BlackRock Pushes for ETF Rule Changes 

Global asset manager BlackRock is taking another major step in the crypto market. The company submitted applications to the U.S. Securities and Exchange Commission (SEC) to revise its iShares Bitcoin ETF (IBIT) and iShares Ethereum ETF (ETHA). The amendments aim to bring both funds under Nasdaq’s general listing standards rather than the original application terms. 

According to Nasdaq filings, the proposed changes are expected to take effect in the first quarter of 2026. In addition, the exchange requested that the SEC waive the five-day pre-filing notice period, which would accelerate the listing process for crypto ETFs. 

SEC Approves New General Listing Standards for Crypto ETFs 

On October 1, the SEC officially approved new General Listing Standards for crypto exchange-traded funds. With this rule in place, exchanges such as Nasdaq, NYSE, and Cboe can now list commodity-based trust shares—including those tied to digital assets—without filing a 19b-4 form. 

This regulatory shift shortens the ETF approval timeline from 240 days to just 75 days. Furthermore, the SEC withdrew all delay notices on altcoin ETF applications, including those tied to Solana, XRP, HBAR, and Litecoin. Analysts suggest this signals progress toward the approval of the first altcoin ETFs under the Securities Act of 1933. 

Meanwhile, the Cboe BZX Exchange has also filed for amendments to ETFs from Fidelity, VanEck, and 21Shares, further expanding the scope of crypto ETF accessibility. 

IBIT Overtakes Deribit as Top BTC Options Platform 

According to Bloomberg, BlackRock’s Bitcoin ETF (IBIT) has overtaken Deribit to become the largest BTC options platform. This milestone follows the SEC’s earlier approval of IBIT options, which enabled greater institutional participation. 

Last week, $23 billion worth of crypto options expired, with IBIT’s open interest on Nasdaq reaching $38 billion compared to Deribit’s $32 billion. This marks a clear paradigm shift as Wall Street deepens its involvement in the crypto derivatives market. 

Currently, BlackRock’s Bitcoin ETF manages $87.71 billion in assets, making it the largest Bitcoin ETF worldwide. Meanwhile, Bitcoin (BTC) is trading above $114,100, reflecting continued investor demand. 

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According to Strategic Solana Reserve data, Forward Industries has accumulated 6.82 million SOL. Meanwhile, Sharps Technology collected 2.14 million SOL. Defi Development Corp and Upexi Inc hold roughly 2 million SOL each. 

In total, about 17 million SOL — valued at around $4.3 billion — has been accumulated. Additionally, Nasdaq-listed Helius Medical Technologies announced a $500 million treasury bond program focused on SOL. This strategy mirrors Michael Saylor’s corporate debt and equity issuance model for Bitcoin. 

Optimism in Options and Derivatives Markets 

Bullish expectations are rising in the SOL options market. The put-call premium ratio ranged between 14% and 57% last week, reflecting higher premiums for call options. 

Moreover, perpetual futures funding rates are around 8%. While leveraged buying remains limited, institutional accumulation lowers SOL’s risk profile, enabling investors to take safer positions. 

ETF Approval and Market Expectations 

The U.S. Securities and Exchange Commission (SEC) has introduced regulations that may accelerate spot crypto ETF approvals, boosting interest in potential Solana ETFs. 

Grayscale received approval to list its $930 million Digital Large Cap Fund, which primarily invests in Bitcoin and Ether but also includes smaller allocations to XRP, SOL, and Cardano. 

Currently, Solana ranks second with $14.6 billion in TVL and a staking yield of 6.8%, surpassing Ether’s 2.9%. In summary, if SEC approval is secured, SOL could reach $300. However, rival altcoin launches and broader market conditions may influence this outcome. 

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Pengu’s Rebirth and Strategic Moves 

Pudgy Penguins is known as the NFT collection of the Igloo company. However, today’s success of the project is based on critical strategic steps taken under the leadership of CEO Luca. Luca revived the previously dormant collection by purchasing it, boosting its value to between $50,000 and $60,000. Additionally, a $60,000 worth airdrop demonstrated the project’s marketing strength. 

Luca launched the token on the Solana network. This move attracted the strong Solana community and strengthened the community-focused structure. After the initial airdrop, prices dropped due to Luca distributing the airdrops without lockups. This caused natural selling pressure. Along with the general market correction, prices fell by 84%. However, the project successfully overcame the selling pressure and started to recover. 

