🚨 LATEST: CoinShares drops a new $TON ETP with 2% yield as $TON’s market cap slides under $6B. https://t.co/ThhrplS6vN ...

Core Insights - XRP has experienced a significant decline of over 25% from its 52-week high of $3.65, currently trading at approximately $2.68, but there are two bullish signals that could positively impact its price in the coming months [1] Group 1: New Spot XRP ETFs - Six investment firms have submitted applications for new spot XRP ETFs to the Securities and Exchange Commission, with a final decision expected in October, although this timeline is uncertain due to the federal government shutdown [3][4] - The launch of these ETFs is anticipated to unlock substantial institutional investment, with initial estimates suggesting up to $8 billion could flow into XRP, although this figure may be overly optimistic [5][6] - Since the beginning of the year, nearly $2 billion has already been invested in XRP, with $75 million entering in a single week as of October 20 [6] Group 2: New XRP Treasury Companies - The emergence of new XRP treasury companies, which are focused on buying and holding XRP, could further drive demand; VivoPower International has launched as the first publicly traded XRP treasury company [7][8] - Other publicly traded companies have also expressed intentions to accumulate XRP, although these companies are relatively small and may not significantly impact XRP's overall market price [9]

Core Insights - CoinShares has launched the CoinShares Physical Staked Toncoin (CTON), a regulated exchange-traded product providing institutional access to TON, the blockchain integrated with Telegram's 900+ million users [1][2][3] Group 1: Product Launch and Features - The CoinShares Physical Staked Toncoin (CTON) offers exposure to TON and is designed for European investors, extending the existing market footprint of CoinShares [1][10] - The product features a 0% management fee, a 2% staking yield from network validation rewards, and is physically backed with direct 1:1 exposure to underlying TON tokens [9][10] - CTON will begin trading on the SIX Swiss Exchange, allowing transactions in USD similar to traditional securities [9][10] Group 2: Market Context and Strategic Positioning - CoinShares identifies Toncoin as a compelling opportunity within the layer 1 blockchain landscape, particularly due to its integration with Telegram, which provides a significant user base and established infrastructure [3][4] - The blockchain's high-performance capabilities, with over 104,000 transactions per second, enhance its market reach and technical performance [4][5] - CoinShares aims to bridge the gap between traditional digital services and decentralized infrastructure, aligning with its hybrid finance investment thesis [5][6] Group 3: Company Background - CoinShares is a leading global digital asset manager with over $10 billion in assets under management, providing a range of financial services to various clients [1][8] - The firm is regulated in multiple jurisdictions, including Jersey, France, and the US, and is publicly listed on Nasdaq Stockholm [8]

Core Insights - Solana has experienced a dramatic journey in the cryptocurrency market, marked by significant highs and lows, particularly influenced by the collapse of FTX in November 2022 [1][2] - The partnership with Visa towards the end of 2023 marked a turning point for Solana, enhancing its institutional credibility and showcasing the advantages of its blockchain framework [2] - Institutional interest in Solana has grown, with major financial firms like BlackRock and Franklin Templeton expanding their funds onto the Solana network [2] Group 1: Solana's Performance and Challenges - Solana's blockchain utilizes a proof-of-history mechanism, enabling fast transactions, but its history includes challenges, notably the impact of FTX's collapse [1] - The CoinShares analysis highlights that Solana was significantly affected by FTX's downfall due to the exchange's deep ties to the cryptocurrency [1] Group 2: Institutional Partnerships and Growth - The Visa partnership not only provided a significant boost to Solana's credibility but also illustrated the potential of its blockchain technology [2] - The expansion of funds by financial giants onto the Solana network indicates a growing institutional interest and confidence in the cryptocurrency [2] Group 3: Investment Opportunities - The CoinShares Altcoins ETF (DIME) offers investors exposure to a diversified selection of altcoins, including Solana, which can help mitigate risks associated with individual altcoin performance [3] - A diversified approach to altcoin investing through DIME allows investors to benefit from altcoin rallies while reducing exposure to underperforming assets [3]

Core Insights - Digital asset investment products experienced inflows of $921 million last week, driven by renewed optimism regarding U.S. interest rate cuts, which has revived investor interest in crypto-linked funds [1] - The inflows occurred amidst a backdrop of volatility and uncertainty in U.S. fiscal policy, particularly during the ongoing government shutdown [1] - Consumer price index data came in lower than expected, bolstering hopes for continued easing by the Federal Reserve, with trading volumes in exchange-traded products (ETPs) reaching $39 billion, significantly above the year-to-date weekly average of $28 billion [2] Investor Sentiment - A significant majority of users on the prediction market platform Myriad anticipate a 25 basis points rate cut in October, with only a 19% chance of two rate changes by the Fed in 2025 [3] - CoinShares' head of research noted a long-term shift in investor behavior, with diversification now being the primary reason for investing in crypto ETFs, contrasting with five years ago when speculation was the main driver [4] - The percentage of Bitcoin investors holding for over 150 days has increased from 50% in 2018 to 75% today, indicating a shift towards a longer-term investment outlook [4] Market Dynamics - Investors are increasingly responsive to economic data such as CPI and payrolls, viewing Bitcoin more as a store of value or monetary asset [5] - The correlation between Bitcoin and traditional assets like bonds and equities varies significantly, influenced by monetary policy stances [5] - The U.S. led regional inflows with $843 million, while Germany recorded strong inflows of $502 million; however, Switzerland saw outflows of $359 million attributed to asset transfers rather than active selling [6] Regional Activity - Smaller markets like Hong Kong experienced limited activity, with only $11.23 million in outflows from one Bitcoin ETF, while a single Ethereum ETF saw inflows of $1.1 million [7]

