Daily Digest of Crypto World: Spot Ethereum ETF launch postponed due to SEC comments; 21 Shares submits S-1 filing for Spot Solana ETF; Roaring Kitty faces securities fraud charges in GME-related lawsuit

First, let's look at the trading activities of Bitcoin ETFs. According to Farside Investor data, on June 28th, Grayscale Bitcoin Spot ETF (GBTC) saw a continuous outflow of $27.2 million; at the same time, Fidelity Bitcoin Spot ETF (FBTC) saw an outflow of $25 million, iShares Trust Bitwise Bitcoin Spot ETF (IBIT) saw an inflow of $84.1 million, and ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of $42.8 million.

Spot Ethereum ETF Launch Postponed Due to SEC Review

The U.S. Securities and Exchange Commission (SEC) has commented on the S-1 form and requested a resubmission by July 8, which will delay the launch of the Spot Ether ETF until mid to late July. Despite expectations for the Ether ETF to be launched as early as July 2, this plan has been delayed by the SEC.

ETF analyst Eric Balchunas said the new timeline suggests that the spot Ethereum ETF may be launched in mid to late July. Nate Geraci, President of ETF Store, pointed out that the last round of S-1 revisions was relatively minor, and it is expected that the SEC will approve the issuer for trading within 14 to 21 days. Although the exact schedule is still uncertain, the SEC has indicated that it may be launched this summer.

The approval of the S-1 form is the second part of the two-step process required for the listing of ETFs. The first part involves the approval of the 19b-4 form submitted by issuers in May. On May 23, the SEC approved the 19b-4 forms of eight ETF bidders.

21 Shares files S-1 for Spot Solana ETF

Investment firm 21Shares has submitted a S-1 form for Solana ETF to the U.S. Securities and Exchange Commission (SEC), and its competitor VanEck has also submitted a similar document on the same day. This is the second time in a few days that a SOL ETF application has been submitted in the United States, confirming the predictions of some analysts that VanEck's application submitted on June 27 will open the door for competitors seeking to launch funds based on Solana.

21 Shares is headquartered in Zurich, Switzerland, and has managed a physically backed Solana Staking exchange-traded product with assets under management exceeding 8.46 billion US dollars. It also manages a Bitcoin ETF that has been listed for trading.

Andrew Jacobson, Legal Counsel of 21 Shares, said: "21 Shares is excited about the possibility of a Solana ETF entering the US market. We believe this is a necessary step for the cryptocurrency industry and aligns with our mission to launch accessible financial products centered around crypto assets." At the time of writing, the trading price of SOL is $147.58.

VanEck's research director believes that Ethereum will soon launch its own series of ETFs, and now is the best time to approve the SOL ETF. However, from a practical perspective, the SEC approval process for the SOL ETF may be more difficult.

Roaring Kitty faces securities fraud charges in GME-related litigation

Keith Gill, a stock trader known for the 2021 GameStop short squeeze, is facing securities fraud charges due to a series of recent posts on social media that led to dramatic fluctuations in the price of GameStop (GME) stock from May to June.

The lawsuit was filed in the Eastern District of New York on June 28, aimed at suing Gill for planning a "pump and dump" scheme through a series of social media posts since May 13. The complaint alleges that Gill committed securities fraud by failing to fully disclose his purchase and sale of GameStop options, misleading his followers and causing some investors to suffer losses.

Plaintiff Martin Radev, represented by the law firm Pomerantz, stated that since mid-May, he purchased a total of 25 shares of GME stock and 3 call options, and therefore suffered damages from the so-called 'pump and dump' behavior.

Previously, Gill ended a two-year social media silence and posted a series of mysterious internet memes on his X account, causing GameStop's stock price to soar 180%. As of the close on May 14th, the stock price rose from $17.46 to $48.75. As of June 13th, Gill said he had exercised all 120,000 options, making millions of dollars in profit and using these proceeds to further increase his holdings of GameStop stock.

Market Analysis: Ethereum Spot ETF to be launched soon, market rebounds strongly

Market Trends

BTC: BTC broke through $63,500 this morning, which is an important psychological and technical level. The strong performance of Bitcoin usually leads to a pump in the entire cryptocurrency market. From a technical analysis perspective, if it can hold above the $63,500 level, the next target could be $65,000 or even higher.

ETH：ETH also broke through the $3,500 mark this morning. Ethereum's strong performance is not only due to its position as the second largest cryptocurrency by market capitalization, but also because of the continuous expansion of its ecosystem and increasing applications. The $3,500 mark is an important resistance level. If it can break through and hold steady, it may further pump to $3,700 or even $4,000.

AltCoin: Generally rebounds with the market, especially when Bitcoin and Ethereum are performing strongly, Altcoins usually have more fluctuation and pump space. This is because funds will flow from the market capitalization to smaller tokens in search of higher returns.

Macroeconomics

US Stocks Fall: Despite the PCE data released last Friday being in line with expectations, the stock market's downward trend was not altered as the market had already digested the CPI and PPI data in advance. The performance of US stocks has a certain impact on the cryptocurrency market, but at present, the independence of the crypto market is becoming stronger.

