Clear Message from Robert Mitchnick

Speaking at the Bitcoin Investor Week 2026 event, Robert Mitchnick, Global Head of Digital Assets at BlackRock, firmly pushed back against claims that the IBIT fund had triggered market volatility. He stressed that interpretations suggesting the recent price drop stemmed from spot ETFs do not align with the data.

Mitchnick stated:

“There is a misunderstanding that hedge funds are maliciously selling within ETFs to create volatility. If hedge funds had held large positions through ETFs and suddenly liquidated them, we would have seen billions of dollars in outflows. Instead, IBIT experienced only a 0.2% withdrawal.”

This statement significantly weakens claims of large-scale panic selling in spot Bitcoin ETFs. It also strengthens the view that price movements may be driven more by leveraged derivatives markets rather than ETFs.

Is the Real Pressure in Leveraged Markets?

According to Mitchnick, the primary source of Bitcoin’s volatility is not spot ETFs but leveraged perpetual futures platforms. While billions of dollars in positions have been liquidated in derivatives markets in recent weeks, spot ETF fund flows have remained relatively balanced and stable. This suggests that price fluctuations may have been driven more by highly leveraged offshore platforms.

Mitchnick also noted that during price declines, some institutional investors, sovereign funds, and banks entered the market as buyers. This indicates that selling pressure has not been one-sided and that long-term investors may be viewing price drops as opportunities. Finally, he emphasized that the IBIT fund’s capital base is strong and largely composed of long-term investors. Thanks to this structure, short-term speculative movements have had a limited impact on the fund, and there have been no sudden, panic-driven large-scale outflows.

Are ETFs to Blame for Bitcoin’s Decline?

While geopolitical risks, macroeconomic uncertainty, and leveraged liquidations in derivatives markets stand out among the key drivers of Bitcoin’s price decline, BlackRock’s IBIT fund is argued not to have been a determining factor in this process. The limited 0.2% outflow weakens claims of ETF-driven chain-reaction selling. Going forward, Bitcoin’s price direction will likely continue to be shaped by macroeconomic developments, institutional demand, and leveraged market dynamics.

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Lummis is one of Congress’s most prominent advocates for Bitcoin and blockchain technology. Her long-standing push for clear, functional legal frameworks has made her a trusted voice within the crypto ecosystem. As a result, her remarks have drawn considerable attention from market participants and policymakers alike.

What Does the CLARITY Act Aim to Do?

The CLARITY Act is designed to establish a coherent regulatory structure for digital assets in the United States. At its core, the bill seeks to eliminate jurisdictional overlap and clearly define which regulators oversee different categories of crypto assets.

Under the proposed framework:

• The SEC would supervise digital assets classified as securities

• The CFTC would oversee commodities-based crypto assets such as Bitcoin

By clarifying these roles, the legislation aims to provide companies with predictable compliance standards while offering investors greater legal certainty. The bill passed the House of Representatives in July 2025 with a 294–134 vote, reflecting notable bipartisan support.

Why Regulatory Clarity Matters Now

Uncertainty has proven costly for the U.S. crypto sector. In recent years, unclear rules and enforcement-driven regulation have pushed startups, capital, and talent offshore. While Europe advanced with MiCA and parts of Asia became innovation hubs, many U.S.-based firms faced lawsuits rather than guidance.

The CLARITY Act is intended to reverse this trend. With clearer rules in place:

• Crypto startups can operate with greater confidence

• Institutional investors can deploy capital more decisively

• Legal and compliance risks are significantly reduced

In short, clarity creates conditions for sustainable growth rather than defensive positioning.

Presidential Backing Changes the Equation

Executive support is often the missing piece in major regulatory reforms. A president willing to sign the CLARITY Act sends a strong signal to both regulators and markets that digital assets are no longer viewed solely as a risk, but as a legitimate part of the financial system.

For Bitcoin, clearer CFTC oversight could accelerate institutional adoption across ETFs, custody services, and payment infrastructure. For Ethereum and other networks, a framework based on decentralization metrics could replace ad-hoc interpretations with consistent standards.

A Turning Point for U.S. Crypto Markets?

Senator Lummis’s call for swift Senate action underscores the urgency of the moment. With political momentum building and public sentiment shifting toward innovation and competitiveness, the CLARITY Act appears closer to becoming law than ever before.

If enacted, the legislation could mark the beginning of a new chapter—one in which the United States reclaims a leadership role in the global crypto economy through transparency, certainty, and regulatory balance.

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What Does the Delaware Registration Mean?

