US Ripple (XRP) ETF Approval Seems Closer After This Development: Details

Sonic (S), previously known as Fantom (FTM), is leading the crypto market with a significant surge over the daily and weekly timeframes. Analysts noted that the post-rebrand bullish momentum has sent the token to test a key resistance level, which could propel the price to the $1 barrier.

Sonic Leads With Post-Rebrand Bullish Momentum

Following the anticipated token upgrade, Sonic’s native token price has seen significant bullish momentum, reaching the $0.80 mark twice. On January 13, Fantom officially rebranded as Sonic, upgrading FTM tokens to S tokens on a 1:1 ratio.

Amid the rebrand, the cryptocurrency hit a yearly high of $0.84 before retracing to the $0.50 support in the following days. Over the past month, the cryptocurrency has hovered between the $0.40-$0.60 price range, finally breaking out of this range at the start of this week.

Crypto analyst Michaël van de Poppe highlighted that Sonic has been one of the key ecosystems recently, with its Total Value Locked (TVL) surging 300% in less than two months. According to DeFiLlama data, Sonic’s TVL has surged from $405.39 million to $635.31 million in the past seven days.

The analyst also remarked S is fully unlocked, unlike other leading altcoins like Solana (SOL) and SUI, and has high throughput and fast settlement. Based on this, he considers Sonic “a true competitor of SOL and likely one to watch for the upcoming year as the price has bounced the strongest.”

Sonic has been one of the leading altcoins this week, surging as the best-performing cryptocurrency in the top 100 with its 54.61% weekly increase. Additionally, it has come on top in the daily timeframe, leading the market with its 20% jump in the past 24 hours.

S Breakout Hits New High

Several market watchers have noted S’s recent performance, suggesting it could continue its bullish momentum. Altcoin Sherpa stated Sonic is “still one of the strongest midcaps there is right now.”

The analysts hinted it could surge to higher price targets as FTM hit an all-time high (ATH) of nearly $4 last cycle.

Meanwhile, analyst Sjuul from AltCryptoGems pointed out that the cryptocurrency formed a rounded bottom over the past four weeks after falling below $0.60. This Monday, S’s price broke above this key resistance.

Over the past three days, Sonic has reclaimed the $0.60-$0.65 price range, confirming the breakout from the one-month downtrend. This performance led S to another 20% surge in the past 24 hours to retest the $0.80 resistance and a new yearly high at $0.87.

However, Ali Martinez stated Sonic could see a spike in profit-taking on the horizon. The analyst indicated that the TD Sequential flashed a sell signal on the 4-hour chart after hitting the $0.80 target from its head-and-shoulders pattern.

A sell-off could see the cryptocurrency’s price retrace to its $0.60 support zone and retest it. Meanwhile, holding the current level could further propel Sonic’s bullish momentum toward the $1 barrier.

As of this writing, S trades at $0.86, a 66% increase in the monthly timeframe.

By Francisco Rodrigues (All times ET unless indicated otherwise)

Cryptocurrency prices are rising after the U.S. Securities and Exchange Commission’s former crypto enforcement unit transitioned into the Cyber and Emerging Technologies Unit and amid dovish comments from Atlanta Fed President Raphael Bostic.

Renaming the Crypto Assets and Cyber Unit is significant because it shows the agency is moving away from its crypto focus that often led to accusations of regulation by enforcement and legal battles with major industry participants.

“In the near to medium term, clearer regulations will likely boost institutional participation, leading to improvements in market infrastructure,” BackPack founder and CEO Armani Ferrante told CoinDesk. Bitcoin is now above $98,000 after adding 1.2% in 24 hours, while the broader CoinDesk 20 Index rose 1.35%.

Yet, volatility is still relatively low. "These environments may feel slow and frustrating, but they rarely persist for long — volatility tends to mean revert,” Wintermute OTC trader Jake O told CoinDesk.

With tensions between the U.S. and its European allies growing, investors are hoping Germany's election on Sunday will lead to a stable coalition government that will push out economic reforms to stimulate growth and boost defense spending. Germany is Europe’s largest economy and a positive result could lead to a more risk-on approach.

Open interest has already moved up ahead of the election. Still, the crypto market lacks positive catalysts in the near term, JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a report.

In fact, the market is nearing backwardation — where spot prices rise above futures prices — in a “negative development” that’s “indicative of demand weakness” by institutional investors using regulated CME futures contracts to gain exposure to the market. Stay alert!

What to Watch

Crypto:

Feb. 21: TON (The Open Network) becomes the exclusive blockchain infrastructure for messaging platform Telegram’s Mini App ecosystem.

