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💰 CryptoQuant says 'extremely underpaid' bitcoin miners' capitulation is a possible bottom signal
Since Bitcoin's latest halving event on April 19, which cut the reward for mining a new bitcoin block in half, the world's largest cryptocurrency has begun showing signs of miner capitulation as miners likely turn off underperforming machines and begin to sell bitcoin to hedge their exposure. There are various signs of miner capitulation, which historically has indicated a bottom in prices, according to CryptoQuant, which notes that for most of the period since April, miners have been "extremely underpaid" according to the data provider's metrics.
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🪙 Galaxy expects spot Ethereum ETF in July, is optimistic about more crypto ETFs
Galaxy Digital head of asset management Steve Kurz said the SEC could approve a spot Ethereum ETF before the end of July and described prospects for other crypto ETFs. Kurz said Galaxy has worked with the SEC on applications for months and noted the firm’s upcoming spot Ethereum ETF is similar to its existing spot Bitcoin ETF (BTCO). Galaxy created both funds in partnership with the investment management firm Invesco.
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💰 VanEck’s Matthew Sigel confirms Solana ETF is a bet on Trump victory
VanEck Head of Digital Assets Research Matthew Sigel confirmed speculation that the company’s Solana spot ETF proposal bets on Donald Trump winning the US presidency. The deadline for VanEck’s application is set for March 2025, which would put it well beyond the aftermath of the US Presidential elections in November. Another issue seen as a hurdle to potential Solana ETF is the lack of a futures market on CME, which experts believe was a key factor in spot Bitcoin and Ethereum ETFs gaining the regulatory green light.
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📊 Number of crypto ATMs installed nears its all-time record
The number of cryptocurrency ATMs installed worldwide has spiked 17.8% to 38,279 over the last 12 months — inching closer to its record of 39,541 set in December 2022. As of 2024, there have been 2,564 new cryptocurrency ATMs installed, indicating a positive trend compared to the net loss of 2,861 machines in 2023, according to Coin ATM Radar.
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💰 Solana ETF Approval Odds Rise Amid Potential Political Shifts, Analyst Says
Bloomberg’s senior ETF analyst has stated that the odds of a Solana exchange-traded fund (ETF) being approved within the next 12 months are closely linked to the likelihood of a change in the U.S. presidency. He noted that it is “safe to say the chances of both are higher today than they were yesterday.”
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💰 Solana ETF possible with a change in POTUS, SEC: Balchunas
A spot Solana exchange-traded fund in the United States may only be possible with a change in the administration and the head of its securities regulator, according to Bloomberg ETF analyst Eric Balchunas. Matthew Sigel, head of digital assets research at VanEck, said the new fund, called the VanEck Solana Trust, aims to capitalize on Solana’s decentralized nature, high utility and economic feasibility.
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🥇 Bitcoin derivatives poised for 'quadruple witching' volatility as Friday's quarterly options expiry approaches, analyst says
The bitcoin options market is braced for heightened volatility, with over 20% of open interest on Deribit set to expire in-the-money (ITM), several analysts said to The Block on Wednesday. "As we approach Friday’s large quarterly expiry, potentially influenced by ‘quadruple witching’ and related volatility in U.S. markets, over 20% of Deribit open interest is set to expire in-the-money, equating to over $2.7 billion, total notional size of Friday's options expiry is over $10 billion," Deribit CEO Luuk Strijers told The Block.
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💰 Twitter founder Jack Dorsey gives presentation in Italy on how Bitcoin is permission-less freedom money 🇮🇹
“It could potentially be a compliment or replace the US dollar, which rules everything.”
- Jack Dorsey
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🚨 CoinStats suspends app after security breach compromises 1,590 wallets
CoinStats, the crypto portfolio app, has temporarily shut down its application to address a security incident. The company stated the breach was limited to 1,590 wallets or 1.3% of all CoinStats Wallets. The company reported that connected wallets and centralized exchanges (CEXes) were unaffected. CoinStats is also investigating a scam notification some iOS and Android users received.
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🪙 BlackRock, other issuers update S-1 filing for spot Ethereum ETFs, raising expectations for July launch
Seven spot Ethereum ETF applicants amended their registration statements with the SEC on June 21, leading to increased expectations of a trading launch in early July. Franklin Templeton, VanEck, Invesco Galaxy, BlackRock, 21Shares, and Fidelity submitted updated S-1 registrations for their respective funds. Grayscale submitted an amended S-3 registration for its Ethereum Trust and an additional amended S-1 statement for its mini Ethereum Trust. Bitwise did not amend its registration statement.
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🟣 Kraken CEO says Biden Administration is 'softening' toward crypto
Kraken CEO Dave Ripley described the Biden Administration as "softening" its stance toward crypto during an interview on CNBC Thursday. "When we came into this year, the executive branch has been, via the SEC, strongly negative to cryptocurrencies," Ripley said in the interview with CNBC "Squawk Box" host Joe Kernan. "But, there have been many supporters throughout the U.S. government. I visit D.C. periodically and met with many people in Congress, the Senate, and there are a number of supporters there.
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💰 Lido sees around 100k increase in staked Ethereum amid SEC scrutiny
Lido has reported a rise in staked Ethereum on its platform despite the US Securities and Exchange Commission (SEC) classifying its staking programs as securities in its lawsuit against Consensys. A July 2 report showed that Lido users staked an additional 95,616 ETH between June 24 and July 1. This increased the total value of assets staked on the platform by 1.26%, reaching $33.48 billion.
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💰 Bitfinex report notes renewed profit realization by long-term bitcoin holders
Bitcoin long-term holders, who had paused profit-taking since early May, appear to have begun selling off their holdings again, according to Bitfinex analysts. "Long-term holders of bitcoin are resuming their sales, and continued high levels of profit realization by long-term holders means the near-term outlook for bitcoin is vulnerable." Bitfinex analysts said.
