Edel Finance Testnet Reaches 35K Users as Whale Buys 1.26M $EDEL for $38K

Edel Finance’s testnet has surpassed 35,000 users, marking a significant milestone in its adoption curve. This follows a $468,000-profit wallet recently purchasing 1.26 million $EDEL tokens for $38,000. The surge in user numbers and whale activity reflects growing interest in the project.

The $EDEL purchase was made by a wallet that has previously demonstrated strong returns in the crypto space. This move suggests continued confidence in Edel Finance’s long-term trajectory and utility. Whale buying is typically seen as a bullish sign for token price and project adoption.

In parallel, Morgan Stanley filed for spot Ethereum ETFs, signaling a broader trend of traditional finance (TradFi) integrating digital assets. The bank’s move comes as it expands access to crypto for its wealth management clients. This follows similar actions by Bank of America and other major institutions, reflecting a shift in how institutional players view crypto.

Why Did This Happen?

The recent institutional interest in crypto has been driven by several factors. First, spot Ethereum ETFs have continued to attract inflows despite broader market weakness. While they have seen around $2.8 billion in outflows since their peak, they remain a major demand driver. Second, crypto whales have been accumulating tokens, with $4.83 million in spot ETH bought across 32 wallets in the past week. This contrasts with smart money traders, who have sold $8.9 million worth of Ethereum in the same period.

Additionally, regulatory clarity and stablecoin adoption have supported institutional entry. World Liberty Financial has submitted a national trust bank charter application to issue and custody its USD1 stablecoin. If approved, the charter would allow USD1 tokens to operate within a more regulated framework.

How Did Markets Respond?

The broader crypto market has faced volatility, with Bitcoin ETFs seeing outflows of $243 million in recent sessions. However, Ethereum ETFs posted $114.7 million in inflows, while Solana and XRP ETFs added $9 million and $19 million respectively according to market data. This suggests a rotation of capital into altcoins and more niche digital assets, particularly as Bitcoin consolidation continues.

Meanwhile, on-chain metrics show that Solana-based applications generated $2.4 billion in revenue in 2025. This growth was driven by a surge in decentralized trading, with DEX volume reaching $1.5 trillion and stablecoin supply on the network hitting $14.8 billion. The rise of projects like Pump.fun and Raydium has also contributed to a broader retail and institutional adoption of the Solana ecosystem.

What Are Analysts Watching Next?

Analysts are monitoring the approval status of Ethereum ETFs from major Wall Street firms. Morgan Stanley’s filing indicates the bank is positioning itself to capture a share of the growing crypto investment market. The outcome of these ETF applications could have a material impact on Ethereum’s price action and institutional buying behavior.

In the traditional finance sector, the U.S. economic outlook continues to influence global markets. India’s economy is projected to grow at 6.6% in 2026, down from 7.4% in 2025. This projection is being weighed against global economic slowdowns and ongoing trade tensions. In India, IT firms are expected to report another tepid quarter due to weak U.S. demand and cautious client spending.

The Indian defense sector is also undergoing modernization. Larsen & Toubro has partnered with the Indian Army to overhaul and upgrade the Pinaka multi-barrel rocket launcher systems. The program involves lifecycle support and obsolescence management for in-service artillery. This collaboration reflects a growing emphasis on indigenous defense manufacturing and maintenance under the Aatmanirbhar Bharat initiative.

As markets navigate regulatory shifts and geopolitical uncertainty, the crypto sector continues to evolve. With Ethereum ETFs pending, stablecoin adoption expanding, and institutional capital flowing into altcoin markets, investors are watching for both opportunities and risks.