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[Spot Ethereum ETF has been fully approved by the US SEC , and trading will start on Tuesday]
Bloomberg ETF analyst Eric Balchunas said on the X platform that the approval of the spot Ethereum ETF has taken effect with the U.S. Securities and Exchange Commission (SEC), and the 424(b) forms are being submitted in succession. This is the last step, and all systems will be launched at 9:30 a.m. on Tuesday (9:30 p.m. Beijing time tonight).
Products from BlackRock , VanEck and six other firms are set to begin trading on Tuesday morning on three different exchanges: the Chicago Board Options Exchange (CBOE), Nasdaq and the New York Stock Exchange, which all confirmed they were ready to begin trading.
[Wintermute: The inflow of spot Ethereum ETF is expected to be US$4 billion in the next year, and ETH will rise by 24%]
Wintermute, a large market maker, expects that the spot Ethereum ETF will receive a maximum of $4 billion in inflows from investors in the next year. This is lower than the $4.5 billion to $6.5 billion expected by most analysts, and the figure is about 62% less than the $17 billion raised by the Bitcoin ETF since it began trading in the United States six months ago.
U.S. regulators rejected a request from issuers to allow Ethereum ETFs to collateralize their cryptocurrency holdings, which would have generated income that could be shared with investors. “This loss reduces the competitiveness of ETH ETFs compared to direct holdings, as investors can still benefit from staking,” Wintermute said in its report.
However, Wintermute does expect the price of ether to rise 24% over the next 12 months, driven by these inflows.
[ 21Shares submits spot Solana ETF S-1 filing to the US SEC]
According to The Block, following VanEck, 21Shares submitted the spot Solana ETF S-1 document to the US SEC, becoming the second company to apply to launch a Solana ETF in the United States.
Like VanEck, the 21Shares Core Solana ETF will also trade on the Cboe BZX exchange. According to the company’s S-1 filing, redemptions will be made in-kind (i.e., in SOL instead of cash), consistent with other “exchange-traded products for spot market commodities other than SOL.”
[The U.S. Bitcoin spot ETF had a net inflow of US$1.24 billion last week, achieving net inflows for 11 consecutive trading days]
According to SoSoValue data, Bitcoin spot ETFs saw a net inflow of US$1.24 billion last week (July 15 to July 19, Eastern Time), achieving net inflows for 11 consecutive trading days, including a net inflow of US$427 million on July 19.
Among them, Grayscale ETF GBTC had a weekly net outflow of $56.12 million, and the current historical net outflow of GBTC is $18.694 billion. The Bitcoin spot ETF with the largest weekly net inflow last week was BlackRock ETF IBIT, with a weekly net inflow of $707 million, and the current total net inflow of IBIT is $18.968 billion. The second is Fidelity ETF FBTC, with a weekly net inflow of $244 million, and the current total net inflow of FBTC is $9.963 billion. As of press time, the total net asset value of Bitcoin spot ETF is $60.927 billion, the ETF net asset ratio (market value to the total market value of Bitcoin) is 4.61%, and the historical cumulative net inflow has reached $17.052 billion.
It is worth noting that since the trading data of Ark's Bitcoin ETF AKRB was not updated in a timely manner in various official channels on some trading days late last week, or was affected by the global Windows system failure, the data has now been updated.
[U.S. Representative Nancy Mace calls for impeachment of the Secret Service Director, accusing him of not taking action despite knowing about the assassination threat]
According to Charlie Kirk's post on X platform, on July 23, U.S. Representative Nancy Mace fiercely criticized the Director of the U.S. Secret Service, Kimberly Cheatle, at a congressional hearing. Mace revealed that the Secret Service had known about the gunman 57 minutes before the assassination, but did not take then-President Trump away from the scene, but allowed him to continue his speech on stage.
Due to the recent assassination of Trump, Congress hopes to understand the Secret Service's specific measures and emergency response capabilities when dealing with potential threats through hearings. Mace detailed the Secret Service's mistakes at the hearing and believed that such dereliction of duty has seriously endangered the safety of the president and damaged the public's trust in the Secret Service.
Nancy Mace expressed extreme dissatisfaction with this and called for impeachment or the resignation of Secret Service Director Kimberly Cheatle. Mace's accusations attracted widespread attention, and many media and the public began to question the Secret Service's ability to respond to national security affairs.
[Institutional investors’ crypto spot trading volume increased by 95% year-on-year in the first half of the year]
According to a recent report by Finery Markets, the institutional cryptocurrency market experienced significant growth in the first half of 2024, with total spot trading volume surging 95% year-over-year.
The report points out that the first half of 2024 is a critical period for institutional adoption of cryptocurrencies. Bitcoin ETFs have been launched in Australia, the United States, and Hong Kong. VanEck's application for Solana ETF highlights the growing trend of diversified cryptocurrency investment tools.
Furthermore, despite low institutional participation, some Altcoin such as TRX and BNB showed significant growth, with spot trading volumes increasing by 202% and 129% year-over-year, respectively. Conversely, Ripple (XRP) saw a year-over-year decline of 18%.
Author: BitpushNews Mary Liu
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