hodler

21 Jan 2026, 09:50

Grayscale seeks ETF approval for NEAR Protocol Trust

Grayscale Investment firm has formally filed for Form S-1 seeking approval of the NEAR Protocol Trust ETF with the Securities and Exchange Commission (SEC). The crypto asset manager filed to list the NEAR TRUST ETF under the ticker GNSR in the NYSE Arca. The S-1 filing marks the first step in creating the Grayscale NEAR Protocol Trust before it is offered to the public. The Form provides the SEC with details about the proposed ETF structure, objectives, and associated risks. If approved, the NEAR ETF could open the door to more altcoin-based ETFs and unlock billions of dollars in institutional capital into the cryptocurrency landscape. NEAR sees a 21% surge in average 24-hour volume The NEAR Protocol token, NEAR, was down 1.65% at the time of publication, trading at $1.54. The token had realized a 21% increase in 24-hour average trading volume to $202 million. Currently, the token has a $1.96 billion market cap after losing roughly 69% of its value over the past 12 months, with a negligible change over the past 30 days. The current wave of ETF applications follows the SEC’s October 2025 introduction of generic listing standards that eliminated the need for case-by-case approval. The ruling paved the way for accelerated institutional product launches, especially across formerly restricted altcoin markets. Grayscale is positioning itself to capture institutional demand expected in this year’s crypto markets. The asset manager’s net asset value had declined by 51.6% year over year to roughly $4.24 per share by the end of December. Its share price was trading at a 124% premium to the NAV at $9.5 market price. As of now, Grayscale’s cumulative flows have lost roughly $25.57 billion to withdrawals, with the current Net asset value of the Bitcoin Trust ETF standing at $14.44 billion. According to data from SoSoValue, the Grayscale Ethereum Trust ETF has also experienced a cumulative outflow of $5.1 billion, with a total net asset value of $2.67 billion. The Grayscale XRP Trust ETF is the third-largest in Net asset allocation, with approximately $213 million in Net assets and cumulative inflows of $231 million so far. Meanwhile, the asset manager believes clearer crypto regulations will accelerate institutional adoption in 2026. The asset manager projects a bipartisan crypto asset bill will be passed this year, paving the way for TradFi rules to be applied in digital asset classes. NEAR Foundation plans to enhance AI interaction while protecting user data Grayscale’s S-1 filing for the NEAR Protocol Trust ETF follows a similar recent filing for the Bittensor spot ETF under the ticker GTAO. The asset manager seeks to offer regulated exposure to the NEAR token through a passive investment medium. The NEAR Protocol currently has approximately $135 million in total value locked, according to DeFiLlama data . NEAR Protocol hosts decentralized applications (dApps) and competes with established blockchains such as Ethereum, EOS, and Polkadot. The L1 blockchain has incorporated features such as human-readable account names instead of only cryptographic wallet addresses. It allows new users to interact with dApps and smart contracts without a wallet. In its 2026 roadmap, the NEAR Protocol plans to expand its AI efforts and evolve into a leading on-chain transaction platform. The NEAR Foundation launched NEAR AI Cloud and Private Chat in 2025, which enhances AI interaction while protecting user data. The Foundation integrated both tools into Brave Nightly, OpenMind AGI, and Phala Network applications. The NEAR Foundation emphasized that users own their interactions with AI, introducing hardware-backed encryption as an alternative to centralized AI systems. The integrations aim to support both privacy and usability demands of decentralized AI products. The Foundation is also exploring another governance model named the ‘House of Stake’ to blend community participation with support from AI agents capable of representing user intent. According to the NEAR Foundation, the ‘House of Stake’ consensus mechanism will move beyond binary voting by enabling more context-aware decision-making. Claim your free seat in an exclusive crypto trading community - limited to 1,000 members.

