Gate Research Institute: VanEck submits application for Lido stake Ethereum ETF | Greenlane launches BERA treasury strategy

Crypto Market Overview

• BTC (+1.96% | Current price 110,160 USDT): In the past 24 hours, the crypto market has experienced a significant recovery, with the total market capitalization returning to about $3.87 trillion, an increase of approximately $150 billion in a single day. Bitcoin has broken through the $111,000 mark, rising nearly 2% during the day, with bullish sentiment clearly warming up. From a technical perspective, Bitcoin's daily candlestick chart has recorded three consecutive bullish candles, and the MACD death cross is further narrowing, indicating that bearish momentum is weakening and bulls are gradually gaining the upper hand. The price has successfully broken through the MA 5-day moving average and found support near the MA 10-day moving average. If it can stabilize at the current position, it is expected to further open up upward space. Overall, this rebound is closely related to positive macro news—the market expects the two major global economies to reach a fair trade agreement in the coming week, thereby alleviating risk aversion. The mid-term trend of Bitcoin remains upward; if short-term momentum continues, Bitcoin may test the MA 30-day moving average at $114,500; if upward momentum weakens, it may pull back and oscillate around the $109,000 range.
• ETH (+0.51% | Current Price 3,957 USDT): In the past 24 hours, Ethereum has oscillated in a narrow range between 3,917–4,082 USD, showing a mild upward trend overall. The MACD dead cross is almost at zero, indicating a significant weakening of bearish momentum; the price has broken through the MA 5-day moving average and is now approaching the 10-day moving average near 4,002 USD. The 4-hour chart structure shows that Ethereum is in a descending wedge formation, which formed after a strong pullback following a failed breakout above 4,200 USD. The price has repeatedly encountered obstacles at the intersection of the rising and falling trend lines, indicating a sustained tug-of-war between bulls and bears in the short term. The previously dynamic support provided by the 100-day moving average has now turned into a resistance area around 4,100 USD. Currently, Ethereum is still in a phase of structural consolidation between support and resistance, but the price remains above the key institutional buying support area. If the price breaks through the descending trend line and stabilizes above the 4,000–4,100 USD resistance area, it may confirm a phase reversal, with target ranges possibly between 4,400–4,600 USD; conversely, if it falls below the 3,700 USD support level, it could trigger further downside risk to 3,400 USD.
• Altcoins: The overall differentiation in the crypto market is evident, with Bitcoin performing the strongest among mainstream assets, while most altcoins have generally seen slight pullbacks, presenting a pattern of “Bitcoin on the rise, altcoins under pressure.” The Fear and Greed Index has further warmed to 38 compared to yesterday, which may indicate a weakening of selling pressure and cautious capital inflow. In the short term, if Bitcoin continues to maintain its upward momentum, the altcoin sector may experience a rebound, but investors need to pay attention to the rhythm of capital rotation and structural market risks.
• Macro: On October 20, the S&P 500 index rose by 1.07%, closing at 6,735.13 points; the Dow Jones index increased by 1.12%, closing at 46,706.58 points; the Nasdaq index climbed by 1.37%, closing at 22,990.54 points. As of October 21, 10:00 AM (UTC+8), the spot gold price per ounce is temporarily reported at 4,345 dollars, down 0.4% within 24 hours.

Popular Tokens on Juejin

AVNT Avantis (+54.3%, circulating market cap 148 million USD)

According to Gate market data, the current price of the AVNT token is $0.72, up 54.3% in the last 24 hours, with a high of $0.75 and a low of $0.47. The market capitalization has increased by about $40.5 million compared to yesterday. As a derivatives exchange, Avantis supports trading of physical assets and encryption assets. Its native token AVNT serves both utility and governance functions, used for protocol incentives, trading rewards, and community development. The platform offers features like loss protection and positive slippage optimization and empowers developers to access real-time price sources and trading management tools through the Avantis SDK, forming a relatively complete derivatives ecosystem.

