Last night, the crypto market experienced large fluctuations, resulting in a double explosion of long and short positions. The specific reason is not very clear, but the German government address that had been selling Bitcoin received Bitcoin returned from CEX. It is reported that it may have failed to sell successfully within the target price range. The German government's sale of Bitcoin is seen as one of the black hands behind the plunge in the crypto market in the past few days. Now that the market has been hit, the coin has not been successfully sold. On the other hand, there has been new progress in the Ethereum spot ETF, and about 6 issuers have resubmitted the S-1 documents. If the previous estimate is followed, the Ethereum spot ETF is expected to be approved for trading in the next week.

Ethereum Spot ETF Latest Developments

Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents

Six Ethereum spot ETF applicants in the United States have submitted revised S-1 documents, including Fidelity, VanEck, Franklin Templeton, 21Shares, Grayscale, and BlackRock.

VanEck said it would waive fees on its Ethereum spot ETF at the outset, while Franklin Templeton set its fee at 0.19%. Some issuers, such as BlackRock, have yet to set fees.

Grayscale: ETHE will distribute 10% of its ETH to the Ethereum Mini Trust, with July 18 as the registration date

Grayscale announced that July 18, 2024 will be set as the registration date for the first creation and distribution of Grayscale Ethereum Mini Trust shares to Grayscale Ethereum Trust (ETHE) shareholders.

Grayscale plans to launch the Ethereum Mini Trust on the New York Stock Exchange Arca under the trading symbol "ETH" after obtaining regulatory approval.

In addition, in the first distribution, ETHE will contribute 10% of its Ethereum holdings as of 16:00 ET on the Record Date to the ETH Mini Trust, and each holder of ETHE units as of 16:00 ET on the Record Date will be entitled to receive Ethereum Mini Trust units on a 1:1 basis.

Matrixport: SEC may approve spot Ethereum ETF this week, and the price of the currency may rebound

Matrixport published today's chart and said that on May 20, the ETH ETF made great progress, and the SEC asked the exchanges that submitted the ETF to amend their applications. Three days later, on May 23, the SEC approved the 19b-4 document, but the ETF issuer's S-1 application was still not approved, and ETH subsequently rose 20%. Due to the July 4th holiday and the long weekend, the SEC may postpone the approval until the week of July 8 (today). Matrixport pointed out that since ETH has fully reflected the positive approval sentiment, if the SEC takes action this week, the ETH price may rebound.

Which Ethereum ecosystems are worth paying attention to?

After the Ethereum spot ETF is successfully passed, if funds continue to flow in, Ethereum ecosystem projects will be expected to benefit. Therefore, we can focus on the largest areas and projects in the Ethereum ecosystem. The following will be an inventory for readers.

Layer2

Layer2 aims to support the prosperity of the ETH ecosystem with high TPS and low GAS. Its importance is self-evident. Major projects include MATIC, MNT, ARB, STX, IMX, OP, STRK, ZK, AEVO, MANTA, BLAST, etc. Coingecko data shows that the Layer2 ecosystem tokens have fallen by 25% to 50% in the past 30 days.


LSD

The LSD protocol is a node-related staking service that emerged after ETH switched from POW to POS. Major projects include LDO, SSV, RPL, FXS, etc. Coingecko data shows that the LSD ecosystem token has fallen by 25% to 50% in the past 30 days.

DeFi

DeFi applications cover Dex, lending, stablecoin trading, stablecoin issuance, etc. Major projects include Pendle, UNI, AAVE, COMP, CRV, MKR, etc. Coingecko data shows that the DeFi ecosystem tokens have fallen by 15% to 40% in the past 30 days.


Stablecoin protocol based on ETH collateral

There are many ways to issue stablecoins, one of which is to issue them with collateral assets. The largest collateral asset includes ETH. After having LSD and re-staking, the project party will use the collateralized ETH to obtain liquidity income, and the stablecoin will have a natural yield. The main projects include ENA, LBR, etc., but ENA has fallen by as much as 60% in the past 30 days.


Re-pledge

Re-staking refers to staking assets again after the initial staking. Re-staking has developed into one of the mainstream DeFi applications on Ethereum. Major projects include REZ, ETHFI, ALT, BB, etc. Coingecko data shows that DeFi ecosystem tokens have performed badly in the past 30 days, with a drop of 40% to 60%.

The approval of the Ethereum ETF may bring huge development opportunities to the Ethereum ecosystem. The above projects are just part of them. There are many other potential projects worth paying attention to. Please keep an eye on market trends and make investment decisions based on your risk tolerance.

Market expectations for Ethereum spot ETF

With major financial institutions such as Grayscale submitting revised S-1 documents, market expectations for Ethereum spot ETFs have reached a new peak. Ethereum plays a key role in the digital asset industry, and investors' demand for more Ethereum-based financial products continues to increase. The launch of these ETFs can not only provide more direct market exposure, but also enhance the diversity of investors' choices.

Following Grayscale's lead, other issuers such as Bitwise followed suit and submitted similar amended documents. This reflects the industry's consensus on the potential of Ethereum spot ETFs, despite regulatory challenges. As the SEC reviews these amended applications, financial markets are watching the impact these ETFs may have on the overall market. If approved, these ETFs will be a major milestone in cryptocurrency investment, further promoting the mainstream adoption of Ethereum and other digital assets.

That’s all for today’s article. We are currently in a bull market, and things are turbulent. We share passwords every day.

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