Solana, Dogecoin, XRP & Litecoin ETFs Near 90% Approval

Wall Street analysts now say SEC approval of spot ETFs for altcoins like Solana, Dogecoin, and XRP is virtually inevitable before 2025 ends. Bloomberg’s James Seyffart and Eric Balchunas have raised approval odds for Solana, XRP, and Litecoin to 95%, with Dogecoin, Cardano, Polkadot, and Avalanche trailing just behind at 90%.

The revised forecasts arrive amid surging SEC engagement with fund issuers and updated Solana ETF filings from seven firms, including Fidelity and Grayscale. “Engagement from the SEC is a very positive sign in our opinion,” Seyffart said.

If approved, these ETFs would break Bitcoin and Ethereum’s duopoly on Wall Street crypto funds, allowing direct exposure to altcoins through regulated investment vehicles. Existing spot Bitcoin ETFs now manage over $100 billion in assets, a level analysts say altcoins could begin approaching once approved.

President Trump’s reelection and the appointment of pro-crypto SEC Chair Paul Atkins have transformed ETF expectations across the board. With futures markets already cleared for these tokens, analysts say it’s now only a matter of when (not if) the spot funds go live.

Texas Establishes Bitcoin Reserve With New Law

Texas Governor Greg Abbott signed SB 21 into law on Saturday, establishing a publicly funded Bitcoin reserve outside the state treasury. The initiative makes Texas the third U.S. state to approve such legislation, after Arizona and New Hampshire. Oversight will fall to the Texas Comptroller of Public Accounts, who will manage purchases and custodianship of the assets.

The law also includes HB 4488, which shields the fund from annual treasury sweeps and secures its legal existence even without any initial Bitcoin purchases. Senator Charles Schwertner, who introduced the bill, framed the reserve as a strategic investment in long-term asset strength. Industry leaders expect the state to allocate tens of millions of dollars once official standards are finalized.

Coinbase Optains MiCA License and Picks Luxembourg as HQ

Coinbase has secured a MiCA license from Luxembourg’s financial regulator, enabling it to offer crypto services across all 27 EU countries. The exchange also named Luxembourg its European headquarters, citing the nation's early adoption of blockchain policies. This advancement positions Coinbase among the first major US firms to fully leverage MiCA’s regulatory clarity.

Other exchanges like Bybit, OKX, and CryptoCom have also obtained MiCA licenses, signaling mounting competition in the region. Coinbase's stock rose nearly 5% after the news, continuing a strong performance that saw the firm join the S&P 500 in May. The company also recently acquired options platform Deribit for $2.9 billion to expand global product offerings.

Peter Schiff Plans Launch Of Gold Stablecoin

Gold advocate Peter Schiff announced plans to launch a gold-backed stablecoin, questioning the logic of using US dollar-pegged tokens. On Friday, Schiff posted on X that gold offers stronger fundamentals than fiat and deserves a more prominent role in digital finance. Though he didn’t give a timeline, he confirmed the token is in development.

The stablecoin market has ballooned past $260 billion, led by USDT and USDC, while gold-backed tokens remain a niche $2 billion segment. Schiff’s comments come as lawmakers pass new regulations for the stablecoin sector, such as the GENIUS Act. He argues tokenized gold could serve as a blockchain-native store of value and decentralized collateral source.

Data of the Day

Bitcoin’s daily transaction count has declined to its lowest levels since October 2023, according to a new report from Glassnode. Analysts attribute the drop to reduced activity from inscription-based apps, alongside growing reliance on off-chain products. However, large-value transactions have become more prominent, indicating increased use by whales and institutions.

As of June, average transaction volume reached $36,200, with transfers over $100,000 making up 89% of all activity. Fee revenue remains low, suggesting subdued retail demand despite Bitcoin holding above $100,000. Analysts say this signals a maturing user base, where price action is increasingly triggered by fewer, wealthier participants operating beneath the surface.

More Breaking News

• FTX lawyers are urging a court to reject 3AC’s $1.5 billion claim entirely, calling the losses self-inflicted and unsupported by real trading records.
• Polymarket traders now see a 52% chance Iran will block the Strait of Hormuz this year after U.S. airstrikes, raising oil and geopolitical risk fears.
• Reddit is reportedly exploring eyeball-scanning tech from Worldcoin to verify human users anonymously as AI bots flood social media platforms.
• Czech lawmakers survived a no-confidence vote over a controversial $45M Bitcoin donation from a criminal, intensifying pressure ahead of elections.
• Jupiter DAO has suspended all governance votes until 2026 amid a loss of community trust, vowing to redesign its system and build out new tools.
• CoinMarketCap was briefly compromised with a phishing pop-up exploit that tricked users into fake wallet verifications before the issue was patched.
• ZachXBT accused Garden Finance of laundering funds from the Bybit hack, claiming over 80% of the bridge’s fees are from illicit flows.
• Nakamoto Holdings has raised $51.5M through a private equity deal to expand its Bitcoin treasury, deepening its push into crypto capital markets.
• Michael Saylor has raised his ultra-bullish Bitcoin price forecast to $21 million by 2046, citing sweeping geopolitical and economic disruptions.
• A crypto holder in Paris was kidnapped and beaten by attackers demanding access to his Ledger wallet, marking another brutal wrench attack in France.

For the latest updates on digital asset markets, follow us on X @Datawalletcom.