Global Ethereum exchange-traded products have outperformed their Bitcoin counterparts over the past week ahead of the highly-anticipated launch of spot Ethereum exchange-traded funds in the U.S. Ethereum ETPs generated net inflows for their fourth consecutive week, totaling 16,911 ETH, according to data from K33 Research. Meanwhile, Bitcoin ETPs saw net outflows of 12,523 BTC — the third-worst week to date — primarily driven by U.S. spot Bitcoin ETF net outflows.
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📣 Hashdex proposes new ETF that would own both spot Ethereum and Bitcoin
Crypto asset management firm Hashdex plans to launch an exchange-traded fund that directly owns spot bitcoin and ether. Nasdaq posted the proposal via Form 19b-4 on Tuesday for the Hashdex Nasdaq Crypto Index US ETF, which ETF experts say was not necessarily a surprising move. Hashdex's move comes after the SEC approved spot Bitcoin ETFs earlier this year and last month approved 19b-4 forms for a slew of spot Ethereum ETFs.
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Crypto asset management firm Hashdex plans to launch an exchange-traded fund that directly owns spot bitcoin and ether. Nasdaq posted the proposal via Form 19b-4 on Tuesday for the Hashdex Nasdaq Crypto Index US ETF, which ETF experts say was not necessarily a surprising move. Hashdex's move comes after the SEC approved spot Bitcoin ETFs earlier this year and last month approved 19b-4 forms for a slew of spot Ethereum ETFs.
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Bitcoin's OTC desk balances surge to levels unseen since the FTX collapse, market watchers are alarmed. Historically, this scenario has preceded significant price movements, either signaling a local top or indicating smart money is cashing out. The data reveals a startling addition of 85,000 BTC recently, juxtaposed with a miner sell-off reaching record highs. How does this intricate dance of market forces shape Bitcoin's trajectory from here? Dive into the full analysis on Alpha.
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Bitcoin derivatives market has been a whirlwind of activity. Trading volumes for perpetual futures took a nosedive from $53.156 billion on June 12 to just $10.910 billion by June 15, only to rebound drastically to $51.239 billion by June 18. Interestingly, these fluctuations did not exactly mirror Bitcoin’s price movements, exposing a complex interplay of market factors.
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Investment firm 3iQ has applied to launch the first Solana exchange-traded product (ETP) in Canada. The proposed ETP, called Solana Fund, would offer Canadian investors exposure to SOL without requiring them to use hot wallets or other blockchain-related technology, 3iQ said Thursday in a statement. The fund, if approved, would launch on the Toronto Stock Exchange under the ticker QSOL.
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Bitcoin long liquidations have spiked to over $27 million in the past day after a price correction saw the largest digital asset by market hover around $63,600. In the past 24 hours, $33.85 million in bitcoin positions were liquidated, and over $132 million in the wider cryptocurrency market was liquidated in the same period. Of these combined crypto liquidations, the vast majority — around $105 million — were long positions, according to Coinglass data.
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The Securities and Exchange Commission's move to close its "Ethereum 2.0" investigation of Consensys raises the question: So, is ether not a security? Consensys announced on Tuesday that the SEC's enforcement division notified the blockchain and web3 development company that it was closing its investigation into Ethereum 2.0 in a "major win" and said that it meant that the SEC "would not bring charges alleging that sales of ETH are securities transactions.".
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Osmosis Decentralized Autonomous Organization (DAO) is unanimously supporting a proposal to adopt a revenue share proposal that enables a zero-fee Bitcoin bridge to the Cosmos ecosystem via Nomic. The proposal has received overwhelming community support, with about 92% of DAO members favoring the zero-fee upgrade. Meanwhile, around 6% of the DAO members abstained from voting, while 1% were against the move.
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📣 Crypto Market Still in Bull Cycle But There Are Worrying Signs: CryptoQuant
The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity. The crypto market is in the red amid significant bloodshed from bitcoin (BTC) and altcoins. There is currently no bullish momentum, and BTC is hovering around key levels, falling below traders’ on-chain realized price of $65,800. Regardless, CryptoQuant analysts insist in a recent report that the market is in a bull season.
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The lack of bullish momentum in the crypto market is evident in weak bitcoin whale demand growth and low stablecoin liquidity. The crypto market is in the red amid significant bloodshed from bitcoin (BTC) and altcoins. There is currently no bullish momentum, and BTC is hovering around key levels, falling below traders’ on-chain realized price of $65,800. Regardless, CryptoQuant analysts insist in a recent report that the market is in a bull season.