Market Hotspot

1. ETH ecosystem:
2. ENS and SSV: With the strong rebound of ETH, these Ethereum ecosystem projects have risen by more than 20%. ENS (Ethereum Name Service) and SSV (Staking Protocol) are important components of the Ethereum ecosystem, reflecting the market's confidence in the Ethereum spot ETF.
3. SEC sues Consensys: The US SEC announced the lawsuit against Consensys, the development team behind Metamask, and declared that stake projects such as LDO and RPL are securities. This may have a certain negative impact on these projects in the short term...
4. Meme zone：
5. Solana Chain Meme Coins: MOTHER, POPCAT, and other coins rose by over 30%. Meme coins on the Solana chain have attracted a large amount of speculative capital due to its fast and low-cost transaction characteristics.
6. Ether chain political Meme coin: MAGA rebounded more than 25%. Political Meme coins are prone to significant fluctuations under specific events or news drivers.
7. Cat Meme Coin: MOG returns to the 0.000002 mark, just a step away from a new high.
8. Token Unlock:
9. Leading Token WLD in the AI Sector: Starting from July 24th, WLD will unlock nearly $20 million worth of tokens daily for a period of two years. The continuous token unlocking will bring selling pressure to the market, and investors need to handle it cautiously, especially paying attention to the price fluctuation during the unlocking period.

The overall market is performing strongly, especially the breakthroughs of Bitcoin and Ethereum have brought confidence to the entire market. However, investors still need to pay attention to macroeconomic data and regulatory trends, which may have short-term impacts on the market. When choosing investment targets, it is recommended to pay more attention to high-quality projects within the Solana and Ethereum ecosystems, while being cautious of high-risk Meme coins and tokens that are about to face a large amount of unlocking pressure.

Macro: Market digesting inflation data, Wall Street index declines; Asian markets open weak

On Friday, June 28, as investors digested inflation data that met expectations and weighed the political uncertainty following the US presidential debate, the US stock market gradually weakened in early trading and eventually closed lower.

The index performance is as follows: the Dow Jones Industrial Average fell by 0.11%, the S&P 500 fell by 0.41%, and the Nasdaq fell by 0.71%. In the S&P 500 index, the energy and real estate zones performed the best, with increases of 0.42% and 0.62% respectively; while utilities and communication services fell by 1.08% and 1.63% respectively.

The data shows that the monthly inflation rate in the United States remained unchanged in May, which is an encouraging development after earlier strong price increases raised doubts about the effectiveness of the Fed's monetary policy. The Commerce Department's report also shows a slight increase in consumer spending last month, which has bolstered optimism about the Central Bank's achievement of a 'soft landing' for the economy.

According to the Federal Observation data of the London Stock Exchange, market expectations for a rate cut in September have risen to 66% after the release of the Personal Consumption Expenditure Price Index. Despite the Fed's forecast of only one rate cut this year, traders are still betting on two rate cuts, expecting inflation to continue to cool down.

On Monday, July 1st, the Asian market kicked off a new week, a new quarter, and a new half-year of trading, with investors' attention focused on a data-intensive economic calendar.

Overall, Asian stocks performed weakly on Monday as traders focused on the prospect of US interest rates. Meanwhile, the euro rose as the right-wing party emerged victorious in the first round of the French early election, despite a lower vote share than some opinion polls had predicted. The euro rose 0.32%, European stock futures rose 1%, and French OAT bond futures rose 0.15% as investors digested the better-than-expected outcome, although uncertainty still remains.

The Caixin Manufacturing Purchasing Managers' Index (PMI) report for June will reflect the current situation in China. Investors hope to see strong growth, but the results show uneven economic growth, persistent deflation risks, and significant pressure on the stock market and exchange rate, requiring more stimulus measures.

The manufacturing PMI released by China's National Bureau of Statistics on Sunday was 49.5, unchanged from May, indicating a consecutive second month of decline in manufacturing activity. The services PMI fell to 50.2, reaching a five-month low, while the construction PMI dropped to 52.3, the lowest level since July last year. These data all indicate that the economy is growing, but at a slower pace.

The manufacturing PMI of several other Asian countries, including Japan, India, South Korea, and Australia, will be announced on Monday.

MSCI Asia-Pacific stock index rose by 0.07%, and Japan's Nikkei index rose by 0.57%. The Chinese stock market fell, with blue-chip stocks falling by 0.45%. The Hang Seng Index in Hong Kong remained unchanged.

In terms of commodities, oil prices rose slightly, with Brent futures up 0.39% to $85.33 per barrel and US West Texas Intermediate crude futures up 0.42% to $81.88 per barrel.

Spot gold rose 0.1% to $2,327.12 per ounce. Gold prices in the second quarter rose more than 4%. U.S. gold futures fell 0.1% to $2,336.60.

Author: Sherry S. & Icing. This article represents the author's point of view and does not constitute any trading advice. This article is original and the copyright belongs to Gate.io. If you need to reprint, please indicate the author and source, otherwise legal responsibilities will be pursued.