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5 Things to Know This Week 💡
Institutions Buying Crypto Dip, Solana ETF Next, RWA Tokens to Watch in July...
Michael Blake
July 08, 2024
5 Things to Know in Crypto This Week 💡
Source: CoinMarketCap Heatmap, 7/8/24, 6:35pm EST
Institutions Buy the Dip: Bitcoin ETFs Rebound After Weeks of Losses 🎢
Digital asset investment products attracted $441 million in inflows last week, despite Bitcoin's price falling to its lowest since February.
Bitcoin received the majority of the inflows, with $398 million targeted by investors.
Solana and Ethereum also saw inflows of $16 million and $10 million, respectively.
Source: Decrypt
VanEck and 21Shares are planning to launch Solana-based exchange-traded funds (ETFs) on the Cboe Exchange, as confirmed by a recent Cboe filing.
The Cboe submitted 19b-4 filings to the SEC on Monday, initiating a 240-day window for the SEC to approve or deny the ETFs. Rob Marrocco of Cboe Global Markets highlighted growing investor interest in Solana.
Total SOL trading volume has reached $292 billion, almost seven times higher than the same period in 2023. Total value locked in Solana DeFi protocols also grew to $3.4 billion, a tenfold YoY increase.
Source: The Block
Top RWA Cryptocurrencies to Put on Your Watchlist in July 💸
Ondo (ONDO) is the largest coin in the Real-World Assets (RWA) sector, with a current price around $1 and a market cap of $1.4 billion.
The RWA niche recently dipped from nearly $9 billion to approximately $6 billion due to the broader cryptocurrency market correction.
Mantra (OM) is the second-biggest RWA cryptocurrency with a market capitalization of over $700 million.
Source: Kucoin/Google Images
Justin Sun Teases Gasless Stablecoin Coming to Tron by End of Year ⛽
Justin Sun, founder of Tron, plans to develop a gasless stablecoin that covers its own gas fees.
The stablecoin will first launch on the Tron blockchain and later expand to Ethereum and other EVM-compatible blockchains.
Sun aims to launch the service in Q4 of this year, expecting it to facilitate large companies in deploying stablecoin services on the blockchain.
Source: Justin Sun /The Block
This Week on Crypto Twitter: Degens Bet on Biden’s Woes 👴
Crypto users on Polymarket have bet over $326 million on questions related to the outcome of the 2024 presidential election and whether Biden will drop out.
Vice President Kamala Harris became the favorite to clinch the Democratic presidential nomination on Polymarket.
Biden's diminished prospects have brought sustained misery to BODEN holders, a Solana meme coin based on a distorted illustration of the president. BODEN crashed over 38% within 24 hours of the recent debate.
Source: Decrypt (Jeo Boden/Twitter)
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