Feb. 24: At epoch 115968, testing of Ethereum’s Pecta upgrade on the Holesky testnet starts.

Feb. 25, 9:00 a.m.: Ethereum Foundation research team AMA on Reddit.

Feb. 27: Solana-based L2 Sonic SVM (SONIC) mainnet launch (“Mobius”).

Macro

Feb. 21, 9:45 a.m.: S&P Global releases February’s (Flash) U.S. Purchasing Managers' Index (Flash) reports.

Composite PMI Prev. 52.7

Manufacturing PMI Est. 51.5 vs. Prev. 51.2

Services PMI Est. 53 vs. Prev. 52.9

Feb. 24, 5:00 a.m.: Eurostat releases eurozone's (final) consumer inflation data for January.

Core Inflation Rate YoY Est. 2.7% vs. Prev. 2.7%

Inflation Rate YoY Est. 2.5% vs. Prev. 2.4%

Earnings

Feb. 24: Riot Platforms R, post-market, $-0.18

Feb. 25: ​​Bitdeer Technologies Group (BTDR), pre-market, $-0.17

Feb. 25: Cipher Mining (CIFR), pre-market, $-0.09

Feb. 26: MARA Holdings M, post-market, $-0.13

Token Events

Governance votes & calls

Sky DAO is discussing withdrawing a portion of the Smart Burn Engine’s LP tokens to stop malicious actors from acquiring them.

DYdX DAO is discussing increasing the limit on the maximum notional value of liquidations that can occur within a given block on the dYdX protocol to enhance the speed and efficiency of risk reduction during liquidations.

Unlocks

Feb. 21: Fast Token (FTN) to unlock 4.66% of circulating supply worth $78.6 million.

Feb. 28: Optimism (OP) to unlock 1.92% of circulating supply worth $34.23 million.

Mar. 1: Sui (SUI) to unlock 0.74% of circulating supply worth $81.07 million.

Token Launches

Conferences:

CoinDesk's Consensus to take place in Toronto on May 14-16. Use code DAYBOOK and save 15% on passes.

Feb. 23-March 2: ETHDenver 2025 (Denver)

Feb. 24: RWA London Summit 2025

Feb. 25: HederaCon 2025 (Denver)

March 2-3: Crypto Expo Europe (Bucharest, Romania)

March 8: Bitcoin Alive (Sydney, Australia)

Token Talk

By Oliver Knight

With a botched launch from Argentine president Javier Milei and a token proposed by self-professed Nazi Kanye West, now known as Ye, this week in memecoin land has been one to forget.

Castle Island Ventures partner Nic Carter said the craze is "unquestionably over," a view that might be cemented by a report revealing that West is planning to introduce YZY token — and will own 70% of the supply.

The rest of the crypto market remains relatively unperturbed by the potential demise of the sector: ETH and LTC are up by 3% this week whilst TRX has risen by 7.7% as liquidity appears to be rotating from speculative tokens back to more utilitarian projects.

NEAR leads the pack on Friday, surging by 11% after announcing the "first truly autonomous" AI agents. The agents will be able to autonomously own, trade and manage assets on-chain.

Derivatives Positioning

BTC open interest on centralized exchanges rose nearly 5% to $37.3 billion in the past 24 hours. This, coupled with the reversal in funding from positive to negative, suggests a potential short squeeze scenario. Short liquidations have dominated the futures markets over that period, nearing a total of $110 million compared with $6.11 million in longs.

Among the assets with over $100 million in open interest, Maker DAO, Virtuals Protcol and Artificial Super Intelligence saw the highest one-day increase, rising by 39.2%, 35.5% and 28.00%, respectively.

Among the options instruments, the call option on BTC with a strike price of $99,000 and expiring Feb. 22 has traded with the most volume on Deribit. The next most popular options instrument is the call on BTC with a strike price of $108,000, expiring on Feb. 28. The action hints at the optimistic short-term sentiment in the market over the past couple of days.

Market Movements:

BTC is up 0.28% from 4 p.m. ET Thursday to $98,632.42 (24hrs: +1.35%)

ETH is up 2.09% at $2,800.02 (24hrs: +2.15%)

CoinDesk 20 is up 0.92% to 3,298.29 (24hrs: +1.49%)

