In recent developments, the SEC has approved in-kind redemptions for Bitcoin and Ethereum ETFs, enhancing efficiency in the cryptocurrency industry. Meanwhile, Coinbase has significantly reduced its XRP holdings, and Shiba Inu has witnessed a sharp rise in whale activity.
SEC Approval for In-Kind ETF Redemptions
The U.S. Securities and Exchange Commission (SEC) has approved in-kind redemptions for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs). This means that ETF shares can now be created and redeemed using actual cryptocurrencies instead of cash. Previously, such transactions were limited to cash-based operations.
Coinbase Cuts XRP Holdings
Recently, major exchange Coinbase reduced its XRP reserves by 40%, dropping the number of cold wallets from 52 to 35. This shift has captured the attention of analysts monitoring on-chain movements. By the end of July, most Coinbase wallets either had very few XRP left or were completely emptied. Notable transactions included the transfer of 16.8 million XRP from a cold wallet to a hot wallet.
Increase in Shiba Inu Whale Activity
In recent days, whale activity with Shiba Inu (SHIB) has surged, recording an 8,866% increase in outflow overnight. Despite this substantial outflow, the token's price remained relatively stable. Whales constitute only a portion of large holders, who control significant amounts of SHIB tokens, including institutional investors and centralized exchanges.
Recent events in the cryptocurrency industry, such as SEC's approval for in-kind ETF redemptions and significant changes in Coinbase's XRP holdings, highlight the dynamic nature of this sector and the importance of monitoring whale activity.
