This week in crypto, the market saw notable developments across ETFs, investment visa regulations, and discussions on Bitcoin security. Institutional players like Goldman Sachs and BlackRock made significant moves, while Web3 projects attracted attention with token launches and controversies.

The race for the next cryptocurrency ETF is progressing, with XRP, Solana and Dogecoin competing for approval alongside Litecoin, which could emerge as the next candidate. The CBOE BZX Exchange filed to introduce staking to its spot Ethereum ETF via asset manager 21Shares, potentially setting a new precedent in ETF structures. If approved, this would mark the first spot Ethereum ETF in the United States to offer staking rewards to investors. Staking allows Ethereum holders to participate in network validation while earning passive income, a feature that could attract more institutional interest and potentially set a new trend for future crypto ETFs.

In the macro and institutional arena, Goldman Sachs significantly increased its holdings, boosting its spot Ether ETF position to a substantial level and doubling its Bitcoin ETF stash. Franklin Templeton also entered the spotlight, seeking SEC approval for a Crypto Index ETF, while Grayscale’s Solana ETF application was acknowledged by the SEC, a positive step for the asset’s potential mainstream adoption. BlackRock, too, raised eyebrows by increasing its stake in Michael Saylor’s MicroStrategy to 5%, signalling continued institutional interest.

Regulatory developments also made headlines this week. Hong Kong announced it will now accept Bitcoin and Ethereum as proof of investment for visa applications, a regulatory shift that could attract crypto-savvy investors to the city. This move positions Hong Kong as a more crypto-friendly jurisdiction, potentially drawing in international investors and companies seeking favourable regulatory environments.

The Web3 space saw OpenSea confirm an upcoming token airdrop, aiming to revitalise engagement on its platform amid increasing competition. In a more unusual turn of events, a memecoin launched by Central African Republic (CAR) President Faustin-Archange Touadera skyrocketed to a $900 million market cap before crashing and is now trading at only $25 million, raising concerns about the coin’s legitimacy. Additionally, Changpeng Zhao, the founder of Binance, revealed his dog’s name in an X post, sparking a wave of memecoins named after the canine. Meanwhile, Doodles launched its new $DOOD token on Solana, sparking debate within the community about its long-term vision and utility.

The industry also discussed a claim from Tether CEO Paolo Ardoino, who suggested quantum computing might unlock Bitcoin from lost wallets, potentially reintroducing significant supply into the market. While some experts dismissed the notion, one trader warned that such an event could significantly impact Bitcoin’s value, sparking renewed debate over blockchain security.

Looking ahead, the growing institutional engagement, combined with regulatory advancements in regions like Hong Kong, indicates a maturing crypto market. However, the volatility seen in the memecoin saga underscores the persistent risks in less-established corners of the industry. As ETF decisions loom and quantum computing discussions unfold, the crypto landscape remains dynamic.

More news stories circulating the block: 

• Coinbase reports a strong Q4 revenue increase

• Cathie Wood predicts Bitcoin could hit $1.5M by 2030

• GameStop explores Bitcoin and crypto investments

• OpenAI CEO confirms GPT-5 launch within months

• Tokyo-listed gaming company Gumi purchases Bitcoin

• Kanye West rejects $2M crypto scam offer

• Mastercard tokenises 30% of 2024 transactions

• Coinbase reports a strong Q4 revenue increase

• New York senator proposes crypto task force bill