Positive Development in Spot ETFs – Grayscale Gets Court Approval – $100 Million LINK Withdrawn to Wallets

Positive Development in Spot ETFs

Lucy Hu, senior trader at Metalpha, a Hong Kong-based digital platform, said, “We have seen a very rapid rise in the price of Bitcoin in the last few days and this is a direct result of the growing anticipation for Bitcoin ETFs this year.” She added, “Another important reason could be that institutional investors are adding Bitcoin to their portfolios for risk diversification and the ongoing Middle East conflict.”

The price moves came after BlackRock’s Spot Bitcoin ETF iShares Bitcoin Trust was listed on a list maintained by the Depository Trust and Clearing Corporation.

Grayscale Gets Court Approval

In the Grayscale case, the court allowed the company to proceed with its Bitcoin Spot ETF application and send the application back to the SEC. The court instructed the SEC on how to proceed with Grayscale’s Bitcoin Spot ETF application. Other major asset managers such as BlackRock and Fidelity are also awaiting SEC approval for spot Bitcoin ETFs.

Over $100 Million LINK Withdraws from Exchanges

Chainlink’s native token LINK has been one of the best performing tokens, gaining 35% in the past week. This was the highest weekly close for LINK in over 18 months. LINK broke through critical resistance levels, reaching highs not seen since May 2022. While the reasons behind the rise were initially unclear, the release of Chainlink Staking v0.2 later this year has generated tremendous excitement and optimism for the project’s future potential.

Waiting Continues in Institutional Funds

Paul Brody, Global Blockchain Leader at Ernst & Young (EY), discussed a range of topics related to the cryptocurrency market on CNBC’s “Street Signs” program earlier yesterday. Brody started his speech by emphasizing that there is a significant demand for cryptocurrencies, especially from institutional investors. He noted that while family offices, known for their flexibility, already invest in cryptocurrencies, other institutional funds are restricted unless they can invest through an ETF or other regulator-approved vehicle.

Chinese Digital Yuan Used for the First Time

The Shanghai Petroleum and Natural Gas Exchange (SHPGX) announced that the digital yuan was used to settle an oil transaction for the first time. PetroChina International purchased 1 million barrels of crude oil. The transaction was a response to a call by the Shanghai Municipal Party Committee and the Municipal Government to apply the Bank of China digital currency (CBDC), also called e-CNY, to international trade, the exchange said in a statement.

Inflows to Digital Asset Funds Continue

Digital asset investment products for the 4th consecutive year USD 66 million worth of inflows in the week. While the latest inflows are likely linked to the excitement of the Spot Bitcoin ETF launch in the US, they have remained relatively low compared to the ETF announcements in June, and this data suggests that investors are more cautious this time around. Solana received a further inflow of USD 15.5 million last week, bringing the year-to-date inflow to USD 74 million.



Bitcoin is priced at $ 34,481 with a 4.26% gain in value as of today morning hours. With the news last night, we saw the price above $35,000. For the moment, we are in a very bullish market with ETF news. We can now see that resistances are easily overcome and turn into support. If there is a pullback, $ 32,920 seems to be the first support level. If a lower correction is made, the $ 32,000 level needs to be maintained. In upward breakouts, it is very important to exceed 37,500 first. At breakouts above 37,500, we can see the $ 40,000 level.


ETH, which gained 3.49% as of morning hours, is priced at $ 1826. After breaking above the horizontal band, we see it breaking the resistances one by one. The range between 1830 and 1802 is very important and the price needs to hold here. The first support seems to be the $1800 level, followed by $1750 if there is a stronger pullback. If the upward movement continues, we can see $ 1900 and then $ 1975.


XRP is priced at $0.5465 as of morning hours, down 0.18%. We mentioned yesterday that the middle of the horizontal band, 0.5190, now seems to have turned into a support position. For the moment, it has reached the top of the horizontal band, that is, the target. From here, we can see a retracement up to $ 0.522 again. If the upward movement continues, $0.60 and then $0.65 could be the target.


AVAX is pricing at $ 10.60 levels with a 0.09% gain in value as of morning hours. At AVAX, we were also in a very strong demand area. Yesterday we mentioned how important the orange zone is. If it turns $10.50 into support, we are likely to see $11 first and then around $11.87. If downward movement comes, our first support seems to be 10.50, then 10.20 dollars.


SOL is priced at $ 31.51 with a 1.16% loss in value as of morning hours. SOL, which stuck at the resistance level of 32.13, which we mentioned in the bulletin yesterday, retreated a bit as it could not break upwards. If the decline continues, the support zone to be followed is 29 – 29.60 dollars. The reactions from these levels will be important. If an upward move takes place and the resistance of 32.12 is exceeded, it may be possible to see an increase up to $ 34.


As of morning hours, LINK is pricing at 10.300 with a 2.62% loss in value. As we follow, LINK, which rose up to 11 levels, continued its upward movement up to 11.50 yesterday. With the selling pressure it faced from this level, it is pricing above $ 10 again. If the retracement movement continues, the levels of 10 dollars and then 9.54 seem to be critical. In upward movements, the 11.50 region, which has previously been under selling pressure, seems to be a zone that can be followed.

DOT is pricing at 4,350 with a 0.16% depreciation as of morning hours. DOT, which started its upward movement with a double bottom formation in the 3.60 region, rose above $ 4. The closest support point is the 4.312 region and we can also see that it is testing this region on the chart. Provided that we stay above this support level, it may be possible to see an increase up to the resistance level of 4.445. Otherwise, with the downward break of the support level, a retreat to 4,200 levels may be experienced.