$ETH
- Key Insights:
The SEC has approved spot Ethereum ETFs from multiple issuers including Grayscale, Bitwise, BlackRock, VanEck, ARK 21Shares, Invesco Galaxy, Fidelity, and Franklin. This marks a major milestone for the crypto industry. Trading is likely to begin in July or August. Ethereum is now effectively considered a commodity by the SEC. The approval is expected to bring in a large inflow of funds from institutional investors and boost the value of ETH.
The SEC has approved Form 19b-4 for eight Ethereum ETF issuers including major players such as BlackRock, Fidelity, and Grayscale. However, these issuers still need to make their S-1 registration statements effective to begin trading, which may take several weeks.
- Key Insights:
Price performance is weak due to continued spot selling and position liquidation. There is a large amount of short hedging in the 68K-68.4K range. Binance spot supply is around 72K, demand levels are at 66K-65K. Market cap is close to 10% of gold. Puell Multiple indicator hints at potential rebound opportunities.
Investors can use Bitcoin’s STH-SOPR (Spent Output Profit Ratio for Short-Term Holders) to differentiate between bull and bear market states. By analyzing whether investors are buying dips or selling rallies, they can gain insights into current market sentiment.
- Key Insights:
Solana has no negative influence from Grayscale, which could be a positive. Despite the pessimism in the market, speculation has already begun. Figure Markets bought 784,000 SOL for $80 million in the latest auction.
