**Solana** (SOL) has seen a significant rise in price, gaining over 16% in the past week. This surge is attributed to the recent applications for **spot ETFs** tracking Solana's price in the US. **VanEck** and **21Shares** have filed applications with the SEC, following the success of **Bitcoin** (BTC) and **Ethereum** (ETH) spot ETFs. Solana's trading volume has also jumped 50%, making it the third most traded cryptocurrency, excluding stablecoins. The potential for **Solana spot ETFs** in the US market is driving this bullish momentum.

Solana (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/sol/usd">SOL</a>) is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin&#039;s spot price in the U.S.
What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) and Ethereum (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/eth/usd">ETH</a>).&nbsp;
Solana&#039;s trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.
See Also:<a href="https://www.benzinga.com/markets/cryptocurrency/24/06/39359780/dogecoin-shiba-inu-floki-are-dino-coins-says-trader-he-likes-these-3-other-meme-coins-as-b?itm_source=parsely-api"> ...</a><a href=https://www.benzinga.com/markets/cryptocurrency/24/06/39567061/solana-soars-16-over-7-days-outpacing-bitcoin-and-ethereum-over-etf-application-momentum-m alt=Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More Applications To Follow?>Full story available on Benzinga.com</a>

Loading...Loading...Solana SOL/USD is on the ascendancy amid fresh applications for the first-ever exchange-traded funds tracking the coin's spot price in the U.S.What Happened: The fifth-largest digital asset by market cap spiked 6.4% in the last 24 hours, exceeding the gains of Bitcoin BTC/USD and Ethereum ETH/USD. Solana's trading volume jumped 50% to $1.68 billion, becoming the third-most traded cryptocurrency, excluding stablecoins, in the last 24 hours.See Also: ‘Rich Dad Poor Dad’ Author Robert Kiyosaki Questions Bitcoin ETFs’ Authenticity: ‘ETFs Are Fake Gold, Silver, Or Bitcoin’Solana’s weekly gains increased to 16.59%, one of the strongest among large-cap cryptocurrencies. Why It Matters: The latest bullish impetus has been provided by applications for spot ETFs for Solana. After VanEck kicked off the race last week by becoming the first asset manager to file for such an investment avenue in the U.S., 21Shares followed suit with its application with the SEC.Spot cryptocurrency ETFs in the U.S. have been broadly successful, with Bitcoin BTC/USD recording a 36% jump in price after its funds started trading in early January. Ethereum ETH/USD is also days away from getting listed in U.S. exchanges, pending approval from the SEC. Price Action: At the time of writing, SOL was exchanging hands at $147.55, surging 6.4% in the last 24 hours, according to data from Benzinga ProRead Next: SEC Files Lawsuit Against Consensys Over Unregistered Brokerage ActivitiesMarket News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Solana Soars 16% Over 7 Days, Outpacing Bitcoin And Ethereum Over ETF Application Momentum — More  Applications To Follow?

Solana Surges 16% on ETF Application Momentum

CleanSpark, a Bitcoin mining company, has achieved a significant milestone by surpassing its mid-year hash rate target of 20 exahashes per second (EH/s). The company mined 445 Bitcoin in June, representing a 6.7% increase in production. This achievement places CleanSpark as the third largest Bitcoin miner in terms of hash rate, trailing behind Marathon Digital and Core Scientific. CleanSpark's CEO, Zach Bradford, has emphasized the company's commitment to increasing its hash rate and associated revenues, choosing to focus on Bitcoin mining rather than diversifying into alternative revenue streams. The company's strategy is to continue expanding its mining operations, with plans to reach 50 EH/s in the future. CleanSpark's stock price has experienced significant growth, up 55.6% in 2024 and 247.6% over the past 12 months.

Bitcoin miner CleanSpark mined 445 Bitcoin in June and became the third miner to notch a hash rate of 20 EH/s.

CleanSpark Achieves 20 EH/s Hash Rate, Focuses on Bitcoin Mining Expansion

Cobo, a leading digital asset custody provider, has announced the integration of **The Open Network (TON)** blockchain into its services. This integration will enhance **security and flexibility** for institutional clients by providing comprehensive custody solutions, including **custodial wallets and multiparty computation wallet technology**. The partnership will also integrate **TON's native Toncoin (TON) token, Notcoin (NOT), and stablecoins like Tether (USDT)**. This move follows significant Web3 support for TON, which powers Telegram's new advertising platform. The integration aims to improve the security and flexibility of digital asset management for institutional clients, expanding Cobo's service offerings. However, TON's **multichain architecture and sharding technology** may present technical challenges. Cobo's platform has a history of regulatory compliance, making this partnership strategic following **Toncoin's approval by the Kazakhstan Financial Services and Regulatory Committee (AFSA)**. This approval places Toncoin on a list of **107 cryptocurrencies approved by the Kazakh government**.  Despite the success of the TON ecosystem, concerns remain regarding **phishing attacks on the blockchain**, as highlighted by SlowMist founder Yu Xian. Xian argues that Telegram's ecosystem is **too free**, with phishing links spread through message groups, airdrops, and other deceptive methods. Users with anonymous numbers face higher risks, as their accounts can be lost if phished by bad actors.

Cobo announces an integration with the TON blockchain, enhancing security and flexibility for institutional clients with advanced custody solutions.

