Bitwise Asset Management filed amended S-1 registration statements with the United States Securities and Exchange Commission (SEC) for its proposed spot Dogecoin ETF and Spot Aptos ETF. The amended S-1 filing follows the June 12, 2025 delay from the U.S. SEC on the spot Dogecoin ETF, whereby the agency cited market risks and investor protection concerns.
According to the amended S-1 filing, Bitwise introduced in-kind creations and redemptions to enable authorized participants to exchange shares directly for Dogecoin. With the increased engagement between the U.S. SEC and fund managers, Bloomberg analysts, led by Eric Balchunas, estimate a 90 percent approval probability by the end of October 2025. The next step after this would be the intended exchanges filing for Form 19b-4 with the U.S. SEC.
Market Impact on Dogecoin and Aptos
The filing of amended form S-1 filings for Bitwise spot Dogecoin and Aptos ETF is a clear indication that the agency is looking to approve several similar products in the near future. As Coinpedia reported, the U.S. SEC has engaged with fund managers seeking to offer spot Solana ETFs.
Before the approval of the spot Bitcoin ETFs last year, the U.S. SEC engaged the fund managers in a similar manner as it has engaged with altcoin ETF issuers in the recent past.
The imminent approval of the spot Dogecoin and Aptos ETFs could follow a similar pattern to Ethereum’s, which recorded bearish sentiment after the final approval. Moreover, the spot altcoin ETFs have shown characteristics of an exit market from institutional investors.
Meanwhile, both altcoins continue to have a midterm bearish outlook, especially after BTC’s price struggled to rally consistently beyond $110k in the past few weeks.
Real-World Assets (RWA) are becoming one of the most closely watched narratives in crypto as the sector evolves under increased institutional and regulatory scrutiny. The collapse of MANTRA served as a wake-up call, exposing operational vulnerabilities and sparking demands for higher standards across tokenization platforms.
While skepticism grows around decentralized RWA projects, the broader investment case for asset-backed tokens remains intact—especially as stablecoins and tokenized treasuries lead adoption efforts. Against this backdrop, several RWA altcoins are standing out in May 2025, showing both technical momentum and renewed investor interest.
Stablecoins and Treasuries Lead RWA Adoption Wave
The collapse of Mantra has triggered a wave of reflection and caution across the Real World Asset (RWA) sector. As Andrei Grachev, Managing Partner of DWF Labs, puts it:
“The Mantra collapse is really a pivotal moment for the RWA sector. It has exposed some serious vulnerabilities in how these permissionless tokenisation platforms operate. I think we’re going to see investors getting much more cautious and selective about where they put their money now. Institutional players will probably start demanding much higher standards of due diligence, and regulators might step in with more scrutiny too.”
This event has clearly shaken confidence in the structure of some decentralized RWA models, pushing institutional and retail participants toward more regulated, vetted alternatives.
At the same time, the debate around RWA tokens’ potential to decouple from broader crypto market volatility is gaining momentum.
In response to Binance Research’s observation that RWA tokens have shown more stability than Bitcoin during tariff events, Edwin Mata, Co-founder & CEO of Brickken, said:
“True RWA tokens are backed by real-world value and governed by legal frameworks that enforce rights, obligations, and cash flows. In that sense, they behave more like traditional securities and can, over time, become more resilient to macro-level crypto volatility, especially during periods of market stress, regulatory shifts, or geopolitical shocks like tariffs.”
Shahaf bar Geffen, CEO and Founder of COTI, reinforced this emerging divergence by stating:
“We‘re already witnessing the early stages of that decoupling. RWA tokens are anchored to tangible assets—real estate, commodities, invoices—which inherently provide a stability layer absent in purely speculative cryptocurrencies. The potential for RWAs to hedge against macroeconomic volatility, such as tariffs or inflationary pressures, is significant.”
The macroeconomic case is strengthening, but the technological and institutional backing behind RWAs is also evolving quickly. Kadan Stadelmann, Chief Technology Officer at Komodo Platform, believes institutional adoption will be a decisive factor:
“The adoption by mainstream financial institutions will separate RWAs from the rest of the crypto index. No other crypto product will be as extensively adopted by mainstream finance as RWAs other than stablecoins, which I would argue are a type of RWA.”
