The SEC keeps delaying Solana ETF applications, postponing four filings from Bitwise, 21Shares, Canary Capital, and Marinade Finance. There has not been any concrete explanation for this process.
There are a few competing explanations for this setback, but there’s a simple and plausible answer. The Commission generally takes as much time as it can with these approvals, and it has until mid-October to decide the fate of these ETFs.
Unfortunately, it’s hard to be certain. Still, there are a few important data points that may explain this opaque process. For one, Caroline Crenshaw, an anti-crypto SEC Commissioner, has been delaying several ETF applications, preventing her colleagues from using the expedited approval process. She can’t block them outright, but she can slow them down.
The Commission was clearly sympathetic to this product but felt somehow compelled to keep this ETF from the open market.
Without a clear statement from the Commission, it’s possible to offer endless speculative explanations. The SEC is formulating new approval standards, so maybe that’s responsible for Solana ETF delays. It’s impossible to know for certain.
At least one thing is clear: the SEC has a final deadline to approve or reject these products by mid-October. Barring another strange move like the basket ETF approval and stay order, we should have Solana products available now.
Americans now own more Bitcoin than gold, with approximately 50 million Americans holding Bitcoin compared to 37 million owning gold.
The trend of viewing Bitcoin as a reserve asset alternative to gold is growing. Bitcoin is becoming integral to the US’s economic plans, purchasing policies, and financial systems.
Bitcoin Surpasses Gold in US Ownership
A May 20 report from Bitcoin investment firm River emphasizes that the US is leading the way in Bitcoin adoption, with significant investments and infrastructure supporting its dominance. Bitcoin’s outperformance over gold in American ownership marks a significant milestone, signaling a major shift in public perception of investment assets.
America is the global Bitcoin superpower. Source: River
The report also highlights that the US is at the forefront globally in adopting Bitcoin, with 40% of global Bitcoin companies headquartered there. Also, American firms account for 94.8% of all Bitcoin owned by publicly traded firms worldwide.
This reflects the US’s strong investment in Bitcoin infrastructure, from startups and ETFs to policies supporting cryptocurrency.
Another noteworthy point is the trend of considering Bitcoin as a modern reserve asset alternative to gold. River’s report shows that Bitcoin is becoming an “underestimated pillar” of American economic dominance.
With 790 billion USD worth of Bitcoin held by Americans, Bitcoin is not just an investment asset. It is also integrated into the nation’s economic plans and financial systems.
“Bitcoin is an underestimated pillar of American dominance. Americans have a larger estimated share of the bitcoin supply than of global wealth, GDP, or gold reserves.” River stated
Nearly 50 million Americans own Bitcoin, while the number of gold owners is almost 37 million. Source: River
Growing confidence in Bitcoin is reinforced by factors such as the ease of digital storage and transfer and expectations that the US might establish a strategic Bitcoin reserve, as proposed by some politicians. This indicates that Bitcoin is gradually reshaping how Americans perceive safe-haven assets during economic uncertainty, surpassing the traditional role of gold.
Moody’s US credit downgrade ends a century of top ratings, boosting Bitcoin’s appeal as a hedge against fiscal instability.
However, this shift also raises questions about sustainability and risks. While Bitcoin is considered a safe haven asset, its price volatility may make some investors cautious.
The MANTRA (OM) token suffered a catastrophic price collapse on April 13, plummeting over 90% in under an hour and wiping out more than $5.5 billion in market capitalization.
The sudden crash, which took OM from a high of $6.33 to below $0.50, has drawn comparisons to the infamous Terra LUNA meltdown, with thousands of holders reportedly losing millions.
Why did MANTRA (OM) Crash?
Multiple reports suggest that the trigger is a large token deposit linked to a wallet allegedly associated with the MANTRA team. Onchain data shows a deposit of 3.9 million OM tokens to OKX, sparking concerns about a possible incoming sell-off.
Given that the MANTRA team reportedly controls close to 90% of the token’s total supply, the move raised immediate red flags about potential insider activity and price manipulation.
The OM community has long expressed concerns around transparency. Allegations have surfaced over the past year suggesting the team manipulated the token’s price through market makers, changed tokenomics, and repeatedly delayed a community airdrop.
When the OKX deposit was spotted, fears that insiders might be preparing to offload were amplified.
Reports also indicate that MANTRA may have engaged in undisclosed over-the-counter (OTC) deals, selling tokens at steep discounts — in some cases at 50% below market value.
