XRP emerges as the most likely candidate for the next crypto ETF, says Kaiko Research.

XRP leads in new ETF applications ahead of SEC’s deadlines

In an investor note dated April 15, 2025, Matt Hougan, the Chief Investment 
Officer (CIO) of Bitwise, shared an examination of Bitcoin’s recent trading 
patterns that may surprise both critics and supporters. “Bitcoin is acting 
like an asset that wants to go higher, if only macro obstacles would get out 
of the way,” he wrote. According to Hougan, Bitcoin’s price on April 14 
hovered around $84,379, compared to $84,317 a month earlier—a minuscule change 
of 0.07% during a 30-day window. This flat performance emerged against the 
backdrop of two significant geopolitical events: the United States announcing 
the creation of a Strategic Bitcoin Reserve and President Donald Trump 
imposing sweeping tariffs on countries around the globe. The resilience that 
Bitcoin has shown during this period stands in stark contrast to the broader 
downward trend in traditional financial markets. Hougan pointed out that the 
S&amp;P 500, which peaked on February 19, has lost 12.0% of its value, with 
Bitcoin down a comparable 12.4% since that date. He found this alignment 
astonishing, particularly because it departs from Bitcoin’s behavior during 
past market downturns. In the 2022 correction, for example, the S&amp;P 500 slid 
24.5% while Bitcoin plunged 58.3%. Similarly, at the onset of the COVID-19 
crisis in early 2020, stocks fell 33.8% but Bitcoin sank 38.1%, and in late 
2018, when escalating trade tensions between the United States and China 
dragged equities down 19.36%, Bitcoin declined 37.22%. This track record had 
historically reinforced the notion that, when stocks took a hit, Bitcoin would 
invariably suffer a far steeper pullback. Related Reading: Bitcoin Lags Gold 
As Wall Street Doubts Persist, Claims Expert In his latest note, Hougan 
emphasized how different the present situation feels. Instead of being 
battered well beyond the equity market’s turbulence, Bitcoin is now mirroring 
stock losses closely. He acknowledged that this alone does not make Bitcoin an 
unequivocal hedge asset, adding, “Critics will point out that matching stocks’ 
performance during a downturn is not the same as acting as a hedge asset, and 
that gold has been a better performer than Bitcoin during this pullback. 
That’s true.” Nonetheless, he argued that Bitcoin’s ability to stay around the 
$80,000 mark while global markets churn is a testament to its robust staying 
power in the face of multiple macroeconomic shocks. “If that doesn’t give you 
confidence in its staying power, I don’t know what will,” he remarked. 
Hougan’s view is that we are witnessing a transitional phase in Bitcoin’s 
evolution. He explained that the cryptocurrency has historically been driven 
by two competing forces: it has served as a risk asset, associated with 
significant upside potential and high volatility, yet it has also occasionally 
taken on the role of a hedge similar to gold. Related Reading: This Bitcoin 
Pullback Mirrors 2017’s Path To Parabolic Highs, Says Analyst In Bitcoin’s 
early days, the risk-asset angle tended to dominate; in major equity sell- 
offs, investors often shed Bitcoin faster and more aggressively than they 
exited stocks. Now, with more corporations integrating Bitcoin into their 
balance sheets, institutional investors exploring it as part of diversified 
portfolios, and governments—like the United States—incorporating it into 
strategic reserves, there appears to be a gradual tilt toward Bitcoin being 
treated more like “digital gold.” . Still, Hougan warned that investors should 
not overlook the inherent unpredictability in the current macro environment. 
He noted that equity markets may not yet have found a bottom, raising the 
possibility that deeper slides could re-expose Bitcoin’s vulnerability if 
broader panic sets in. He also conceded that gold’s performance remains a more 
classic example of a safe-haven behavior during systemic shocks, meaning 
Bitcoin has not conclusively demonstrated that it can replace traditional 
hedges during intense economic strain. Even so, in his words, “The world is 
unraveling, and Bitcoin is trading above $80,000.” Hougan underscored that 
there is no guarantee this dynamic will endure, particularly given the 
unpredictable repercussions that could stem from sudden tariff escalations or 
shifts in monetary policy. As he concluded in his note, “Our baby is growing 
up as a macro asset. And that’s a beautiful thing to see.” At press time, BTC 
traded at $85,200. Featured image created with DALL.E, chart from 
TradingView.com

