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Solana ETF filed
The Triple Scoop
June 28, 2024
SCOOPāS TL;DR
š MARKET SENTIMENT - Longer Consolidation, Longer Bull Market: Extended consolidation could lead to a prolonged bull market into mid to late 2025.
š„ TRENDING NARRATIVE - MEMES. But the narratives remain mixed.
šļø BARBELLāS WEEKLY PICK - $WIF
šļø TOP STORIES
Solana Spike
Q2 Hack Disaster
Miner Paradise
š WEEKLY WINNER - $POPCAT
VanEck Files for Solana ETF, SOL Rises 8%
VanEck's Solana ETF Filing:
VanEck filed for the first Solana (SOL) exchange-traded fund (ETF) in the U.S.
Market Impact:
SOL token price jumped nearly 8% since the filing was announced.
VanEck's Track Record:
VanEck is known for being a first mover in the ETF space.
Previously, VanEck was the first to file for a spot Ether (ETH) ETF in 2021, ahead of other major asset managers like BlackRock, Fidelity, and Ark Invest.
Reason for Filing:
VanEck views SOL as a commodity similar to Bitcoin and Ethereum.
VanEck believes Solana offers a unique combination of scalability, speed, and low costs, making it a strong competitor to Ethereum.
Crypto Total Market Cap $2.4T - 24/hour change 0.9%
Crypto Market Cap Total Volume $68B - 24/hour Change 2.4%
Majors - 24/Hour change
BTC - $61,371- 0.0%
Bitcoin Consolidation Patterns:
Historical consolidation periods after BTC hits previous cycle ATHs:
2012: ~56 days
2016: ~164 days
2020: ~78 days
2024: Currently 67 days of consolidation post-ATH hit
Average consolidation: 99.3 days.
Bitcoin is expected to continue consolidating until August/September before making a new ATH.
Takeaways for Investors:
Consolidation Phase: This period presents excellent accumulation opportunities.
Patience is Key: Successful investments and profits materialize over time.
Strong Fundamentals: Current fundamentals are the most bullish in history.
Longer Consolidation, Longer Bull Market: Extended consolidation could lead to a prolonged bull market into mid to late 2025.
Market Overview:
Total crypto market cap: $2.36 trillion (down 1.3% in the past 24 hours).
Bitcoin (BTC) trading at $60,699 (down 1.7%).
Ethereum (ETH) at $3,370 (down 0.8%).
Additional Developments:
Binance Smart Chain (BSC): Continued ecosystem expansion with increased DeFi and NFT activity.
Bitcoin ETFs: Inflows for the second consecutive day have stabilized BTC around $60K. Positive market sentiment with potential regulatory approval for more crypto ETFs.
Coinbase and Stripe Partnership: Enhancing crypto payments and stablecoin adoption by supporting USDC on Coinbase's Layer-2 network, Base.
Satoshi-Era Bitcoin Movement: 50 BTC moved to Binance from a long-dormant wallet, sparking speculation.
Presidential Debate Impact: Increased BTC volatility linked to the Biden-Trump debate, with a market spike favoring Trump.
Altcoin Highlights: Solana (SOL) surged 7% following VanEck's US ETF filing, potentially boosting institutional interest.
Conclusion:
The current consolidation phase for Bitcoin offers prime opportunities for accumulation. Patience will be rewarded as market fundamentals are highly bullish, setting the stage for significant price movements. With positive developments in the broader crypto ecosystem and potential ETF approvals, the market is poised for growth. Stay focused, capitalize on the current opportunities, and prepare for the next phase of the bull market.
THE BEST OF āXā
šļø BARBELLāS WEEKLY PICK
In each issue, our Founder āJack Barbellā delivers a hot rising star crypto asset that is yet to explode.
You can Follow Jack Barbell on X - @thebarbell_
Price $2.02
Mcap - $2.03 Billion.
As one of the leading memes on Solana, if not āTHEā meme on Solana, WIF should never be ignored.
It has dropped significantly from the highs, and is offering significant value on the table for those who dare to wear the hat.