Ether CESR Composite Staking Rate is unchanged at 2.99%

BTC funding rate is at 0.0010% (1.0961% annualized) on Binance

DXY is up 0.29% at 106.68

Gold is down 0.31% at $2,929.76/oz

Silver is down 0.12% to $32.91/oz

Nikkei 225 closed +0.26% at 38,776.94

Hang Seng closed +3.99% at 23.477.92

FTSE is up 0.20% at 8,680.19

Euro Stoxx 50 is up 0.18% at 5,471.08

DJIA closed Thursday down -1.01% at 44,176.65

S&P 500 closed -0.43% at 6,117.52

Nasdaq closed -0.47% at 19,962.36

S&P/TSX Composite Index closed -0.44% at 25,514.08

S&P 40 Latin America closed +0.76% at 2,480.21

U.S. 10-year Treasury rate was down 2 bps at 4.49%

E-mini S&P 500 futures are unchanged at 6,138.25

E-mini Nasdaq-100 futures are up 0.13% at 22,170.75

E-mini Dow Jones Industrial Average Index futures are up 0.10% to 44,309

Bitcoin Stats:

BTC Dominance: 61.02 (-0.35%)

Ethereum to bitcoin ratio: 0.02842 (2.01%)

Hashrate (seven-day moving average): 807 EH/s

Hashprice (spot): $54.92

Total Fees: 5.34 BTC / $526,892

CME Futures Open Interest: 178,500 BTC

BTC priced in gold: 33.4 oz

BTC vs gold market cap: 9.49%

Technical Analysis

TAO has emerged as one of the strongest-performing assets over the past week, fueled by the launch of the dynamicTAO upgrade. This momentum has propelled the price above all key exponential moving averages on the daily time frame, signaling renewed strength.

Adding to the bullish sentiment, the price action has formed an inverse head and shoulders pattern.

TAO’s recent listing on Coinbase provided an extra catalyst, driving its price up nearly 20% to a high of $495 since the initial announcement.

Crypto Equities

MicroStrategy M: closed on Thursday at $323.92 (+1.65%), up 0.37% at $324.85 in pre-market

Coinbase Global C: closed at $256.59 (-0.80%), up 0.86% at $258.80

Galaxy Digital Holdings (GLXY): closed at C$25.65 (+1.30%)

MARA Holdings M: closed at $15.95 (+1.08%), up 0.38% at $16.01

Riot Platforms R: closed at $11.60 (+0.35%), up 0.52% at $11.66

Core Scientific (CORZ): closed at $11.84 (-1.50%), up 0.51% at $11.90

CleanSpark (CLSK): closed at $10.06 (+1.72%), up 0.80% at $10.14

CoinShares Valkyrie Bitcoin Miners ETF (WGMI): closed at $22.49 (-1.27%), down 0.31% at $22.42

Semler Scientific (SMLR): closed at $52.24 (+0.04%), unchanged

Exodus Movement (EXOD): closed at $47.80 (-1.26%), down 2.72% at $46.50

ETF Flows

Spot BTC ETFs:

Daily net flow: -$364.8 million

Cumulative net flows: $39.63 billion

Total BTC holdings ~ 1.169 million.

Spot ETH ETFs

Daily net flow: -$13.1 million

Cumulative net flows: $3.16 billion

Total ETH holdings ~ 3.807 million.

Overnight Flows

Bitcoin's price action has triggered short liquidations totaling $97.9 million at the $98,890 level, according to CoinGlass. The next key resistance levels, based on the liquidation heat map, are $99,185 and $99,332, where liquidations worth $65.2 million and $67.9 million, respectively, are clustered.

On the downside, significant long liquidations are positioned at $97,415 and $97,194, amounting to $69.3 million and $70.7 million, respectively. These key levels highlight potential areas of volatility as bitcoin navigates its current price range.

While You Were Sleeping

Crypto Market Faces Weak Demand, Needs Trump Initiatives to Kick In, JPMorgan Says (CoinDesk): JPMorgan said CME futures data reveals weak institutional interest in crypto, with any pro-crypto initiatives from the Trump administration unlikely to emerge until the second half of the year.

South African Firm to Amass Bitcoin Hoard in First for Continent (Bloomberg): Altvest Capital adopted bitcoin to be a treasury reserve asset. It bought one BTC and is considering a $10 million share sale to expand its digital holdings.

Block Shares Fall on Profit, Revenue Miss (CNBC): At its Q4 2024 earnings call, Block (XYZ) executives commented on Proto, their bitcoin mining initiative. CFO Amrita Ahuja said the project should drive growth in the second half.

Japan Yields Fall as Ueda Warns BOJ Can Step In to Smooth Market (Bloomberg): Bank of Japan Governor Kazuo Ueda vowed to buy government bonds if long-term yields spike. Earlier, 10-year yields hit 1.455% — the most since 2009.

U.K. Retail Sales Rise for First Time in Five Months (The Wall Street Journal): In January, retail spending in the U.K. rose 1.7% from December, led by a 5.6% jump in food store sales as more people ate at home.

