Tornado Cash’s Roman Storm makes urgent plea for $500K as trial looms

The Securities and Exchange Commission (SEC) granted accelerated approval for Bitwise’s 10 Crypto Index ETF on July 22, only to reverse the decision hours later through a stay order. The approved ETF would have tracked ten digital assets, including Bitcoin , Ethereum , XRP , Solana , Cardano , SUI , Avalanche , Litecoin , Polkadot , and others, with at least 85% of its allocation dedicated to previously approved components, such as Bitcoin and Ethereum. 🚨BREAKING: SEC approves conversion of Bitwise 10 Crypto Index Fund into an ETF which includes $BTC , $ETH , $XRP , $SOL , $ADA , $SUI , $AVAX , $LTC , $DOT . pic.twitter.com/FgQrIVH3dY — SolanaFloor (@SolanaFloor) July 22, 2025 A Pause or a No? NYSE Arca received permission to amend its rules for listing the multi-asset fund before the Commission intervened. Assistant Secretary Sherry Haywood issued a stay notice under Rule 431, stating that the Commission would review the delegated action taken by the Division of Trading and Markets. Just hours after the initial approval, SEC Assistant Secretary Sherry R. Haywood invoked Rule 431 to stay the order, sending the decision to the full Commission for further review and freezing the conversion process pic.twitter.com/aPjZlHEvdV — Martyn Lucas Investor (@MartynInvestor) July 23, 2025 The reversal occurred despite the SEC finding the proposal consistent with Exchange Act requirements for preventing fraudulent practices and protecting investors. The dramatic policy flip comes as 72 crypto-related ETF applications await regulatory approval from providers including Grayscale, CoinShares, Franklin Templeton, and VanEck. Bloomberg Intelligence assigns 95% approval odds for Solana, XRP, and Litecoin ETFs this year, while existing Bitcoin and Ethereum ETFs continue attracting billions in institutional inflows. Ethereum ETFs recorded $533.87 million in net inflows on July 22 , marking the third-largest single-day inflow since inception, while Bitcoin ETFs experienced $67.93 million in outflows. Regulatory Confusion Emerges as Multi-Asset Approval Process Stalls The Bitwise 10 Crypto Index ETF approval represented a major expansion beyond existing Bitcoin and Ethereum products, with holdings weighted by market capitalization and monthly rebalancing. As of June 30, Bitcoin comprised 78.72% and Ethereum 11.10% of the proposed fund, with the remaining eight cryptocurrencies making up the rest. The SEC’s accelerated approval process typically applies to non-controversial rule changes that align with existing regulations. The Commission found Bitwise’s 85% allocation requirement for previously approved components to be sufficient to mitigate fraud and manipulation risks, consistent with prior 80% thresholds for similar products. NYSE Arca’s rule amendments would have allowed Trust Units issued by limited liability companies and explicitly permitted index-based investments. The changes included conforming corporate governance policies and eliminating shareholder meeting requirements, aligning with existing treatment of investment vehicles. The Division of Trading and Markets took the initial approval action under delegated authority before senior Commission officials intervened with the stay order. The reversal suggests disagreement within the SEC about multi-asset crypto product approvals despite technical rule compliance. Coinbase Custody Trust Company would have served as a digital asset custodian, while Bank of New York Mellon provided cash custody and administration services. The ETF structure included cash-based creation and redemption in 10,000-share units, with daily net asset value calculations using CF Benchmarks pricing data. Institutional Demand Surges Despite Regulatory Uncertainty Existing crypto ETFs continue to experience massive institutional adoption despite regulatory confusion. Ethereum ETFs have attracted $8.32 billion in cumulative inflows since their inception, with BlackRock’s ETHA leading Tuesday’s surge with $426.22 million. The fund now manages over $10 billion in assets, representing 2.24% of Ethereum’s circulating supply. Bitcoin ETFs hold a total of $154.77 billion in assets , despite recent outflows, accounting for approximately 6.5% of Bitcoin’s market capitalization. Grayscale’s GBTC recorded $7.51 million in inflows, while Ark Invest’s ARKB and Bitwise’s BITB experienced outflows exceeding $30 million each. The pending ETF pipeline includes applications for Dogecoin, MELANIA, TRUMP, and other meme tokens alongside serious institutional products. Most recently, 21Shares filed for an ONDO token ETF that tracks the native token of Ondo Finance, a layer-1 blockchain designed for institutional finance and the tokenization of real-world assets. Grayscale’s Digital Large Cap Fund conversion to ETF status faced similar approval-then-uncertainty patterns, with speculation mounting about potential stays. BREAKING: 🇺🇸 SEC Acknowledges Amendment To Convert Grayscale's Digital Large Cap Fund Into ETF Including $BTC , $ETH , $XRP , $SOL & $ADA !💥📈 pic.twitter.com/27hLnsLe9W — Good Morning Crypto (@AbsGMCrypto) June 30, 2025 The fund holds Bitcoin, Ethereum, Solana, XRP, and Cardano, with allocations of 79.9% to Bitcoin and 11.3% to Ethereum. SEC Chairman Paul Atkins has established a crypto task force to develop clear rules following years of “regulation by enforcement” under Gary Gensler. March decisions on multiple altcoin ETFs were delayed until October , with the Commission citing a need for “longer periods” to consider proposed rule changes despite relatively high approval odds from analysts.