‘Bitcoin Wants To Go Higher,’ Says Bitwise CIO—But There’s A Catch

Bitcoin price started a fresh decline from the $86,500 zone. BTC is now 
consolidating and might continue to decline below the $83,200 support. Bitcoin 
started a fresh decline from the $86,500 zone. The price is trading below 
$85,000 and the 100 hourly Simple moving average. There was a break below a 
connecting bullish trend line with support at $84,500 on the hourly chart of 
the BTC/USD pair (data feed from Kraken). The pair could start another 
increase if it clears the $84,500 zone. Bitcoin Price Faces Rejection Bitcoin 
price started a fresh increase above the $83,500 zone. BTC formed a base and 
gained pace for a move above the $84,000 and $85,500 resistance levels. The 
bulls pumped the price above the $86,000 resistance. A high was formed at 
$86,401 and the price recently corrected some gains. There was a move below 
the $85,000 support. Besides, there was a break below a connecting bullish 
trend line with support at $84,500 on the hourly chart of the BTC/USD pair. 
The price tested the $83,200 support. Bitcoin price is now trading below 
$85,000 and the 100 hourly Simple moving average. On the upside, immediate 
resistance is near the $84,000 level and the 23.6% Fib retracement level of 
the downward move from the $86,401 swing high to the $83,171 low. The first 
key resistance is near the $84,500 level. The next key resistance could be 
$84,750 and the 50% Fib retracement level of the downward move from the 
$86,401 swing high to the $83,171 low. A close above the $84,750 resistance 
might send the price further higher. In the stated case, the price could rise 
and test the $85,500 resistance level. Any more gains might send the price 
toward the $86,400 level. Another Decline In BTC? If Bitcoin fails to rise 
above the $85,000 resistance zone, it could start another decline. Immediate 
support on the downside is near the $83,500 level. The first major support is 
near the $83,200 level. The next support is now near the $82,200 zone. Any 
more losses might send the price toward the $81,500 support in the near term. 
The main support sits at $80,800. Technical indicators: Hourly MACD – The MACD 
is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) 
– The RSI for BTC/USD is now below the 50 level. Major Support Levels – 
$83,200, followed by $82,200. Major Resistance Levels – $84,750 and $85,500.

Bitcoin Price on The Brink? Signs Point to Renewed Decline

Semler Scientific, Inc. has filed a $500 million mixed-securities offering to 
fund additional bitcoin acquisitions, reinforcing its strategy to adopt the 
cryptocurrency as its primary treasury reserve asset. Semler Chairman: ‘We 
Have Reached a Settlement in Principle’ Semler Scientific (Nasdaq: SMLR), a 
medical technology company, announced plans to raise up to $500 million 
through a […]

Semler Scientific Files $500M Offering to Expand Bitcoin Holdings

Fresh from successfully convincing game retailer GameStop to add Bitcoin to 
its balance sheet, Strive Asset Management CEO Matt Cole has now set his 
sights on fintech firm Intuit to do the same.
Cole said in an April 14 open letter to Intuit CEO Sasan Goodarzi that 
Intuit&#8217;s growth is admirable, but Bitcoin (BTC) is the best way to ensure the 
company&#8217;s long-term success and hedge against any potential disruption caused 
by artificial intelligence.
Intuit&#8217;s flagship products are its tax preparation app TurboTax and the small 
business accounting software Quickbooks. The company laid off 10% of its staff 
in July to pursue its AI endeavors, but Cole said the firm needs an additional 
hedge because TurboTax is at risk of being automated away by AI.
&#8220;While we appreciate Intuit&#8217;s own investments and internal implementation of 
AI, we believe an additional hedge is warranted, and that a Bitcoin war chest 
is the best option available,&#8221; Cole said.
_An excerpt from Matt Cole &#8216;s letter urging Intuit to consider adding Bitcoin 
to its balance sheets, among other suggestions. Source: __Strive Asset 
Management _
That Bitcoin war chest, he added, will ensure Intuit has &#8220;enough strategic 
capital to weather the AI storm and act from a position of strength through 
the turbulence of the AI revolution.&#8221;
Cole sent a similar letter to GameStop CEO Ryan Cohen in February to advise 
the gaming retailer to use its $4.6 billion in cash to buy Bitcoin.
GameStop&#8217;s Cohen acknowledged the letter in an April 1 regulatory filing and 
revealed his company had finished a convertible debt offering that raised $1.5 
billion, with some proceeds earmarked for buying Bitcoin.
## Strive urges Intuit change crypto policy
In his letter to Intuit, Cole said the firm should reconsider the acceptable 
use policy for its marketing platform Mailchimp, which he claims has continued 
to suspend crypto-related accounts over policy violations.
_Source:__Strive Asset Management_
Cole said he &#8220;remains concerned that Intuit&#8217;s censorship and de-platforming 
policies discriminate against Bitcoin enthusiasts, which may harm long-term 
shareholder value.&#8221;
Mailchimp has said that crypto-related content isn&#8217;t necessarily banned under 
its policy, and crypto content can be sent provided the sender isn&#8217;t involved 
in the sale, exchange, or marketing of crypto.
_**Related:**__**Saylor signals Strategy is buying the dip amid macroeconomic 
turmoil**_
Its current acceptable use policy states that the platform might not allow 
accounts that offer &#8220;cryptocurrencies, virtual currencies, and any digital 
assets related to an initial coin offering.&#8221;
According to Cole, Mailchimp likely adopted its policies when the legal status 
of crypto and related businesses was uncertain, but said with the crypto- 
friendly Trump administration, it&#8217;s time to &#8220;amend the acceptable use policy 
to end the blanket ban on crypto-related businesses.&#8221;
Intuit did not immediately respond to a request for comment.
_**Magazine:**__**Bitcoin eyes $100K by June, Shaq to settle NFT lawsuit, and 
more: Hodler &#8216;s Digest, April 6-12**_

