A Solana ETF is coming – can a DeFi summer be near?

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This week we covered some industry-changing updates. From a groundbreaking ETF launch to potential price reversals to a serious hacking issue between an exchange and a security firm, there’s a lot to digest. Let’s take a look at what happened in crypto this week and explore how these events are shaping our space.

Canadian investment fund manager 3iQ Digital Asset Management has filed an application for North America’s first Solana exchange-traded product (ETP), the Solana Fund (QSOL), to list on the Toronto Stock Exchange. This innovative product aims to provide investors with exposure to Solana’s digital currency, SOL, offering daily price movements, long-term capital appreciation and staking yield. This product could open up more diversified investment options and invite more institutional participation in the crypto space.

On the macro side of the market, Bitcoin’s June downtrend could face a potential reversal according to Rekt Capital. A breakout of the current downtrend could trigger a price reversal, potentially stabilizing the market. However, this reversal would be local, keeping Bitcoin in a range between $60,600 and $71,500. This outlook comes at a crucial time when market sentiment is a mix of cautious optimism and anticipation.

On top of this mix-up, the crypto community has been shaken by what happened between Kraken and CertiK. Both have given their version of the facts, and the allegedly stolen amounts have now been recovered (or returned). The questions remain: is this really resolved now? Has this incident just opened a can of worms that many in the crypto security industry are either unwilling to talk about or conveniently unaware of? While the exploits are numerous, it is important to remember this adage: trust nothing, verify everything.

• First Solana ETF in North America set to launch on Toronto Stock Exchange
• Bitcoin Downtrend in June Risks Potential Reversal
• Kraken claims he was ‘extorted’ as white hat hacker demands reward after $3 million theft

Data powered by CoinGecko.

First Solana ETF in North America set to launch on Toronto Stock Exchange

The launch of the first Solana ETF in North America represents a significant milestone for the crypto industry, particularly the Solana ecosystem. It provides a regulated investment vehicle for individual and institutional investors to gain exposure to SOL, potentially increasing liquidity and widespread adoption of the cryptocurrency.

This development offers a new way to invest in Solana without the complexities of directly owning and managing the digital asset. It also signals growing institutional interest in Solana, which could lead to increased stability and long-term growth for the network. As more traditional financial products emerge for crypto, this could pave the way for broader acceptance and integration of digital assets into traditional finance. [cryptobriefing]

Bitcoin Downtrend in June Risks Potential Reversal

Despite trending downward throughout June, Bitcoin could be poised for a price reversal. This is crucial for the crypto market, as it could signal a change in market sentiment and potentially lead to a new phase of growth. Even though the reversal would be local, keeping Bitcoin within a specific range, it could bring much-needed stability and confidence to investors.

Onchain data from Bitfinex indicates that Bitcoin is under pressure from various investor groups, including whales and miners. This has led to increased flows of BTC to exchanges, a trend that usually precedes a price decline. Miners sold their reserves, thus increasing the selling pressure. [cryptobriefing]

Kraken claims he was ‘extorted’ as white hat hacker demands reward after $3 million theft

The incident involving Kraken and CertiK reveals the complex relationship between crypto exchanges and security firms that wish to identify themselves as “white hat” hackers. This situation also makes us realize that our industry needs clearer protocols for responsibly disclosing vulnerability reports.

Kraken CSO Nick Percoco criticized the act as extortion rather than ethical hacking. Despite the controversy, Kraken reassured users that no customer funds were affected. CertiK, the security company behind the hack, claimed its actions were part of a white hat operation, but the situation has sparked a heated debate over the ethical limits of crypto security, as well as the associated risks to centralized exchanges. [cryptobriefing]

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Tokens unlocked next week

• The ENA release is expected to be worth $9 million, which would result in a supply increase of 0.9%, with a market capitalization of $1 billion.

• AGIX plans to raise $6 million, which translates to a supply increase of 0.7%, as well as a market capitalization of $847 million.

• ALT has an upcoming release of $20 million, which will result in a 6.9% supply increase. ALT has a market capitalization of $296 million.

• YGG’s upcoming release of $11 million will increase supply by 4.5%, with a market cap of $239 million.

• ID plans to raise $35 million, which translates to an 18.2% supply increase, as well as a market cap of $195 million.

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