According to official filings, Bitwise registered a Uniswap (UNI) ETF entity in Delaware. However, this step does not mean that a formal ETF application has been submitted to the US Securities and Exchange Commission (SEC). Instead, it is considered a preparatory move, signaling that the fund manager is laying the groundwork for a potential S-1 registration statement, which is a core document required for SEC ETF approval.

Such registrations are common in the early stages of launching ETFs in the US. They help establish the fund’s legal structure, naming, and organizational framework. Market experts stress that a Delaware registration does not automatically trigger SEC review or imply that the ETF will be launched in the near term. In other words, it signals “readiness,” but the timeline and outcome of any approval process remain uncertain.

Vincent Liu, CIO of Kronos Research, evaluated Bitwise’s move with caution. He emphasized that the registration should be seen as a strategic step to keep options open, rather than evidence that SEC approval is imminent. Liu also highlighted that Uniswap’s structure could present specific challenges in the ETF approval process.

What Are the Challenges for a Uniswap ETF?

According to Liu, while Uniswap holds a strong position thanks to its robust ecosystem and deep on-chain liquidity, it also comes with complexities from an ETF perspective. Trading activity is spread across multiple networks, exchanges, and liquidity pools, which can create fragmented liquidity and price discovery issues. This raises important questions around how a reliable reference price would be determined and whether the market would meet regulatory standards for being considered “orderly.”

Liu further noted that Uniswap’s decentralized governance model and reliance on smart contracts introduce additional operational risks compared with traditional financial products. Smart contract vulnerabilities, potential technical exploits, and the unpredictability of governance decisions are factors likely to receive close scrutiny from regulators like the SEC, particularly from an investor protection standpoint. As a result, any Uniswap ETF initiative would likely require extensive evaluation not only in terms of demand, but also from technical and regulatory perspectives.

Timing Draws Attention

The timing of Bitwise’s move is also notable. It comes after the SEC closed its investigation into Uniswap Labs in February 2025, potentially reducing regulatory uncertainty and creating a more favorable backdrop for ETF-related preparations. Overall, Bitwise’s decision to register a Uniswap ETF in Delaware stands out as an important signal that UNI is on the radar for institutional investment products. While it does not imply near-term approval, it highlights the continued expansion of the altcoin ETF landscape and positions Uniswap as a prominent candidate in this evolving market.

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Grayscale Applies to the SEC for a Grayscale BNB ETF

Grayscale submitted a Form S-1 filing to the SEC today, formally initiating the registration process for the Grayscale BNB ETF. If approved, the fund will trade as a publicly listed exchange-traded fund (ETF) and will directly reflect BNB’s price performance. The fund was established in Delaware, with Grayscale serving as the sponsor. Following SEC approval, the ETF is expected to begin trading on an exchange.

According to the prospectus, the Grayscale BNB ETF will hold BNB assets based on the open-source cryptographic protocol operating on BNB Smart Chain. The value of the ETF shares will be determined by the total amount of BNB held by the fund. The prospectus also notes that, if certain conditions are met, staking rewards may be included in the fund’s performance. This structure suggests that the ETF may offer additional return potential beyond simple price tracking.

Planned Listing on Nasdaq Under the Ticker “GBNB”

Grayscale plans to list the ETF shares on Nasdaq under the ticker symbol “GBNB.” Shares of the fund will be created and redeemed in blocks of 10,000 shares, known as “baskets,” through authorized participants. Transactions may be conducted both in kind (using BNB) and in cash, a structure designed to enhance liquidity and operational flexibility.

The filing also outlines the fund’s key service providers:

• Coinbase will act as the prime broker
• Coinbase Custody Trust Company will provide custody services
• The Bank of New York Mellon will handle transfer and administrative functions

These institutions establish an infrastructure intended to ensure the ETF is managed in line with institutional standards.

Risk Warning for Investors

Grayscale clearly warned investors of potential risks in the prospectus. The fund will not be registered as an investment company under the Investment Company Act and therefore will not be subject to certain legal protections afforded to traditional investment funds. The company also clarified that the ETF’s sole investment objective is to track the price of BNB and that it will not use leverage or derivatives.

Grayscale’s spot ETF application for BNB highlights the growing institutional interest in altcoin ETFs. The SEC’s decision could set an important precedent not only for BNB, but also for future applications involving other altcoins.

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This launch reinforces the idea that Dogecoin is no longer viewed solely as an internet-driven meme asset, but increasingly as a digital asset capable of integrating into traditional financial structures.

TDOG Listed on Nasdaq

The new ETF is listed on Nasdaq under the ticker TDOG, offering both retail and institutional investors exposure to Dogecoin through a regulated exchange-traded product. By design, the ETF allows market participants to gain DOGE exposure without opening crypto exchange accounts or managing self-custody wallets.