As OM’s price rapidly declined, these OTC investors were thrown into losses, which allegedly sparked a mass exodus as panic selling took hold. The chain reaction triggered stop-loss orders and forced liquidations on leveraged positions, compounding the collapse.
The MANTRA team has denied all allegations of a rug pull and maintains that its members did not initiate the sell-off.
In a public statement, co-founder John Patrick Mullin said the team is investigating what went wrong and is committed to finding a resolution.
The project’s official Telegram channel was locked during the fallout, which added to community frustration and speculation.
“We have determined that the OM market movements were triggered by reckless forced closures initiated by centralized exchanges on OM account holders. The timing and depth of the crash suggest that a very sudden closure of account positions was initiated without sufficient warning or notice,” wrote MANTRA founder JP Mullin.
If OM fails to recover, this would mark one of the largest collapses in crypto history since the Terra LUNA crash in 2022.
Thousands of affected holders are now demanding transparency and accountability from the MANTRA team, while the broader crypto community watches closely for answers.
Welcome to the US Morning Crypto News Briefing—your essential rundown of the most important developments in crypto for the day ahead.
Grab a coffee to see what data says about the Bitcoin (BTC) price outlook, alongside insights into the current sentiment in the options market. Remember, this being the last Friday of April, monthly options expired today at 8:00 UTC on Deribit.
Strong Market Expectations of Bitcoin Reaching $100,000
Interestingly, Bitcoin traded well above its max pain or strike price of $86,000. Ordinarily, as options near expiration, an asset’s price would tend to gravitate toward its max pain level. While Bitcoin traded for $93,471 minutes before the options expiry, it is now selling for $94,581.
BeInCrypto contacted Bitfinex analysts for insights into the current market outlook and their perspective on what lies ahead for the Bitcoin price in the short term. According to the analysts, Bitcoin’s price could record further upside after clearing option-based resistance.
“Post-expiry, the market is leaning cautiously bullish, and with the $90,000 strike cluster now cleared, there’s less option-based resistance overhead,” Bitfinex analysts told BeInCrypto.
Further, the analysts observed that many traders have rolled exposure to higher strikes, with $95,000 and $100,000 showing increased call open interest for end-April and May expiries.
While this reflects the expected continued upside, the analysts did not rule out a potential short-term chop.
This aligns with Deribit analysts’ statements that the highest open interest for BTC options was around the $100,000 strike price. This indicates strong market expectations of Bitcoin reaching this level.
As BeInCrypto reported, the analysts ascribed this to traders selling cash-secured put options on Bitcoin. These traders also use stablecoins to collect premiums while buying BTC at lower prices.
BeInCrypto also reported that the Cumulative delta (CD) across BTC and related ETF (exchange-traded fund) options on Deribit reached $9 billion. Bitfinex analysts agree, citing rising spot flows and ETF demand.
“Spot flows and ETF demand have picked up significantly for BTC over the past few days and will now continue to dictate if BTC can establish $90,000 as support,” the analysts added.
Meanwhile, these forecasts add to the list of growing bullish bets on Bitcoin’s price, credibly confirming a sentiment shared in the previous US Crypto News publication.
However, despite strong prospects for more Bitcoin price gains, some analysts urge investors to temper their optimism. One is Innokenty Isers, the Chief Executive Officer at Paybis Exchange.
“Current market outlook suggests that Bitcoin price may face more stiff resistance moving forward. In the last two months, the uncertainty around the tariff war triggered an unusual concern for investors as many decided to temporarily steer clear of more volatile assets like Bitcoin,” Isers told BeInCrypto.
Moreover, the Federal Reserve (Fed) has spotlighted the inflationary risks the tariff war may introduce. Nevertheless, Isers acknowledged clear indications of sustained accumulation of BTC by institutional investors and market whales.
This chart shows that the top Bitcoin options by trading volume over the past 24 hours are call options with strike prices of $95,000 and $100,000, ahead of the May 2 expiry.
Byte-Sized Alpha
Bitcoin rebounds 25% in April, shifting market sentiment from fear to greed, per the Crypto Fear & Greed Index readings.
Cardano gained 15% in a week, holding a bullish structure despite a volume dip and early signs of consolidation near key price levels.
USD1 stablecoin, launched by World Liberty Financial, is subject to the EU’s MiCA regulations, which require compliance with transparency, reserve backing, and conflict of interest rules.
