👍 Crypto market news this week

⚡️ Glassnode experts reported that long-term accumulation of BTC by investors has been recorded since the beginning of the current month. “This observation is echoed across Long-Term Holders (LTH), who heavily divested during the run-up to the ATH (all-time high). This cohort have now returned to a preference for HODLing, with a total volume of 374,000-plus BTC migrating into LTH status over the last three months. From this, we can infer that the propensity for investors to hold onto their coins is now a larger force relative to their spending pressures,” the analysts said.

⚡️ Crypto analyst Peter Brandt believes that Ethereum is “sending signals” about a possible fall to $2,000. According to the trader, the four-hour chart of the ETH price has recorded an ascending wedge pattern, which is considered a bearish signal indicating a possible decrease in the cryptocurrency rate after a rebound. “ETHernuts, don’t take offence. I am quick to go long on a good pattern as short on a good pattern. 1. 5-mo rectangle completed Aug 4. 2. Retest of BO," the trader noted.

⚡️ An analyst calling himself Kaleo expressed the opinion that Solana could repeat the growth of Ethereum that occurred in 2020 and grow by 1000%. The expert pointed out that at the end of summer 2020, the cost of ethereum was about $308, and by the end of the year, the digital currency rate reached $4,780. " If Solana manages similar growth from the previous ATH that ETH did last cycle during this bull market, $1K SOL is a reasonable target,” Kaleo explained.

⚡️ Binance customers will have to withdraw Monero, Multichain, Bitcoin Gold and other delisted crypto assets by September 1 of this year inclusive. After that, it is planned to take a snapshot of the corresponding user balances and convert their coins into USDC. The company promised to credit the equivalent amounts in stablecoins by March 1 of next year.

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Chances of Solana-ETF approval in 2024 are rapidly vanishing

There is talk among cryptocurrency market participants about the prospects of spot funds based on SOL. And if earlier the mood in the community could be called relatively positive, now some of the players are skeptical. For example, Bloomberg Intelligence senior analyst Eric Balchunas believes that the regulator will not approve the launch of Solana-ETF this year. Probably, 2025 will not be a successful year for projects in this direction either.

💵 What can affect the situation? According to the analyst, this is Donald Trump's victory in the fall US presidential elections. And also a complete rotation of the SEC leaders.

Balchunas said that the likelihood of the SEC approving a Solana ETF in 2024 is close to zero, and even in 2025, approval seems unlikely if Kamala Harris becomes president. The only hope in Balchunas’ opinion is that a Solana ETF approval could soar if Donald Trump eventually becomes U.S. president.

Balchunas also reminded that companies planning to launch the product had previously withdrawn their applications, fearing that the SEC would recognize SOL as a security. Indeed, the regulator has not yet developed a clear position on this issue.

Less than a month ago, it became known that the agency was planning to withdraw the requirement to recognize SOL and other tokens as securities in the context of litigation with Binance. However, this week, the regulator again doubted that Solana cannot be classified as a security. Potential issuers of cryptocurrency ETFs will probably need to present more convincing arguments for the SEC to finally give the green light to launch the product.

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