Core Insights - The CoinShares Valkyrie Bitcoin Miners ETF (WGMI) experienced a pullback on October 10, reflecting broader market trends affecting risk assets, including cryptocurrencies and related equities [1] - Despite the pullback, some holdings within the ETF showed modest gains, and the recent tariff-induced decline may present a buying opportunity for investors, especially considering WGMI's impressive 116.43% gain over the preceding 90 days [2] - Wall Street analysts are increasingly optimistic about the non-crypto capabilities of WGMI's holdings, particularly in relation to the AI infrastructure boom, which could turn current market challenges into future opportunities [3] Company and Industry Analysis - Analyst Gautam Chhugani highlighted that cryptocurrency miners, including firms within WGMI, are becoming attractive partners for AI cloud providers, with IREN (IREN) identified as a top pick due to its significant power portfolio [4] - IREN's operations include a 3 gigawatt power portfolio, enabling growth in AI cloud services through options like building its own GPU cloud or leasing power to tech firms, while also maintaining profitable Bitcoin mining with a cost of approximately $36,000 per Bitcoin [5] - The demand for power from AI hyperscalers presents a unique opportunity for WGMI and its holdings, as the energy-intensive nature of cryptocurrency mining aligns well with the needs of AI companies, particularly given the anticipated shortages in data center capacity through 2026 [6]

Core Insights - Digital asset investment products experienced inflows of $921 million last week, driven by optimistic sentiment regarding potential Federal Reserve rate cuts following softer-than-expected U.S. consumer-price-index data [1] Group 1: Inflows and Outflows - The United States accounted for the majority of inflows with $843 million in net new capital, while Germany recorded significant inflows of $502 million, one of its largest weekly totals [2] - Switzerland experienced outflows of $359 million, primarily attributed to asset-servicing transfers rather than outright selling [2] Group 2: Asset Performance - Bitcoin led the inflows with $931 million, contributing to a year-to-date net new investment of $30.2 billion since the Federal Reserve began cutting rates [3] - Ethereum products faced their first weekly outflows in five weeks, losing $169 million, despite ongoing demand for 2x leveraged ETPs [3] - Inflows into Solana ETPs decreased to $29.4 million, while XRP products attracted $84.3 million ahead of anticipated spot-ETF approvals in the United States [3] Group 3: Trading Activity - Trading volumes remained high at $39 billion for the week, surpassing the year-to-date weekly average of $28 billion for 2025 [4]

Investment Flows - Digital asset investment products experienced net inflows of $921 million last week [1] - Bitcoin led with inflows of $931 million [1] - Ethereum saw outflows of $169 million, marking its first outflows in five weeks [1] - Solana recorded inflows of $29.4 million [1] - XRP inflows totaled $84.3 million [1] Trading Volume - Trading volume in digital asset ETPs reached $39 billion [1] - The trading volume surpassed the year-to-date weekly average of $28 billion [1]

Market Overview - Expectations for further monetary easing are strengthening, with anticipated cuts of 25 basis points in October and an additional 50 basis points in December [1] - The latest CPI print of 0.3% month-on-month is below the 0.4% consensus, indicating modest inflationary effects from tariffs [1] Political Stalemate - The U.S. government shutdown has frozen most macroeconomic data releases, increasing reliance on the single inflation reading [2] - The Senate failed to pass a continuing resolution to fund the government, with a vote tally of 50 in favor, 43 against, and seven abstentions [3] - The ongoing stalemate is causing disruptions across federal operations, raising concerns about future employment data [4] Digital Assets - Digital assets, particularly Bitcoin, are showing resilience amid political and macroeconomic uncertainty, with Bitcoin rising since the October 17th low near US$104K [5] - Fund flows indicate selective but engaged investor behavior, with Bitcoin favored as a relative safe haven while Ethereum exposure is being trimmed [5] - Digital asset ETPs saw net inflows of +US$573 million this week, with Bitcoin products gaining +US$528 million and Ethereum products losing –US$100 million [8] Market Sentiment - The combination of anticipated rate cuts and fiscal paralysis is reshaping market expectations and asset allocation [6] - Data scarcity is amplifying noise around inflation releases, potentially benefiting digital assets as demand for non-traditional hedges grows [6] - Early signs of stabilization in Bitcoin flows and leveraged positioning suggest a potential turning point in post-liquidation sentiment across the crypto landscape [6]

Core Viewpoint - CoinShares International Limited has received a waiver from Nasdaq Stockholm, allowing the company to forgo the publication of its Q3 2025 financial results, which were originally scheduled for November 11, 2025, as part of its transition to a U.S. listing through a merger plan [1][5]. Group Summary - CoinShares reported strong performance in Q3 2025, benefiting from favorable industry conditions and sustained investor confidence [2]. - The company is in the process of changing its listing venue from Sweden to the U.S., which requires the auditing of historical financial information under PCAOB standards for compliance [3]. - The decision to not publish Q3 results is linked to the U.S. listing process, as including this information would delay the registration statement on Form F-4 and impede the transaction [4]. - The waiver granted by Nasdaq Stockholm is a one-off measure to facilitate the ongoing transaction, and the financial calendar has been updated accordingly [5]. - The CEO of CoinShares emphasized the importance of the transaction for the company's development and expressed commitment to keeping investors informed of material developments [6][7].