Recently, AVNT has been driven by double positive factors. The AVNT/USDT perpetual contract (up to 20x leverage) has been launched on a decentralized perpetual contract exchange, expanding trading channels and enhancing market liquidity. In addition, the rising demand for derivatives trading in the market is also considered an important driving force behind the recent surge in AVNT prices. Overall, the rise of AVNT reflects the market's optimistic expectations for the derivatives ecosystem, but there is significant short-term volatility, and investors should be cautious of the risk of a pullback.

TREE Treehouse (+15.2%, circulating market value 28.773 million USD)

According to Gate's market data, the current price of the TREE token is 0.18 USD, having increased by 15.24% within 24 hours, with a high of 0.24 USD and a low of 0.15 USD. The market value has grown by 6.69 million USD compared to yesterday. Treehouse is a decentralized fixed-income infrastructure layer designed to connect yield primitives, benchmark rates, and participation layers, building a unified fixed-income ecosystem. Its core products include tAssets and decentralized quoted interest rate (DOR), where the former provides enhanced yields through interest rate arbitrage, and the latter serves as a reference benchmark for on-chain fixed-income products.

The rise of TREE is driven by two factors: on one hand, the attention in the blockchain field towards Merkle tree technology and the Lightning Network scaling solution has boosted the market's interest in underlying infrastructure projects; on the other hand, the growing demand for stable yield DeFi products highlights Treehouse's potential and scarcity in the decentralized fixed income space. From a technical perspective, TREE has broken through previous resistance levels, showing strong upward momentum in the short term.

BIO Bio Protocol (+16.6%, Circulating Market Cap 170 million USD)

According to Gate market data, the current price of the BIO token is $0.09572, with a 16.60% increase in the last 24 hours, reaching a high of $0.12 and a low of $0.08. The market capitalization has increased by approximately $57.1 million compared to yesterday. Bio Protocol is a new financial layer in the field of DeSci (decentralized science), aiming to accelerate the commercialization of scientific achievements through decentralized mechanisms. The protocol allows research institutions, enterprises, and scientists from around the world to tokenize financing and manage research innovations, promoting the implementation of scientific achievements in medicine and specialized treatment fields.

Recently, the price of BIO has risen mainly due to the project's fundamentals and increased market attention. On one hand, Bio Protocol completed a new round of financing and received support from well-known investor Arthur Hayes's Maelstrom Fund, which strengthened the market's confidence in its potential; on the other hand, the DeSci track continues to heat up, and the application of DAO governance models in the field of scientific research has also sparked widespread discussion, indirectly enhancing Bio Protocol's industry status and investment popularity, becoming an important driving force behind the rise of the BIO token.

Alpha Interpretation

VanEck Submits Lido Staked Ethereum ETF Application

On October 20, according to official news, ETF issuer VanEck has submitted an S-1 registration application for the “VanEck Lido Staked ETH ETF” to the U.S. Securities and Exchange Commission (SEC). The fund aims to allow investors to earn Ethereum staking rewards through the staked ETH tokens stETH via the Lido protocol.

As the largest liquid staking protocol in the Ethereum ecosystem, Lido currently boasts a vast total value locked (TVL) and wide market recognition. The recent submission of the Lido staking Ethereum ETF application by VanEck marks a further integration of DeFi infrastructure into the traditional financial system. From a market perspective, this move has multiple positive impacts: first, the SEC's regulatory stance on liquid staking tokens has recently become clearer, indicating that such assets do not constitute securities under certain conditions. The application for this ETF is being made against this policy backdrop and may provide important references for the approval of similar products. Second, if the ETF is ultimately approved, it will significantly enhance the position of ETH and its staking assets (such as stETH) in institutional asset allocation, helping traditional investors access ETH staking returns through regulated channels, transforming ETH from a mere price asset into a yield-generating asset with “coupon” attributes, thus accelerating the mainstreaming of crypto assets. Finally, Kean Gilbert, head of institutional relations at the Lido ecosystem foundation, stated that this application signifies that liquid staking is gradually being recognized as a core component of Ethereum infrastructure. Lido's success validates that decentralized mechanisms and institutional-grade standards can coexist, laying a solid foundation for broader crypto financial innovation.

