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Crypto Industry Celebrates 'Historic Move' as Ethereum ETFs Receive Approval
The SEC approved spot Ethereum ETFs on Thursday, marking a significant shift influenced by changing political dynamics. This decision reaffirms ether as a commodity, aligning with previous views by the CFTC and court rulings. VanEck, among other firms, welcomed this approval, highlighting a promising political backdrop for future digital asset victories. Bitwise and Coinbase echoed the sentiment, celebrating this as a historic move. Despite concerns about the SEC's inconsistent approach to digital assets, the approval is seen as a crucial step in expanding investor access to crypto. Political engagement and recent legislative support also signal growing acceptance of financial innovation.
Solana's Dominance Surges Amid Roaring Kitty and Pump.fun Craze
Keith Gill, known as "Roaring Kitty," made a significant impact on the meme stock community with a single tweet, causing high volatility in GameStop and AMC stocks. Solana, a network with a flourishing memecoin community, experienced a surge in the GME memecoin after Gill's tweet, rising 460% without trading halts. Solana's dominance is further highlighted by its revenue surpassing 60% of Ethereum's on some days last week. The launch of pump.fun also contributed to Solana's popularity by simplifying token deployment, although it faced a temporary pause after being exploited for $1.9 million by a former employee. Despite the memecoin resurgence, Solana's fees are still lower than during its peak popularity in March, while Ethereum has seen a sharp drop in block demand and total fees paid.
UAE Agriculture Authority Bans Cryptocurrency Mining Activities on Farms
The Abu Dhabi Agriculture and Food Safety Authority in the UAE has warned farmers against using their farms for cryptocurrency mining activities, considering it a misuse of farm resources. Violators could face penalties of up to 10,000 UAE dirhams. This move contrasts with the UAE's broader stance as a pro-Bitcoin mining jurisdiction, although neighboring countries like Kuwait have taken a more restrictive approach to cryptocurrencies. Despite these differences, the UAE continues to attract crypto-focused projects, with companies like Chainalysis and Blockdaemon expanding their presence in the region. The UAE's progressive outlook on crypto has been acknowledged by industry insiders like Chainlink co-founder Sergey Nazarov.
Trading Desk Insights
In the past 24 hours, BTC and ETH prices have experienced declines, even with several ETH ETFs gaining approval to list in the U.S. This mirrors the previous situation with BTC, where prices dropped 20% following ETF approvals. BTC hit a low of 66,400, approaching our key support level of 65,000, before rebounding after the stock market opened. Notably, ETH futures liquidations surged to nearly $150 million, with $100 million in long positions, which is twice the amount of BTC liquidations—a rare occurrence.
Yesterday marked a historic milestone as the SEC approved significant regulatory filings for ETH ETFs. However, these ETFs are not yet cleared for trading. While the SEC has approved the 19B-4 form, allowing for the offering and listing of ETFs, it still needs to approve the funds' S-1 filings before investors can purchase them. In light of this development, Standard Chartered Bank anticipates that SOL and XRP ETFs could debut in 2025.
Turning to U.S. BTC ETFs, the market absorbed another round of inflows totaling $107.9 million.
On Friday, stock futures edged higher after the Dow Jones Industrial Average endured its worst session in over a year. The Dow is poised to end a five-week winning streak, while the S&P 500 is set to break a four-week positive run, as fears of the Fed not cutting interest rates this summer overshadow Nvidia’s impressive report. Despite Nvidia’s 9% gain driven by strong guidance, earnings beat, and a 10-for-1 stock split, the broader market was not uplifted, with over 400 S&P 500 stocks closing lower during Thursday’s session.
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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.
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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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