Autor Cointelegraph By Sam Bourgi

Bitwise Asset Management has launched an exchange-traded product (ETP) in Europe tracking Lighter, giving traditional investors a way to bet on one of Hyperliquid’s emerging rivals without buying its token directly.On Wednesday, Bitwise said its Bitwise Lighter Staking ETP (BLIT) had launched on Deutsche Börse Xetra, making it the first exchange-traded product tracking LIT, the native token of decentralized derivatives platform Lighter.The product is fully backed by LIT held in cold storage and carries a 0.85% annual expense ratio. European investors can buy the ETP through a regular brokerage account without buying or holding LIT directly.Despite its name, BLIT isn’t generating staking rewards yet. Bitwise said staking will begin once the product reaches enough assets under management to make the process efficient. Until then, the ETP will track LIT’s price without generating staking returns.The Lighter product follows Bitwise’s launch of a Hyperliquid staking ETP in Europe in April, as the asset manager expands its lineup to include tokens tied to some of the largest decentralized derivatives platforms.Lighter is an Ethereum-based decentralized exchange focused on perpetual futures, using zero-knowledge proofs to verify trades while allowing users to retain control of their assets rather than depositing them with a centralized exchange. The platform also offers zero-fee trading for retail users, part of its effort to compete with established decentralized derivatives platforms such as Hyperliquid.Lighter recorded nearly $1.8 billion in trading volume over the past 24 hours, according to CoinGecko data.Related: Bitcoin will get ‘lift’ from Hyperliquid, Robinhood in next crypto bull market: Bitwise execLighter takes on the perp market leaderLighter gained a major distribution channel in July when Robinhood integrated the exchange into Robinhood Chain, its Ethereum layer-2 network. Eligible Robinhood Wallet users can trade perpetual futures through Lighter, with trades settled using Lighter smart contracts on Robinhood Chain.Hyperliquid remains the much larger player. Unlike Lighter, which operates as an Ethereum layer-2, Hyperliquid runs on its own layer-1 blockchain. It controlled more than 61% of decentralized perpetual futures trading, according to data cited by The Motley Fool, and has continued to expand through its own partnerships.In May, Circle announced a deal to expand USDC usage on Hyperliquid, including deeper liquidity and easier transfers of the stablecoin across blockchains. At the time, roughly $5 billion in USDC was held on Hyperliquid, according to Coinbase. Magazine: HYPE price could suffer as Binance takes its revenue: Alice Liu

European asset manager 21shares has launched the region’s first exchange-traded product tied to Zcash, extending the privacy coin’s reach into regulated markets following its strong performance over the past year.On Tuesday, 21shares listed its physically backed Zcash ETP on Euronext Paris and Amsterdam, allowing investors to gain exposure to ZEC through brokerage accounts without holding the cryptocurrency directly.The asset manager also introduced an ETP tracking ETHFI, the governance and utility token of Ether.fi, a decentralized finance protocol that offers staking and other crypto-based financial services. The ETHFI product is physically backed and trades on Euronext Paris and Amsterdam.Both ETPs carry an annual management fee of 2.5%, well above the fees charged by many Bitcoin and Ether investment products in Europe.The Zcash ETP follows the arrival of the Grayscale Zcash ETF in the United States, which trades on NYSE Arca under the ticker ZCSH. The addition of Zcash products in the United States and Europe reflects growing institutional interest in the privacy coin.Related: Dragonfly’s Qureshi calls for end to Zcash dev fund after 2028Zcash’s rally puts Bitcoin comparisons back in focusThe move comes after Zcash emerged as one of the crypto market’s standout performers, recently surging past $1,500 and gaining nearly 1,100% over the past year, according to CoinMarketCap data.The rally has brought renewed attention to Zcash’s potential as a Bitcoin (BTC) alternative. Grayscale head of research Zach Pandl has argued that Zcash could benefit from “second-mover advantages” that may help it overcome Bitcoin’s entrenched network effects, something earlier alternatives such as Litecoin (LTC) have struggled to do.Interest in Zcash has also spread to the mining sector. Fortitude Digital Mining told Cointelegraph that it mined about 28% of all ZEC produced in the first half of 2026, reflecting the scale of its operations on the network. The company said its focus on Zcash is based on its proof-of-work model, capped supply and privacy features.Related: Zcash’s Ironwood upgrade faces possible delay over infrastructure readinessCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