New Microsoft Chip Shortens Timeline to Make Bitcoin Quantum-Resistant: River (Cointelegraph): Bitcoin-focused financial services firm River said Microsoft’s Majorana — though not yet a threat — could reach a 1-million-qubit scale by 2027–2029, potentially enabling attacks on the blockchain.

In the Ether

One of the biggest resistance levels in Shiba Inu's recent trading history is currently in the market. It may be difficult for the asset to break through because more than 515 trillion SHIB tokens are positioned at a critical price level. Following a dramatic correction in recent weeks, SHIB has stabilized and is exhibiting indications of a possible recovery. Nonetheless, holders who are still losing money from earlier price levels are applying tremendous selling pressure to counteract its upward momentum.

The price at which SHIB is currently trading around $0.000016 corresponds to a sizable concentration of tokens that were previously bought at higher prices. Addresses are categorized by their purchase price in relation to the current market price using the In/Out of the Money indicator, which is used to analyze SHIB's on-chain data. Chart by TradingView">

In the Money (profitable) addresses are those whose current price is higher than the typical purchase price. On the other hand, they are Out of the Money (losing money) if the price is lower than their entry point. Approximately 75,000 addresses contain 515 trillion SHIB tokens in the $0.000016-$0.000018 range, according to the most recent data. This suggests that there is a lot of resistance at these levels since many investors want to sell their holdings at break-even or with little profit.

Shiba Inu needs a large increase in buying pressure in order to push past its current price range. SHIB may produce a bullish breakout and possibly retest higher resistance levels at $0.000020 and above if it is able to break through the $0.000018 level. On the down side, if this resistance is not overcome, there may be consolidation or even another pullback toward the support level at $0.000014.

Shiba Inu's current price action points to a pivotal point in the asset's history. There is more room for growth if the 515 trillion SHIB token resistance level can be overcome.

Tampa, FL, Feb. 21, 2025 (GLOBE NEWSWIRE) — Alpha Sigma Capital Research has released an in-depth report entitled DeFAI Unleashed, highlighting the rise of AI agents in the crypto world, capturing headlines and fueling both excitement and skepticism.

Report highlights:

• Examines the rise of DeFAI
• Analyzes market trends and adoption challenges
• Evaluates long-term impact of AI agents on crypto

DeFAI transforms decentralized finance:

• AI agents serve as intelligent facilitators
• Utilize natural language processing for seamless on-chain transactions
• Eliminates clunky interfaces and intimidating protocols
• Provides frictionless access to DeFi

Current market landscape:

• Over 1,380 AI agent projects cataloged on platforms like Cookie.fun
• Collective market cap: $8.29 billion
• Recent market dip, but activity remains strong
• Industry leaders view this as a foundational shift despite trader caution

Future outlook:

• AI agents gaining real use cases in DeFi
• More than just a trend—marks the next phase of crypto’s evolution

Access your complimentary copy of DeFAI Unleashed here.

Stay connected with ASC Research on Substack. Subscribe at Alpha Sigma Capital Research | Substack.

About Alpha Transform Holdings

Alpha Transform Holdings (ATH) is a leading digital asset investment firm, combining strategic advisory, research, and capital investment to drive innovation in Web3 and blockchain.

About Alpha Sigma Capital Research

Active Investing in the Blockchain Economy.™Alpha Sigma Capital Research is provided by Alpha Sigma Capital Advisors, LLC, the Investment Manager for the Alpha Blockchain/Web3 Fund and Alpha Liquid Fund. Alpha Sigma Capital (ASC) investment funds are focused on emerging blockchain companies that are successfully building their user-base, demonstrating real-world uses for their decentralized ecosystems, and moving blockchain technology towards mass-adoption. ASC is focused on companies leveraging blockchain technology to provide value-add in areas such as fintech, AI, supply chain, and healthcare. Apply to receive research at www.alphasigma.fund/research.

DISCLAIMER

This is for informational use only. This is not investment advice. Other than disclosures relating to Alpha Transform Holdings (ATH) and Alpha Sigma Capital (ASC) this information is based on current public information that we consider reliable, but we do not represent it as accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our information as appropriate.

Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this press release.

The information on which the information is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, the company website, the company white paper, pitchbook, and any other sources. While Alpha Sigma Capital has obtained data, statistics, and information from sources it believes to be reliable, Alpha Sigma Capital does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.

Unless otherwise provided in a separate agreement, Alpha Sigma Capital does not represent that the contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Alpha Sigma Capital and its officers, directors, and employees shall not be responsible or liable for any trading decisions, damages, or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.

Crypto and/or digital currencies involve substantial risk, are speculative in nature, and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.

