Nasdaq has submitted an S-1 form for the 21Shares Dogecoin ETF with the US Securities and Exchange Commission (SEC). This move officially kicks off the approval process, with the Commission having to decide whether or not to approve the fund, which will provide institutional investors access to the top meme coin.
Nasdaq Files To List & Trade 21Shares Dogecoin ETF
A Nasdaq filing has revealed that the exchange has submitted an application to the US SEC to list and trade the 21Shares Dogecoin ETF. This move is significant, as the S-1 filing officially begins the approval process.
The SEC will then move to publish the filing in the Federal Register and ask for public comments on the filing before it decides to approve or deny. It is worth mentioning that asset manager 21Shares had earlier this month filed the 19b-4 form for its DOGE ETF. This move showed the firm’s intention to offer investors exposure to the largest meme coin by market cap.
Besides 21Shares, Grayscale, and Bitwise have also filed to offer a Dogecoin ETF, providing a bullish outlook for the DOGE price, which could surge as institutional investors invest in the meme coin. More asset managers are expected to file for a DOGE ETF as interest in the meme coin picks up.
What’s Next For The Dogecoin Price?
The DOGE price remained unchanged following Nasdaq’s S-1 filing for the 21Shares Dogecoin ETF. However, crypto analyst Trader Tardigrade predicts that a breakout might be on the horizon for the top meme coin.
In an X post, the analyst noted that Dogecoin has been moving within different ranges, experiencing both false breakdowns and breakouts. He added that the meme coin has now returned to its current range. In line with this, he expects DOGE to break out, potentially sending it higher.
Bitcoin (BTC) is now one year past its most recent halving, and this cycle is shaping up to be unlike any before it. Unlike previous cycles where explosive rallies followed the halving, BTC has seen a far more muted gain, up just 31%, compared to 436% over the same timeframe in the last cycle.
At the same time, long-term holder metrics like the MVRV ratio are signaling a sharp decline in unrealized profits, pointing to a maturing market with compressing upside. Together, these shifts suggest Bitcoin may be entering a new era, defined less by parabolic peaks and more by gradual, institution-driven growth.
A Year After the Bitcoin Halving: A Cycle Unlike Any Other
This Bitcoin cycle is unfolding noticeably differently than previous ones, signaling a potential shift in how the market responds to halving events.
In earlier cycles—most notably from 2012 to 2016 and again from 2016 to 2020—Bitcoin tended to rally aggressively around this stage. The post-halving period was often marked by strong upward momentum and parabolic price action, largely fueled by retail enthusiasm and speculative demand.
The current cycle, however, has taken a different route. Instead of accelerating after the halving, the price surge began earlier, in October and December 2024, followed by consolidation in January 2025 and a correction in late February.
This front-loaded behavior diverges sharply from historical patterns where halvings typically acted as the catalyst for major rallies.
Several factors are contributing to this shift. Bitcoin is no longer just a retail-driven speculative asset—it’s increasingly seen as a maturing financial instrument. The growing involvement of institutional investors, coupled with macroeconomic pressures and structural changes in the market, has led to a more measured and complex response.
Another clear sign of this evolution is the weakening strength of each successive cycle. The explosive gains of the early years have become harder to replicate as Bitcoin’s market cap has grown. For instance, in the 2020–2024 cycle, Bitcoin had climbed 436% one year after the halving.
In contrast, this cycle has seen a much more modest 31% increase over the same timeframe.
This shift could mean Bitcoin is entering a new chapter. One with less wild volatility and more steady, long-term growth. The halving may no longer be the main driver. Other forces are taking over—rates, liquidity, and institutional money.
The game is changing. And so is the way Bitcoin moves.
Nonetheless, it’s important to note that previous cycles also featured periods of consolidation and correction before resuming their uptrend. While this phase may feel slower or less exciting, it could still represent a healthy reset before the next move higher.
That said, the possibility remains that this cycle will continue to diverge from historical patterns. Instead of a dramatic blow-off top, the outcome may be a more prolonged and structurally supported uptrend—less driven by hype, more by fundamentals.
What Long-Term Holder MVRV Reveals About Bitcoin’s Maturing Market
The Long-Term Holder (LTH) MVRV ratio has always been a solid measure of unrealized profits. It shows how much long-term investors are sitting on before they start selling. But over time, this number is falling.
In the 2016–2020 cycle, LTH MVRV peaked at 35.8. That signaled massive paper profits and a clear top forming. By the 2020–2024 cycle, the peak dropped sharply to 12.2. This happened even as Bitcoin price hit fresh all-time highs.
In the current cycle, the highest LTH MVRV so far is just 4.35. That’s a massive drop. It shows long-term holders aren’t seeing the same kind of gains. The trend is clear: each cycle delivers smaller multiples.
Bitcoin’s explosive upside is compressing. The market is maturing.