Here are the top 3 RWA coins to watch in May.
Ondo (ONDO)
ONDO has climbed nearly 14% over the past 30 days, recently breaking above the $1 mark for the first time since March 6. This move has brought renewed attention to the token, as its market cap approaches the $3 billion threshold again.
However, this upward price action comes amid a broader contraction in the space. According to data from rwa.xyz, total RWA on-chain value currently sits at $16.6 billion, representing a 16.92% decline over the past 30 days.
Despite ONDO’s short-term strength, its technical indicators are flashing caution. A death cross has recently formed on its EMA lines—a pattern often associated with bearish momentum.
The first key support is $0.866. If that level breaks, ONDO could decline to $0.819, with deeper support at $0.73 and $0.663 if the downtrend accelerates.
On the upside, if sentiment reverses and ONDO manages to break above the $1.04 resistance, a push toward $1.20 could follow, opening the door for a stronger recovery.
Reserve Rights (RSR)
Reserve Rights is up nearly 41% over the past 30 days, riding a wave of renewed interest following its Coinbase listing and lingering associations with incoming SEC Chair Paul Atkins.
Despite Atkins having no active ties to the project today, his early advisory role has fueled trader speculation about potential regulatory tailwinds.
This narrative, combined with Binance’s top traders heavily going long, has positioned RSR as one of the more politically charged tokens in the current market.
The listing alone sparked a 9% intraday jump, helping bring RSR back into the spotlight after a long quiet phase post-2021 peak.
Technically, RSR is approaching a critical decision point. The token recently attempted to break the $0.0096 resistance level twice and failed, signaling the importance of that threshold.
A successful breakout could open the door to $0.011, and potentially $0.0137 if momentum builds. However, failure to hold current levels could trigger a correction toward $0.0084, with deeper support at $0.0071 and $0.0057.
TokenFi (TOKEN)
Real-world asset (RWA) platform TokenFi (TOKEN) has surged nearly 40% over the past seven days, pushing its market cap back to the $20 million mark.
The sharp rise comes despite a notable drop in trading activity, with 24-hour volume falling over 59% to $8.13 million.
The divergence between price appreciation and declining volume raises questions about the rally’s sustainability, but for now, TOKEN is regaining attention as a small-cap RWA narrative play in the altcoin market.
From a technical standpoint, TOKEN is approaching key resistance levels. If the bullish momentum continues, the token could test $0.024 and $0.0275, with a potential breakout target of $0.041.
However, any reversal could see TOKEN retrace toward the $0.0194 support level. If that fails, deeper downside levels lie at $0.0137 and $0.0112.
Video-sharing platform Rumble has confirmed the purchase of a cache of BTC for $17 million, joining a growing list of firms embracing the asset. The purchase follows a blueprint to allocate a chunk of its corporate treasury to Bitcoin back in 2024.
Rumble Adds 188 BTC To Its Corporate Treasury For $17.1 Million
According to a press release, Rumble has purchased around 188 BTC to its treasury in line with its plans to diversify its holdings. Per the statement, the video-sharing company splurged 17.1 million on the purchase at an average price of $91,000 per token.
Back in 2024, Rumble disclosed plans to allocate 20 million from its corporate treasury to pursue a Bitcoin accumulation strategy. With around $3 million left, there are plans that the company will continue to bolster its holdings at the discretion of management.
“We are excited to announce these purchases and allocation of Bitcoin as part of our treasury strategy as well as a larger strategic move as we further expand our ties to the crypto industry,” said Rumble CEO Chris Pavlovski.”
The latest purchase will serve as an inflation hedge for Rumble while confirming a broader push to embrace cryptocurrencies. President Trump’s executive order for Strategic Bitcoin Reserve is tipped to trigger increased corporate interest in BTC.
“These holdings have the potential to serve as a valuable hedge against inflation and will not be subject to dilution like so many overprinted government-issued currencies,” added Pavlovski.