This structure is particularly appealing to investors who prefer to maintain conventional portfolio frameworks while selectively adding crypto-linked instruments.

First Spot DOGE ETF Endorsed by the Dogecoin Foundation

What sets TDOG apart from previous offerings is its official endorsement by the Dogecoin Foundation. Founded in 2014, the Foundation has played a central role in supporting Dogecoin’s decentralized development and community-driven ethos.

This ETF is the first and only spot Dogecoin product to receive direct backing from the Foundation. Earlier spot DOGE ETFs launched by Grayscale and Bitwise did not carry this endorsement, positioning the 21Shares product as uniquely aligned with the broader Dogecoin ecosystem.

A Regulatory First with Explicit SEC Approval

TDOG also stands out as the first spot Dogecoin ETF to receive explicit approval from the U.S. Securities and Exchange Commission (SEC). Previous DOGE-linked products entered the market through automatic processes following a temporary U.S. government shutdown, without a formal agency sign-off.

The SEC’s recent approval carries broader implications beyond the ETF itself. It marks the first time Dogecoin has been formally assessed and treated as not being a security, a distinction that could influence how the asset is viewed under U.S. regulatory frameworks going forward.

From Internet Culture to Financial Infrastructure

Both 21Shares and the Dogecoin Foundation have emphasized that the ETF launch is about more than financial exposure. Dogecoin’s cultural roots, low transaction costs, fast settlement times, and highly engaged global community are frequently cited as reasons for its continued relevance.

Dogecoin is also widely regarded as an entry point into crypto for first-time users. Supporters argue that its simplicity and accessibility make it one of the few digital assets realistically suited for everyday transactional use.

Targeting a New Generation of Investors

According to 21Shares President Duncan Moir, TDOG is designed to resonate with younger, affluent investors who are crypto-curious but prefer to invest through established brokerage platforms rather than native crypto infrastructure.

Moir pointed to the strong momentum behind Bitcoin and Ethereum ETFs on Wall Street, suggesting that Dogecoin’s large market capitalization and persistent community engagement position it as a logical next candidate for institutional adoption.

A Turning Point for Dogecoin’s Narrative

The start of trading for TDOG represents more than a new investment vehicle—it reflects a shift in how Dogecoin is perceived. Once defined primarily by humor and online virality, DOGE is increasingly being framed as a legitimate digital asset capable of fitting into regulated financial products.

As Dogecoin transitions from its meme-driven origins toward broader acceptance in traditional markets, the launch of a Foundation-backed, SEC-approved spot ETF stands out as one of the clearest indicators yet that a new chapter has begun for the asset.

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Grayscale Files Official S-1 Application for NEAR

Based on the information shared, Grayscale has officially submitted an S-1 filing to the SEC with the aim of launching a NEAR-based spot ETF product. The S-1 form is one of the most fundamental regulatory documents required for a financial product to be offered to investors and enter the public offering process in the United States. This application clearly indicates that Grayscale intends to present NEAR within a regulated structure suitable for institutional investors.

Spot ETFs are considered more transparent and investor-friendly compared to futures-based or derivative products, as they directly represent the underlying crypto asset. For this reason, the application for NEAR is viewed as a significant signal—not only for the project itself, but also for the broader altcoin market—suggesting that institutional interest in altcoins may be increasing. Analysts believe such steps could contribute to the long-term maturation of the altcoin ecosystem.

Why Near (NEAR)?

Near Protocol stands out among Layer-1 blockchain projects due to its high scalability, low transaction fees, and developer-friendly architecture. By utilizing sharding technology, NEAR aims to enhance network performance while providing an efficient infrastructure for decentralized applications. Recently, the ecosystem’s focus on Web3 solutions, artificial intelligence integrations, and enterprise-level use cases has been cited as a key driver of growth.

With these developments, interest in NEAR has increased noticeably. Grayscale’s spot ETF application shows that NEAR is being closely monitored not only by retail investors but also by institutional players. According to analysts, this move is a strong indication of confidence in NEAR’s long-term potential and confirms that the project has entered the institutional radar.

How Could the ETF Application Impact the Market?

According to analysts, Grayscale’s spot ETF application for NEAR could:

• Increase institutional interest in NEAR
• Strengthen the token’s liquidity and market visibility
• Influence price dynamics in the medium to long term

However, the SEC’s decision will be the determining factor in how the process unfolds. As seen previously with Bitcoin and Ethereum spot ETFs, approval may take time, and additional regulatory requirements could arise.