Now, in the current cycle, the highest LTH MVRV reading so far has been 4.35. This stark drop suggests long-term holders are experiencing much lower multiples on their holdings compared to previous cycles, even with substantial price appreciation. The pattern points to one conclusion: Bitcoin’s upside is compressing.
This isn’t just a fluke. As the market matures, explosive gains are naturally harder to come by. The days of extreme, cycle-driven profit multiples may be fading, replaced by more moderate—but potentially more stable—growth.
A growing market cap means it takes exponentially more capital to move the price significantly.
Still, it’s not definitive proof that this cycle has already topped out. Previous cycles often included extended periods of sideways movement or modest pullbacks before new highs were reached.
With institutions playing a larger role, accumulation phases could stretch longer. Therefore, peak profit-taking may be less abrupt than in earlier cycles.
However, if the trend of declining MVRV peaks continues, it could reinforce the idea that Bitcoin is transitioning away from wild, cyclical surges and toward a more subdued but structured growth pattern.
The sharpest gains may already be behind, especially for those entering late in the cycle.
Pi Coin (PI) is currently trading at $0.65, up slightly by more than 1% at the time of writing. While the broader crypto market is showing signs of strength, Pi Coin has remained relatively flat, trading within a narrow range of $0.60 to $0.68 in recent weeks.
Despite the limited price movement, there’s excitement in the Pi Network community with the launch of a new game app, Fruity $PI, now live on the Pi Network Mainnet Ecosystem. The app adds to the growing number of decentralized applications being built on the Pi platform, aimed at improving user engagement and ecosystem activity.
However, some investor frustration is mounting over the coin’s stagnant performance. This sentiment took a humorous turn when a user on social media claimed to have listed 3 PI coins on the OKX exchange for a total of $314,159, stating they were new to using exchanges.
The post quickly went viral, with crypto analyst Dr. Altcoin commenting, “This guy is selling 3 Pi on OKX each for a GCV value of $314,159! Some people have no clue how crypto works.”
This guy is selling 3 Pi on OKX each for a GCV value of $314159! Some people have no clue how crypto works. Dimas @2000Rocker do you care to clarify? https://t.co/uwE9SlhRHB
Another user, @2000Rocker, was tagged in the conversation for clarification, while others chimed in, with one commenter joking, “He’ll have to wait 40 to 50 years to take profit.”
While the post stirred laughs across the community, it also highlighted confusion among some newer users about the coin’s real value versus speculative pricing.
For now, Pi Coin continues to hold steady, with the ecosystem gradually expanding. Whether new apps like Fruity PI$PI can drive more meaningful price action remains to be seen.
The post Pi Network News: Here’s How a New User on OKX is Selling 3 Pi Coins for $314,159 Each appeared first on Coinpedia Fintech News
Pi Coin (PI) is currently trading at $0.65, up slightly by more than 1% at the time of writing. While the broader crypto market is showing signs of strength, Pi Coin has remained relatively flat, trading within a narrow range of $0.60 to $0.68 in recent weeks. Despite the limited price movement, there’s excitement in …
According to CoinGecko’s quarterly report, the overall crypto market cap fell 18.6% in Q1 2025. Trading volume on centralized exchanges also fell 16% compared to the previous quarter.
This report identified a few positive trends, but most of them contained at least one significant downside. Despite the market euphoria in January, recession fears are taking a very serious toll.
Crypto Suffered Heavy Losses in Q1
The latest CoinGecko report shows just how bearish the first quarter of the year has been. Although the crypto market started January with a major bullish cycle, macroeconomic factors have heavily impacted market sentiment for the past two months.
Crypto Market Cap Fell in Q1 2025. Source: CoinGecko
According to this report, crypto’s total market cap fell 18.6% in Q1 2025, a staggering $633.5 billion. Investor activity fell alongside token prices, as daily trading volumes fell 27.3% quarter-on-quarter from the end of 2024. Spot trading volume on centralized exchanges fell 16.3%, which CoinGecko at least partially attributes to the Bybit hack.
The report mostly focused on concrete numbers, but it pointed to a few specific events that impacted crypto. Markets hit a local high around Trump’s inauguration, thanks to market euphoria over possible friendly policies.
Bitcoin increased its dominance in Q1 2025, accounting for 59.1% of crypto’s total market cap. It hasn’t maintained that share of the market since 2021, symbolizing how much more stable it’s been than altcoins.
Nevertheless, BTC also fell 11.8% and was outperformed by gold and US Treasury bonds.
Bitcoin Slumps Despite Market Cap Dominance. Source: CoinGecko
ountless other areas saw similar results, but they’re too numerous to easily summarize.
That is to say, almost every quantifiable positive development came with at least one major caveat. Solana dominated the DEX trade, but its TVL declined by over one-fifth.