Cobo Integrates TON Blockchain for Enhanced Digital Asset Security

The **stock-to-flow model**, a popular tool for predicting Bitcoin's price, has historically shown a strong correlation between scarcity and value. However, recent data from **Glassnode** reveals a **deviation** from this model. Despite the **halving** in April 2024, which should have increased scarcity and boosted prices, Bitcoin's price has not aligned with the projected stock-to-flow values as closely as in previous cycles.

This divergence suggests that **other factors** are influencing Bitcoin's price beyond scarcity. **Regulatory developments, macroeconomic trends, and the increasing complexity of the market** are playing a significant role in shaping Bitcoin's price trajectory. While the stock-to-flow model remains a valuable tool, investors need to consider a broader range of factors when evaluating Bitcoin's future prospects.

The **maturity and complexity of the Bitcoin market** have **tempered the predictive power of the stock-to-flow model**. This emphasizes the need for a more nuanced approach to Bitcoin price analysis, taking into account the interplay of various market forces.

The complexity and maturity of the Bitcoin market seems to have diminished the predictive power of the stock-to-flow model.

Bitcoin Deviates From Stock-to-Flow Model: What Does It Mean for Investors?

**VanEck's 2024 Bitcoin predictions have proven remarkably accurate, with 95 out of 150 predictions coming true.** This highlights the firm's insightful understanding of the rapidly evolving cryptocurrency market.  **Key predictions that have materialized include:**

* **Bitcoin remaining above $30,000** despite the US recession not yet occurring, fueled by significant inflows into Bitcoin ETFs.
* **The Bitcoin halving in April 2024 proceeding smoothly** and Bitcoin trading above $55,000 afterwards.
* **Bitcoin reaching an all-time high in Q4 2024**, driven by political changes and regulatory optimism. Although BTC hit its peak earlier, in March, the forecast was directionally accurate.
* **Ethereum not surpassing Bitcoin in market cap but outperforming mega-cap tech stocks**, which has been the case.

VanEck's impressive accuracy highlights their expertise in the crypto market and offers a **positive outlook for Bitcoin in 2024.**

VanEck’s crypto predictions achieve high accuracy with 95 out of 150 points.

VanEck's 2024 Bitcoin Predictions: Bullish Outlook With 95% Accuracy

The German government has sold an additional 1,500 BTC, valued at $94.7 million, bringing its total Bitcoin holdings to 44,692 BTC ($2.82 billion). This follows a previous sell-off last week, indicating a strategic move to reduce its Bitcoin reserves. The government transferred 400 BTC to major exchanges like Bitstamp, Kraken, and Coinbase. While the exact reasons for these sales remain unclear, it's likely they are intended to raise capital for government operations. **This sell-off adds to the bearish sentiment surrounding Bitcoin, as a major government player is reducing its exposure to the cryptocurrency.**

The German government has offloaded an additional 1,500 BTC, valued at $94.7 million, with 400 BTC sent to major exchanges such as Bitstamp.

German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

According to Bloomberg ETF analyst Eric Balchunas, **Baby Boomers** are proving to be **better Bitcoin hodlers** than younger generations. Despite the recent drop in Bitcoin's price, **Baby Boomers have maintained their positions**, showing confidence in Bitcoin's long-term potential. This resilience stands in contrast to younger investors who tend to sell off during price drops.  The analyst also noted that **Bitcoin ETFs have experienced net positive flows**, even during the recent price downturn, indicating continued investor confidence. The strong performance of Bitcoin ETFs during this period could be attributed to the unwavering support from Baby Boomer investors.

Baby boomers, resilient in the face of Bitcoin drops, are the best hodlers according to analyst Eric Balchunas.

Baby Boomers are the Unexpected Bitcoin Hodlers

Several on-chain metrics suggest that Bitcoin's price may have reached a cycle top, a bearish signal for the cryptocurrency market. **Capriole Investments founder Charles Edwards** highlights three key indicators:  

1. **Bitcoin Long-Term Holder (LTH) inflation rate**: This metric, which measures the annualized accumulation or distribution rates of long-term holders, is nearing the **critical 2.0 threshold**. A value above this threshold typically signifies a high probability of a cycle top.  

2. **Bitcoin Dormancy Flow**: This metric measures the number of coins being spent relative to the overall trend. The **Dormancy Z-score** has sharply increased over the last 90 days, indicating that the average age of coins spent is significantly higher in 2024. This pattern, similar to the 2017 and 2021 tops, suggests a potential cycle top. 

3. **Spent Volume**:  Spikes in Spent Volume can signal areas of growing risk. **The recent surge in Bitcoin's 7-10-year spent volume** could indicate a cycle top, particularly as the amount moved onchain is significantly higher than previous highs. 

Furthermore, **the recent sale of 142,000 Bitcoin by Mt. Gox**, combined with potential **continued selling by governments**, adds to the supply-side pressure for Bitcoin. Tracking the selling patterns of Bitcoin whales can offer valuable insights into market trends.

Several Bitcoin price metrics suggest that BTC is overvalued.

Solana Surges 16% on ETF Application Momentum

Key Points:

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German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

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Other Latest News

CleanSpark Achieves 20 EH/s Hash Rate, Focuses on Bitcoin Mining Expansion

Cobo Integrates TON Blockchain for Enhanced Digital Asset Security

Bitcoin Deviates From Stock-to-Flow Model: What Does It Mean for Investors?

VanEck's 2024 Bitcoin Predictions: Bullish Outlook With 95% Accuracy

German Government Sells 1,500 Bitcoin, Signaling a Continued Reduction in Reserves

Baby Boomers are the Unexpected Bitcoin Hodlers

Bitcoin Price 'Cycle Top' Signals: Are We at the Peak?