Crypto Morning News: Phantom raises $150 million in Series C funding; Litecoin could be the first altcoin ETF approved this year
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Crypto Morning News: Phantom raises $150 million in Series C funding; Litecoin could be the first altcoin ETF approved this year
Market expectations suggest the Bank of Japan may raise interest rates on January 24, potentially triggering a new round of unwinding of yen carry trades.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Developments
Phantom raises $150 million in Series C funding at a $3 billion valuation, co-led by Sequoia Capital and Paradigm
According to official announcements, crypto wallet Phantom has closed a $150 million Series C round, achieving a $3 billion valuation. The round was co-led by Sequoia Capital and Paradigm, with participation from a16z and Variant. The company stated it will use the new funds to accelerate cryptocurrency adoption, aiming to build the world’s largest consumer financial platform.
Bloomberg Analyst: Litecoin ETF has met all approval requirements, could be first altcoin ETF approved this year
Eric Balchunas, senior ETF analyst at Bloomberg, noted that the Litecoin ETF has fulfilled all necessary conditions for approval and may become the first altcoin ETF approved in 2025. Given that the SEC has already provided feedback on the S-1 filing, and considering Litecoin is viewed as a commodity along with the appointment of new SEC leadership, Balchunas believes the application is unlikely to be withdrawn.
Previously, Nasdaq submitted the 19b-4 form for the Canary Litecoin ETF, officially initiating the regulatory review process.
Grayscale launches XRP Trust available to qualified investors
Grayscale announced the launch of its XRP Trust, now available to accredited investors, offering exposure to XRP assets. As of January 16, 2025, the net asset value per share was $65.20. This product is among the first securities solely invested in XRP, enabling investors to gain exposure without directly purchasing, storing, or safeguarding XRP.
Market rumors: Grayscale may launch Helium (HNT) Trust, registered in Delaware
Corporate registration records in Delaware show that a legal trust named "GRAYSCALE HELIUM TRUST (HNT)" was incorporated on January 14, 2025. CSC DELAWARE TRUST COMPANY serves as the registered agent, with an address in Wilmington, Delaware.
Analysis: Market expects Bank of Japan to hike rates on Jan 24, potentially triggering unwinding of yen carry trades
The market anticipates a 90% probability of a rate hike by the Bank of Japan during its meeting on January 24. The yen has strengthened to its highest level in a month against the dollar at 156. Japan’s annual inflation rate currently stands at 2.9%, a three-month high, and the central bank may raise interest rates from 0.25% to 0.45%.
Markets are closely watching the inflation data release on January 23. If inflation exceeds expectations, it could trigger a fresh unwind of yen carry trades, echoing last August’s episode when Bitcoin dropped to $49,000. Notably, this decision will come shortly after Trump’s inauguration (January 20), and the combination of both events may significantly impact cryptocurrency markets.
Coinbase launches DeFi-based Bitcoin lending service for U.S. users, powered by Morpho
Coinbase announced the launch of a DeFi-based Bitcoin lending service for U.S. users (excluding New York). The service is technically supported by Morpho, a DeFi lending protocol. When users deposit Bitcoin as collateral, their assets are automatically converted into cbBTC and deposited into the Morpho protocol.
This marks a significant move for Coinbase since it discontinued its previous lending program in July 2023 due to SEC regulatory pressure. Branzburg, Coinbase’s VP of Product, emphasized that users bear the risk of variable interest rates. The initiative represents a milestone in the integration between centralized exchanges and DeFi, with plans to expand gradually to other regions.
Bybit to list Solv Protocol (SOLV) spot trading
Bybit announced it will launch spot trading for Solv Protocol (SOLV) on January 17. Deposits for SOLV will open at UTC 8:00 on January 17, trading will go live at UTC 10:00, and withdrawals will be enabled at UTC 10:00 on January 18. Users can deposit and withdraw SOLV via the BSC network.
Binance Alpha adds LLM, SEKOIA, and PYTHIA
Binance Alpha has added LLM, SEKOIA, and PYTHIA.
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LLM: A large language model meme coin based on Solana, current market cap $28.08 million;
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SEKOIA: A terminal on-chain VC project built on Base chain, market cap $69.27 million;
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PYTHIA: Focused on merging neurobiology with AI on Solana, market cap $24.38 million.
1confirmation Founder: Crypto narrative will shift from short-term speculation to on-chain financing for world-changing risk projects
Nick Tomaino, founder of 1confirmation, shared his view that the crypto industry’s focus will ultimately shift from chasing weekly speculative narratives toward providing on-chain financing for transformative risk projects. These include network states, public goods DAOs (such as military, police, fire services), space exploration, and lucid dreaming technologies—high-risk ventures often overlooked by traditional funding channels.
Tomaino emphasized that innovative crypto-native financing mechanisms offer new possibilities for such projects that struggle to secure capital through conventional means.
Market Data
Suggested Reading
The report highlights rapid growth in the AI agent industry over the past two years, reaching a market cap of $15.3 billion. Platforms like Virtuals and ai16z have drawn significant attention, capturing 23% and 12% market share respectively. Both platforms provide critical infrastructure and support for the AI agent ecosystem.
Solana AI Hackathon Concludes: A Quick Overview of Winning Projects
SendAI revealed the winners of the Solana AI Hackathon. According to official figures, the event lasted 15 days, attracting over 400 projects and distributing more than $275,000 in prize money. Ultimately, 21 projects across 9 categories were awarded.
Let’s take a look at which projects emerged victorious—and how their tokens have performed.
TikTok Ban in the U.S. Looms: How Will Sonic SVM’s Plan to Bring TikTok Traffic to Web3 Be Affected?
Sonic SVM, a Layer-2 scaling solution on Solana, successfully attracted over two million TikTok users through its play-to-earn game SonicX.
With TikTok facing a potential ban in the U.S., Sonic SVM’s ability to draw TikTok traffic may be impacted. However, the SONIC token price remains relatively stable, suggesting minimal immediate effect.
A Roundup of Key Updates from 11 Top Projects Expected to Launch Tokens in Q1
Only three major projects have clearly confirmed mainnet launches in Q1, while others remain tentative.
Many rumored token launch dates are unconfirmed and lack official announcements.
Delphi Digital’s 2025 Predictions: BTC to Surge Further, AI Agents Could Become Top VCs
Delphi Digital forecasts ten key trends for the 2025 crypto market: further Bitcoin gains, continued rise of Solana, NFT recovery, DeFi transitioning to DeAI, AI agents emerging as leading venture capitalists, high-throughput blockchains driving innovation, revival in the DePIN sector, zkVMs bringing transformation, AI enhancing GameFi, and consumer-grade DeFi becoming the next frontier for growth.
Total transaction fees for memecoins on the Solana chain exceeded $3 billion. A small number of top users contributed the majority of fee revenue, with Raydium, trading bots, Jito, and Pump.fun being the primary beneficiaries. The report also analyzes user spending behavior in 2024 from perspectives including concentration of spending and cross-platform activity.
2025 Crypto Investment Guide: How to Allocate Assets for Maximum Returns in the New Year?
This article outlines how one crypto investor plans to manage their portfolio in 2025. Based on personal investment goals and risk tolerance, they divide capital into different “buckets,” including long-term holdings, cyclical investments, short-term trading, and stablecoins. It also offers practical advice such as focusing on areas of expertise, adapting flexibly to market changes, cutting losses timely, and shares personal trading experiences.
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