21 Jan 2026, 09:35

New whales take control of Bitcoin supply

The BTC market is now in control of new holders, after wallet cohorts switched in the past year. Decisions on trading and profit-taking now come from a new set of holders, who have not seen previous market cycles. BTC has been shifting to a new cohort of wallets. Some of the transfers may be technical, but there are also signs that new buyers dominate. This means BTC and its direction may be guided by newer buyers, who have not seen previous price cycles. New whales became more influential at the end of 2025 and are putting more pressure on the price direction of BTC. | Source: CryptoQuant . New whales represent a larger share of the Realized Cap for BTC, passing old multi-cycle or legacy whales. This means the marginal supply of BTC that is in the hands of new owners may determine the coin’s direction. The Realized Cap metric is the aggregate cost basis of coins based on their last on-chain movement. When the metric shifts to new whales, it means the supply of BTC has changed hands at a higher price range. In the case of BTC, this also means a new cohort of wallets bought near all-time highs above $120,000. Experienced holders divested in 2025 In 2025, long-term whales and large holders moved their coins, possibly taking profits. Now, the control is back to the new capital that entered late in the recent bull market. Wallets aged 6-12 months held over 17% of the marginal supply, becoming one of the most influential sellers. The transition happened just as BTC was seeking direction. In the past day, BTC crashed as low as $86,000 with worsening sentiment. The price fluctuations are hurting the narrative of holding for the long term, as newer whales are often willing to realize profits and cut losses. On average, new whales have accumulated BTC at $98,000, only recently barely breaking even. Spot prices are showing a downward trend and more bearish expectations for 2026. The new cohorts hold around $6B in unrealized losses, which may influence investor behavior in the coming months. New whales are willing to take losses The prevalence of new whales affected the latest price moves for BTC . During the latest market downturn, new whales sold into weakening prices. The cohort is under pressure and shows short-term risk mitigation trades, rather than conviction. For older whales, the current prices are not a big pain point. Their realized price is around $40,000 per BTC. The activity of older whales is more sporadic and minor, not creating significant price pressure and capitulations. However, those whales are not influential in the newer pricing dynamics. Newer whales may continue to trade until all losses are absorbed, or the market reaches a capitulation and recovery. For BTC, this means distribution is back. Recent data shows wallets aged 6-12 months are the biggest sources of distribution in the past months. The recent selling pushed the crypto fear and greed index down to 32 points, back into fear territory. Recently, the index for BTC had briefly recovered to neutral. Join a premium crypto trading community free for 30 days - normally $100/mo.

21 Jan 2026, 09:35

Binance adds Ripple’s RLUSD stablecoin, with XRPL support coming

The dollar-backed stablecoin will trade on Ethereum first, with support for the XRP Ledger expected soon.

21 Jan 2026, 09:34

XRP Ledger Takes Center Stage in WEF Report on Financial Market Tokenization

XRP Ledger Powers $1B Private Equity Tokenization, Cementing Ripple’s Role in Next-Gen Finance As blockchain innovation reshapes finance, XRP Ledger (XRPL) is positioning itself at the forefront of real-world asset tokenization. Crypto researcher SMQKE cites a World Economic Forum report highlighting XRPL’s role in a $1 billion private equity tokenization project, a landmark move signaling digital assets’ growing integration into mainstream finance. Tokenization, turning real-world asset ownership into digital tokens, unlocks unprecedented liquidity, transparency, and accessibility. The report highlights XRPL as a leading platform for large-scale tokenized asset issuance, leveraging its fast, low-cost, and eco-friendly consensus protocol. By enabling seamless settlement and cross-border transfers, the XRP Ledger is poised to become the backbone of the next generation of global value exchange. The WEF report spotlights Ripple’s crypto custody solutions as a cornerstone of modern digital finance. Partnering with BitGo and Metaco, Ripple delivers enterprise-grade custody technology that ensures secure, compliant management of digital assets at scale. By tackling one of the biggest challenges in asset tokenization, trustworthy storage, Ripple effectively bridges traditional finance with blockchain markets. XRP Ledger’s role in large-scale tokenization highlights a growing convergence of traditional finance and decentralized finance (DeFi). By making private equity more accessible, XRPL’s fast transactions and low fees enable broader participation, while Ripple’s custody solutions ensure regulatory compliance and secure operations. As financial institutions embrace digital assets, XRPL’s expanding footprint highlights its potential to transform global markets. Its high-performance ledger and secure custody infrastructure position Ripple and its ecosystem to lead the shift from traditional assets to programmable, tokenized forms. The WEF’s acknowledgment of XRPL’s role in a $1 billion private equity tokenization effort goes beyond technical validation; it signals that the future of value exchange is digital, secure, and interoperable. Therefore, XRP Ledger has evolved from a cryptocurrency network into a cornerstone of the emerging tokenized economy. Conclusion By powering a $1 billion private equity tokenization and leveraging Ripple’s secure custody solutions via BitGo and Metaco, XRP Ledger is emerging as a cornerstone of the tokenized economy. Bridging traditional finance with blockchain innovation, XRPL enables faster, more transparent, and efficient asset transfers, while establishing a scalable and secure foundation for global value exchange. As institutional adoption grows, XRP Ledger proves that the future of finance is digital, interoperable, and inclusive.

