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State Street and Galaxy Digital Collaborate to Launch Active Crypto ETF
State Street Global Advisors and Galaxy Asset Management have partnered to launch an active crypto ETF that aims to provide exposure to companies involved in crypto and blockchain. State Street will handle fund administration, while Galaxy will manage daily operations. The fund, named SSGA Active Trust, will invest in equity securities of crypto companies, crypto futures ETFs, contracts, and spot crypto ETPs. The collaboration addresses rising demand for investment vehicles beyond just spot bitcoin. The ETF's launch is pending approval from the U.S. Securities and Exchange Commission.
SEC Expected to Approve Spot Ethereum ETFs by July 4
The SEC may approve spot Ethereum ETFs by July 4, as reported by Reuters, which cited anonymous sources. BlackRock, Fidelity, and Franklin Templeton, among others, have applied to issue spot ether ETFs after launching spot bitcoin ETFs earlier this year. Acting SEC Chair Gary Gensler indicated that the process is “going smoothly,” and VanEck filed a Form 8-A for its Ethereum ETF, suggesting it could soon be trading. This potential approval aligns with predictions by Bloomberg's Senior ETF analyst Eric Balchunas. The SEC had already approved 19b-4 forms for eight Ethereum ETFs last month.
US Government Transfers 3,940 Bitcoin to Coinbase Exchange
The US government transferred 3,940 Bitcoin to a Coinbase Prime wallet on June 26, according to Arkham Intelligence. This Bitcoin, seized from convicted drug trafficker Banmeet Singh during his January 2024 trial, was part of a larger forfeiture of over 8,100 Bitcoin. Singh, arrested in 2019 and extradited to the US in 2023, was sentenced to five years in prison but has since been released and returned to India. Market concerns have risen about government Bitcoin sell-offs, exacerbated by similar actions from the German government and the Mt. Gox bankruptcy estate, though exchange balances remain at six-year lows, helping stabilize prices.
Trading Desk Insights
Yesterday, Bitcoin (BTC) retreated to around $60,700 following a significant move by a wallet linked to the U.S. Government, which transferred approximately $240 million in seized BTC to an exchange. This action sparked concerns among traders about a potential sell-off. However, BTC is currently testing its Tuesday high, indicating a possible breakout. Our next target on the upside is $65,000, with strong support at $60,200.
In the realm of U.S. Bitcoin ETFs, the market absorbed a second consecutive round of inflows totaling $21.4 million, led once again by Fidelity. In contrast, BlackRock has not seen any inflows since last Thursday.
Crypto miners are actively engaging in mergers, financings, and partnerships as the Bitcoin halving in April forces them to diversify. This trend is driven by the need to capitalize on the growing AI industry's demand for capacity. Miners' facilities, equipped with extensive fiber lines and substantial power resources across the U.S., are particularly attractive to AI firms needing data center support.
Traders are also keeping a close eye on the upcoming Biden-Trump presidential debate at 9 PM EST, as its outcome could significantly impact the crypto industry. Tokens such as TRUMP, TREMP, and BODEN have experienced losses ahead of the debate but may see a reversal based on the debate's developments. Standard Chartered predicts a record rally in BTC to $150,000 if Trump secures victory.
In other news, asset manager VanEck has filed an S-1 registration form with the SEC for a Solana ETF, resulting in a 6% jump in SOL. This filing marks the first ETF registration for Solana in the U.S., following a similar product launch in Canada six days earlier.
Stock futures edged lower on Thursday after mixed quarterly results dampened investor sentiment. Bank stocks were in the spotlight following the Federal Reserve's announcement that the largest U.S. firms can withstand a severe recession scenario.
Investors are now awaiting the latest inflation data, with May’s personal consumption expenditures price index due on Friday. The hope is that the report will show easing pricing pressures, potentially paving the way for the Federal Reserve to lower interest rates later this year.
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Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
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