reasons that Tether won’t launch a chain anytime soon is because “neutrality is very important.”

According to Ardoino, the company’s interest lies in teaming up with businesses and communities rather than “trying to centralize everything.” When asked if Tether is planning to launch a chain in the medium-long term future, Ardoino responded with “don’t think we will, but still it’s fair to not exclude any possibility.”

Another impressive quarter

At the end of October, Tether published its Attestation Report for Q3 2024. Reporting a “strong performance,” the stablecoin issuer noted that the latest quarter marked another “record-breaking milestone for Tether” resulting in $7.7 billion in profit over nine months.

Additionally, Tether’s stablecoin issuing companies managing reserves now hold more than $105 billion in cash and cash equivalents, with $102.5 billion in direct and indirect exposures to US treasuries. According to Tether, if it was classified as a country, it would be among the top 18, above Germany, Australia, and the UAE.

Speaking on this, Ardoino said:

“Reaching the $120 billion USD₮ milestone and reporting $102.5 billion in U.S. Treasury exposure highlights the company’s unparalleled financial strength. By increasing our reserve buffer to over $6 billion and maintaining a focus on strategic investments, Tether is once again setting the standard for stability in the financial space.”

Turning Tether’s attention to Q4 2024, Ardoino said the outlook is “very positive” with the growth of on-chain wallets per quarter rising to more than 35 million new addresses. For Ardoino, this is significant as the use of Tether is predominantly used in developing countries and emerging markets.

Ardoino claims that while the Western world has talked about boosting financial inclusion in the 21st century, little has been achieved, in what’s called “Financial Inclusion washing.”

With Tether, Ardoino said, they have created a product “that truly serves the underserved, the last mile, the normal people, the ones that don’t have access to the tens of different payment options that richer countries have to offer…”

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