Solana ETFs Are Here 🚀

While America’s storied president promises to make the USA the “crypto superpower” of the world, Canada is busy showing receipts. 

On another note, why do people still believe in Ponzi schemes? Today’s edition tracks an $800M mess linked to China. 

In Today’s Edition

🌕 Market Watch: NVDA Whips the Market
🌕 Solana ETFs Have Arrived
🌕 An $800M Crypto Fallout
🌕 China is selling Bitcoin to stay afloat?

Market Watch 🔍

TL;DR NVDA shocks, BTC slips, AI coins stall—risk appetite faces a reset.

Bitcoin fell 3% to $83.4K on Tuesday, slipping in sync with tech stocks after the U.S. government imposed fresh restrictions on Nvidia’s AI chip sales to China. 

ETH and SOL weren’t spared, dropping 5% each to $1.5K and $125, respectively, while alts across the board bled out—except for standout meme tokens like Fartcoin and XCN, both up over 60% for the week. 

“OTHERS”, a proxy benchmark for altcoins, closed at its lowest since 2021.

On the institutional side, Bitcoin ETFs are flexing $76M in inflows just yesterday.

Despite the pullback, crypto’s seven-day performance is still net positive, holding a $2.7T total market cap. 

However, Coinbase Institutional has flagged a possible bear market, citing BTC’s slide below its simple 200-day moving average and sluggish accumulation from large investors. 

According to CryptoQuant, daily Bitcoin selling from whales has slowed from 800K BTC in February to about 300K BTC now.

This signals more profit-taking than panic.

Meanwhile, AI-themed tokens were whipped yesterday, weighed down by increased put options activity in Nvidia.

TAO and RNDR fell 3.6% and 1.7%, respectively, as traders may be hedging against broader market volatility.

This is happening as  Nvidia announced plans to manufacture AI supercomputers in the U.S., potentially opening doors for U.S.-based crypto mining infrastructure.

Amidst the gloom, trench-style trading on Telegram surged back to life.

Fur and Drawify hit $6M and $4M in daily volume, respectively, while bots like Axiom outpaced rivals Photon and BullX. 

So while the majors cool, the degen casino is heating up again.

Solanaverse: ETFs Go Live 🌅

Canada is once again sprinting ahead of the U.S. in the crypto ETF race—this time with Solana. 

On Wednesday, four asset managers—Purpose, CI, Evolve, and 3iQ—are set to launch the world’s first spot Solana ETFs on the Toronto Stock Exchange, all with staking baked in. 

According to TD Bank's circular, shared by Bloomberg’s Eric Balchunas, staking yields could even outpace Ethereum’s, making the funds more attractive and potentially reducing investors' holding costs.

Purpose plans to run staking through its validator infrastructure, CI is teaming up with Galaxy Digital, and Evolve is promising zero fees through 2025. 

It's the same playbook that brought us the first spot bitcoin and ether ETFs back in the day—and once again, Canada’s doing it before the SEC makes a move.

Meanwhile, in the U.S., the Solana futures ETF scene is still finding its footing. 

The Volatility Shares’ Solana ETFs have just over $13 million in combined AUM—dwarfed by XRP’s 2x fund, which launched later and already boasts more. 

Still, U.S. issuers like VanEck and Grayscale are eyeing Solana spot products of their own.

And in a dramatic twist, Janover—a real estate fintech recently acquired by ex-Kraken execs—has doubled its SOL holdings to $20M as part of a bold crypto treasury pivot. 

Their reward? A 1,700% stock surge in under a month.

The Solana era? It’s quietly arriving—with a validator node and an ETF filing in hand.

Solana took a plunge yesterday, but many would argue it as the perfect moment for a better entry, especially with ETFs coming in.

CBEX: Another Crypto Fallout

Crypto’s latest cautionary tale comes out of Africa, where CBEX—a digital asset trading platform falsely linked to China—has collapsed, leaving behind a staggering $800 million scam trail.

Promising 100% returns in just 30 days, CBEX tapped into economic desperation to lure thousands of unsuspecting investors into a textbook Ponzi scheme. 

The platform abruptly halted withdrawals in early April, shut down its Telegram community, and demanded “verification” fees from users hoping to reclaim their funds—an audacious last-grab move as the fallout unraveled online and in the streets.

Investigators have since tracked CBEX’s transactions through the TRON blockchain, revealing a network of wallets funneling user deposits into USDT and USDD before being washed through major exchanges like OKX, Bitget, and HTX. 

Independent analysts say the scheme also appears connected to Huione Pay—a money laundering network with roots in Southeast Asia—and was built on scam templates by popular Telegram coder Kehon8.

Disturbingly, user KYC data from CBEX may have leaked onto the dark web, compounding the damage with identity risks. 

The scheme bears eerie resemblance to Nigeria’s infamous MMM scam from 2016, suggesting a recurring pattern: too-good-to-be-true returns cloaked in crypto’s legitimacy.

What The Coin is Going on? 🪙

1. Arbitrum’s RWA market explodes 1,000X in one year, but why is its native token ARB still sliding?

2. Semler Scientific, a healthcare firm that manages to top crypto headlines consistently, will—get this—borrow nearly $30 million from Coinbase to pay off its DOJ fraud probe.

3. Believe it or not, China is selling Bitcoin to generate revenue for public coffers. 

4. Movement Labs is investigating last month’s market maker issues, which involved Binance removing an unnamed market maker after “misconduct” around MOVE’s token.

5. If on-the-go nuggets are your thing, you’ll love this 10-min chat on everything hot in crypto—on Spotify and Apple.

That’s all for today, folks.    

Talk Tomorrow,
Your Friend At Token Metrics