Market Update
- BTC is flat since yesterday at $30.5k as investors were whipsawed from initial gains to a sharp headline-driven sell-off, which has now been retraced. According to CryptoSlate’s data, BTC suddenly crashed by 3.53% on the 1-hour candle to $29,946. This sudden collapse coincided with a Wall Street Journal article that reported shortcomings in the spot Bitcoin ETF applications recently filed by BlackRock and Fidelity. ETH is up 4.9% today, reversing its relative downtrend vs. BTC throughout June. This comes as CME announced it would be applying to launch ETHBTC-denominated Futures (more below). Bitcoin Cash (BCH 0.93% ) was the highest-performing large-cap digital asset this month, showing monthly gains of 91.7% and 32.7% in the past 24 hours to reach a yearly high today of $323.13. Recent outperformance has mainly come within the last ten days after BCH 0.93% was listed on EDX Markets, a recently debuted exchange with investor participation from traditional institutional investors such as Citadel and Fidelity. Litecoin (LTC 0.09% ), another asset listed with EDX, has gained 28.5% in the last day, coinciding with the LTC 0.09% hash rate falling just short of all-time highs, and in anticipation of Litecoins next halving, expected to occur on 8/5/23.
- Bitcoin took a sharp dive of over 4% in just 20 minutes following a Wall Street Journal report that the SEC found recent filings for spot bitcoin ETF funds inadequate. Companies such as BlackRock, ARK Invest, Fidelity, and others have received this classification from the SEC, which believes the filings lack clarity and comprehensiveness. Specifically, the SEC wants asset managers to name the spot Bitcoin exchange with which they would have a surveillance-sharing agreement and provide more detailed information about these arrangements. However, asset managers have the opportunity to address these concerns and resubmit their filings. Doubts were raised by some analysts regarding whether the news was as negative as portrayed in the headline by the WSJ.
- The CME Group has revealed its plans to introduce Ethereum-to-Bitcoin (ETH/BTC) ratio futures, marking a significant development in the derivatives market. The futures contracts, subject to regulatory approval and expected to launch on July 31, will enable investors to gain exposure to Ethereum and Bitcoin in a single trade. The cash-settled contracts will be based on the final settlement prices of Ether and Bitcoin futures, allowing investors to capitalize on relative value trading opportunities. This move highlights the growing acceptance of cryptocurrencies as a legitimate asset class and may pave the way for the introduction of more advanced crypto derivatives in the future, pending regulatory clearance. The move is also notable as the pair trade would be completely denominated in crypto, a first for a U.S based exchange-traded derivative and a nod to some crypto investor’s preference to denominate profit vs. BTC instead of against USD. ETHBTC is up 3.6% to trade at .063 BTC per ETH at writing.
Daily Technical Strategy
Mark L. Newton, CMT
Head of Technical Strategy
Litecoin jumped over 14% early in Friday's trading to the highest levels in more than two months. Momentum took a much-needed jump given recent gains in June, and gauges like RSI are not yet overbought. Overall, I expect $105 should prove to be minor resistance only and daily closes over this level will likely lead up to $135, with intermediate-term resistance found at $180. While patience is required before expecting immediate follow-through, LTC 0.09% is expected to exceed this giant consolidation base to embark on an intermediate-term rally in the weeks to come. Dips should find strong support near $93-$95 which should represent an attractive area to buy dips.
Daily Important Metrics
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All metrics as of June 30, 2023 12:18 PM
All Funding rates are in bps
Crypto Prices
| Symbol | Market Cap | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
 BTC | $590B | $30,401 | ↓ -0.38% | ↑ 84% | |
 ETH | $232B | $1,929 | ↑ 4.33% | ↑ 61% | ↓ -23% |
 ADA | $10.0B | $0.2855 | ↑ 4.33% | ↑ 16% | ↓ -68% |
 DOGE | $9.2B | $0.0658 | ↑ 4.37% | ↓ -6.14% | ↓ -90% |
 SOL | $7.7B | $19.37 | ↑ 9.60% | ↑ 96% | ↑ 12% |
 DOT | $6.1B | $5.12 | ↑ 2.33% | ↑ 18% | ↓ -66% |
 MATIC | $6.1B | $0.6506 | ↑ 4.31% | ↓ -15% | ↓ -98% |
 LINK | $3.4B | $6.34 | ↑ 7.03% | ↑ 14% | ↓ -69% |
 NEAR | $1.3B | $1.37 | ↑ 1.39% | ↑ 7.68% | ↓ -76% |
Exchange Traded Products (ETPs)
| Symbol | Premium to Nav | Last Price | Daily Change | Year to Date | Relative to BTC YTD |
| GBTC | ↓ -29% | $19.51 | ↓ -0.20% | ↑ 135% | ↑ 52% |
| BITW | ↓ -56% | $11.31 | ↑ 0.18% | ↑ 111% | ↑ 27% |
| ETHE | ↓ -45% | $10.07 | ↑ 1.51% | ↑ 112% | ↑ 28% |
| BTCC | ↓ -0.11% | $5.62 | ↑ 0.18% | ↑ 85% | ↑ 1.97% |
News
QUICK BITS
The Block Vitalik Buterin voices concern about SEC’s treatment of Solana and other projects "The one comment I'll make is that I feel bad that Solana and other projects are getting hit in this way," Buterin said. The post Vi... |
MARKET DATA
BtcEthereum Bitcoin Cash jumps to 14-month high amid South Korea volume spike Bitcoin Cash has skyrocketed to a 14-month high above $320, hitting highs of $326 on Coinbase. BCH upside momentum has increased since Wall Street-backed EDX l... |
CryptoSlate Bitcoin’s sudden plunge below $30k triggers $176 million in liquidations Bitcoin’s (BTC) price briefly reclaimed $31,000 earlier today before suddenly plunging below $30,000 in a sell-off that led to losses for traders who held posit... |
REGULATION
Coin Telegraph US SEC deems spot Bitcoin ETFs filings as inadequate: Report In the eyes of the SEC, the recent filings from BlackRock, ARK Invest, Fidelity and other asset managers are not "suff... |
Coin Telegraph South Korea passes cryptocurrency bill to tackle unfair trading South Korea's crypto bill aims to establish a basis for imposing penalties and liability for damages caused by unfair ... |
Coin Telegraph SEC to present response to Coinbase’s legal defense on July 13 The court also rescheduled the pre-trial conference to a pre-motion conference, shifting it to July 13 from its origin... |