Evaluation

Grayscale’s spot ETF application for Near (NEAR) stands out as a development that deserves close attention within the altcoin market. The progress of the ETF process could provide important signals not only for NEAR, but also for the broader institutional approach toward altcoins. Market participants are now closely watching for upcoming statements and decisions from the SEC.

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A Shift in Bitcoin’s Investment Narrative

According to Puell, the next stage of Bitcoin’s evolution will no longer be defined by whether investors “believe” in the asset, but by how much exposure they want and through which investment vehicles they choose to gain it. This shift became particularly evident after the launch of spot Bitcoin ETFs in 2024, which significantly reshaped the investor landscape.

By removing the operational complexities of direct custody, ETFs have made Bitcoin more accessible to institutional investors. At the same time, an increasing number of companies have begun allocating Bitcoin to their balance sheets, reinforcing demand that is less speculative and more strategic in nature.

Institutional Demand Reshaping Supply Dynamics

Puell highlights that spot Bitcoin ETFs and corporate treasuries now control approximately 12% of the total Bitcoin supply—an allocation well above earlier market expectations. This concentration suggests that a growing share of Bitcoin is being locked up by long-term holders, reducing available circulating supply.

ARK Invest believes this structural demand has already become a key driver of price behavior throughout 2025 and could continue influencing market dynamics into 2026. The accelerated pace of institutional accumulation points to a market that is becoming increasingly professionalized, with lower relative volatility compared to previous cycles.

ARK Invest’s Long-Term Bitcoin Price Scenarios

Despite Bitcoin’s muted short-term performance, ARK Invest maintains strong confidence in its long-term valuation framework. The firm’s 2030 projections outline three distinct scenarios. In a bearish case, Bitcoin could reach approximately $300,000. The base scenario places BTC around $710,000, while the bullish outlook envisions a price as high as $1.5 million.

Puell notes that the strengthening “digital gold” narrative, combined with expanding institutional adoption, supports the plausibility of BTC trading within this broad range over the coming years.

Toward Lower Volatility and Broader Adoption

Looking ahead, Puell suggests that as volatility continues to compress and drawdowns become less severe, BTC may appeal to a wider range of investors with lower risk tolerance. This evolution would mark a significant departure from Bitcoin’s early reputation as a highly speculative asset.

Overall, ARK Invest’s assessment portrays Bitcoin as an asset moving steadily toward institutional normalization—one that is increasingly positioned as a long-term portfolio component rather than a short-term speculative bet.

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Spot Crypto ETFs Move to the Legislative Agenda

South Korea’s National Assembly is expected to begin substantive legislative discussions in February regarding spot cryptocurrency exchange-traded funds (ETFs). At the center of these talks are proposed amendments to the Capital Markets Act, which would allow local financial institutions to issue and list spot crypto ETFs on regulated exchanges.

If implemented, this framework would represent a major step toward bridging traditional finance and digital assets. Spot ETFs could provide investors with exposure to cryptocurrencies without the need for direct custody, a structure that is particularly appealing to institutional players constrained by compliance and risk-management requirements.

Regulatory Authorities Signal Clear Support

The initiative is not limited to lawmakers alone. South Korea’s Financial Services Commission (FSC) has publicly expressed its support for the proposed legal changes. The regulator stated that it plans to implement the necessary supervisory and regulatory adjustments in parallel with parliamentary discussions.

This coordinated approach suggests that the process is designed to move beyond theoretical debate and toward practical execution. Market participants often view such alignment between legislators and regulators as a key indicator of policy follow-through.

Crypto’s Role in the 2026 Economic Growth Strategy

The government’s recently announced “2026 Economic Growth Strategy” further underscores a shift in how digital assets are perceived. Rather than framing crypto primarily as a regulatory risk, the new strategy places greater emphasis on institutional recognition and sector development.

One of the most notable elements of this roadmap is the explicit objective to introduce spot ETFs for major cryptocurrencies, including Bitcoin. Analysts argue that this could open the door for pension funds, large corporations, and asset managers to enter the market more actively, potentially increasing liquidity and market depth.

Stablecoin Regulation Takes Shape

Alongside ETFs, stablecoins represent another critical focus area. Authorities are preparing a two-phase legislative process to establish a formal framework for stablecoin issuance. Under the proposed structure, issuers would require authorization and sufficient capital backing, while issued stablecoins would need to be supported by reserves exceeding 100 percent.

Additionally, user redemption rights are expected to be legally protected. The government also aims to address cross-border use cases, positioning stablecoins as tools for blockchain-based trade and international payments.

What This Means for the Market

Taken together, these developments indicate that South Korea is positioning itself for a more institutional, regulated, and scalable crypto market. The introduction of spot ETFs and clear stablecoin rules could support medium- to long-term demand for both Bitcoin and altcoins, reinforcing Asia’s role in the next phase of global crypto adoption.

