A Solana ETF is coming — can a DeFi summer be close behind?
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This week, we covered some industry-shaking updates. From a groundbreaking ETF launch to potential price reversals and a dramatic hacking issue between an exchange and a security firm, there’s plenty to digest. Let’s dive into what happened in crypto this week and explore how these events are shaping our space.
Canadian investment fund manager 3iQ Digital Asset Management has filed for North America’s first Solana exchange-traded product (ETP), the Solana Fund (QSOL), to be listed on the Toronto Stock Exchange. This innovative product aims to provide investors with exposure to Solana’s digital currency, SOL, offering daily price movements, long-term capital appreciation, and staking yield. This product could open more diverse investment options and invite more institutional participation in the crypto space.
On the market macro side, Bitcoin’s June downtrend may be facing a potential reversal according to Rekt Capital. A breakout from the current downtrend could spark a price reversal, potentially stabilizing the market. However, this reversal would be local, keeping Bitcoin within the range between $60,600 and $71,500. These prospects come at a crucial time when market sentiment is a mix of cautious optimism and anticipation.
Adding to that mix, the crypto community was shaken with what happened between Kraken and CertiK. Both have given their sides of the story, and the amounts which were allegedly stolen are now recovered (or returned). The questions remain: is it really resolved now? Did this incident just open a can of worms that many in the crypto security sector are either not willing to talk about or are conveniently ignoring? As exploits abound, it’s important to remember this adage — trust nothing, verify everything.
Today’s Newsletter
- First Solana ETF in North America set to launch on Toronto Stock Exchange
- Bitcoin’s June downtrend faces potential reversal
- Kraken claims it is being ‘extorted’ as white hat hacker demands reward after $3M theft
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MARKETS
First Solana ETF in North America set to launch on Toronto Stock Exchange
The launch of North America’s first Solana ETF represents a significant milestone for the crypto industry, particularly for the Solana ecosystem. It provides a regulated investment vehicle for both individual and institutional investors to gain exposure to SOL, potentially increasing liquidity and mainstream adoption of the cryptocurrency.
This development offers a new way to invest in Solana without the complexities of directly holding and managing the digital asset. It also signals growing institutional interest in Solana, which could lead to increased stability and long-term growth for the network. As more traditional financial products emerge for crypto, it may pave the way for broader acceptance and integration of digital assets into mainstream finance. [cryptobriefing]
BITCOIN
Bitcoin’s June downtrend faces potential reversal
Despite facing a downtrend throughout June, Bitcoin might be on the cusp of a price reversal. This is crucial for the crypto market as it could signal a shift in market sentiment and potentially lead to a new phase of growth. While the reversal would be local, keeping Bitcoin within a specific range, it could provide much-needed stability and confidence to investors.
Onchain data from Bitfinex indicates Bitcoin is under pressure from various investor groups, including whales and miners. This has resulted in increased BTC inflows to exchanges, a trend that typically precedes a price drop. Miners have been selling off their reserves, adding to the selling pressure. [cryptobriefing]
ECOSYSTEM
Kraken claims it is being ‘extorted’ as white hat hacker demands reward after $3M theft
The incident involving Kraken and CertiK reveals the complex relationship between crypto exchanges and security firms who wish to identify as “white hat” hackers. This situation also makes us realize that our industry needs clearer protocols for responsibly disclosing vulnerability reports.
Kraken CSO Nick Percoco criticized the act as extortion rather than ethical hacking. Despite the controversy, Kraken reassured users that no customer funds were affected. CertiK, the security firm behind the hack, claimed their actions were part of a white hat operation, but the situation has sparked a heated debate on ethical boundaries in crypto security, as well as the risks associated with centralized exchanges. [cryptobriefing]
Other News
Next Week’s Token Unlocks
- ENA’s unlock is slated for $9M, which would see a 0.9% rise in supply, with a market cap of $1B.
- AGIX is looking at an unlock of $6M, which translates to a 0.7% supply increase, alongside a market cap of $847M..
- ALT has an upcoming unlock of $20M, resulting in a 6.9% supply increase. ALT has a market cap of $296M.
- YGG’s upcoming unlock of $11M will increase the supply by 4.5%, with a market cap of $239M.
- ID is looking at an unlock of $35M, which translates to an 18.2% supply increase, alongside a market cap of $195M.
Vince
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