VanEck files for Solana Spot ETF 🔥

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📅 Today

🔍️ Market Outlook

• Overall Bias - Neutral 📈 

• BTC has broken all it's AVWAPs, and also broke down of it’s crucial $60,800 support zone.

• The most important support zone to focus at on the higher time frames is at $ $56,700 to $57,700, which is a macro horizontal support and the 200 Day MA.

• So far, the price has respected this support level. Usually, buying in spot with a very long term perspective on the 200 Day MA has never been a bad idea.

• BTC dominance is approaching a support level at ~54%. Look for alts to slow down a bit if this support level is respected.

Coinbase V/S SEC 🧑‍⚖️ 

Coinbase has sued the SEC and FDIC, claiming they ignored requests for information under the Freedom of Information Act.

Filed on June 27, the lawsuits allege that these agencies did not provide details about Ethereum's shift to proof-of-stake, Ethereum 2.0, or past investigations involving Zachary Coburn and Enigma MPC.

Coinbase argues that the SEC and FDIC are trying to undermine the crypto industry by coordinating efforts to block digital-asset firms from accessing crucial banking services.

VacEck files for Solana Spot ETF 🔥 

VanEck has applied to list a Solana ETF in the US, stating that SOL should be classified as a commodity. This ETF, known as the VanEck Solana Trust, aims to be listed on the Cboe BZX Exchange.

Despite the SEC previously classifying SOL as a security in a case against Binance, VanEck argues that SOL operates similarly to bitcoin and ether, which are considered commodities.

Typically, approval of a futures ETF comes before a spot ETF for assets like Bitcoin and Ethereum. However, there is no futures ETF for Solana. If the spot ETF for SOL is approved, it could pave the way for ETFs for many other alts too.

📕 Educational

Food for Thought 🧠

Is it better for new crypto projects to launch without a major exchange listing?

Reasons:

👉High Costs: Founders give up a significant share of their holdings and spend millions on listing fees.

👉Hype vs. Focus: Listings create hype but require ongoing effort to justify the project's value.

👉Inflated Metrics: Exchanges demand high social following and on-chain activity, leading projects to inflate numbers through tactics like community growth contests. This diverts focus from core product development.

👉Focus on Development: Without the pressure of a listing, projects can concentrate on building their product and roadmap.

👉Rewards for Early Supporters: Early backers benefit more when a project eventually lists on major exchanges.

Many projects listed on top-tier exchanges with high FDV's have seen significant price drops soon after their TGE. Some recent examples include the following :

1. SAGA: -79%

2. W: -73%

3. DYM: -66%

4. STRK: -62%

5. PIXEL: -47%

In contrast, Solana also traded between $0.50 and $1.50 for eight months before significant price movement and exchange listings.

📊 Stats

📈 Chart of the day

• Bullish divergence on Daily & 4H RSI

• Macro Daily Horizontal support

• Daily Discount Zone

• Weekly Horizontal Support.

• Multiple bullish divergences on 4H.

• Source : Cointraction 

🤣 Meme of the day

Amen 🙏🤣

That concludes our update for today!

We appreciate you joining us for the latest news. Our aim is to provide insights and highlights that keep you well-informed and ready. Remember to follow us on social media for additional updates and giveaways. Happy trading, and see you next time!

Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research before investing.