This week saw a flurry of activity in the crypto space, highlighting both potential growth areas and regulatory challenges. VanEck, a leading Bitcoin ETF issuer, filed for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC), marking the first such filing on Wall Street. The ETF, if approved, would be listed on the Cboe BZX Exchange, aiming to track the performance of the SOL token. This move reflects growing interest in Solana's decentralized nature, which VanEck's head of digital assets research, Matthew Sigel, compared to Bitcoin and Ether in a social media post.
Meanwhile, Ethereum's supply has been on an inflationary streak for 73 consecutive days, adding over 112,000 ETH since mid-April. This marks the longest inflationary period since the Merge in 2022. While the recent Dencun upgrade aimed to reduce transaction costs on Ethereum's layer-2 networks, it also significantly reduced the amount of ETH burned on the mainnet. Despite this inflationary period, Ether's overall supply has decreased by 345,000 ETH since the Merge.
Adding to the week's news was the awakening of a Satoshi-era Bitcoin wallet, dormant since 2010, which transferred 50 BTC to Binance. The wallet, linked to a miner who earned the Bitcoin when it was worth $0.05, now holds millions in value. This movement of crypto to centralized exchanges is often seen as a bearish sign, as it often indicates asset selling.
On a regulatory front, the United Arab Emirates (UAE) is considering new regulations that could effectively ban crypto payments within the country. These rules, which would require payment tokens to be backed by UAE dirhams, could signal a shift toward a less favorable stance on crypto, according to blockchain lawyer Irina Heaver.
Despite recent market volatility, Bitcoin's social sentiment decline could signal a potential market bottom, as suggested by crypto analytics firm Santiment. Bullish remarks on Bitcoin across social media platforms have dropped significantly over the past few weeks.
The week ended with Bitcoin (BTC) at $60,994, Ether (ETH) at $3,419, and XRP at $0.47. The total market cap stands at $2.27 trillion. Akash Network (AKT), Kaspa (KAS), and Brett (Based) (BRETT) emerged as the top altcoin gainers, while Ethena (ENA), Gnosis (GNO), and Pendle (PENDLE) faced losses.
Key Points:
VanEck filed for a Solana (SOL) ETF with the U.S. Securities and Exchange Commission (SEC), aiming to reflect the performance of the SOL token.
The Solana ETF filing marks the first such filing on Wall Street and reflects growing interest in Solana's decentralized nature.
Ethereum's supply has been increasing for 73 consecutive days, adding over 112,000 ETH since mid-April, marking the longest inflationary period since the Merge in 2022.
A Satoshi-era Bitcoin wallet, dormant since 2010, transferred 50 BTC to Binance, which is often seen as a bearish sign, as it often indicates asset selling.
The United Arab Emirates (UAE) is considering new regulations that could effectively ban crypto payments within the country, signaling a shift toward a less favorable stance on crypto.
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