Crypto
crypto
Sage D. Young

Purpose Investment’s spot XRP ETF to begin trading in Canada on June 18

XRP bounced on news that asset management company Purpose Investment’s spot XRP ETF will begin trading on the Toronto Stock Exchange on Wednesday, according to a press release, which said the Ontario Securities Commission granted a “final prospectus receipt for the Purpose XRP ETF, marking a significant milestone in the evolution of digital asset investing in Canada.”

The price of XRP, the fourth-largest cryptocurrency by market capitalization, has gained 7.3% in the last 24 hours, outpacing bitcoin, ethereum, Solana, and dogecoin, data from CoinGecko shows. 

The Purpose XRP ETF enables investors to gain exposure to the token without directly owning XRP and is the first spot XRP ETF available in North America, though there is a leveraged XRP ETF from Teucrium Investment Advisors that launched in April.

A number of US firms including Bitwise, 21Shares, and Grayscale are gearing up to roll out their own spot XRP ETFs. Elsewhere, asset manager Hashdex launched a spot XRP ETF in Brazil in April.

The announcement comes after Trident Digital Tech Holdings, Webus, and VivoPower International have each adopted an XRP crypto treasury strategy. 

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crypto
Sage D. Young

Solana rises amid crypto rally after “breakout month” for solana stablecoins

Stablecoin transaction volume on solana climbed to a record $650 billion last month, more than double the network’s previous record. It also saw the highest volume of any blockchain last month, according to a Wednesday note published by Grayscale Head of Research Zach Pandl.

“Stablecoins are one of the megatrends driving adoption of blockchain technology, and Solana is well positioned to compete in this category,” Pandl wrote.

The research note comes as the supply of stablecoins on solana has jumped to $15.4 billion, a substantial leap since the start of 2025, when the figure sat at $5.1 billion, data from open-source analytics platform DefiLlama shows. 

The price of solana has increased 7.3% in the last 24 hours to return above the $90 level, outpacing bitcoin, ethereum, and dogecoin, per CoinGecko.

International banking group Standard Chartered has predicted solana will grow to $250 by the end of 2026, pointing to a shift in activity from meme coins to solana-stablecoin pairs, aided by AI-driven micropayments.

Meanwhile, the prediction market-implied odds of solana sliding below $60 in 2026 stands at 68% on Wednesday morning, and on the bullish side, traders are pricing in a 48% chance the token will rise higher than $150 in the year. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Meanwhile, the prediction market-implied odds of solana sliding below $60 in 2026 stands at 68% on Wednesday morning, and on the bullish side, traders are pricing in a 48% chance the token will rise higher than $150 in the year. 

(Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

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Yaël Bizouati-Kennedy
2h
Bitcoin crosses $72,000 for first time in a month but caution remains

Open interest points to the market viewing bitcoin in a more positive light this week.

HONG KONG-LIFESTYLE-BITCOIN
crypto
Sage D. Young

Kraken receives approval for “master account” from the Kansas City Fed in first for crypto companies

The Federal Reserve Bank of Kansas City approved a limited purpose account for Kraken Financial, making the exchange the first cryptocurrency company to gain access to the Fed’s payment infrastructure, according to a Wednesday report from The Wall Street Journal. 

The approval “marks the convergence of crypto infrastructure and sovereign financial rails,” according to Kraken co-CEO Arjun Sethi. With a Federal Reserve master account, Kraken can directly connect to core US payment systems used by traditional banks and credit unions, enabling faster and more efficient fiat movement for Kraken’s institutional clients.

Sethi continued, “This creates a uniquely resilient foundation. It gives us the ability to settle directly on Fedwire, reduce dependency on correspondent banks, and integrate regulated fiat liquidity directly into digital asset markets.”

The approval of a Fed master account comes as Kraken, which was founded in 2011, is preparing for an initial public offering.

Kansas City Fed President Jeff Schmid in a press release said the payments landscape is actively evolving. “Throughout this transformation, the integrity and stability of the U.S. payments system remain our priority,” Schmid said.

Yaël Bizouati-Kennedy
3/3/26
As bitcoin mining economics “have gone from bad to worse,” companies pivot and sell to survive

Core Scientific is just the latest miner offloading its bitcoin, as other miners turn their compute power to AI.

US-CRYPTOCURRENCY-CLIMATE-EMPLOYMENT-CHINA
crypto
Sage D. Young

Crypto spot ETF flows diverge, a sign of investor rotation

Investors appear to be rotating where they are placing their crypto bets, but not necessarily fleeing the asset class entirely. 

Last month, spot bitcoin ETFs registered $206.5 million in outflows, marking their fourth straight month of redemptions. Ethereum spot ETFs saw even heavier withdrawal as $369.9 million left the investment vehicles, also marking a fourth consecutive monthly outflow. 

Since November, spot bitcoin and ethereum ETFs have posted more than $9.1 billion in cumulative outflows.

Bitcoin and ethereum are the market’s virtual ATMs, according to Chris Soriano, cofounder and chief commercial officer at BridgePort. “It’s no surprise when institutions start laying off risk or meet redemptions, they naturally sell what’s most liquid first,” Soriano told Sherwood News. “This is no different than when a traditional fund manager trims S&P 500 exposure before touching their small-cap growth positions.” 

On the other hand, newer funds based on altcoins haven’t stopped recording monthly green candles. 

Spot XRP ETFs pulled in $58 million last month and have yet to post a single negative month since their launch in November. Spot solana ETFs attracted $63 million and, likewise, remain in the black since their debut in October. 

The outflows of the two largest cryptocurrencies combined with the modest inflows of the two smaller tokens suggest a rotation regime, Soriano argued. “Institutions trimming their core liquid holdings while selectively adding to high-conviction, higher-beta positions where they think there’s more juice in the squeeze. It’s not a contradiction; it’s portfolio mechanics behaving exactly as you’d expect,” Soriano continued.

He added that XRP and solana’s markets are also thinner, which means the same dollar of buying pressure registers as a louder, more persistent inflow signal than it ever would in BTC or ETH.

Nic Roberts-Huntley, CEO and cofounder of Blueprint Finance, told Sherwood that bitcoin and etheruem’s outflows combined with XRP and solana’s inflows “may signal a broader market transition, one where capital increasingly chases specific use cases rather than the entire asset class moving in lockstep.”

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