EU Gives Green Light to Foreign Stablecoins
The European Commission is preparing to publish new guidance that will allow for the freer circulation of US dollar-backed stablecoins (such as USDC, USDT) in Europe. This step is being taken despite the European Central Bank’s (ECB) warnings about financial stability and monetary sovereignty.
The new regulation will allow stablecoins issued outside the EU to be considered equivalent to their EU-registered counterparts. In this way, the restrictions imposed under the MiCA regulation will be eased, paving the way for dollar-backed tokens to be used more widely in European markets. The ECB is concerned that this development could weaken control over the euro. Still, EU authorities appear determined to take this step in order not to be left behind in crypto innovation and to compete with the US-Asia markets.
Metaplanet Surpasses Tesla with 12,345 BTC
Japanese tech company Metaplanet increased its total Bitcoin holdings to 12,345 BTC with a $132.7 million purchase made on June 26, increasing its total Bitcoin holdings to 1,234 BTC. Thus, it surpassed Tesla and became the seventh largest Bitcoin holder among publicly traded companies.
The company’s BTC return since the beginning of the year has reached 315% and its return since the beginning of the quarter has reached 112.2%. The latest purchase was made at an average of $107,557 per BTC. Metaplanet’s strategic moves continue as part of its $5.4 billion “555 Million Plan,” which aims to hold 30,000 BTC by the end of 2025. The company’s shares are up 353% YTD, but have fallen 1% since its latest BTC purchase.
Arizona House of Representatives Approves Bitcoin Reserve Fund
The Arizona House of Representatives has approved HB 2324, a bill that establishes a “Bitcoin and Digital Asset Reserve Fund” to be funded by seized cryptocurrencies. The fund will be managed by the state treasurer to store, sell, or hold digital assets obtained in criminal investigations.
The first $300,000 in revenue under the law will be transferred to the Attorney General’s Office, while the remainder will be divided between the state budget and the reserve fund. HB 2324 was previously rejected but was brought back to the agenda in June and passed the Senate and House of Representatives. The final decision is now up to Governor Katie Hobbs to sign.
$14 Billion in Options Expiring in Bitcoin
The put-call ratio in the Bitcoin options market ahead of the $14 billion major expiration on June 27 has risen to 0.72. Although the increasing ratio may seem like a classic bearish expectation, it is largely explained by the “cash-collateralized put” strategy. This strategy shows that investors are ready to buy BTC in declines and are targeting premium income.
141,271 BTC options will expire on the Deribit exchange, 20% of which are in-the-money call options. While the market is expected to move in a narrow band between $100,000–105,000, selective call purchases (108K–112K) reflect a slight upward expectation. Experts emphasize that volatility may increase due to the large quarterly maturity.
Invesco Galaxy’s Solana ETF Move
US asset manager Invesco and Galaxy Digital have become the ninth company to join the Solana ETF race by applying for a spot ETF that will directly hold Solana (SOL). The new fund will directly store Solana through Coinbase Custody and is aimed to be traded on the Cboe BZX exchange under the ticker symbol “QSOL”.
This application responds to the increasing investor demand for Ethereum and now altcoin-based ETFs, following the Bitcoin ETFs that attracted great interest in 2024. The SEC is expected to approve these applications in July. The ETF filing also states that some SOL assets in the fund can be staked to generate additional income. If approved, the Solana ETFs are expected to be launched in a mass launch.
PENGU ETF, the First NFT and Memecoin-Backed ETF Application, is on the Way
Cboe BZX Exchange has filed a Form 19b-4 application with the U.S. Securities and Exchange Commission (SEC) to list the PENGU ETF. Sponsored by Canary Capital Group, the innovative fund brings together the Solana-based PENGU memecoin and the Pudgy Penguin NFT collectible on the Ethereum network.
According to the application, 80-95% of the ETF’s assets will be held in PENGU tokens and 5-15% in Pudgy Penguin NFTs. The fund will also hold small amounts of SOL and ETH for transaction fees. Structured as a Delaware-based trust, the fund will not be considered within the scope of traditional investment funds or commodity pools. PENGU ETF aims to be one of the pioneers of new generation investment products collateralized by digital assets.
Crypto Investment from Aurora Mobile
Nasdaq-listed Chinese technology company Aurora Mobile announced that it has decided to invest up to 20% of its cash reserves in crypto assets. This plan, approved by the company’s board of directors, includes investments in leading digital assets such as Bitcoin, Ethereum, Solana and Sui.
Aurora evaluated this step as a modern treasury management approach, emphasizing that the investments will not affect the company’s core business activities and growth strategies. CEO Weidong Luo stated that crypto investments will increase portfolio diversity thanks to their low correlation to traditional markets and will contribute to the company’s adaptation to global financial technologies. Founded in 2011, Aurora Mobile offers cloud computing and artificial intelligence-based customer interaction solutions.
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BITCOIN (BTC)
BTC is trading at $ 107,685 as of the morning hours, gaining 0.30%. The price is approaching the upper band of the symmetrical triangle formation, and this level of $ 109,350 stands out as an important resistance point. If this level is exceeded, it may be possible for the upward momentum to accelerate and the search for new peaks to begin. In pullbacks, the $ 105,984 level should be watched as the first support. If it falls below this level, the $ 103,502 and $ 101,411 levels can be followed as strong support areas, respectively.
ETHEREUM(ETH)
ETH is priced at $ 2,481 as of the morning hours with a 2.61% gain in value. The price seems to have exceeded an important technical threshold by closing above both the horizontal resistance zone and the descending trend line. If this level is maintained, the first resistance is $ 2,589, followed by $ 2,729 and $ 2,866. In possible pullbacks, the $ 2,495 level can be monitored as short-term support. If it falls below this level, the $ 2,384 and $ 2,268 levels stand out as strong support areas.
RIPPLE(XRP)
XRP is priced at $ 2.18 as of the morning hours with a 0.14% gain in value. It is seen that the price continues its upward movement with the reaction it received from the support area between $ 2.1304 – $ 2.0865. In the continuation of this movement, the $ 2.2122 level stands out as the first strong resistance. If this level is exceeded, the $ 2.2737 and $ 2.3378 levels can be followed as the next resistance areas. In possible pullbacks, the first support is at $ 2.1304, and below this level, the $ 2.0865 – $ 2.03 band, which corresponds to the green zone again, is a strong buying zone.
AVALANCHE(AVAX)
AVAX is traded at $ 17.60 as of the morning hours with a 0.17% gain in value. The short-term recovery effort draws attention with the latest upward move.
The first resistance level for the upward movement to continue stands out as $ 18.45. If this region is exceeded, $ 19.24 and $ 20.01 levels can be targeted, respectively. Otherwise, if the selling pressure continues, the first support point is $ 16.86, and if it falls below this level, the $ 15.60 band can be followed as a strong support.
SOLANA(SOL)
SOL is traded at $ 144.85 as of the morning hours with a 0.91% gain in value. The price, which has been following a horizontal course in a narrow band in recent days, is moving close to the resistance zone.
The $ 148.95 level must be exceeded for the continuation of the upward movement. Unless this level is broken, it may encounter profit sales in the short term. The $ 157.80 level can be followed as the upper resistance. In the downward scenario, the $ 141.56 level is the first support. If this level is broken, the $135.24 and $126.29 levels stand out as critical support areas.