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JPMorgan Pushes Tokenized Cash Toward Production

One of the most concrete signals of this shift comes from JPMorgan. The bank announced plans to issue its US dollar–denominated deposit token, JPM Coin (JPMD), directly on the Canton Network. This marks a significant evolution from closed, internal systems toward interoperable blockchain environments designed for regulated financial activity.

The integration is being developed in collaboration with Digital Asset, the company behind the Canton Network, and JPMorgan’s blockchain unit, Kinexys. The goal is to enable regulated digital cash to move securely and efficiently across networks while maintaining privacy and compliance. JPM Coin represents a digital claim on actual dollar deposits held at the bank, targeting institutional use cases such as settlements and cross-network transfers.

Morgan Stanley Expands Crypto Access via ETFs

Morgan Stanley is taking a different but equally meaningful approach by bringing crypto exposure to traditional investors. The bank has filed regulatory applications to launch exchange-traded funds tracking Bitcoin and Solana. If approved, these products could be distributed to more than 19 million clients through Morgan Stanley’s wealth management arm.

The decision follows the strong performance of spot Bitcoin ETFs in the United States, which have attracted substantial inflows since their launch. By offering crypto exposure through familiar investment vehicles, Morgan Stanley is lowering the barrier for mainstream participation.

Barclays Enters the Stablecoin Infrastructure Space

In the UK, Barclays has made its first direct investment related to stablecoins. The bank backed Ubyx, a US-based clearing and settlement platform designed to connect regulated stablecoin issuers with financial institutions. While Barclays previously emphasized the risks of digital assets, this investment signals growing confidence in stablecoins as part of future payment infrastructure.

Ubyx aims to improve interoperability and settlement efficiency across regulated digital dollar systems, aligning closely with the needs of large banks.

Bank of America Normalizes Bitcoin ETFs

Bank of America has also taken a notable step by allowing its private banking and Merrill Edge advisers to recommend spot Bitcoin ETFs to clients. Approved products include offerings from Bitwise, Fidelity, BlackRock, and Grayscale, which together manage over $100 billion in Bitcoin.

The bank has indicated that investors comfortable with volatility may consider allocating a modest 1% to 4% of their portfolios to digital assets.

From Observers to Builders

Taken together, these developments show that Wall Street is no longer standing on the sidelines. Through tokenized cash, stablecoin infrastructure, and crypto-linked investment products, major banks are actively shaping how blockchain technology integrates into global finance. The shift is quiet, deliberate, and increasingly irreversible.

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Morgan Stanley’s New Crypto Initiative

Morgan Stanley’s SEC filing is seen as a critical step toward launching a Solana Trust ETF. Through this fund, the bank aims to provide investors with access to Solana via a regulated, traditional finance-compatible investment vehicle—without requiring them to directly hold tokens or manage technical processes. This structure offers institutional investors an alternative that reduces operational risks.

This development also indicates a shift away from crypto investment products being dominated solely by Bitcoin- and Ethereum-centric approaches. Institutional interest is now extending to other blockchain projects like Solana, demonstrating that the market is maturing and investors are evaluating a broader ecosystem.

Solana on Institutional Investors’ Radar

In recent years, Solana has emerged as a leading network thanks to its high transaction capacity, low-cost infrastructure, and rapid growth in DeFi and NFT sectors. Increased developer activity and expanding ecosystem use cases have made Solana attractive not only technically but also from an investment perspective.

Morgan Stanley’s move shows that Solana is no longer just a project of interest to retail investors—it is now being evaluated as a strategic asset in institutional portfolios. This indicates that perception of the Solana ecosystem is shifting toward long-term value propositions rather than short-term price movements.

“Institutional Interest Is Diversifying”

Market analysts note that large financial institutions turning to alternative crypto assets signals deepening institutional engagement in the sector. Sources close to the matter state:

“Morgan Stanley’s Solana Trust ETF application shows that institutional investors are not limiting themselves to Bitcoin and Ethereum. This is a strong sign of a maturing crypto market.”

In the short term, news of the ETF application may create positive price expectations for Solana. As seen with similar ETF initiatives, increased visibility and institutional interest can put upward pressure on the price. In the medium to long term, approval of such products could attract more capital to the Solana ecosystem, supporting DeFi projects, application development, and increased network usage.

Evaluation

Morgan Stanley’s SEC filing for the Solana Trust ETF is a significant development highlighting the acceleration of institutional diversification in crypto markets. Greater acceptance of Solana among institutional investors marks a critical period for both price dynamics and ecosystem growth.

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