Today in crypto: Bitcoin may be forming a local bottom as RSI nears oversold and whales open longs, Anthony Sassano said that Ethereum’s gas limit reaching 180 million is “the floor” for next year. Meanwhile, CoinShares withdrew its Securities and Exchange Commission application for a staked Solana fund.
Bitcoin forms short-term bottom, $100K relief rally in sight: Analyst
Bitcoin may be carving out a short-term bottom after weeks of heavy selling, with one market analyst arguing that conditions are in place for a relief rally toward the $100,000–$110,000 range.
In a recent video, trader Mister Crypto said Bitcoin (BTC)’s short-term structure shows signs of stabilization following what he described as “capitulation” across the market. He claimed that indicators tied to trader behavior suggest that large players have begun opening new long positions despite the sentiment plunging into extreme fear territory, a mix that has historically preceded bounces during downturns.
One of the main technical signals cited is the Bitcoin Relative Strength Index (RSI) on the weekly chart, which is approaching the 30 level. “We have bottomed out for Bitcoin right here. We have been reaching the 30 level. Boom,” he said.
The analyst noted that, in past cycles, this zone has coincided closely with market bottoms. While he cautioned that this does not guarantee the start of a new bull run, he said the current setup often signals at least a temporary reversal.
Ethereum tripling its gas limit is the ‘floor, we can go higher’ — Sassano
Ethereum educator Anthony Sassano said the goal to significantly increase Ethereum’s gas limit to 180 million next year is a baseline rather than a best-case scenario.
“I think that’s the floor, that’s the minimum, I think we can go higher than that,” Sassano said during an interview on the Bankless podcast on Friday, just a day after Ethereum mainnet block gas limit, which is the maximum amount of work the network allows in each block, was raised from 45 million to 60 million.
“The general consensus that has been set by the core developers and researchers is that they want to aim for at least a 3X increase in the gas limit for the next couple of years,” he said.
Sassano pointed out that some Ethereum core developers are even discussing a potential fivefold increase in the gas limit within the next year.
CoinShares withdraws SEC filing for staked Solana ETF
Asset manager CoinShares withdrew its Securities and Exchange Commission (SEC) application for a staked Solana exchange-traded fund (ETF) on Friday.
The structuring deal and asset purchase behind the proposed fund were never completed, according to the SEC filing, which states:
“The Registration Statement sought to register shares to be issued in connection with a transaction that was ultimately not effectuated. No shares were sold, or will be sold, pursuant to the above-mentioned Registration Statement.”
The first staked Solana (SOL) ETF, issued by REX-Osprey, debuted in the United States in June, followed by investment company Bitwise’s staked SOL ETF in October.
Bitwise’s ETF launched with nearly $223 million in assets on its first day of trading, managing to rack up about half the value accrued in the REX-Osprey ETF, which had been trading for months at that point, according to ETF analyst Eric Balchunas.
Despite the launch of staked Solana ETFs and investor demand for these products, the price of SOL has not kept pace and has been in a downtrend since its high of over $250 per coin in September.