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As June draws to close, significant expiration in Bitcoin (BTC) and Ethereum (ETH) options loom, potentially impacting market conditions. On June 28, BTC options worth $6.6 billion will expire. Deribit data reveals a put/call ratio of 0.53, indicating a bullish sentiment, with total open interest roughly around 107,000 BTC—70,000 in calls and 37,000 in puts. Despite this, BTC’s price has been declining, dropping 10% over the past month to as low as $60,500, edging towards the max pain price of $58,000.
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The crypto market is undergoing a significant correction as investors withdrew $584 million from crypto-related investment products last week, according to CoinShares’ latest report. Additionally, global trading volumes for crypto ETPs hit their lowest levels since the US Securities and Exchange Commission approved the launch of several spot Bitcoin exchange-traded funds (ETFs) in January, totaling just $6.9 billion for the week.
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🇩🇪 German government sends further $24 million in bitcoin to Coinbase and Kraken: Arkham
German government-labeled addresses appeared to send another 400 ($24.34 million) to Coinbase and Kraken Tuesday morning, indicating a potential intention to sell the assets and following substantial transfers of its seized bitcoin last week, according to on-chain analytics provider Arkham. “They have also moved 500 BTC ($30.4 million) to address 139Po. We have yet to see where these funds are moved” Arkham posted on X.
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German government-labeled addresses appeared to send another 400 ($24.34 million) to Coinbase and Kraken Tuesday morning, indicating a potential intention to sell the assets and following substantial transfers of its seized bitcoin last week, according to on-chain analytics provider Arkham. “They have also moved 500 BTC ($30.4 million) to address 139Po. We have yet to see where these funds are moved” Arkham posted on X.
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VanEck recently disclosed it would waive fees for its spot Ethereum ETF, adopting a similar strategy to its Bitcoin counterpart launched earlier this year. Sigel added that VanEck is confident its approach will “resonate” with investors across the spectrum and help drive more interest in Ethereum and the role it can play in their portfolios. He added that the lack of fees is also expected to lower the barrier of entry for new investors.
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🇪🇺 EU crypto sector faces disruption from next week's MiCA rules targeting stablecoin activity: analyst
The upcoming Markets in Crypto Assets framework will enforce stringent regulatory requirements for stablecoin activity in the European Union that could adversely impact the bloc's cryptocurrency sector, an analyst said. From next Monday onwards, stablecoin activity in the EU must comply with the new requirements following the partial implementation of MiCA across the entire bloc. Outlier Ventures Head of Research Jasper De Maere said that, because the majority of all stablecoins are USD pegged.
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The upcoming Markets in Crypto Assets framework will enforce stringent regulatory requirements for stablecoin activity in the European Union that could adversely impact the bloc's cryptocurrency sector, an analyst said. From next Monday onwards, stablecoin activity in the EU must comply with the new requirements following the partial implementation of MiCA across the entire bloc. Outlier Ventures Head of Research Jasper De Maere said that, because the majority of all stablecoins are USD pegged.
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Wallets thought to be associated with the U.S. government have moved a sizable portion of cryptocurrencies — specifically 3,940 bitcoins worth $241 million — onto Coinbase, according to on-chain sleuth Lookonchain. This comes just hours after the same pseudonymous researcher found evidence that the German government had moved 750 bitcoins. It is not uncommon for governments to sell or auction off crypto collected through criminal investigations or other asset seizures.
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MegaLabs, the developer of a new blockchain called MegaETH, has raised $20 million in a seed funding round. MegaLabs began raising funds for the seed round last December and closed it in May, co-founder and chief business officer Shuyao Kong told The Block. The round was structured as equity plus token warrants and brought MegaETH's fully diluted token valuation to a "9-figure" amount, Kong said, meaning at least $100 million.
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Galaxy Digital said exchange-traded funds tracking Ethereum’s native token, could become a multi-billion market opportunity soon after approval. The U.S. Securities and Exchange Commission recently changed course to accelerate the approval of these funds, with some analysts predicting the first ETH ETFs approvals could come in next week. The SEC has yet to approve the crucial S-1 filings needed for the funds to hit the market.
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Bitcoin mining firm Bitdeer Technologies is in the process of acquiring nearly 600 megawatts (MW) of additional power capacity to grow its bitcoin mining capabilities and other activities. The mining operation said Friday it expects to secure up to 570 MW of power capacity by entering a lease for an Ohio-based industrial park equipped with an advanced power infrastructure. The 30-year agreement will increase Bitdeer’s total power capacity to 2.5 GW globally, in addition to strengthening the company’s infrastructure development pipeline for Bitcoin mining.
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