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🏴 Aptos Foundation proposes deploying Aave V3 on Aptos Network
The Aptos Foundation, an organization supporting the development of Layer 1 blockchain Aptos, has proposed deploying a version of Aave V3, the open-source liquidity protocol governed by the Aave DAO, on the Aptos mainnet. The proposal is currently in the "temperature check" phase, an early-stage process involving gathering feedback from Aave's governance community before progressing further.
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🔵 Coinbase to launch CFTC-regulated futures trading for 5 altcoins
Coinbase Derivatives plans to launch margined futures contracts for Avalanche (AVAX), Chainlink (LINK), Polkadot (DOT), Stellar (XLM), and Shiba Inu (SHIB). On June 28, the service published an announcement and submitted filings to the CFTC to list each contract under a self-certification model.
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💰 Wall Street blends digital gold Bitcoin with physical gold in new ETF filings
Traditional financial institutions are finding new ways to offer investors access to digital assets via exchange-traded funds (ETFs). On June 27, Henry Jim, an ETF Analyst with Bloomberg Intelligence, reported on three ETF products that would provide investors access to Bitcoin, Gold, Ethereum, and MicroStrategy. Tidal Investments and Quantify Chaos Advisors have jointly filed a prospectus for a new ETF offering indirect exposure to Bitcoin and Gold.
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💰 Marathon Digital expands into altcoin mining to diversify revenue streams post-Bitcoin halving
Marathon Digital, the largest public Bitcoin miner by market cap, announced late Wednesday it had expanded into altcoin mining to diversify its revenue streams following Bitcoin's latest halving event. The altcoin in question is Kaspa, with Marathon deploying its first Kaspa application-specific integrated circuit (ASIC) miners in September 2023. In total, Marathon said it has purchased around 60 PH/s of Antminer KS3, KS5 and KS5 Pro ASICs from manufacturer Bitmain, each of which it claims can generate up to 95% profit margins given the current network difficulty rate and price of KAS.
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💰 STHs faced substantial losses as Bitcoin briefly fell below $60k
Over the weekend, Bitcoin saw a dramatic drop below $60,000, sparking over $537 million in realized losses predominantly from short-term holders (STHs). This sell-off highlights the volatility and reactive behavior of these market participants, with $441 million of these losses coming from those who had held BTC for a month or less. As the market turmoil unfolded, key on-chain metrics revealed a steep decline in the percentage of STH supply in profit.
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🪙 VanEck’s zero fees are part of plan to become the ‘go-to provider for crypto ETFs’
VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. Sigel added that VanEck is confident its approach will “resonate” with investors across the spectrum and help drive more interest in Ethereum and the role it can play in their portfolios. He added that the lack of fees is also expected to lower the barrier of entry for new investors.
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💰 Bitcoin options put-call skew remains optimistic ahead of June’s quarterly expiry, analysts say
The put-call ratio of bitcoin options remains optimistic in anticipation of the quarterly expiry on the last Friday of this month, despite developments that might amplify downside risks for the top cryptocurrency, according to analysts. Recent developments could intensify selling pressure on bitcoin. The Mt. Gox trustee has announced that repayments to creditors in bitcoin and bitcoin cash are set to start in July.
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🏦 Coinbase could face regulatory challenges over alleged ‘tailored accounting metrics’ under new FASB rules
Coinbase could face regulatory challenges over its compliance with new FASB accounting rules that shift the accounting and disclosure for crypto to a fair-value model from a cost-less-impairment model, MarketWatch reported on June 24, citing accounting experts. The rules were agreed upon by the FASB in 2023 and will officially take effect in 2025. However, firms are allowed to adopt the standards early, and some, including Coinbase, have already done so.
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💰 Metaplanet to issue $6.26M in bonds for Bitcoin purchase, shares up 12%
Metaplanet announced plans to issue 1 billion yen ($6.26 million) in bonds to fund additional Bitcoin purchases, according to a June 24 notice. Following the news, Metaplanet shares surged 12% to 96 yen ($0.60), continuing an uptrend that has seen it gain over 500% this year, according to Google Finance data. The company’s board has approved the decision, and the Bitcoin is intended for long-term holding.
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📣 Crypto Market Still in Bull Cycle But There Are Worrying Signs: CryptoQuant
The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity. The crypto market is in the red amid significant bloodshed from bitcoin (BTC) and altcoins. There is currently no bullish momentum, and BTC is hovering around key levels, falling below traders’ on-chain realized price of $65,800. Regardless, CryptoQuant analysts insist in a recent report that the market is in a bull season.
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💰 Ripple faces new trial over alleged misleading 2017 statements by CEO Brad Garlinghouse
Ripple is set for new legal battles after a US judge in California approved a lawsuit against the crypto company regarding alleged misleading statements by its CEO, Brad Garlinghouse. Ripple tried to dismiss the “misleading statement” claim by arguing that XRP was not a security. However, Judge Phyllis Hamilton noted that while XRP may not be classified as a security, it could still be considered one when sold to non-institutional investors.
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🇲🇪 Montenegrin Prime Minister Identified as Early Investor in Terraform Labs: Report
According to a recent report, Montenegrin Prime Minister Milojko Spajić has been identified as one of the early investors in Terraform Labs. Court documents released by the U.S. Securities and Exchange Commission (SEC) reveal that Spajić invested $75,000 in April 2018, acquiring 750,000 Luna tokens, which at their peak were valued at $90 million. SEC documents revealed that 14 individuals and 10 companies contributed approximately $13.75 million to the project’s initial development and research.
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