Gary Gensler, director of the U.S. Securities and Exchange Commission, said that the process of approving ETH ETFs was "smooth", but refused to comment on the timetable for launching spot ETH ETFs. Scott Rubner, managing director of Goldman Sachs, said that the new quarter (third quarter) and the new half year (the second half of this year) are when a large amount of funds are rapidly pouring into the stock market, and the first two weeks of July are the best trading period of the year since 1928.

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Gary Gensler, director of the U.S. Securities and Exchange Commission (SEC), said: There is no inconsistency between crypto securities and existing securities laws. The rules governing securities are clear and can protect investors and ensure fair, orderly and efficient markets. His main responsibility is to protect investors and supervise issuers to ensure access to fair, orderly and efficient markets. Others can also participate in the discussion, but his responsibility is to maintain the integrity of the capital market. Invest Hong Kong and the Hong Kong Economic and Trade Office in Toronto and StartmeupHK participated in a technology conference in Toronto, Canada to promote its offshore ready-to-use technology center for local cryptocurrency and Web3 startups, and to highlight Hong Kong's cryptocurrency-centric development landscape. 21Shares chooses Zodia, a subsidiary of Standard Chartered Bank, for digital asset custody. Zodia manages about $6 billion in cryptocurrency. From June 25 to 26, the address marked as "German Government" transferred 200, 200, 500, and 750 BTC in multiple times. Spot On Chain data shows that in the past 7 days, the German government address has net transferred out 3,500 BTC (US$225 million), most of which flowed to CEX at an average price of US$64,364. Now there are 46,359 BTC (US$2.88 billion) left. The "Mr.100" address increased its holdings by 113.96 BTC, 107.84 BTC, and 317 BTC in multiple times from June 24 to 25. The circulating supply of ETH has risen for nearly 72 consecutive days, increasing by nearly 50,000 ETH since mid-April. Since the merger in September 2022, the longest ETH inflation was 40 days shortly after the hard fork and 30 days at the end of last year. Andrei Grachev, partner of DWF Labs, said that in general, the recent market ups and downs are not important. Summer is always a time of market weakness. At this time, the best choice is to focus on BUIDL (construction). Its new fund is about to be launched, the incubation plan has been launched, and the fund is ready.

10x Research reports that BTC is severely oversold, with the Research Greed and Fear Index near its lowest level, which is usually associated with lows. There are many reasons for the BTC sell-off: MtGox's BTC may be worth $9 billion, the German government's BTC is $3 billion, miners sell $2-3 billion, ETFs sell $1.4 billion, OG addresses sell $1.2 billion, etc. GalaxyResearch reported that of the 141,000 BTC allocated by MtGox, 65,000 BTC will be delivered to individual creditors, and another 30,000 BTC will be delivered to claims funds and separate bankruptcies. It can be assumed that most of the BTC received by the funds that receive claims from creditors will be distributed to LPs in kind rather than sold, which eases people's concerns. On June 27, according to market news, an address marked as "US Government" sent 4,000 BTC to Coinbase. On June 25, the US BTC spot ETF had a net inflow of $31 million, the first net inflow since seven consecutive trading days of net outflows. IntoTheBlock said that despite the FUD (panic) in the market, the net inflow of the largest BTC address has reached its highest level since late May. On June 24, holders who hold at least 0.1% of the total BTC supply increased by 7,130 BTC, worth about $436 million. According to Glassnode data, BTC accumulation peaked before the halving in 2024. From mid-2023 to mid-2024, especially before the halving in April 2024, market participants significantly increased their BTC holdings. This trend reflects the market's optimistic expectations for future price trends. In his speech, Gary Gensler, director of the U.S. Securities and Exchange Commission, reiterated that there were major violations in the cryptocurrency field, and said that the process of approving the ETH ETF was "smooth", but refused to comment on the timetable for launching the spot ETH ETF. Bitwise CIO Matt Hougan compared ETH's relative market value with BTC, saying that the U.S. spot ETH ETF could attract $15 billion in net inflows in the first 18 months after listing. Currently, spot BTC ETF asset management has exceeded $50 billion, and it is expected to reach at least $100 billion by the end of 2025. This number will rise as the product matures and is approved on platforms such as Morgan Stanley and Merrill Lynch.

Fed's Cook said that 3-month and 6-month inflation will continue to decline, and the monthly data in the second half of this year will be similar to the "favorable" readings in the second half of 2023. It will cool down faster next year, and it will be appropriate to cut interest rates at some point. Societe Generale believes that as the Fed's rate cut approaches, the U.S. stock index S&P 500 will maintain a "buy on dips mode", and the next round of gains is close to the Fed's rate cut cycle. UBS economists believe that U.S. economic data will continue to be weak in the coming months, and believe that the market may have misjudged the extent of the Fed's future rate cuts and underestimated the number of times the Fed may cut interest rates during this cycle. The Fed can choose to cut interest rates sharply if necessary to alleviate the risk of economic downturn. The bank expects the Fed to start cutting interest rates in September. Goldman Sachs Managing Director Scott Rubner said: The new quarter (third quarter) and the new half year (the second half of this year) are when a large amount of funds are pouring into the stock market. The record cash reserves of more than 7 trillion US dollars in money market funds may soon pour into the market. The first two weeks of July are the best trading period of the year since 1928. If history is a guide, the S&P 500 index may soar 4% next month to a record high. The Nasdaq 100 index has risen for 16 consecutive Julys, and the S&P 500 index has risen for 9 consecutive Julys. After experiencing many market lessons, the old man always thinks that the rise is too high and too fast when it rises, and that the fall is not enough when it falls, especially when it falls, he always wants to copy it at a lower price. The mentality is repeatedly tortured by the big cake, resulting in a stronger and stronger tolerance. Afterwards, they all saw that higher peaks can appear after the trough, so-called crossing the bull and bear. What we are experiencing now is just an ordinary ups and downs in the bull market. I hope that Goldman Sachs's view is correct. Goldman Sachs believes that the new quarter (third quarter) and the new half year (the second half of this year) are the time when a large amount of funds will flow in rapidly. The record cash reserves of more than 7 trillion US dollars in US money market funds may soon flow into the market. (The "giant" US money market funds accumulate when the Fed raises interest rates and flow out when the Fed cuts interest rates. It is one of the boosters of the bull market cycle.) #以太坊ETF批准预期 #Mt.Gox将启动偿还计划 #美联储何时降息？