This Week in Crypto: Solana Investigation, Altcoin
Season, and
BlackRock s
Tokenization Surge
This week has been super exciting for Solana ( SOL ) and the broader crypto
community. While the week started with rumors about Solana s criminal
investigation, it ended with VanEck filing for a spot Solana exchange-traded
fund.
Meanwhile, analysts are also discussing the much-awaited altcoin season. As
the market consolidates, institutional investors such as BlackRock retain a
high interest in the tokenization of real-world assets (RWA). Binance
continues to face regulatory challenges, and it had to turn off copy trading
in the European Union• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз (EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз) region.
Rumors Suggest Solana Under Criminal Investigation
This week began with unsettling news in the crypto sphere. Influential crypto
personality Crypto Bitlord disclosed that Solana might be under criminal
investigation .
Following the SEC s classification of SOL as a security , the timing of
this investigation caused ripples of concern among investors. Details about
the probe are scant, but the implications could be significant for the
altcoin s future.
“We are hearing rumors that SOL is under investigation and a huge case is
about to become public. This has been brewing for weeks now and could not come
at a worse time. If what we heard is true, start praying for Solana,” Bitlord
noted .
Read more: How to Buy Solana (SOL) and Everything You Need To Know
Top Analysts Predict Altcoin Season s Start
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin s dominance in the market has been undeniable, reaching new
all-time highs. However, retail investors are eagerly anticipating the altcoin
season.
Analyst Miles Deutscher has observed that altcoins are not keeping pace with
Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) . He suggests that the market is still very much driven by
Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, overshadowing other cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта. Moreover, other narratives,
such as meme coins , have fragmented the liquidity that would have instead
gone to fundamentally strong altcoins.
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“This has been a Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin-narrative led cycle… Specific narratives have
significantly outperformed (with majors lagging). Memes, AI, and RWA have been
the clear leaders so far this cycle,” Deutscher said.
Read more: 11 Cryptos To Add To Your Portfolio Before Altcoin Season Crypto
Narratives Performance. Source: Dune
Conversely, CryptoQuant CEO Ki Young Ju sees potential for Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum to
kickstart the altcoin season, noting its improving market value to realized
value (MVRV) ratio compared to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin.
“Given the current ETF situation, this might be an ETH-only season.
Historically, when ETH surges, other alts tend to follow,” Ju wrote .
Binance Disables Copy Trading in the European Union• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз
On the regulatory front, Binance has ended its copy trading services in Europe• Физико-географические регионы » Европа
as the new Markets in Crypto Assets (MiCA) regulations loom. Set to provide
uniform crypto regulations across the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз; these rules prompted Binance to
direct users to close their copy trading positions by late June 2024.
The MiCA regulation aims to enhance market integrity and investor protection.
Read more: What Is Markets in Crypto-Assets (MiCA)? Binance Notification of
Copy Trading Restrictions in the EU• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз » .eu
• Объект организация » Организации по алфавиту » Организации на Ев » Евросоюз. Source: Binance
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BlackRock and Franklin Templeton Spearhead RWA Surge
The market for tokenized US Treasuries has exploded , driven by high interest
rates and the appeal of secure, high-yielding on-chain assets. BlackRock and
Franklin Templeton are leading this surge and managing the largest tokenized
funds.
In fact, tokenized US Treasury products have surged by over 1,000% since early
2023. As of June 26, their market capitalization has hit $1.63 billion. This
growth highlights the blending of traditional financial assets with blockchain
technology, which promises enhanced liquidity and more efficient transactions.
Read more: What is The Impact of Real World Asset (RWA) Tokenization? Value of
Tokenized Government Security Products. Source: Dune/21co
VanEck Files for First Solana ETF in the US
The week also saw a significant development as VanEck filed for the first spot
Solana ETF . This filing could pave the way for institutional investors to
gain more straightforward exposure to Solana.
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If approved, the ETF would represent a significant evolution in Solana s
market status, potentially broadening its investor base and influence. Crypto
market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта maker GSR predicted that the ETFs could drive Solana s price by
up to 9x . While GSR believes that Solana ETF could be next, it says that
Cardano (ADA) or XRP ETF approvals might not come anytime soon.
“We can adjust our relative flow estimates under the various scenarios for
Solana’s relative size to Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s 2.3x increase due to the spot ETFs. Doing
so suggests Solana may increase 1.4x under the bear flows scenario, 3.4x under
the baseline scenario, and 8.9x under the blue sky scenario,” GSR analysts
predicted.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
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This Week’s Crypto Top 10
Despite a general downturn in the market this week, with total market
capitalization falling from $2.35 trillion to $2.28 trillion, Solana stood out
with a notable increase of 10.47%. In contrast, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum
experienced declines. Meanwhile, Toncoin rose in the rankings, surpassing
Dogecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Dogecoin to become the eighth-largest cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта by market cap. Top 10
Crypto Assets by Market Capitalization. Source: CoinMarketCap
From regulatory changes and market shifts to significant new potential ETFs,
these events are critical in shaping the crypto ecosystem. They reflect
broader economic trends and technological advancements, drawing keen interest
from diverse stakeholders within the financial ecosystem.
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