Reuters said that asset management companies BlackRock, VanEck and Franklin Templeton are among the eight applicants expected to receive approval from the U.S. Securities and Exchange Commission by July 22. The Chicago Board Options Exchange (Cboe) announced that five spot ETH ETFs will be listed on the exchange on July 23, including ETH ETFs from Fidelity, Franklin Templeton, Invesco Galaxy, VanEck and 21Shares Core.
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A coalition of seven states, led by Iowa Attorney General Brenna Bird, filed an amicus brief on July 10, calling on the court to stop the Securities and Exchange Commission (SEC) from exceeding its authority, stifling innovation and allowing scammers to go unpunished. The seven-state coalition believes that typical cryptocurrencies do not fall under the Securities Act of 1934. Hong Kong Treasury Secretary Chan Ho-lim said that in addition to the current regulatory system for virtual asset trading platforms, the establishment of a licensing system for issuers of fiat stablecoins will strengthen Hong Kong's virtual asset regulatory framework in line with international standards. There is a transition period, and issuers with meaningful and substantial issuance business can continue to operate during the "non-violation period" transition period of 6 months after the system takes effect, but must submit a license application within the first 3 months, otherwise they must orderly close their business before the end of the 4th month. Fox reporter Eleanor Terrett said that Musk's private jet arrived in Tennessee and changed his head portrait to laser eyes. The 2024 BTC conference will be held in Nashville, Tennessee on the 25th, and the market speculates that Musk may attend. CoinGecko reported that ETH turned into inflation in the second quarter of 2024, with the circulating supply of ETH increasing by 120,818 and the decrease in ETH network activity, resulting in a significantly lower destruction rate. Glassnode data shows that the BTC hash belt indicator is recovering from a "capitulation" period of several months, with the hash belt showing a 30-day moving average below the 60-day moving average. The last capitulation phase ended in August 2023, after which BTC briefly fell to $25,000 and almost doubled by the end of the year. Analyst Teong Hng expects a strong rebound at the end of the year, with Trump's victory being the highlight, and BTC's performance being relatively strong.
Analysts at JPMorgan reiterated that any rebound in cryptocurrency prices is likely to be temporary rather than lasting. Cryptocurrencies are expected to rebound from August as liquidations decrease after July. BTC futures have been weak recently due to the liquidation of Gemini and MtGox creditors and the sale by the German government. These liquidations may subside after July, and BTC futures are expected to rebound from August, in line with the recent rise in gold futures. Matrixport said that the inflow of stablecoins to cryptocurrencies seems to be back again. Historically, such growth usually indicates a bullish market, indicating a shift in focus from traditional financial markets to cryptocurrency markets. This change shows a positive trend. Analysts predict that spot ETH ETFs will be listed in the United States this week. The president of ETF Store said that five ETH spot ETFs will be launched on the Chicago Board Options Exchange (Cboe) on July 23, which is expected to boost investor interest and prices. The approval of spot ETH ETFs means that ETH is considered a commodity by the U.S. Securities and Exchange Commission, not a security. The Chicago Board Options Exchange (Cboe) announced that five spot ETH ETFs will be listed on the exchange on July 23, including ETHETF.BTC spot ETFs from Fidelity, Franklin, InvescoGalaxy, VanEck, and 21Shares Core. So far this month, U.S. BTC ETFs have purchased 41,158 BTC, with a cumulative net inflow of $17.008 billion since listing in January. Among them: BlackRock IBIT net inflow of $18.968 billion; Fidelity FBTC net inflow of $9.962 billion; Grayscale GBTC net outflow of $18.694 billion. As of July 18, BlackRock IBIT's holdings rose to 325,449 BTC. Analyst Rachael Lucas said that one of the main drivers of BTC's rise was the large inflow of spot BTC ETFs, and the U.S. spot BTC ETF recorded net inflows for the eleventh consecutive day last Friday. Metalpha analyst Lucy Hu said that Trump’s main economic policy is to lower interest rates and reduce borrowing costs, which will boost all risky assets. In the medium and long term, until the election, BTC is expected to continue to rise.
On July 22, MtGox sent 0.021 BTC to a new address, possibly for testing. This week, the Fed is in a silent period. Reuters analysis said that the Fed's monetary policy meeting next week may delete the wording of "high" inflation. If so, it will be the strongest signal so far that the Fed plans to cut interest rates as early as September and start its easing cycle. Wells Fargo said that they expect the Fed to keep monetary policy unchanged this month, which will open the door to interest rate cuts. The Fed's past record shows that it will not shy away from cutting interest rates at the last meeting before the election. Data from CME Group shows that the probability of the Fed standing still next week and cutting interest rates in September is more than 90%, and the probability of a total of three rate cuts this year is close to 50%. Tomorrow night, the U.S. Securities and Exchange Commission may announce the listing results of the ETH spot ETF. When the Bitcoin spot ETF was approved on January 10, the market responded to Grayscale's reduction and other mainstream ETFs' increase in holdings, and a short-term V-shaped trend occurred, falling from $49,000 to $38,000, and rebounding to $73,000 in March. ETH spot ETF is in a similar situation. Grayscale holds nearly $10 billion of ETH, while other ETF issuers are accumulating from scratch. Spot ETFs are strong purchasing power from the traditional market and are also one of the driving forces of the bull market. With the support of spot ETFs, Bitcoin broke through its historical high in March this year. The impact of ETH spot ETF is smaller than Bitcoin spot TF, but it is also a positive. ETH spot ETF was listed on July 23, Musk attended the Bitcoin Conference in Tennessee on the 25th, the Federal Reserve held an interest rate meeting at the end of July, and the Federal Reserve cut interest rates in September. Market sentiment is gradually improving. #比特币大会 #拜登退选 #以太坊ETF批准预期
