Ndax Weekly TL;DR Febraury 17th

• Canadian and UK Banks Allocate Over $280M to Bitcoin ETFs
• Powell Says Fed Will Not Restrict Banks from Offering Crypto Services
• SEC Acknowledges Grayscale’s XRP and Dogecoin ETF Filings
   

Major financial institutions in Canada and the UK have invested over $280 million in spot Bitcoin ETFs, according to recent SEC filings. The Bank of Montreal (BMO) leads with a $150 million allocation, primarily in BlackRock’s IBIT, while Barclays Bank has invested $131 million in the same fund. CryptoSlate

Federal Reserve Chairman Jerome Powell stated that the Fed has no intention of preventing banks from providing crypto services to legal customers, emphasizing that such activities already exist within regulated institutions. Speaking before a House committee, Powell noted that while banks should be mindful of crypto-related risks, the Fed remains open to financial innovation. He also addressed concerns about banking stability, attributing past bank failures to investment risks rather than crypto exposure. Powell reiterated that under his leadership, the Fed will not issue a central bank digital currency (CBDC). CryptoSlate

The US Securities and Exchange Commission (SEC) has acknowledged filings for Grayscale’s proposed XRP and Dogecoin (DOGE) exchange-traded funds (ETFs). This acknowledgment begins the public comment period but does not indicate approval or rejection. The filings seek to list the assets under commodity-based trust share rules. The SEC will review public feedback before making a final decision. Once published in the Federal Register, the review process will follow a 240-day timeline. Beincrypto

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News Nuggets

• Bitcoin's Transaction Finality Faces Delays Amid Mining Centralization Concerns CryptoSlate
• SEC's Hester Peirce Advocates for Innovation-Friendly Crypto Regulation Approach Crypto.news
• Ethereum Foundation Allocates 50k ETH to DeFi, Aiming for $1.5 Million in Annual Returns CryptoSlate
• Cosmos Expands as RWA Hub with Ondo Finance’s New Layer 1 Blockchain CryptoSlate
• Uniswap Labs Launches Unichain L2 Mainnet After Successful Testnet Phase Crypto.news
• Wisconsin and Abu Dhabi Disclose Bitcoin ETF Investments Crypto.news
• Strategy Makes First Bitcoin Purchase Under New Name Cointelegraph
• Vitalik Buterin Proposes 10X Ethereum Gas Limit Increase to Enhance L2 Growth and Censorship Resistance CryptoSlate

As of 02-17-2025 at 8:50 AM EST

Market Summary

• Over the past seven days, the global cryptocurrency market capitalization has increased from CA$4.54 trillion to CA$4.55 trillion.
• Bitcoin's market dominance stands at 59.5%, while Ethereum's share is 10.4%.

Performance

• Over the past 24 hours, the price of BTC has fluctuated between CA$136K and CA$137K registering a 2% change over the past week and a market cap of CA$2.7 trillion. At Ndax, the weekly movers are Sonic (S), which saw a 49% increase in the last seven days reaching a market cap of CA$2.8 billion, and Cardano (ADA), which experienced a 15% rise with a market cap of CA$41.5 billion.(At time of writing)

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This week’s blog explores the Internet Computer Protocol (ICP)—a groundbreaking blockchain designed to create a decentralized, scalable internet. Learn how ICP enables developers to build web applications without traditional servers, enhances privacy through Web3 technology, and introduces innovations. To learn more, click here.

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• Feb 18 – Canada Core Inflation Rate 
• Feb 20 – US Initial Jobless Claims 

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