The SEC has finally approved in-kind redemptions for Bitcoin and Ethereum ETFs, boosting efficiency and lowering costs.
The U.S. Securities and Exchange Commission has voted to greenlight in-kind redemptions for Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs).
This means that it will now be possible to create and redeem shares of spot-based cryptocurrency ETFs with the help of actual underlying assets instead of cash. Prior to this, crypto ETFs were only able to handle cash-based transactions.
The crypto industry has been actively advocating for enabling in-kind redemptions since they will increase efficiency and lower costs.
An intriguing shift is taking place beneath the surface of XRP’s on-chain footprint, and this time it is tied to one of the largest U.S. crypto exchanges. Coinbase, which was previously holding an estimated 970 million XRP across 52 cold wallets, no longer has that same stockpile, according to XRPWallets.
As of this week, only 35 of those addresses remain funded, marking a surprising 40% drop in just weeks.
Back in June, 10 of Coinbase’s wallets contained 26.8 million XRP each, while 42 others held 16.8 million each.
Fast forward to July 29, and most of those wallets have been left with only a few XRP or have been emptied entirely, as large outbound transfers are being tracked in real time by on-chain watchers. A notable transaction involved the transfer of 16.8 million XRP from a wallet labelled “Cold Wallet 400” to a Coinbase hot wallet.
Something changed in the Shiba Inu (SHIB) market overnight, but it was not the price. On July 27, outflows from large holder wallets barely registered at 9.27 billion SHIB, according to IntoTheBlock. Just one day later, that figure had exploded to 798.22 billion SHIB, marking a staggering 8,866% increase in outflow volume.
Surprisingly, however, the token’s price did not follow suit, finding itself between $0.000014 and $0.000013.
Here is where it gets interesting: these “large holders,” as defined by IntoTheBlock, are wallets holding more than 0.1% of SHIB’s total supply. This includes institutional whales and heavyweight investors, but more often than not, it also includes centralized exchanges.
A quick look at the top holders confirms this: Coinbase, Binance, Robinhood and Upbit collectively hold tens of trillions of SHIB, accounting for a significant proportion of the total circulating supply. This suggests that the recent spike may not be a sign of panic-selling, but rather retail users pulling their tokens off exchanges.
