Grayscale’s Upcoming Dogecoin and XRP ETFs Amid Market Downturn
Grayscale is launching its Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) later on Monday, but the timing seems a bit tough as both tokens are heading toward their most challenging month since February. In fact, the broader cryptocurrency market isn’t faring any better, with the CoinDesk 20 Index (CD20) dropping about 23% since early November.
Considering ETF activity this month, it aligns closely with the performance of the underlying cryptocurrencies. For instance, Bitcoin, or BTC, has been fluctuating around $86,003, and US ETFs are experiencing net outflows of $3.55 billion since the start of the month. It’s quite possible that we’re on a trajectory to surpass February’s outflow record of $3.56 billion.
On a different note, Bitcoin miner CleanSpark (CLSK) is expected to disclose its fiscal fourth-quarter earnings on Tuesday. Meanwhile, Riot Platforms (RIOT) surprised many by reporting a profit along with record revenue, and Iren (IREN) announced its own record profits, credited to its push into artificial intelligence.
What’s on the Horizon
- Cryptography
- November 24: Monad’s public mainnet launch using the native token MON.
- November 24: The debut of Grayscale’s Dogecoin Trust ETF (GDOG) and XRP Trust ETF (GXRP) expected to stream live on NYSE Arca.
- November 25: KR1 Plc transitions to trading on the main market of the London Stock Exchange.
- November 26: The launch of the Space Coin (SPACE) protocol from Vandenberg Space Force Base, California.
- Macro
- November 25, 7:00 am: Retail sales data from Mexico for September.
- November 25, 8:15 a.m.: Weekly employment change report from ADP.
- November 25, 8:30 a.m.: US Producer Price Index (PPI) expected to show a year-over-year change of 2.7%.
- November 25, 8:30 a.m.: US retail sales data.
- November 26, 8:30 a.m.: Durable goods orders forecast.
- November 26, 8:30 a.m.: New unemployment insurance claims for the week ending November 22.
- November 28, 7:00 am: Brazil’s unemployment rate data.
- November 28, 7:00 am: Mexico’s unemployment rate data.
- November 28, 8:30 a.m.: Canada’s GDP growth data for Q3.
- Revenue Projections
- November 25: CleanSpark (CLSK), post-market earnings report.
Token Events
- Governance Votes
- Moonwell DAO is proposing to recover $5.25 million in bad debts, utilizing excess reserves.
- ZKsync DAO is voting to revise the Token Program Proposal timeline.
- Aave DAO is voting on its funding strategy for November.
- CoW DAO has a vote to increase partner incentives.
- Arbitrum DAO is reaffirming council members.
- Lightchain.AI is proposing to delay its mainnet launch due to developer issues.
- The Graph Council plans to implement a Rewards Eligibility Oracle.
- Unlock Events
- November 24: Plasma to free up 4.74% of circulation; valued at approximately $17.81 million.
- November 28: Jupp to release 1.69% of circulation; valued at about $12.39 million.
- November 29: Hype aims to free up 2.68% of circulation; valued at around $318.92 million.
- November 30: KMNO releasing 5.65% of circulation; around $10.59 million will be freed up.