21 Jan 2026, 09:33

MSTY: Using WNTR To Offset Downside Until Strategy And Bitcoin Recovery

Summary Yieldmax MSTR Option Income Strategy ETF offers robust income but is highly sensitive to MSTR and Bitcoin price movements. Holding MSTY alongside WNTR, which shorts MSTR, can mitigate downside risk while maintaining strong distribution streams. Both ETFs’ performance and risk profiles are directly linked to Bitcoin’s trajectory and MSTR’s leveraged exposure. Optimal strategy involves a larger MSTY position and smaller WNTR allocation, monitoring for Bitcoin and MSTR recovery signals. Yieldmax MSTR Option Income Strategy ETF ( MSTY ) continues to be one of the most popular covered call ETFs, even though the share price has been under significant pressure as a result of the plunge in share price of Strategy ( MSTR ) in response to the correction in the price of Bitcoin ( BTC-USD ). It has $1.47 billion in assets under management ( AUM ) and over 1.5 million in daily trading volume as I write. While the weekly dividend or distribution has been falling lately, it still remains robust, with its last payout coming in at $0.4137. In this article, we'll look primarily at the utilization of the YieldMax MSTR Short Option Income Strategy ETF ( WNTR ) as a strategy to offset much of the downside of MSTY while waiting for the rebound in the price of Bitcoin, and by extension, the underlying MSTR. Investors can also get a strong income distribution stream while mitigating MSTY risk. Seeking Alpha First, the Underlying With an ETF that focuses on a single stock as the underlying, it means there is a lot more risk involved because how the underlying goes, so will go the ETF writing options against it. In the case of Strategy Inc., it has, of course, plummeted in value in direct correlation with the decline in the price of Bitcoin, which is considered to be a proxy of. Add to that its levered strategy to acquire Bitcoin, and it has declined a little more in contrast to Bitcoin, which of course has had a major impact on the performance of MSTY. To offset some of the risk to the price movement of Bitcoin and MSTR, YieldMax introduced WNTR, which shorts MSTR. The purpose is to hold MSTY and WNTR together in order to lower the risk profile. WNTR I mentioned above that WNTR was created for the purpose of seeking inverse exposure to the share price of MSTR. Nonetheless, YieldMax states that its primary purpose is to first generate income and secondarily, offset the share price decline of MSTR. Since YieldMax exists to generate the highest yields it can, this makes sense, but investors do think of it in terms of holding it to offset the downward share price movement of MSTR. With that in mind, the dual purpose is very effective when considering it generates a strong and consistent income stream from a high distribution yield, which hasn't fallen below $0.50 per share on a weekly basis. That is impressive, but investors do need to consider what happens with those shorting a holding like MSTR when it starts to jump upward. Shorts can make a lot of money going down but can get crushed when the stock they're shorting reverses direction, which I believe is inevitable with MSTR; it's not a matter of if in my opinion, but when it happens. I do think it's a good idea to hold both MSTY and WNTR at this time, but WNTR needs to be watched closely for signs it could quickly erode in price and distributions when MSTR starts to sustainably climb in value and its share price. MSTY MSTY did well for me when I held it. I did sell it when I was convinced the price of Bitcoin and MSTR were going to decline in a big way. That did happen, and even with the solid distributions, I am glad I made that decision. I have lost the accompanying income stream from MSTY, but as the price of MSTR stabilizes and climbs once again, I see it being, once again, a solid ETF to hold in order to generate income. Keep in mind that MSTY was created for the purpose of generating income, not for growth. I would be very happy to take a position and have it trade sideways or slightly up or down while collecting the high distributions it pays out. On the other hand, we're not sure whether or not we've hit the bottom with MSTR and Bitcoin yet, so having a position in WNTR and MSTY makes sense until confirmation of a sustainable recovery in both