Crypto pulse of the day: SEC’s Litecoin ETF, Trump, Gork, and Solana’s Record Flows

SEC Decision on Canary Capital’s Litecoin ETF

– The Issue: The U.S. Securities and Exchange Commission (SEC) must rule on Canary Capital’s spot Litecoin ETF application by May 5, 2025.
– Analyst Expectations: Most experts anticipate another delay—historically, the SEC has let this application’s timeline lapse without action.
– Risks & Opportunities: Approval of the first altcoin ETF (after Ethereum) could trigger significant capital inflows into Litecoin; a rejection or further delay could cool interest in other altcoins.

Donald Trump’s Political Moves

– Crypto Stance: Former President Trump declared that the U.S. must develop its crypto sector or risk falling behind China.
– Trade Tariffs: He announced a 100% tariff on all foreign-made films, while hinting at potential trade deals this week without offering specifics.
– Xi Meeting: Trump noted he does not plan to meet with President Xi Jinping this week, casting doubt on any major international trade agreements.

Meme Token Gork in Musk’s Spotlight

– Activation: Elon Musk mentioned Gork in an X post and changed his account’s avatar and display name to match the token’s branding.
– Effect: Gork surged over 20% afterward, demonstrating once again that Musk’s personal endorsement can drive extreme speculative moves.

Berkshire Hathaway vs. S&P 500: Staggering Returns

– Results: Over 59 years under Warren Buffett, Berkshire Hathaway shares gained 5,502,284%, outpacing the S&P 500’s 39,054% return by a factor of 141.
– Takeaway: Even in the volatile crypto era, these long-term returns remain a gold standard for disciplined investors.

Bitcoin Call Options with a $300,000 “Lottery” Strike

– Current Situation: Traders are snapping up Bitcoin call options with a $300,000 strike expiring June 26. Open interest has topped 5,000 contracts (about $484 million), making it the second-most-popular June expiry trade.
– Analogy: Experts compare these bets to lottery tickets—high potential upside for a relatively small premium.

Bearish Daily LMACD on Bitcoin

– Data: As of today, Bitcoin’s daily LMACD opened in bearish territory, signaling a loss of short-term momentum.
– Implication: Short-term traders should brace for heightened volatility and possible corrective moves.

PumpFun Overtakes Ethereum in Fees

– Statistics: According to Token Terminal, PumpFun has collected $294 million in fees year-to-date, surpassing Ethereum’s $249 million. Weekly fees have exceeded Ethereum’s for nine consecutive weeks.
– Interpretation: This highlights growing interest in DeFi products on newer chains offering lower transaction costs.

Indonesia Suspends Worldcoin Services

– Reason: Regulators halted Worldcoin KYC services and issuance of WorldID after the project’s February launch, citing noncompliance with local regulations.
– Consequence: Indonesian users have lost access to the biometric verification service, potentially slowing adoption in Southeast Asia.

Solana Patches “Zero-Day” Token Minting Bug

– Vulnerability: A flaw allowed unlimited minting of certain tokens until patched.
– Resolution: Solana validators quickly deployed a fix, and no exploits were reported.

S&P 500 and Key Moving Averages

– Market Trend: The S&P 500 climbed above its 50-day moving average last week and is now challenging its 200-day moving average.
– Significance: Breaking above the 200-day MA would reinforce a bullish trend in equities, which often bolsters risk assets like crypto.

U.S. Recession Fears at Two-Year High

– Survey: In April, 72% of Americans saw a recession in the next 12 months as “very likely,” the highest level in two years. Since November 2024, this metric rose by 8 percentage points, and household financial confidence hit its lowest since 2022.
– Impact: Reduced plans for home, auto purchases, and travel could dampen demand for crypto products as alternative investments.

New York Post X Account Hack

– Incident: Hackers gained control of the NY Post’s X account and sent fake interview invitations directing crypto users to Telegram—a classic phishing scam.
– Advice: Social media users should verify unexpected messages and be wary of unsolicited links.

Mattel Halts New Hot Wheels NFT Drops

– Announcement: Mattel will stop minting new NFTs for the Hot Wheels Virtual Garage but will maintain its marketplace and community at least through the end of 2025.
– Insight: This reflects a shift by major brands toward sustainable Web3 strategies, focusing on community support over endless new drops.

Smart Money on Solana Accumulates in $FARTCOIN and Others

– Findings: Nansen reports that “smart money” wallets on Solana are loading up on $FARTCOIN, $GORK, and $AI16Z. Over $18.75 million—more than half of smart-money exposure—is now in $FARTCOIN.
– Conclusion: Large investors are chasing high-risk, potentially high-reward opportunities in fast-growing ecosystems.

CONCLUSION

From the SEC’s looming decision on a Litecoin ETF to Trump’s crypto call, meme-token mania, and institutional metrics on Solana, this week’s developments span regulatory, political, and market fronts. Technical indicators, speculative option flows, and evolving brand strategies all paint a complex but opportunity-rich landscape. Investors should watch key dates and market signals closely, while users remain cautious with new platforms and offers.