Corporate Interest in BTC Rises To An All-Time High
Rumble’s decision to add BTC to its balance sheets comes on the heels of frenetic accumulation activity by corporations. Over 70 publicly listed firms are holding 650,000 BTC in their corporate treasuries, confirming rising institutional interest.
Strategy, with its impressive holdings, is raising $21 billion for BTC purchases through share sales. MARA Holdings, Riot Platforms, and Metaplanet are steadily increasing the size of their Bitcoin holdings.
Aware of rising institutional interest, Bitwise OWNB ETF will provide exposure to companies holding at least 1,000 BTC via an index strategy.
Hyperliquid (HYPE) is showing strong technical signals across multiple indicators, with the token surging more than 15% in the last 24 hours. The platform continues to demonstrate impressive market performance, generating $47 million in fees over the past 30 days and outperforming major blockchain networks like Ethereum and Solana.
Technical indicators suggest a potential golden cross formation, meaning HYPE could test $21 or even $25.80 in the coming period.
Hyperliquid Revenue Places It Among Top Protocols In Crypto
Hyperliquid is currently one of the most successful protocols in crypto. Over the past 30 days, it has generated an impressive $47 million in fees and recently reached $1 trillion in perps volume.
While this places it behind major players such as Jito, Pumpfun, and PancakeSwap in terms of monthly revenue, Hyperliquid has surpassed significant blockchain apps and chains, including Solana, Ethereum, Raydium, and Phantom.
Selected Protocols and Chains Revenue. Last 24 hours, Last 7 Days, and Last 30 Days. Source: DefiLlama.
What makes Hyperliquid’s success particularly remarkable is that, unlike most other high-performing protocols that operate on established blockchain networks such as BNB, Solana, or Ethereum, Hyperliquid functions as its own independent chain.
With the exception of Tron, virtually all other major protocols rely on parent blockchains, whereas Hyperliquid has achieved its substantial revenue figures as a standalone entity.
Despite this impressive performance and unique positioning, HYPE has experienced considerable downward price pressure recently, trading below the $20 threshold for sixteen consecutive days, creating a notable disconnect between the protocol’s operational success and its market valuation.
HYPE DMI Shows Buyers Are In Control
The HYPE DMI (Directional Movement Index) chart shows promising momentum shifts, with the ADX (Average Directional Index) rising from 15.7 to 19, suggesting a strengthening trend conviction.
More significantly, the +DI (Positive Directional Indicator) has surged from 18 to 29.1, while the -DI (Negative Directional Indicator) has declined from 21.8 to 13.5. This crossover pattern, where +DI rises above -DI, typically signals a potential bullish reversal.
The increasing spread between these indicators and the rising ADX suggests that buying pressure is overcoming selling pressure, potentially setting the stage for HYPE to break above its recent sub-$20 trading range.
HYPE’s RSI climbing from 54.5 to 66 indicates growing bullish momentum that hasn’t yet reached extreme levels. This uptick suggests strengthening buyer interest while remaining below the overbought threshold of 70.
The fact that HYPE hasn’t reached overbought levels since December 2024 implies there may still be room for price appreciation before any potential pullback.
Together with the DMI indicators, this RSI reading reinforces the possibility of continued upward movement in HYPE’s price in the near term.
Will Hyperliquid Rise Above $20 This Week?
The HYPE Exponential Moving Average (EMA) lines are converging toward a potential golden cross formation, which occurs when a shorter-term moving average crosses above a longer-term one.
This technical pattern typically signals a strong bullish momentum shift that could propel HYPE to test its immediate resistance level at $17. Should buyers successfully break through this threshold, the path would open for HYPE to climb toward the $21 mark.
In scenarios where exceptional buying pressure materializes, Hyperliquid could extend its gains to challenge the significant resistance level at $25.80, representing a substantial recovery from its recent sub-$20 trading range.
Conversely, if the anticipated uptrend fails to materialize and bearish sentiment prevails, HYPE could experience renewed downward pressure, forcing it to test the critical support level at $12.43.
The importance of this support cannot be overstated, as a breach below this floor could trigger accelerated selling, potentially pushing HYPE under the psychologically significant $12 level for the first time since December 2024.