Strive targets Intuit for Bitcoin buys after orange-pilling GameStop

Canada&#8217;s financial regulators have given the green light to multiple spot 
Solana (SOL) exchange-traded funds, marking another cryptocurrency milestone 
for the country. According to Bloomberg ETF analyst Eric Balchunas, these new 
investment products will hit Canadian markets on April 16, 2025. Related 
Reading: Crypto Holders Beware! New Malware Drains ETH, SOL, XRP Wallets The 
Ontario Securities Commission (OSC) allowed multiple financial institutions to 
roll out these ETFs yesterday, opening the way for direct investment in the 
Solana cryptocurrency using conventional brokerage accounts. SOL Enters Major 
Financials Four large investment companies have received approval to 
distribute these new crypto products. 31Q, Purpose Investments, CI Global 
Asset Management, and Evolve will all be releasing spot Solana ETFs later this 
week, providing Canadian investors with a variety of choices to invest in SOL. 
These firms are long-time participants in Canada&#8217;s investment space, and their 
inclusion marks increasing institutional acceptance of cryptocurrencies 
outside of Bitcoin and Ethereum. Canada is readying spot Solana ETFs to launch 
this week after regulator gave green light to multiple issuers incl Purpose, 
Evolve, CI and 3iQ. ETFs will include staking via TD 
pic.twitter.com/FSw149Xkm4 — Eric Balchunas (@EricBalchunas) April 14, 2025 
Staking Features Could Boost Returns For Investors One of the main features 
distinguishing these Solana ETFs is their capacity for staking the underlying 
SOL positions. The OSC has allowed the issuers of ETFs to stake some portion 
of their Solana, and this could unlock extra returns for investors in excess 
of price appreciation alone. TD Bank reported that returns from staking SOL 
can be higher than those from Ethereum staking, and thus these products could 
be more appealing to yield-starved investors. The bank also referred to them 
as &#8220;the world&#8217;s first spot Solana ETFs,&#8221; emphasizing the innovative character 
of these financial products. US Solana ETF Market Experiences Mixed Results 
The US market so far has only futures-based Solana ETFs, with limited success. 
Balchunas noted that two SOL futures ETFs in the United States, Volatility 
Shares 2x SOL ETF and Volatility Shares SOL ETF, have failed to gain investor 
attention since their launch in March 2025. Both of these products have only 
accumulated a combined assets under management of nearly $14 million. For 
comparison, the Teucrium 2x XRP ETF performed better even though it came out 
later after the SOL products, implying unequal investor interest in disparate 
cryptocurrency ETFs. Related Reading: Whale Alert: Ripple Sends 200 Million 
XRP Into The Shadows SEC Ruling On US Spot SOL ETFs Remains Pending As Canada 
progresses with spot Solana ETFs, their equivalents in the United States 
languish in limbo. It has had applications from some of the largest financial 
institutions, such as Grayscale Investments, Bitwise, 21Shares, Canary 
Capital, Fidelity Investments, and VanEck. The SEC has accepted these filings 
but has not approved any for release yet. The regulators last month postponed 
their consideration of VanEck&#8217;s Solana Trust ETF filing, rescheduling the 
deadline to May 19, 2025. Featured image from Pixabay, chart from TradingView