OKX&#8217;s latest proof-of-reserves report reveals the crypto exchange holds reserves exceeding the number of assets deposited by customers on the platform, specifically for 22 major cryptocurrencies. According to the crypto exchange&#8217;s 30th consecutive Proof of Reserves report, the platform currently…

OKX publishes proof of reserves with over 100% assets held for 22 cryptocurrencies

**Key Takeaways:**
 * Fidelity Digital Assets&#8217; report said that multiple Ethereum onchain metrics suggest ETH trades at a discount.
 * The BTC/ETH market cap ratio is at mid-2020 levels. 
 * Ethereum&#8217;s layer-2 active addresses hit new highs at 13.6 million. 
Fresh data from Fidelity Digital Assets hints at a cautiously optimistic 
outlook for Ethereum, suggesting its dismal Q1 performance could be an 
opportunity. According to their latest Signals Report, Ether (ETH) dipped 45% 
during Q1, wiping out it post-US election gains after peaking at $3,579 in 
January.
The altcoin posted a death cross in March, with the 50-day simple moving 
average (SMA) dipping 21% below the 200-day SMA, reflecting bearish momentum. 
Yet, Fidelity noted that the short-term pain may swing in the altcoin&#8217;s favor.
The investment firm pointed out that the MVRV Z-Score, which compares market 
value to realized value, dropped to -0.18, entering the &#8220;undervalued&#8221; zone on 
March 9. Historically, such levels have marked market bottoms, indicating that 
Ether &#8220;was looking cheap&#8221; compared to its &#8220;fair value.&#8221; The Net Unrealized 
Profit/Loss (NUPL) ratio also fell to 0, indicating &#8220;capitulation,&#8221; where 
unrealized profits equal losses, citing a neutral spot for holders.
_Ethereum MVRV Z-score. Source: Fidelity Digital Assets Signal report_
ETH&#8217;s realized price, averaging $2,020, sits 10% above its current value, 
showing holders face unrealized losses. While this trend is bearish, the firm 
noted that a minor 3% drop in realized price versus a 45% decline suggests 
short-term holders sold off, while long-term holders held firm, possibly 
stabilizing the base price.
However, the company highlighted that in 2022, despite ETH price dipping below 
the realized price, it continued to decline further before recovery.
Fidelity also cited Ethereum&#8217;s market cap ratio to Bitcoin at 0.13, sitting at 
mid-2020 levels, and in a decline for 30 months.
_Ethereum/Bitcoin market cap ratio. Source: Fidelity Digital Assets Signals 
report_ 
 _**Related: Ethereum price has several reasons to break $2,000 next**_
## Ethereum ecosystem engagement records fresh highs
Data from growthepie.xyz indicated that the number of unique addresses 
interacting with one or two layer 2 networks in the Ethereum ecosystem reached 
a new all-time high of 13.6 million active addresses. The rate of active 
addresses is up 74% over the past week, implying the network&#8217;s scalability 
prowess and growing adoption.
_Ethereum &#8216;s weekly engagement with layer 2 networks. Source: growthepie.xyz_
Unichain, a new layer-2 protocol by Uniswap, led the charge with over 5.82 
million weekly active addresses, surpassing Base and Arbitrum. The collective 
increase in active addresses improved Ethereum&#8217;s layer-2 dominance by 58.74% 
in the past seven days.
Anonymous crypto trader CRG noted that ETH price recovered a position above 
the 12-hour Ichimoku cloud indicator for the first time since December 2024. 
The Ichimoku Cloud indicates an uptrend when the price is above the cloud and 
the cloud turns green, indicating bullish sentiment.
_Ethereum 12-hour analysis by CRG. Source: X.com_
 _**Related: Global central bank gold rush could spark Bitcoin price run to 
new all-time highs**_
This article does not contain investment advice or recommendations. Every 
investment and trading move involves risk, and readers should conduct their 
own research when making a decision.

Ethereum’s ‘capitulation’ suggests ETH price is undervalued: Fidelity report

The SEC&#8217;s delay in ETF decisions highlights ongoing regulatory scrutiny, 
impacting investor sentiment and the crypto market&#8217;s maturation.
The post SEC pushes back decision on spot XRP ETF from Franklin Templeton 
appeared first on Crypto Briefing.

SEC pushes back decision on spot XRP ETF from Franklin Templeton

The United States exchange Nasdaq has asked regulators for permission to list 
a 21Shares exchange-traded fund (ETF) holding the popular memcoin Dogecoin, 
regulatory filings show.
The move follows 21Shares&#8217; April 10 filing of its initial proposal to launch 
its Dogecoin ETF, shortly after similar applications from rivals Bitwise and 
Grayscale. The asset manager has also sought regulators&#8217; permission to list 
ETFs holding other cryptocurrencies, including Solana (SOL), XRP (XRP), and 
Polkadot (DOT).
Nasdaq must gain approval from the Securities and Exchange Commission (SEC) 
before it can list and trade the fund. The request amounts to a regulatory 
review process that could determine whether Dogecoin becomes accessible to a 
broader range of investors through an ETF structure.
_Crypto ETFs scheduled for SEC review. Source:__Eric Balchunas/Bloomberg_
 _**Related:**__**21Shares files for spot Dogecoin ETF in the US**_
## Onslaught of altcoin ETFs
Fund issuers requested to list dozens of altcoin ETFs after US President 
Donald Trump instructed the SEC to take a friendlier stance toward 
cryptocurrencies after his second term began in January.
As of April 21, more than 70 crypto ETFs were awaiting the SEC&#8217;s review. The 
list includes alternative layer-1 (L1) native tokens, such as SOL and Sui 
(SUI), as well as memecoins such as Bonk (BONK) and Official Trump (TRUMP).
While exchanges such as Nasdaq seek to list more crypto ETFs, they are also 
pushing for firmer US regulatory oversight of digital assets. In an April 25 
comment letter, Nasdaq urged the SEC to hold digital assets to the same 
regulatory standards as securities if they constitute &#8220;stocks by any other 
name.&#8221;
_Dogecoin network metrics. Source:__Bitinfocharts.com_
## Dogecoin utility
Dogecoin (DOGE) is a popular memecoin with a market capitalization of nearly 
$26 billion as of April 29, according to CoinGecko.
It is distinct from most other memecoins because DOGE is the native token of 
the Dogecoin network. 
The proof-of-work blockchain network is designed as a faster, cheaper 
alternative to Bitcoin (BTC) for peer-to-peer payments. 
It processed more than 40,000 transactions in the past 24 hours, according to 
data from Bitinfocharts.com.
In September 2024, blockchain developers QED Protocol and Nexus tipped plans 
to launch a layer-2 (L2) scaling solution designed to bring smart contracts to 
Dogecoin.
_**Magazine: **__**Altcoin season to hit in Q2? Mantra &#8216;s plan to win trust: 
Hodler&#8217;s Digest, April 13 &#8211; 19**_

Nasdaq files to list 21Shares Dogecoin ETF

U.S. Treasury Secretary Scott Bessent, the 79th Secretary of the Treasury, 
addressed trade tensions with China during a White House press conference, 
emphasizing that Beijing faces severe economic consequences if tariffs remain 
high. ‘Certainty Not Necessarily Good’: Bessent Defends Strategy Amid Stock 
Market Stall Amid efforts to highlight President Trump’s policy achievements 
during his second […]

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Cboe Global Markets is expanding its offering of crypto-based derivatives with 
the launch of its new Bitcoin product on the Cboe Futures Exchange. Cboe, a 
leading derivatives and securities trading and investment solutions provider, 
announced trading for its new Bitcoin (BTC)…