THGas raised $12 million and launched a futures market for Ethereum blockspace, with nearly $800 million in liquidity commitments, highlighting continued builder activity despite cautious market sentiment.
Upexi’s Solana-heavy balance sheet lost significant value as SOL remains over 57% below its peak, while Bitcoin spot ETFs recorded $188.6 million in net outflows for a fourth straight day.
Dogecoin broke below the $0.13 support amid heavy spot selling and a 53,000% surge in futures volume, signaling expectations of wider price swings rather than immediate recovery.
The cryptocurrency market saw major developments on Wednesday spanning Ethereum infrastructure, Solana treasury strategies, memecoins, prediction markets, and ETF flows. While builders continue to push new financial primitives, price action and capital flows suggest investors remain defensive amid broader market uncertainty.
Ethereum infrastructure startup ETH Gas announced it has raised $12 million in a seed funding round while launching what it claims is the first futures marketplace for Ethereum blockspace.
The round was led by Polychain Capital, with participation from Stake Capital, BlueYard Capital, Lafayette Macro Advisors, SIG DT, and Amber Group.
ETH Gas disclosed that nearly $800 million worth of blockspace liquidity has been committed by validators, block builders, and network participants to the platform.
Validators can sell commitments up to 64 blocks in advance. Different types of contracts are available, ranging from complete block sales to execution guarantees. Currently, the trading fee for ETH Gas is 5%, though plans call for additional fees in the future.
US-listed firm Upexi saw its shares drop sharply after filing a shelf registration to raise to $1 billion, aimed primarily at expanding its Solana-focused treasury strategy.
The stock closed down 7.5% at $1.84, though it recovered slightly in after-hours trading to $1.92.
Upexi currently holds 2.1 million SOL, valued at approximately $262 million, making it the fourth-largest corporate Solana treasury.
At its peak in mid-September, the treasury was worth roughly $525 million, down from $1.1 billion a month earlier as Solana’s price declined.
Solana was trading near $123.75, down 57.5% from its all-time high of $293.31 set earlier this year.
The PUMP token, associated with the Solana-based memecoin launchpad pumpfun, extended its decline amid a legal dispute.
The token is trading more than 50% below its price, with a fully diluted valuation of about $1.7 billion and a market capitalization of nearly $1 billion.
Despite Pumpfun using 100% of its daily revenue, around $1 million per day, to buy back PUMP tokens and having repurchased roughly 15% of the circulating supply, legal uncertainty has weighed heavily on sentiment.
A misconduct notice filed by Burwick Law alleges harassment and intimidation, though direct links between PumpFun and the alleged actions remain unproven.
Decentralized exchange PancakeSwap announced Probable, a new prediction market platform incubated by PancakeSwap and supported by YZi Labs, will launch on BNB Chain.
The platform will allow users to predict crypto prices, global events, sports outcomes, and regional markets.
Probable will initially charge zero fees, automatically converting deposits into USDT on BNB Chain, and will rely on UMA’s Optimistic Oracle for settlement.
The launch comes amid growing interest in prediction markets, with platforms like Polymarket and Kalshi seeing billions in monthly volume, though regulatory uncertainty remains a key risk.
Bitcoin spot ETFs recorded a net outflow of $188.64 million on December 23, marking four consecutive days of withdrawals.
BlackRock’s IBIT was the most affected with outflows of $157.34 million, followed by Fidelity’s FBTC with $15.30 million.
Total Bitcoin spot ETF assets are $114.29 billion, with a cumulative net inflow of $57.08 billion, representing 6.53% of Bitcoin's total market cap.
Also Read: Bitcoin Price Slips to $87,170 Amid Holiday Season Volatility in Crypto Market
Dogecoin slipped below the critical $0.13 support level amid heavy spot selling and a sharp rise in derivatives activity.
The futures volume of DOGE jumped 53,000% to $260 million, signaling the market's expectation of near-term volatility rather than a quick recovery.
DOGE fell 2.3% over 24 hours, with the break below $0.13 occurring on the heaviest volume of the session.
While a reclaim of $0.13 could trigger a short-covering bounce, failure to do so may open the door to further declines toward the $0.1280 zone.
Also Read: Dogecoin Slips Below $0.13: Big Attention in the Crypto World
1. What is ETH Gas, and why is its launch significant?
ETH Gas is an Ethereum infrastructure startup that enables futures trading for blockspace, allowing validators and users to hedge gas costs and manage execution risk ahead of block production.
2. Why did Upexi shares fall after its $1B filing?
Investors reacted to the risks of expanding Solana exposure during a market downturn, with SOL’s price decline cutting the value of Upexi’s crypto treasury by more than half from its peak.
3. What do Bitcoin ETF outflows indicate?
The $188.6 million net outflow suggests short-term institutional caution, even as cumulative inflows remain strong and ETFs still account for over 6.5% of Bitcoin’s market cap.
4. Why is Dogecoin’s $0.13 level important?
The $0.13 zone was a key psychological and technical support; breaking below it shifts momentum bearish and increases the likelihood of further downside unless quickly reclaimed.
5. What is Probable and why does it matter?
A PancakeSwap-backed prediction market launching on BNB Chain likely reflects growing interest in decentralized forecasting platforms despite ongoing regulatory uncertainty.
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