Preface:
Bitcoin and Ethereum have fallen by 1.65% and 1.05%, respectively, in the past 24 hours, with the ETH/BTC ratio remaining at 0.05. The Crypto Fear & Greed Index has warmed up to 46 but still indicates fear.

Recent Spotlight

The most recent performer is KAS, with a 24-hour increase of 12.1%, currently priced at $0.1821, and a market cap of $4.35 billion. Kaspa is a decentralized and scalable Layer 1 network that uses BlockDAG architecture to address scalability issues associated with traditional blockchain operations. The project introduces the GhostDAG/PHANTOM mechanism to solve the scalability problem in the blockchain trilemma. The KAS token is the project’s native token, used as a mining reward for miners participating in consensus to generate blocks, playing an irreplaceable role in incentivizing user participation and maintaining network stability.
On June 25, the first protocol in the Kaspa ecosystem, Kasplex, announced its upcoming public beta, signaling renewed activity in the ecosystem after a long period of dormancy. At the same time, Marathon Digital (MARA), the largest publicly traded mining company in the US, announced that it has started mining Kaspa, having mined KAS tokens worth approximately $15 million. These two positive developments drove KAS to break through $0.18, achieving a 24-hour increase of 12.1%.
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The Word on the Street

On June 27, Reuters cited industry executives reporting that negotiations between eight asset management firms, including BlackRock, and regulators have entered the final stages, with only minor modifications remaining. The US SEC is expected to approve a spot Ethereum ETF as early as July 4. Executives from two companies indicated that progress has been made in revising issuance documents, resolving only minor issues. These documents must be approved for the ETF to be issued. A lawyer working with issuers stated that the process is in its final stages, with approval potentially only a week or two away. If the SEC approves a spot Ethereum ETF, it will mark a significant milestone for the cryptocurrency market. This move will not only provide investors with a new, regulated investment option but also enhance the legitimacy and transparency of Ethereum and the entire crypto market. Additionally, institutional investors’ participation will increase market stability and liquidity, attracting more retail investors and potentially bringing substantial new capital inflows. This will have a significant impact on ETH price trends and the broader Ethereum ecosystem.

Spot Bitcoin ETF Flows

In the latest ETF flow data, the Bitcoin ETF market saw a net inflow of $21.4 million, with Fidelity Bitcoin ETF (FBTC) netting an inflow of $18.6 million and Ark ETF (ARKB) experiencing an outflow of $4.9 million. Grayscale Bitcoin ETF (GBTC) reversed its multi-day net outflow trend with a net inflow of $4.3 million yesterday. GBTC has been seen as a crucial support during the last bull market, and its reversal from net outflows reflects increased investor confidence in the market outlook. Previously affected by Mt.Gox compensation, BTC has recently maintained a price range of around $61,000, occasionally dipping to pressure points during fluctuations, with future trends uncertain. The data on Bitcoin spot ETFs is a crucial indicator for future BTC price trends and warrants ongoing attention from traders.
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Project Upgrade

On June 25, Solana announced a new tech stack—Solana Blink, which converts any on-chain operation into shareable links that can be embedded in any social media and website. Blink transforms on-chain actions (such as minting, swapping, voting, etc.) into shareable, metadata-rich links, enabling clients (the user interface part of applications) to display more interactive features for users. Previously, Solana introduced another innovative technology—Solana Actions, which provides a standardized way to pass signable transactions or messages from DApps directly to users. These two technologies are expected to simplify and enhance user interactions with blockchain.

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