Spot Ethereum ETF Issuers Release Fee and Seed Investment Disclosures
BlackRock, VanEck, Franklin Templeton, Grayscale Investments, Invesco Galaxy and 21Shares, which compete in the Ethereum ETF market, have filed updated registration statements that include details about seed investments and fees while awaiting SEC approval. Franklin Templeton; set its fee as 0.19% and VanEck as 0.20%. Analyst Eric Balchunas noted that lower fees could put pressure on BlackRock to keep its fees below 30 bps. The SEC has approved forms for eight Ethereum ETFs, but final registration is still pending. 21Shares announced that it made a $340,739 seed investment for its ETF and acted as a legal guarantor.
McKinsey Sees Just $2 Trillion in Tokenized RWAs by 2030 in Base Case
According to McKinsey, the tokenized asset market may only reach $4 trillion by 2030 as financial institutions adopt blockchain technology for traditional financial instruments slowly and limitedly. Stating that wide-scale tokenization adoption is still far away, McKinsey noted that the potential market size could be as low as $1 trillion. While tokenization has become popular among asset managers and banks for real-world assets such as U.S. Treasuries, many challenges remain in creating scalable solutions. Franklin Templeton announced a $100,000 seed investment for its Ethereum ETF. Grayscale and others have added more details about Ethereum and risks. Invesco Galaxy Ethereum ETF also reported a $100,000 seed investment. Analyst Eric Balchunas expects these products to be available by July 2. The report was updated on June 21 to add details from Invesco.
Solana Introduces ZK Compression
Solana introduced the Zero Knowledge Compression feature developed together with Light Protocol and Helius Lab. This feature helps reduce token and account creation costs by compressing on-chain data. This innovation maintains Solana’s security and performance while increasing scalability. While Helius CEO Mert Mumtaz stated that they achieved a 10,000-fold scalability improvement, Solana Head of Strategy Austin Federa emphasized that this feature will provide cost savings for businesses.
MicroStrategy Has Increased Its Shares By More Than 1,000% Since 2020
The stock performance of MicroStrategy INC., which adopted Bitcoin as a major treasury reserve asset four years ago, rose tremendously after this initiative. According to NYDIG, the company’s cumulative return since August 10, 2020 has been recorded at 1.089%. MicroStrategy announced that it had purchased an additional $786 million worth of Bitcoin, bringing its total assets to almost $15 billion. MicroStrategy shares underperformed only 19 other stocks on the FT Wilshire 5000 index during this period, compared to Nvidia Corp. It fell slightly behind an artificial intelligence chip manufacturer such as. Additionally, the company outperformed major indices such as S&P 500 and Nasdaq 100.
BitoGroup Launches First Dedicated Crypto-Friendly Bank Account
BitoGroup announced its partnership with Far Eastern International Bank to launch the world’s first dedicated crypto-friendly bank account. As cryptocurrency adoption by international institutions continues to grow, BitoGroup began serving financial institutions two years ago. This partnership promotes integration between traditional banks and third-party payment processors. BitoGroup aims to strengthen the cryptocurrency ecosystem by collaborating with large institutions and plays an important role in driving change in financial technology.
Standard Chartered Plans to Build Trading Desk for Bitcoin and Ethereum
According to a news source from Bloomberg, Standard Chartered is preparing to establish a spot trading desk for Bitcoin and Ethereum trading. It is stated that the new London-based desk will be operational soon and will be part of the bank’s FX trading unit. With this development, Standard Chartered will be one of the first global banks to enter spot cryptocurrency trading.
Cardano’s Sundae V3 Reached 9264 Orders in 24 Hours
Cardano’s decentralized exchange (DEX) Sundae v3 broke a new performance record with 9,264 orders in just 24 hours. This increase in activity comes against the backdrop of Cardano’s highly anticipated Chang Hard Fork upgrade, scheduled for June. It was recently hinted by Hoskinson that Cardano Node has reached version 9.0 and is thus ready for the upgrade.
