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Today in the world of crypto: It seems Bitcoin might be hitting a local low as its RSI (Relative Strength Index) gets closer to oversold territory, while whales are starting to open long positions. In exciting news, Anthony Sassano mentioned that Ethereum’s gas limit reaching 180 million is considered “the floor” for the coming year. On another note, CoinShares has decided to pull its Securities and Exchange Commission application for a staked Solana fund.
Bitcoin Could Be Bouncing Back Soon: Analyst
After weeks of intense selling, Bitcoin might be finding a short-term bottom. An analyst believes we’re set for a relief rally, aiming for the $100,000–$110,000 range next.
In a recent video, trader Mister Crypto shared that Bitcoin (BTC)’s recent structure shows signs of stabilizing after the market’s “capitulation.” He noted that indicators suggest that big players are starting to open new long positions, even while the general mood is steeped in fear—a mixture that often leads to recovery during downturns.
One technical marker to keep an eye on is the Bitcoin Relative Strength Index (RSI) on the weekly chart, which is nearing the 30 level. “Looks like we’ve hit bottom for Bitcoin right here. We’re approaching the 30 level. Boom!” he exclaimed.
The analyst pointed out that historically, this area corresponds closely with market bottoms. While he cautioned that this doesn’t guarantee a new bull market, he mentioned that the current situation often hints at at least a temporary rally.
Ethereum’s Gas Limit Tripling is Just the Beginning — Sassano
Ethereum guru Anthony Sassano has shared that the aim to substantially increase Ethereum’s gas limit to 180 million next year is just a starting point, not the peak. “That’s the floor, the bare minimum—we can go higher!” Sassano stated during an interview on the Bankless podcast, only a day after the Ethereum mainnet block gas limit was increased from 45 million to 60 million.
The core developers are generally in agreement that they want to aim for at least a threefold increase in gas limits over the next couple of years. Sassano highlighted that discussions are even underway for a possible fivefold increase within the next year.
CoinShares Pulls SEC Filing for Staked Solana ETF
Asset manager CoinShares has decided to withdraw its Securities and Exchange Commission (SEC) application for a staked Solana ETF this past Friday.
The SEC filing states that the structuring deal and asset purchase related to the proposed fund were never completed:
“The Registration Statement sought to register shares to be issued in connection with a transaction that was ultimately not effectuated. No shares were sold, or will be sold, pursuant to the above-mentioned Registration Statement.”
The first staked Solana (SOL) ETF, launched by REX-Osprey, debuted in the United States this June, followed by Bitwise’s staked SOL ETF in October.
Bitwise’s ETF kicked off with nearly $223 million in assets on its opening day, managing to capture a significant portion of the value accrued by REX-Osprey’s ETF, which had been active for months at that time, noted ETF analyst Eric Balchunas.
Despite the success of staked Solana ETFs and strong investor interest, the price of SOL has been lagging and has been in a downturn since its peak of over $250 per coin in September.
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