$WIF continues to be a top smart money holding.
Letās dive at the analysisā¦
$WIF has shown less bullish optimism after its pullback, trading beneath significant bullish structure. Although this isnāt usually the structure we would like to see, it is not uncommon to see this type of movement lower before large moves to the upside, which is what we are anticipating. We have seen a nice bullish pop off of 1.5000 and have reclaimed 1.8875. This minor range is a good place to build a position, bringing back 100% just to all-time highs.
Short Term - $4-5
Long term - $10-$20
š„ THE TRENDING NARRATIVE
Right now the narratives are still very mixed with no dominating trend other than Memes showing the most strength.
There is no point fighting the trend, memes are leading the charge and utility / Ai / RWA tokens are lagging.
Within the Meme space, both Solana & ETH are delivering runners. The political memes have sold off since the election debate last night, but we expect these to continue rallying up into the US election.
Main characters on ETH: $PEPE, $BOBO, $MOG, $NPC
Main characters on SOL: $WIF, $POPCAT, $PONKE, $WOLF
These main characters will continue to show strength and run into the end of the market.
Outside of the Chinese narrative including $PEIPEI & $BIAO we donāt see any other mini-narratives forming yet.
Solana Spike - A Much needed Rebound
At a glance š
The price of Solana spiked over the last 48 hours following VanEck filing for a Solana ETF.
As a result of the spike, Solana became the 5th best performer in the top 100 cryptocurrencies by marketcap.
The price which tumbled to $123 this month found stabilization in the $130-$140 range before leaping to $150
šµļø Scoops take:
No doubt the SEC will create more hurdles than the upcoming Olympics but the bullish intent is there.
What we need (ideally want) to see is a breakthrough of the $150 barrier which will confirm a bearish bounce.
Once / If the above happens, we can all bank on the rally to $160, setting a new resistance level.
Otherwise, we could quickly find ourselves back in the $135 range.
I am excited to announce that VanEck just filed for the FIRST Solana exchange-traded fund (ETF) in the US.
Some thoughts on why we believe SOL is a commodity are below.
Why did we file for it?
A competitor to Ethereum, Solana is open-source blockchain software designed toā¦ x.com/i/web/status/1ā¦ā matthew sigel, recovering CFA (@matthew_sigel)
1:06 PM ā¢ Jun 27, 2024
Q2 Hack Disaster - Downtrend No More.
At a glance š
Losses from hacks and scams rose by 112% in Q2 to reach $572m
Immunefi shared the results which showed over double the losses from Q2 of 2023 which were $220m
One major event was the hack of the exchange, DMM, which saw $305m wiped from the exchange.
Ethereum network remained the highest source for hacking in terms of network.
šµļø Scoops take:
A sobering reminder of how bleak things can be.
A definite downside of onboarding the masses is the lack of self-awareness regarding security.
Another issue is that the volatile state of the market leaves those chasing losses to start being more speculative and clicking malicious links.
Remember, money comes and goes, donāt be that one person mindlessly chasing losses.
Miner Paradise - The Ultimate Diamond.
At a glance š
A miner who earned 50 BTC back in 2010 from mining has transferred the funds.
At the time of July 14th 2010 (when the sum was earned), BTC was trading at $0.05
The wallet, which was dormant for 14 years, just deposited the 50 BTC, now worth $3m to Binance.
šµļøScoopās take:
Talk about diamondhandsing your way to glory.
A mere $2.5 holding has paid off more than the miner could imagine.
The only issue now is the tax man as this gain is virtually the total sum transferred.
Maybe patience is the key to this game.
š WEEKLY WINNERš
$POPCAT
You donāt need us to tell you again about our bullish views on this one.
Letās just explore some of the stats.
Our edition earlier in the week covered the Bybit listing and potential Binance listing as a reason for the rise from $0.24 to $0.5.
The rise didnāt stop at $0.5 as it rose again further to $0.6 (at the time of writing) so almost 3x for the week is enough to take the award.
Feast your eyes on the delights, surprises & Alpha below.
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