Grayscale Seeks SEC Approval to Convert Digital Large Cap Fund into Crypto ETF

Daily Top Performer — Sonic Labs (FTM)



The SPX index was down by 0.76%, with losses driven by declines in the energy, technology, and health sectors, with major chipmakers like Nvidia, AMD, and Broadcom dropping sharply. Investors are navigating earnings season cautiously, with attention shifting to upcoming reports from Abbott Laboratories, Morgan Stanley, and Lam Research. Coindesk Indices, an index measuring broader cryptocurrency market performance was up by 1.21%, with Bitcoin and rising by 1.57% and Ether dropping by 1.87%, in the past 24 hours.

Today's top performer is FTM, which surged 3.8% following the release of Sonic Labs' litepaper detailing the FTM migration and $S airdrop plans..



Sonic Labs (FTM), founded in 2018, formerly known as Fantom Foundation, supports the development of Sonic, a new layer-1 blockchain designed for fast, efficient transactions and secure connectivity to Ethereum. It focuses on creating decentralized applications and managing governance for the Sonic ecosystem, which is set to launch later in the year. Sonic Sonic Labs released its litepaper on October 14, detailing the FTM token migration and the governance token $S, which will be distributed through a points-based airdrop and 1:1 exchange for FTM holders. FTM is currently trading at $0.77, up 52% in 30 days. The testnet can handle up to 900 million transactions daily. The "Sonic Boom" bounty program ends on November 4, distributing Sonic Gems that will allocate 37.5% of the $S airdrop.



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Talk of the Town

Grayscale Investments is seeking SEC approval to convert its Digital Large Cap Fund, which includes Bitcoin, Ethereum, Solana, XRP, and Avalanche, into an ETF. The fund, currently trading under the ticker GDLC, offers diversified crypto exposure. Grayscale's move follows earlier conversions of its Bitcoin and Ethereum trusts into spot ETFs, allowing easier redemptions for investors. Despite SEC scrutiny over assets like Solana, Grayscale aims to make crypto more accessible through ETFs, continuing its push for broader regulatory acceptance after a key legal victory against the SEC.



Bitcoin Spot ETF Flows





Yesterday, The BTC Spot ETF saw total inflows of $82.2 million, with $8 million from GBTC and $74.2 million from other non-GBTC sources.



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Airdrop to Watch

Solayer Episode 2 is launching soon, offering interactive tasks that contribute to Solana infrastructure development and are essential for the Solayer Airdrop. Participants must complete at least three tasks from the countdown page within five days. New users can join via an invite link.



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