ConsenSys Calls for Delay of New IRS Reporting Rules
ConsenSys, a leading blockchain development firm, announced that it is urging the US Internal Revenue Service (IRS) to delay the implementation of new crypto tax reporting regulations. The company argues that the proposed rules lack clarity and use overly broad terms that would unnecessarily burden the entire industry, especially for software developers. In its letter to the IRS, ConsenSys noted that the form did not contain clear instructions for brokers, creating further difficulties.
Metaplanet Continues to Buy Bitcoin
Japanese investment firm Metaplanet announced on Monday that it will purchase 1 billion yen ($6.3 million) worth of Bitcoin. In the statement made by the company, it was stated that the money required for the purchase would be provided from a recent bond sale. Additionally, Metaplanet stated that its primary strategy is to hold Bitcoin for the long term.
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BITCOIN (BTC)
BTC is priced at $62,600 with a 0.97% loss of value as of the morning hours. The horizontal channel between $72,000 and $60,300 is still maintained. The middle band of the horizontal channel is lost and a decline is in progress towards its bottom, $60,200. The first intermediate support appears to be $62,000. $60,500 appears as major support. For the continuation of the rise, persistence above $66,000 is required.
ETHEREUM (ETH)
ETH is priced at $3368 with a 1.54% loss of value as of the morning hours. $3148 appears as major support. If the price holds $3350, there may be an increase. For the continuation of the rise, persistence above $ 3500 is required. If $3100 breaks below, there may be a drop to $2800.
RIPPLE (XRP)
As of the morning hours, XRP is priced at $0.4705 with a 1.94% loss in value. There is a horizontal channel between $0.46 and $0.57. There was a wick movement to the $0.45 level, but it could not be permanent. $0.50 is a critical level and permanence must be achieved above this level. Initial support again appears to be the range between $0.48 and $0.45. Areas where there may be resistance include the $0.50 and $0.52 levels.
AVALANCHE (AVAX)
AVAX is priced at $24.24 with a 3.43% loss in value as of the morning hours. After the horizontal area is broken down, the decline continues. In case of withdrawals, the 22 and 20 dollar areas can be followed as support. The horizontal band needs to be regained. In upward movements, if there is persistence above the 30 dollar level, the 35 dollar region can be targeted.
SOLANA (SOL)
SOL is priced at $124.82 with a 3% loss of value as of the morning hours. When we examine the daily chart, we see that the $140 level, which we follow as the support zone, has been broken downwards and the $124 level is being tested. If there is an upward reaction from this region, a reaction movement towards the $ 130 region may be possible. In case of withdrawals, the $ 120 level can be followed.
CHAINLINK (LINK)
As of the morning hours, LINK is priced at $13,013 with a 1.36% loss in value. When we examine the daily chart, we see a movement towards the support zone of $ 12,800. This zone can be followed as the main support zone. In upward movements, the $ 13,250 level appears as resistance. If the support zone breaks downwards, the $12 level may be tested.
FTM
FTM is priced at $0.5547 with a 6% depreciation as of the morning hours. When we examine the hourly chart, we see that the short-term ascending channel movement has been broken downwards. If this movement continues, the $0.54 level can be followed as support. In upward movements, the $0.56 level appears as resistance.
DOT
DOT is priced at $5,592 with a 1% loss of value as of the morning hours. When we examine the hourly chart, we see that the support zone at $5.50 is being tested. If there is a reaction movement from this region, a movement towards the $ 5.70 level may be possible. If the support zone breaks downwards, the $5.40 level can be tested.
OUNCE OF GOLD
As of the morning hours, ounce gold is priced at 2324.52 dollars with a 0.11% gain in value. There was a decline from $2390 to $2290. The $2290 level is acting as support. The $2360 resistance level was broken to the upside. If pricing is seen above 2400, a rise may occur again up to $2450. For a short-term rise, pricing above $2350 should be maintained.
OUNCE OF SILVER
As of the morning hours, silver is priced at $29.62 with a 0.25% gain in value. When we examine the four-hour chart, we see that the $ 30 level was broken downwards with the withdrawal movement in the $ 30.80 region. If this movement continues, the $29.50 level can be followed as support.