The crypto industry spent much of the past two years preparing for regulatory clarity in Washington. This week, one of its biggest legislative priorities hit a major roadblock.The CLARITY Act failed to advance in the Senate on Tuesday, falling short of the 60 votes needed to bring the bill to the floor for debate. The setback significantly narrows the bill’s path this year, with the Senate calendar tightening ahead of the Nov. 3 midterm elections.Strategists say crypto exchanges such as Coinbase may have more at stake than most from the stalled legislation.Elsewhere, Standard Chartered is betting big on Arbitrum, Bitmine is turning its Ether treasury into a source of staking revenue, and Phemex’s CEO says AI has been a “net negative” for crypto.Coinbase faces greater CLARITY Act fallout, Saxo strategist saysSaxo Bank strategist Ruben Dalfovo said Coinbase has more at stake in the CLARITY Act setback because its trading business is directly exposed to US market-structure rules.In a Wednesday note following the bill’s failed procedural vote, Dalfovo said Coinbase is particularly exposed because new rules could determine registration requirements, tradable assets and who can participate on its platform. The setback could also affect other crypto-linked companies, though Dalfovo said their businesses are less directly tied to market-structure rules. Circle’s exposure is tied more closely to USDC adoption and reserve interest, while Strategy relies primarily on its Bitcoin holdings and access to financing.The market reaction reflected those concerns. Coinbase, Circle and Strategy shares fell between 5% and 10% after the vote and continued lower the following day.Standard Chartered sees Arbitrum hitting $10 as Wall Street moves onchainStandard Chartered sees Arbitrum outperforming Bitcoin and Ether through 2030, driven by traditional finance firms moving assets onchain and transforming the network’s economics.Geoff Kendrick, Standard Chartered’s global head of digital assets research, said Arbitrum receives 10% of net protocol revenue from companies building on it. Robinhood Chain, launched in July, has materially changed Arbitrum’s economics, with September revenue expected at $5 million, over five times the prior level. Kendrick projects ARB at $10 by 2030, a 70-fold increase from current prices around $0.14, which have gained 86% in the past month.Standard Chartered’s thesis relies on tokenized assets reaching $39 billion and forecasts of $4 trillion by 2028. Arbitrum’s layer-2 infrastructure and revenue-sharing model position it as a beneficiary, but adoption pace remains uncertain.Bitmine eyes $334 million in annual staking revenue from Ether treasuryBitmine projects $334 million in annual staking revenue from its $15.8 billion crypto treasury, with over 5 million Ether now staked to generate recurring income even during volatile conditions.Bitmine added 27,180 ETH last week, bringing its holdings to 5.95 million ETH worth $15.4 billion, representing roughly 4.9% of Ether’s circulating supply. More than 5.06 million ETH is now staked, generating an estimated $334 million in annualized revenue at current rates. Grayscale Ethereum Staking ETF stakes 84.6% of its Ether, according to its webpage.Unlike Bitcoin treasury companies, Bitmine can earn recurring income from its crypto holdings through staking. Its stock has gained nearly 38% over the past month but remains down year to date, according to Yahoo Finance. Strategy, meanwhile, went a second straight week without buying Bitcoin, instead spending $139.3 million to repurchase preferred stock.AI is draining crypto liquidity and empowering attackers, Phemex CEO saysPhemex CEO Federico Variola said AI has been a “net negative” for crypto, diverting liquidity from the industry while empowering attackers who exploit protocols.Speaking on Cointelegraph’s Chain Reaction, Variola said AI has “empowered a lot of bad actors” and driven up cybersecurity costs for smaller teams. In July, attackers drained roughly $116 million in Bitcoin from more than 5,200 addresses tied to a Coldcard hardware wallet flaw widely believed to have been found through malicious AI use. Coinkite CEO Rodolfo Novak warned that AI-assisted code review now outpaces seasoned experts.Variola warned AI threats could make self-custody and DeFi less appealing to retail users, pushing the industry toward greater centralization. He sees practical benefits in AI agents for portfolio building and trading decisions, but said they will not fully replace human judgment. CertiK’s Natalie Newson, however, noted AI can also be “one of the biggest defenses.”Crypto Biz is your weekly pulse on the business behind blockchain and crypto, delivered directly to your inbox every Thursday.

While Bitcoin and crypto-linked stocks fell sharply after the US Senate failed to advance the Digital Asset Market Clarity, or CLARITY, Act, Saxo Bank believes exchanges like Coinbase have more at stake than most because clearer rules could directly affect their trading businesses.In a Wednesday note, Saxo strategist Ruben Dalfovo said Coinbase (COIN) is the most directly exposed to developments around CLARITY because market-structure rules could determine registration requirements, which assets can trade and who can participate in US crypto markets.“Coinbase is most exposed to clearer market rules because trading and crypto participation directly affect its business,” Dalfovo wrote.Stablecoin issuer Circle (CRCL) and Bitcoin (BTC) treasury company Strategy (MSTR) have different exposures, according to Dalfovo. Circle’s business is more closely tied to adoption of its USDC stablecoin and interest earned on its reserves, while Strategy’s performance is driven primarily by its BTC holdings and financing structure.As Cointelegraph reported late Tuesday, shares of all three companies fell between 5% and 10% after the Senate procedural vote, despite differences in how the legislation could affect their businesses.The selloff continued early Wednesday, with Coinbase, Circle and Strategy all down between 2% and 6%, according to Yahoo Finance data.Related: Democrats push back on GOP’s ‘final’ CLARITY offer with counterproposal: PoliticoCLARITY faces narrowing path forwardThe CLARITY Act failed a key procedural vote on Tuesday, with senators voting 49-50 against invoking cloture on a motion to proceed to the bill, well short of the 60 votes needed. The vote would have limited further debate and allowed the Senate to move toward considering the legislation on the floor.Ethics provisions remained a major sticking point despite last-minute concessions aimed at addressing concerns over public officials’ crypto interests. The setback significantly narrows the bill’s path forward this year. The Senate has a limited legislative calendar around the Nov. 3 midterm elections and is targeting Dec. 18 for adjournment, leaving lawmakers a relatively small window to revive the legislation before the current Congress ends.Related: Crypto Biz: AI took a back seat when Bitcoin started climbingCointelegraph is committed to independent, transparent journalism. This news article is produced in accordance with Cointelegraph’s Editorial Policy and aims to provide accurate and timely information. Readers are encouraged to verify information independently.

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