ETF News and Global Recognition 

Pengu’s rapid rise from the bottom accelerated especially with ETF news. Support from major institutions like VanEck increased institutional acceptance of the project. The release of documents regarding Canary Pengu ETF approval triggered a price breakout. ETF approvals from various companies and banks paved the way for Pengu’s market explosion. 

Luca succeeded in marketing strategy. By encouraging many airdrop recipients to sell, an organic holder base was created. Then, with new strategies and ETF news, the project gained new momentum. The branding (IP) achievements of Pengu and Igloo also stand out. Plush toys sold in major stores like Walmart and Pengu becoming one of the most used GIF emojis on Giphy.com increased global recognition. 

Abstract Ecosystem and New Airdrop Expectations 

Pengu strong performance has also increased interest in the Abstract ecosystem. Holding NFTs on Abstract earns users XP. These XP points allow users to level up to gold or platinum status. A new airdrop from the Abstract chain is strongly expected. Pengu holders are anticipated to benefit from this airdrop as well. All these developments are among the important factors supporting Pengu’s rise. 

Key Dynamics Behind Pengu’s Rise 

Luca’s Role and Revitalization of the Project: Although Luca did not create the project from scratch, he purchased a dead collection and increased its value to $50,000-$60,000. A $60,000 worth airdrop is a sign of success. 

• Airdrop Strategy and Solana Integration: NFT prices reached $80,000-$100,000. The airdrop on Solana helped the project reach a strong community base. 
• Price Drop and Recovery: Unlockable airdrops caused selling pressure; the market correction led to an 84% drop. However, the project recovered and began rising. 
• ETF News and Institutional Support: Canary ETF approval and VanEck’s backing led to price explosion. 
• Branding (IP) Strategies: Plush toys in Walmart, viral GIFs on Giphy, strong brand recognition. 
• Abstract Ecosystem and New Airdrop: Holding NFTs earns XP, new airdrop expectation, and growing token demand. 

How to Find New Pengus? 

• Following developments closely is crucial. News should be tracked in advance as with Pengu. 
• Money inflows into NFT and meme token markets can indicate potential projects. 
• Creating a small diversified portfolio with risk management is beneficial. 
• It is possible to buy during trend formation regardless of market cap and volume. 
• Researching communities on social platforms like Twitter helps find solid projects. 

Pengu has achieved a strong rise in the crypto market through multi-layered strategies and institutional support. Airdrops, social media campaigns, gaming ecosystems, and ETF news continue to increase the token’s value. 

What Does the Technical Outlook Say? 

PENGU has risen to the critical resistance zone between $0.0396 – $0.0377 on the daily chart. If this level is broken with daily closes, the next target will be $0.045. However, if rejected and a pullback occurs, the first support to watch is $0.03. Below this level, the $0.0272 – $0.0246 range emerges as the nearest strong support zone. 

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Bitcoin Options Expired, Eyes on Trump’s Tariffs 

Trump’s customs tariff pause will end on July 9, causing concern among crypto investors. On Friday, approximately 139,392 Bitcoin options worth around $17 billion expired. According to Deribit data, the put-call ratio was measured at 0.74. This ratio indicates that the market remains bullish. The max pain point was at $102,000. 

Despite these developments, Bitcoin held steady at the $107,500 level. However, altcoins such as Ethereum (ETH), Solana (SOL), XRP, and Dogecoin (DOGE) lost between 2% and 5% in value. Investors believe the resistance at the $110,000 level is particularly strong. Data from Greek.Live showed mixed momentum signals in the market. Investors preferred to stay in profit or breakeven positions, increasing uncertainty in the market. 

How Will New Trade Agreements Affect Crypto? 

U.S. President Donald Trump and U.S. Trade Secretary Lutnick officially signed the U.S.-China trade agreement. This development temporarily eased global trade tensions. The new deal includes the relaxation of tariffs in certain sectors. If the Trump administration does not extend the 90-day customs tariff exemption, tariffs of up to 50% will be applied to the European Union. Additionally, country-specific “reciprocal tariffs” will come into effect. A general global tariff of 10% is also planned. 

This situation will continue to impact the crypto market, as investors may shift to less risky assets in response. However, some experts argue that such macroeconomic pressures could strengthen crypto in the mid-term. Arthur Hayes stated that developments like the SLR exemption and the GENIUS Stablecoin Act will have a positive long-term effect on digital assets. According to Hayes, Bitcoin may approach an all-time high. 

In addition, institutional interest in Bitcoin is growing through ETFs. This week, BlackRock’s IBIT product saw inflows exceeding $1.7 billion, indicating strong institutional support. 