Sandra Ditore

info (at) alphasigma.fund

KRAKOW, Poland, Feb. 21, 2025 (GLOBE NEWSWIRE) — FOREX.com, a subsidiary of StoneX Group Inc. (“StoneX”; NASDAQ: SNEX), is proud to announce its participation in the upcoming Invest Cuffs conference as the official Chillout Zone Partner. The event will take place in Krakow on March 28-29, marking FOREX.com’s inaugural presence at one of Poland’s most prominent investment gatherings.

Invest Cuffs has been a cornerstone of financial education and investment discourse in Poland for over a decade, drawing thousands of attendees to explore a wide range of investment opportunities, from real estate to cryptocurrencies. The event serves as a platform for financial professionals, investors, and industry leaders to share insights, strategies, and market perspectives.

With over 120 exhibitors participating, FOREX.com’s presence at Invest Cuffs will provide a unique opportunity to engage with both local and international financial experts. As a leading trading services provider, FOREX.com is committed to fostering investment awareness in the region.

Representing FOREX.com at the event will be Marcin Tuszkiewicz, CEO of Squaber.com and an experienced FOREX.com trader with over 15 years of market expertise. Tuszkiewicz will be one of the featured speakers, delivering a session on price action analysis and investment psychology on Saturday, March 29.

Invest Cuffs promises to be an engaging event, offering valuable networking opportunities and thought-provoking discussions on the future of investing. FOREX.com welcomes all attendees to visit its booth in the Chillout Zone to learn more about its trading solutions.

About StoneX Group Inc.

StoneX Group Inc., through its subsidiaries, operates a global financial services network that connects companies, organizations, traders and investors to the global market ecosystem through a unique blend of digital platforms, end-to-end clearing and execution services, high touch service and deep expertise. The Company strives to be the one trusted partner to its clients, providing its network, product and services to allow them to pursue trading opportunities, manage their market risks, make investments and improve their business performance. A Fortune 100 company headquartered in New York City and listed on the Nasdaq Global Select Market , StoneX Group Inc. and its more than 4,500 employees serve more than 54,000 commercial, institutional, and payments clients, and more than 400,000 retail accounts, from more than 80 offices spread across six continents. Further information on the Company is available at www.stonex.com.

About FOREX.com

FOREX.com, a wholly owned subsidiary of StoneX Group Inc, is a leading online trading provider offering access to a wide range of markets. With award-winning platforms, competitive pricing, and a commitment to transparent execution, FOREX.com supports +1m traders worldwide in achieving their financial goals.

For more information contact:

Mia Porter

Mia.Porter@StoneX.com

The Securities and Exchange Commission (SEC) now has a firm 240-day deadline to issue a decision on an XRP exchange-traded fund (ETF).

This follows the publication of 19b-4 filings for two XRP-based investment products—the Grayscale XRP Trust and the 21Shares Core XRP Trust—in the Federal Register.

Deadline Set for XRP ETF

On February 20, the NYSE Arca’s 19b-4 filing to list and trade shares of the Grayscale XRP Trust was posted to the Federal Register. Fox Business reporter Eleanor Terrett highlighted the development on X.

Moreover, Cboe’s similar filing for the 21Shares Core XRP Trust was posted today, February 21. The SEC’s deadline for this filing is October 19, 2025. These dates mark the official end of the SEC’s review process for both proposals.

The SEC acknowledged the filings earlier this month, but the official posting has now initiated the 240-day review process. The regulator must now assess whether to approve, deny, or extend its review of these XRP ETFs.

Cboe has also submitted similar 19b-4 filings for Bitwise Investment, Canary Funds, and WisdomTree. The SEC recently acknowledged Bitwise’s filing. Thus, the posting of the 21Shares filing could imply that Bitwise would soon follow suit.

How Will an XRP ETF Perform in the Market?

Currently, the US market has only two tradable crypto ETFs—Bitcoin and Ethereum . However, the demand for an Ethereum ETF hasn’t been as significant as Bitcoin’s, raising questions about the performance of a probable XRP ETF.

In a recent interview with CNBC, Bitwise CIO Matt Hougan discussed the potential for an XRP ETF.

Hougan further noted that XRP has built a loyal community over a long period, making it a well-established asset in the market. He highlighted that XRP is actively traded on centralized exchanges. Moreover, he stressed that investors strongly desire a straightforward, cost-effective way to hold the asset.

Hougan also mentioned that the SEC is now more open to discussions under the new administration. In the past, he highlighted that conversations about topics like staking, in-kind transactions, and new assets were often shut down.

Moreover, Polymarket, a prediction platform, shows an 81% chance of an XRP ETF being approved in 2025.