🔷 Bitwise filed an updated Form S-1 for its ETH ETF with the SEC

The main thing: Bitwise will not charge a commission for six months or until the fund’s assets reach $500 million.

The document does not indicate a management fee, so you will have to wait another N amount of time until the SEC finds time to comment (or the issuers will start working and not sit back). ETH funds will almost certainly not be approved by July 4, as ETF analysts had predicted.

Previously, sources at companies awaiting ETH ETF approval told TheBlock that “the SEC's comments are minor,” and registration forms should be on Gensler's desk by July 8, although they still won't be finalized.

💸 Bitcoin fell below $57,000 for the first time in two months. What's this time?

1️⃣ Во-первых, майнеры уже полгода не прекращают продажи своих BTC-резервов, так как многие фермы нуждаются в обновлении оборудования, смене местоположения после халвинга или просто выходе из-за низкой маржи.

Specifics: over the past 5 days, miners have reduced their holdings by 2283 BTC ($136 million)

2️⃣ Secondly, BTC ETFs are not just a one-way ticket where investors are long and cannot exit the asset. Funds are not able to absorb the entire amount of sales (spot BTC ETFs in terms of total trading volume occupy on average from 10% to 20% of the market, the rest is CEX)

3️⃣ Thirdly, Mt.Gox did its job, spreading an incredible FUD. Although payments have not yet begun (they are promised this month), market participants were scared by three today's test transfers of $25 from the bankrupt exchange address.

Commitment payments will begin soon... Could it be true and not FUD if 141,000 BTC floods the market? Or is this amount wrong? Read more in previous news reports

4️⃣ And fourthly, the German government, which owns 42,274 BTC worth $2.4 billion, is actively getting rid of its coins.

For years, Germany has accumulated bitcoins through arrests and seizures in criminal cases.

The sales began in June, when addresses associated with the German government began gradually sending BTC to Coinbase, Kraken and other exchanges.

Although sales volumes are small - from 500 to 1000 bitcoins per day, if Germany decides to “lock in all profits”, such sales can be repeated every day for 1.5-3 months.

We can again emphasize the importance of BTC ETFs, which compensate for part of the sales by raising capital, but this is not a panacea, and in the current conditions, it is at least easy to maintain

🤔 Justin Sun, co-founder of Tron and owner of the HTX exchange, announced his readiness to negotiate the purchase of all BTC from Germany in order to minimize the impact on the market

According to Arkham, Justin is worth an estimated $1 billion, so his maximum offer to Germany is $24k per BTC. Generously.

P.S. The economic situation itself is not yet conducive to the growth of BTC, but in a week we will find out changes in the CPI in the US. CME forecasts first rate cut in September; if this happens, it will be an additional boost, at least for ETH, as ETF approval is expected this summer.

🇺🇸 Joe Biden's chances of winning the presidential nomination drop to 43% after a failed debate and subsequent NYT report with the headline: "Biden tells allies he realizes he has just days left to salvage his candidacy"

Joe's main competitor and salvation for the Democrats was Vice President Kamala Harris, who had not previously expressed her position on crypto, which Polymarket users place a 38% bet on.

The party congress, at which a presidential candidate will be nominated, will take place at the end of August

💵 Almost bingo! Yesterday, out of eleven American Bitcoin ETFs, only two showed any changes in assets with a total trading volume of $807 million.

On July 3, a net outflow of $20 million was recorded

This is where Hong Kong comes to the rescue, yesterday seeing the third largest amount of capital in history (2 months) - 414 BTC or $24 million.

The situation with ETH ETF is more modest: the flow of funds has been frozen for 2.5 weeks.