Ether Surges 8%, Outpacing Bitcoin Gains Amid Staking ETF, Tokenization Optimism

The Commodity Futures Trading Commission (CFTC) has launched a pilot program that allows Bitcoin (BTC), Ethereum (ETH), and USDC to be used as collateral in derivatives markets. This initiative is part of a broader effort to integrate digital assets into traditional financial systems, enhancing the regulatory framework surrounding cryptocurrencies.

The number of Bitcoin addresses holding over 0.1 BTC has not increased in the past two years, breaking a long-standing trend of growth that persisted through various market cycles. This stagnation suggests a shift in the engagement of smaller and mid-sized investors with Bitcoin, even as institutional interest in the cryptocurrency market continues to rise.

Ethereum has experienced a significant 62% drop in network fees, indicating a softening demand for its base layer in November. Despite this decline, the underlying price supports and strong growth in layer-2 solutions suggest that the network retains some momentum.

The Bitwise 10 Crypto Index ETF has officially debuted on NYSE Arca, providing investors with exposure to major cryptocurrencies including Bitcoin (BTC), Ethereum (ETH), and XRP through a market-cap weighted fund. This launch represents a significant milestone in the growing acceptance of cryptocurrency investment vehicles in traditional finance.

PNC Bank has introduced a new feature allowing its private clients to buy, sell, and hold bitcoin directly within their digital banking accounts, following a partnership with Coinbase. This service, first announced in July, marks a significant step in integrating cryptocurrency into traditional banking services.

BlackRock has officially filed for a staked Ethereum (ETH) Exchange-Traded Fund (ETF) with the US Securities and Exchange Commission (SEC), marking a significant development in the cryptocurrency sector. This filing comes after weeks of speculation and aims to provide investors with indirect exposure to staked Ether, potentially enhancing the firm's offerings in the evolving digital asset landscape.

Bitcoin's on-chain activity has significantly declined since the launch of spot Bitcoin ETFs in January 2024, with a notable drop in active addresses as institutional inflows into these products have increased. Financial analyst Jacob King highlighted this irony, indicating a shift in market participation away from grassroots engagement.

BlackRock has filed for the listing of a staked Ether ETF, which, if approved by the SEC, would provide investors with indirect exposure to staked Ether, marking a significant step in the evolving cryptocurrency landscape. This initiative follows the anticipated approval of spot Ether ETFs in 2024.