Bitcoin and MSTR. Once that's confirmed, MSTY should be poised to outperform current expectations. The Bitcoin Cycle There have been concerns expressed by investors in regard to the four-year Bitcoin cycle that many believe remains in place, meaning they think the price of Bitcoin has a lot farther to fall before a recovery. I don't hold that belief for two major reasons. The first one is growing demand and decreasing supply. Based upon its code, Bitcoin supply is cut in half every four years. This time around, after the halving, demand has continued to climb, leading me to the second reason: institutional interest in Bitcoin. As many readers know, the initial response of institutional investors to Bitcoin was to talk it down. With the risk associated with an increasing money supply and loss in value of the U.S. dollar, institutional investors, including some nations, have grown their exposure to Bitcoin, making acquisitions in the millions, and in some cases, billions of dollars. For those two reasons, I think the four-year Bitcoin cycle has been permanently disrupted. It's too early to know what will emerge from that change, but the most likely is the increase in the price of Bitcoin in the years ahead, albeit with ongoing volatility. Over time volatility will probably contract, but until then that should be the ongoing cost of taking any position in Bitcoin, MSTR, or MSTY. MSTY, WNTR, and NAV erosion It is highly probable that the most concerning thing associated with WNTR and MSTY, as well as most, if not all, covered call ETFs, is in relation to NAV erosion. As I've mentioned several times in my articles, a lot of people talking about this don't know what NAV erosion actually is. By definition, NAV erosion is when an ETF like MSTY, for example, pays out more than the income generated from the covered calls. NAV erosion is not when MSTY's share price drops in response to the drop in share price of MSTR. The same would be true with WNTR, although inversely. If the share price of MSTR is rising and WNTR's dropping, that is the same as the share price of MSTY falling in correlation with the share price of MSTR. Again, it doesn't mean it's NAV erosion causing it. Why is this important to understand? It has to do with the ability of the two ETFs to rebound in response to the share price movement of MSTR. If it's not NAV erosion, the share prices of MSTY and WNTR will reverse direction, as well as their distribution yields. Conclusion The performance of MSTY, WNTR, and MSTR is directly related to the price of Bitcoin. What one thinks of Bitcoin should be the deciding factor in making a decision concerning whether or not to take a position in any of them. In the case of MSTR, the strongest risk in the near term is how levered it is. If the price of Bitcoin were to remain under pressure for longer than anticipated, it could cause some problems for MSTR, which would be detrimental for MSTY, but positive for WNTR. I don't think that's going to happen for a prolonged period of time, but anything is possible. There is also the risk concerning WNTR when considering the risks associated with shorting stocks in general. If Bitcoin were to start outperforming, and its growth trajectory takes off, we could have a short squeeze with WNTR, which would probably result in it declining faster than the price of MSTY gains from the increase in the price of MSTR. Under that scenario, it would be hard to recover for WNTR, and its distributions would without a doubt take a hit. If the bottoms for Bitcoin and MSTR climb along with the ceilings, it would be difficult for holders of WNTR. While true, I do think it's worth holding both MSTY and WNTR. Under most circumstances, investors should be able to see potential for an underperformance from WNTR coming and respond accordingly. The best way to mitigate the risks there is to get in at a good price point and take a smaller position with WNTR than with MSTY. That would help MSTY mitigate some of the downside while generating income from both ETFs. It would be a win/win until the need to sell WNTR once MSTR takes off.

21 Jan 2026, 09:31

Solana Mobile launches SKR token airdrop for Seeker phone users

Solana Mobile's airdrop of almost 2 billion SKR tokens for 100,000 Seeker users is claimable for 90 days, with staking rewards starting immediately.