21Shares Files Trust for ONDO ETF

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Market Snapshot: Overnight Moves

Daily Updates:

• After whipsawing last Thursday and Friday, BTC stabilised around $70K in the second half of the weekend. 
• Last Thursday BTC recorded its worst single-day loss since the collapse of the FTX exchange, falling below $60K in a flash crash to its lowest level since October 2024. It then rallied more than 13% on Friday, recouping almost all of Thursday’s losses. 
• Similarly, ETH has stabilised around $2,000 after falling below $1,800 and SOL is trading sideways around $85 after a brief drop towards $70.
• There were also tentative signs of investors buying the dip — last Friday spot exchange-traded funds tracking BTC saw inflows of $330.7M. 

• Derivatives markets priced out some of the extreme bearish positioning we saw during BTC’s drop to $60K, though still remain skewed towards downside protection. Implied vol term structures of both BTC and ETH are still inverted (though at lower absolute levels than last week), while 7-day put-call skew trades at -13% and -11%, respectively for BTC and ETH. On Thursday, skew for both assets fell as low as -30% — levels last seen back in November 2022. 

• Optimism spread to Wall Street on Friday also, with US equities recording their best day since May, despite continued worries over artificial-intelligence related spending (Amazon stock fell 5.6% after it announced plans to spend $200B on AI, exceeding the amount forecasted by analysts).
• More than 400 companies in the S&P 500 rose, pushing the index up 1.97%, while the Dow Jones exceeded 50,000 for the first time. Small-cap stocks rallied 3.6%.

• Risk-assets beyond the US have rallied today also — the Nikkei-225 Index ended the day up 3.89% following the snap election victory of Japan’s Prime Minister Sanae Takaichi. Her Liberal Democratic Party achieved the biggest post-war victory for a single party in a general election. 

• Ten-year US treasury yields jumped 4bps earlier today, while the US dollar continued to fall, after Chinese regulators advised financial institutions to limit their purchases of US government bonds. According to Bloomberg, the move to reduce exposure to US treasuries is due to concentration risks and market volatility. The measure was directed to major banks in China, but does not apply to the country’s state holdings of US Treasuries.

• The volatility in precious metals markets continues with gold regaining the $5,000 per ounce mark and silver trading back above $80 per ounce (up 4% today).
• Speaking on Fox News yesterday, Treasury Secretary Scott Bessent provided his take on the recent swings in gold price — “The gold move thing — things have gotten a little unruly in China. They’re having to tighten margin requirements. So gold looks to me kind of like a classical, speculative blowoff.”

• South Korea’s Financial Supervisory Service (FSS) is tightening crypto oversight to protect market integrity and consumers after recent incidents exposed vulnerabilities in both trading behaviour and exchange operations.
• In parallel, the FSS has formed a task force to prepare for the Digital Asset Basic Act, covering disclosure standards and licensing frameworks for digital asset firms and stablecoin issuers.

• The White House is meeting again tomorrow with senior representatives from banks and the crypto industry to address a key issue in stablecoin policy -- whether crypto firms should be allowed to pay yield on stablecoins.
• Banks argue it could accelerate deposit outflows and increase volatility, while crypto groups say restrictions would limit competition and innovation.
• The outcome matters for progress on the Clarity Act, and the White House is pushing for an agreement by month-end.

• Kris Marszalek, co-founder and CEO of Crypto.com announced the purchase of ai.com  in April 2025 and the launch of its consumer-facing autonomous AI agent offering on the domain.
• The platform will allow users to deploy private, permission-based AI agents to perform tasks such as trading stocks, automating workflows, managing calendars, and updating online profiles, with all agents operating in segregated, encrypted environments with user-defined permissions.

• Bitcoin difficulty continues to decline, now sitting at 125.86T as of block 935,719, a major 11.16% decrease from 141.67T on Sat 7th, 2025.
• This constitutes a 19.30% drop from the difficulty all-time high of 155.97T in early Nov 2025 and brings levels back to those seen in Aug 2025.

• 21Shares has filed an application with the U.S. SEC to launch the 21Shares Ondo Trust, a proposed spot ONDO ETF that would offer exchange-traded exposure to the Ondo Finance token.
• The fund is designed to track the CME CF Ondo Finance–Dollar Reference Rate, with share prices reflecting the spot market value of ONDO.
• Coinbase Custody Trust Company is named as custodian for the underlying tokens, while authorised participants would be able to create and redeem shares via cash or in-kind transactions.

• TON Foundation has released TON Pay, an SDK for Telegram Mini Apps that supports crypto checkout using Toncoin and stablecoins, including USDT.
• It’s intended to simplify payments integration for developers by standardising the checkout flow and handling on-chain settlement via TON.
• The initial rollout is limited to Mini Apps, with planned additions such as subscriptions and gasless transactions over time.

This Week’s Calendar:

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