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Truth Social Steps Into Crypto

Truth Social’s parent company, Trump Media & Technology Group (TMTG), had previously announced plans to build a $2.5 billion Bitcoin treasury. This fund aims to add Bitcoin to the company’s balance sheet and integrate digital assets into its financial strategy. TMTG established a $250 million fund through Truth.Fi in partnership with Charles Schwab. Having partnered with Crypto.com, TMTG plans to launch ETFs including Bitcoin and Cronos in the U.S., Europe, and Asia. Additionally, TMTG is planning to issue crypto wallets and tokens via the Truth.Fi platform. 

In recent years, institutional interest in digital assets has rapidly increased. ETFs aim to diversify investment options in this field. Meanwhile, the SEC has taken a cautious approach to cryptocurrency ETF applications but has started approving some. TMTG will complete the legal and institutional processes to realize this plan. However, some House members, like Gerald Connolly, have expressed concerns about potential conflicts of interest and noted that congressional approval is required. 

Truth Social’s Bitcoin ETF application coincides with a period of growing integration of digital assets into traditional investment platforms. For instance, another company has applied to the SEC for a Dogecoin spot ETF. 

The Trump administration generally holds a positive stance on cryptocurrencies. According to some claims, a Bitcoin Reserve might be created by using the Bitcoin held by the U.S. Treasury in March 2025. However, there is no official announcement or approval yet. 

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SEC Filing Updated on March 6

The new filing, dated March 6, updates the original application submitted on January 31. It may have been revised to address SEC feedback or to include additional information.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

21Shares isn’t alone in its ambitions. Grayscale submitted its own Polkadot ETF application to the SEC via Nasdaq on February 25. These filings highlight a growing race among asset managers to secure crypto ETF approvals.

Meanwhile, DOT continues to trade around $4.50, maintaining a crucial support zone at $4. On the weekly chart, DOT appears to be forming a falling wedge pattern — a potential bullish reversal signal. A breakout above the $10 level would confirm the pattern and could trigger a strong rally. However, falling below $4 would invalidate the setup and may lead to a drop to $3.60.

Polkadot 2.0 Launch Adds Momentum

In addition to the ETF developments, investors are closely watching the anticipated Polkadot 2.0 upgrade, expected in Q1 of 2025. The upgrade aims to significantly boost the network’s scalability and developer experience. A testnet version is already available via the Kusama network.

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Details of the Postponements

The SEC has postponed decisions on several high-profile ETF applications, including Grayscale’s filings for Dogecoin (DOGE), XRP, Litecoin (LTC), and Cardano (ADA). Additionally, Canary Capital, Bitwise, and 21Shares have also seen delays in their XRP ETF applications.

The regulator further delayed decisions on Solana (SOL) ETFs submitted by 21Shares, Canary, and VanEck. The last of the altcoin-related ETF postponements was Canary Capital’s Litecoin (LTC) filing.

Other crypto ETF delays include in-kind creation and redemptions for BlackRock IBIT ETF, as well as Fidelity’s Wise Origin Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH). Additionally, 21Shares’ Core Ethereum ETF proposal to include staking has also been postponed.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

New Applications and Market Race Intensify

Despite these delays, the SEC has acknowledged new filings, including Grayscale’s Hedera (HBAR) ETF and Bitwise’s updated Dogecoin (DOGE) filing. Moreover, on March 11, Franklin Templeton filed an S-1 Form for its own XRP ETF, further intensifying the altcoin ETF race.

Strong Approval Odds for 2025!

Bloomberg ETF analyst James Seyffart emphasized that these delays are part of standard procedure and should not raise concerns. He also noted that Paul Atkins has yet to be confirmed as the new SEC chair, which may have influenced the delay timeline.

In February, Seyffart and Bloomberg Senior ETF Analyst Eric Balchunas published their approval probability estimates for Litecoin (LTC), Solana (SOL), XRP, and Dogecoin (DOGE) ETFs. According to their analysis, Litecoin (LTC) leads with a 90% chance of approval in 2025, followed by Dogecoin (DOGE) at 75%. Solana (SOL) has a 70% probability, while XRP holds a 65% chance of approval.

The analysts highlighted that these approval odds were below 5% before Donald Trump’s election victory in November. Since then, regulatory sentiment has shifted, significantly increasing the likelihood of ETF approvals. If the regulatory environment continues to improve in the US, these odds may rise even further.

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