Emily Walker
The Securities and Exchange Commission (SEC) has accelerated the review process for Bitwise’s proposal for the third Bitcoin-Ethereum exchange-traded fund (ETF) in the United States.
While the ETF approval is still pending, it may happen soon, allowing Bitwise’s clients to indirectly invest in both leading cryptocurrencies simultaneously.
Institutional investors are beginning to explore cryptocurrencies via ETFs, while the degen community is turning towards traditional investment options like indexes. The Meme Index ($MEMEX) is poised to be a frontrunner in this new trend.
What Will the SEC Decide About Altcoin ETFs?
Bitwise has successfully passed the first major hurdle in approving its ETF—the 19b-4 form—and is now awaiting approval for the S-1 form to launch the fund.
This week, Tuttle Capital also submitted applications for ten altcoin ETFs, which include meme coins such as $TRUMP, $MELANIA, and $BONK.
Analyst James Seyffart from Bloomberg notes that ETF issuers are testing the limits of what the SEC is willing to approve. Since the SEC has already approved the $LTC ETF from Canary Capital, it raises the question of where the regulators will draw their boundaries.
In a broader context, Bitwise expects the supportive pro-crypto administration and the rollout of new ETFs to help maintain a bullish market through 2026.
The rapid expansion of the $BTC ETF market exemplifies this growth.
BlackRock, Fidelity, and Grayscale secured approval for their first spot $BTC ETFs in January 2024. Now, one year later, there are twelve US $BTC ETFs, amassing a total of $40.18 billion in cumulative inflows.
Just yesterday, the $BTC ETFs saw inflows of $588 million, with BlackRock’s IBIT ETF leading at $321 million.
Additionally, US $ETH spot ETFs reported inflows of $67.77 million yesterday, totaling $2.73 billion overall.
Fueled partly by growing institutional adoption through ETFs, $BTC has increased by 143% this year, now trading at $104,000.
If the SEC approves altcoin ETFs, it could lead to a significant increase in the entire cryptocurrency market due to enhanced legitimacy and accessibility.
Meme Index ($MEMEX): Bridging Wall Street and Meme Coin Trading
While Wall Street investors are exploring crypto via ETFs, degen traders are finding value in traditional stock market products like indexes.
The Meme Index ($MEMEX) aims to address two key challenges for meme coin investors: identifying promising tokens and managing potential risks.
It introduces four different meme coin indexes, catering to various risk preferences: Titan (least volatile), Moonshot and MidCap (moderate volatility), and Frenzy (high-risk, high-reward options).
The meme coin market cap has reached $100 billion. New tokens are created daily, and the leaderboard changes rapidly, so investing solely in one project can be risky.
By diversifying into eight tokens rather than a single one, investors can minimize their risk and improve potential returns.
Ultimately, the $MEMEX project illustrates how traditional finance and crypto can learn from each other and coexist harmoniously.
Early investors have already contributed $3.1 million to the $MEMEX presale, staking 139 million tokens with a dynamic APY of 718%.
The current price of one token is $0.0157183, set to increase imminently, making it an advantageous time to buy $MEMEX ahead of its launch on major exchanges at a higher price.
Besides offering access to Meme Index baskets, the $MEMEX token also grants holders governance rights, allowing them to influence the project’s development.
The Maturation of Crypto
The distinction between traditional finance and cryptocurrency is becoming increasingly blurred.
The SEC is becoming more receptive to crypto ETFs, having approved those for $BTC and $ETH—the door is now open for altcoins, including meme coins. This indicates that Wall Street is finally beginning to take cryptocurrencies seriously.
Additionally, platforms like Meme Index are encouraging degen traders to adopt proven investment strategies.
This momentum signifies that the growth of the crypto market is unstoppable.
However, it’s crucial to do your own research (DYOR) before investing in any initiatives. While a general market uptrend and solid fundamentals can be encouraging, they don’t guarantee profits.