Crypto Market Update: Bitwise XRP ETF Details, Spark DeFi, Trump Epstein Files

Crypto Market News: A Comprehensive Overview

The cryptocurrency market continues to evolve at a rapid pace. Here's a summary of the recent key events:

Bitwise XRP ETF Details Emerge

Bitwise Asset Management has announced details for its upcoming Bitwise XRP ETF, which will trade under the ticker XRP. The ETF will have a management fee of 0.34%, waived until the fund reaches $500 million in assets under management (AUM). This marks Bitwise's 49th crypto investment product offering in the US and Europe.

Spark DeFi Pauses App Plans, Focuses on Institutional Liquidity

DeFi giant Spark has decided to pause its crypto mobile app development plans, shifting its focus to DeFi-native liquidity infrastructure and institutional trading. This includes a recent $1 billion investment in PayPal's stablecoin, PYUSD. Phoenix Labs CEO, the developer behind Spark, stated that the company will focus on its strengths in the current competitive market. Spark currently has a TVL (Total Value Locked) of over $9 billion and may restart app plans in the future.

Trump Signs Bill to Approve Release of Epstein Files

US President Trump has signed a bill to approve the release of the Epstein files. Earlier, former US Treasury Secretary Summers resigned from his position at OpenAI due to his close ties with Epstein.

Suspicious Bitmine Address Receives Over 24K ETH from BitGo

According to Onchain Lens monitoring, a newly created wallet address received 24,827 ETH from BitGo, valued at approximately $75.9 million. Initial analysis suggests the address may belong to the crypto mining-related entity Bitmine.

SharpLink Address Transfers Over 10K ETH to Galaxy Digital in Two Days

Ember monitoring detected that 10,975 ETH (approximately $33.54 million) have been transferred from a SharpLink address to Galaxy Digital's OTC trading wallet in the past two days. 5,533 ETH (approximately $16.52 million) were transferred in the last 3 hours alone, indicating a potentially large institutional trade or asset reallocation.

Odds Diminish for a Fed Rate Cut in December

The probability of the Federal Reserve cutting interest rates by 25 basis points in December has decreased to around 30%. Minutes from the October FOMC meeting revealed deepening divisions among members on whether to cut rates again in December. Some officials felt there was "no sufficient reason" for such a move. The minutes indicate that the last meeting saw a 25 basis point rate cut to a range of 3.75%-4% with a 10-2 vote, but several participants opposed this cut or would have accepted holding rates steady. The willingness to support a December rate cut diminished after the delayed release of employment and inflation data due to the government shutdown. Market-implied rate cut probabilities have fallen to around 33%. The minutes also suggest that regardless of the December decision, there could be at least three dissenting votes. A majority of officials still believe that continued rate cuts are necessary after December.

Nikkei 225 Index Surges Above 50,000 Points

The Nikkei 225 index extended gains to 3.7%, reaching 50,326.17 points.

Machi Re-Invests $250K USDC to Open High Leverage ETH Long Position

According to Onchain Lens monitoring, Machi (singer Jeffrey Huang) has re-deposited $250,000 USDC into the decentralized derivatives platform HyperLiquid and opened a 25x leveraged long position on Ethereum, signaling his bullish outlook on ETH.

Block Issues Three-Year Growth Outlook and Adds $5B Share Repurchase Authorization

Jack Dorsey-founded Block released a three-year financial outlook at its investor day, projecting mid-teens average annual gross profit growth to $15.8 billion by 2028 and 30% average annual adjusted operating profit growth to over $4.6 billion. The company also announced an additional $5 billion share repurchase authorization. Shares jumped about 8% to $62 on the news. Analysts see potential growth in Cash App lending and improvements in Square's business and believe the stock still has over 40% upside.

xAI Releases Grok 4.1 Fast Model and Agent Tools API

xAI announced the launch of its next-generation model, Grok 4.1 Fast, and also released the Agent Tools API. Grok 4.1 Fast features a 2 million token context window and is optimized for practical applications such as customer support and in-depth research. It supports functions such as tool calling, code execution, and web browsing and has been trained through long-range reinforcement learning in multi-domain environments. The model is now available through the xAI API, priced at $0.2 per million tokens for input and $0.5 per million tokens for output, and will be offered as a free trial on the OpenRouter platform over the next two weeks.

Luma AI Secures $900M Series C Funding Led by Humain

According to an official announcement from