- Altseason in Full Swing: Binance Futures sees 71% of its volume in altcoins, signaling a potential altseason.
- Bitcoin Price Outlook: Despite facing resistance around $120,000, Bitcoin’s strong buyer support holds above $115,000, with some analysts targeting $140,000.
- Institutional Adoption & Regulation:
- PNC Bank partners with Coinbase for crypto trading, reflecting growing institutional interest.
- The GENIUS Act is expected to boost real-world asset (RWA) tokenization.
- US Senate Republicans release a draft bill for crypto market structure, expanding on the CLARITY Act.
- ETF and Investment Products:
- Solana SSK ETF surpasses $100M as Wall Street embraces crypto staking.
- SEC approves and immediately pauses Bitwise’s bid to convert BITW Crypto Index Fund to ETF.
- Company Actions:
- Bitfarms plans to buy back 10% of its shares, believing its stock is undervalued.
- SpaceX moves $153 million in Bitcoin after a three-year period of inactivity.
- FBI drops criminal probe into Kraken Founder Jesse Powell.
- Ethereum and Other Altcoins:
- Ethereum validator exit queue surges as stakers exit after a significant rally.
- Toncoin rallies as Telegram integrates a TON wallet for U.S. users.
Analysis:
- Institutional Interest Surge: Increased activity from traditional financial institutions like PNC Bank and the rise of Solana staking ETFs indicate growing acceptance and integration of crypto into mainstream finance.
- Regulatory Developments: The progression of crypto market structure bills in both the House and Senate highlights a push for regulatory clarity in the U.S., fostering a more defined environment for crypto businesses.
- Altcoin Season Signals: Increased trading volume in altcoins could potentially signal a shifting market landscape where alternative cryptocurrencies may see significant gains.