Recent market dynamics suggest investors may be shifting their focus from Bitcoin to Ethereum and broader exposure of altcoins, according to the latest CryptoQuant report. First time in over a year: ETH spot volume > BTC Last week, ETH spot trading hit $25.7B vs. BTC’s $24.4B, pushing the ETH/BTC spot volume ratio above 1 for the first time since June 2024. Investors are rotating to ETH and Altcoins. pic.twitter.com/X7mBFVCg5Y — CryptoQuant.com (@cryptoquant_com) July 23, 2025 Ethereum has outperformed Bitcoin by 72% since April, with its ETH/BTC ratio climbing from 0.018 to 0.031—the highest point since January 24, reports CryptoQuant. This upward trend aligns with earlier analyses showing Ethereum’s undervaluation relative to Bitcoin and growing demand for ETH-based assets. The reduced selling pressure on Ethereum, alongside greater accumulation by institutional and retail investors, is fueling this momentum. Data from CryptoQuant shows that fewer ETH tokens are being transferred to exchanges compared to Bitcoin, pointing to confidence in Ethereum’s price stability and future potential. Spot Volume and ETF Trends Reflect Investor Rotation Trading volumes show a change in market sentiment. For the first time since June 2024, Ethereum’s weekly spot volume surpassed Bitcoin’s, with ETH reaching $25.7 billion versus Bitcoin’s $24.4 billion. First time in over a year: ETH spot volume > BTC Last week, ETH spot trading hit $25.7B vs. BTC’s $24.4B, pushing the ETH/BTC spot volume ratio above 1 for the first time since June 2024. Investors are rotating to ETH and Altcoins. pic.twitter.com/X7mBFVCg5Y — CryptoQuant.com (@cryptoquant_com) July 23, 2025 This reversal suggests a rising appetite for ETH among traders. Additionally, ETF data reinforce this pattern. The ETH/BTC ETF Holding Ratio has more than doubled, moving from 0.05 to 0.12, indicating that funds are allocating more capital to Ethereum than to Bitcoin. Altcoin Market Sees Renewed Momentum It’s not just Ethereum that’s benefiting. The broader altcoin market is showing renewed strength, with spot trading volume reaching $67 billion on July 17—the highest level since March. This surge suggests that investor interest is broadening beyond the two dominant cryptocurrencies, reports CryptoQuant. Traders appear to be diversifying their portfolios, taking positions in assets they perceive as undervalued or primed for growth during the next leg of the crypto market cycle. The combined factors of Ethereum’s price surge, reduced exchange inflows, and growing ETF demand indicate a market shift that may continue to favor altcoins in the near term.

PANews reported on July 23 that according to Jinshi, the Nikkei 225 index extended its gains and stood above 41,000 points, up more than 3% on the day. The short-term