Hong Kong is set to make a significant move in the cryptocurrency market with the upcoming launch of its first Solana exchange-traded fund (ETF), the “ChinaAMC Solana ETF.” Expected to list on the Hong Kong Stock Exchange on October 27, this ETF has received official approval from the Hong Kong Securities and Futures Commission. It stands out as the third approved cryptocurrency spot ETF in the region, following Bitcoin and Ethereum, and it marks a notable first for Asia. The ETF, identified by the code 03460, will be available in both RMB and USD counters. The initial investment requirement is around $100, with a management fee of 0.99% and an annual recurring expense ratio of approximately 1.99%. The trading platform supporting this product is OSL Exchange.
In the same vein, Binance Alpha will launch three new projects on October 27: SnapX (XNAP), Common (COMMON), and Semantic Layer (42). Eligible users can claim airdrops for these projects using Binance Alpha points on the platform after trading opens.
Another noteworthy event on the 27th is the public sale of MEGA tokens by MegaETH, developed by MegaLabs. This Ethereum scaling solution will initiate its offerings on Sonar, with a starting fully diluted valuation (FDV) of $1 million and a valuation cap of $999 million. Users can participate through an English auction, with the highest bid recorded at $186,282.
The X Layer platform will also be undergoing a technical upgrade on October 27, aiming to enhance system performance and scalability. This comprehensive upgrade will lead to a temporary pause in block production and the suspension of related services, such as asset deposits and trading on OKX exchange, for about an hour.
Shifting to October 28, Binance Alpha will introduce Piggycell (PIGGY). Following this, Binance Futures will also delist the GMTUSD and DOGSUSD coin-margined perpetual contracts, advising users to close their positions before the automatic liquidation occurs.
Ethereum developers are preparing for the final rehearsal of the Fusaka upgrade on the Hoodi testnet on October 28, succeeding a prior successful trial on the Holesky testnet. This upgrade will introduce PeerDAS, which aims to enhance data validation, ultimately benefiting institutional users and Layer 2 networks.
As the month progresses to October 30, the Federal Reserve will announce its latest interest rate decision and provide economic projections, preceded by a press conference from Chairman Jerome Powell. Concurrently, the US SEC will extend its review period for the Nasdaq Ethereum Trust’s staking proposal to the same date.
In terms of strategic business updates, Strategy, formerly known as MicroStrategy, will release its third-quarter financial report on October 30, reflecting on the company’s performance amidst fluctuating market conditions.
Additionally, the Central Bank of Brazil has proposed new foreign exchange regulations that could impact cryptocurrency exchanges operating within its jurisdiction. While not explicitly mentioning cryptocurrency trading, these new rules could impose significant restrictions on platforms that facilitate international fund transfers or crypto sales in non-Brazilian currencies. A public consultation period is ongoing and will last until November 2.
Looking at upcoming changes on November 2, Nasdaq has submitted an application to the SEC to incorporate XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM) into its crypto index. This proposed adjustment would allow the Hashdex Nasdaq Crypto Index ETF (NCIQ) to broaden its coverage and reduce tracking errors currently faced due to SEC regulations limiting holdings to Bitcoin and Ethereum only.
These developments highlight a fluid environment in the cryptocurrency sector, offering new opportunities while signaling regulatory scrutiny and innovation in the financial landscape.