Several well-known asset management companies open retail investment channels for Bitcoin and Ethereum ETPs

Asset management companies 21Shares, Bitwise, and WisdomTree have received approval from the UK's Financial Conduct Authority (FCA) to offer their Bitcoin and Ethereum exchange-traded products (ETPs) to UK retail investors for the first time — previously, this market was only available to professional investors. Currently, 21Shares has launched two physically-backed Bitcoin and Ethereum ETPs on the London Stock Exchange (LSE), with the Ethereum product featuring staking yield functionality and setting fees as low as 0.1% for some products. WisdomTree has simultaneously launched its physically-backed BTC and ETH ETPs, with fees of 0.15% and 0.35%, respectively; Bitwise plans to launch similar products this Tuesday, reducing the fees for the Core Bitcoin ETP to 0.05% for the first six months after launch.

This move comes just 12 days after the FCA officially lifted its four-year retail ban on crypto ETNs, marking a significant loosening of UK regulations on crypto asset investment products. This change not only officially opens the crypto ETP market to retail investors but also indicates that the UK is accelerating its regulatory alignment with open regions like Europe, the United States, and Hong Kong. Industry insiders expect that the FCA will complete a comprehensive crypto regulatory framework covering core areas such as stablecoins, trading platforms, lending, staking, and custody by 2026. This initiative is seen as an important step for the UK towards the mainstreaming and institutionalization of crypto assets, laying the foundation for the integration of traditional and crypto finance.

Greenlane Holdings aims to raise $110 million to launch the BERA treasury strategy

Greenlane announced a private investment in public equity (PIPE) fundraising of approximately $110 million, of which about $50 million is in cash, and another approximately $60 million will be contributed by BERA tokens. This fundraising is intended to kickstart its “BeraStrategy”—using BERA (the native token of the Berachain blockchain) as the company's primary treasury reserve asset and buying BERA tokens through the public market and over-the-counter transactions. The fundraising is expected to be completed by October 23, 2025. Following this announcement, Greenlane's stock price surged by about 45%.

By selecting BERA as the primary reserve asset, Greenlane demonstrates a trend of deeply integrating traditional company treasury with blockchain tokens, which can be seen as a significant endorsement for BERA itself, while also enhancing the market's awareness, liquidity, and valuation expectations for BERA. With the blockchain + treasury strategy, Greenlane is expected to attract more investors from the crypto market, but risks cannot be ignored. On one hand, the concentrated use of a single token as a reserve asset increases exposure risk; on the other hand, PIPE fundraising can lead to share dilution, requiring attention to the details of fundraising completion and treasury execution. <br> Reference materials:

• Gate, https://www.gate.com/trade/BTC_USDT
• Farside Investors, https://farside.co.uk/btc/
• Gate, https://www.gate.com/trade/ETH_USDT
• Investing, https://www.investing.com/currencies/xau-usd
• Theblock, https://www.theblock.co/post/375250/21shares-bitwise-blackrock-wisdomtree-uk-retail-bitcoin-ethereum-etps-fca
• Lido, https://blog.lido.fi/vaneck-files-for-lido-staked-eth-etf/
• Access Newswire, https://www.accessnewswire.com/newsroom/en/blockchain-and-cryptocurrency/greenlane-holdings-inc-announces-110-million-private-placement-to-ini-1089337

<br> Gate Institute is a comprehensive blockchain and encryption research platform that provides readers with in-depth content, including technical analysis, hot insights, market reviews, industry research, trend forecasts, and macroeconomic policy analysis.

Disclaimer Investing in the crypto market involves high risks. Users are advised to conduct independent research and fully understand the nature of the assets and products being purchased before making any investment decisions. Gate is not responsible for any losses or damages caused by such investment decisions.