Crypto Market Update

Today’s flash S&P PMIs surprised to the upside, leading to a brief uptick in rates, which has since largely receded. Despite this, the DXY continues its march back toward 106, nearly reaching that level this morning. Naturally, crypto continues to display relative weakness, with BTC 0.76% dropping below $64k, ETH 2.26% below $3500, and SOL -1.22% briefly dipping below $130, now trading just above that level. ETHBTC is showing some relative strength for the second consecutive week, up over 1% on the day, possibly revealing the market’s sentiment toward the impending ETH 2.26% ETF S-1 approval, which should add fuel to this trading pair. Major equity indices are mixed, with half of all sectors in the green and the other half in the red, however, underperformance from NVDA seems to be weighing on the indices.

3iQ Launches Spot SOL ETF

Canadian asset manager 3iQ has filed a prospectus to list a Solana ETP on the Toronto Stock Exchange, aiming to be North America’s first publicly traded Solana product. Known for pioneering publicly traded Bitcoin and Ether funds in Toronto, 3iQ seeks to enhance the digital asset investment landscape in Canada by working closely with the Ontario Securities Commission. The Solana Fund, pending approval, will trade under the ticker QSOL and offer exposure to both the price movements of SOL and the staking yield generated by the network. This move continues 3iQ’s mission to provide regulated investment vehicles for the growing crypto asset class. The initiative reflects the growing demand and optimism around SOL and aligns with our view that the next crypto asset to belisted on the CME will be SOL, eventually paving the way for futures and spot ETFs in the US.

Standard Chartered to Open Crypto Trading Desk

Standard Chartered is set to become one of the first global banks to enter spot crypto trading, establishing a desk in London to trade Bitcoin and Ethereum within its FX trading unit. This move, aimed at meeting institutional client demand, reflects the bank’s broader strategy to support the digital asset ecosystem, including access, custody, tokenization, and interoperability. As a backer of Zodia Custody and Zodia Markets, Standard Chartered’s involvement in the crypto space is already well established. This initiative positions the bank alongside others that have been trading crypto derivatives for years.

Technical Strategy

Despite the ongoing consolidation across many cryptocurrencies, TRX 0.61% has shown some encouraging strength off the lows in recent weeks. Today’s push to new weekly highs has helped TRON reach an important area of downtrend line resistance that’s considered a “Make-or-Break” with regards to potentially establishing a new uptrend.  The ability to clear $0.12 would allow TRX to break out of the downtrend that’s been in place since February, allowing this to push higher to test and likely exceed May highs at $0.12785 and eventually lead back to test $0.144 from back in late February.   Its consolidation in recent months has proven helpful towards lessening its overbought conditions following a tripling in prices since the 2022 lows.  Eventually, a push back above $0.144 would allow for a much larger advance to unfold with targets near $0.181 from Spring of 2021.  At present, this area near $0.12 looks like its first real test, and should be watched carefully in the weeks ahead for evidence of any possible breakout.

Daily Important Metrics Crypto Size Bullish signal is tied to the crypto market growing Market cap 2.33T $-74.6B (-3.10%) BTC Dominance 53.82 % (-0.59%) Stablecoins Increase in circulating stablecoins is a Bullish signal In Circulation +$113B (0.25%) In Exchanges +$20B (-0.38%) BTC Metrics A decrease in Bitcoin on exchanges is bullish, indicates investors are moving coins to cold storage # BTC Exchanges +$2.3M (0.00%) Funding Rates Positive funding rates indicate traders are Bullish Aggregate +0.5935 (0.1249) Binance +0.5845 (1.3175) Bitfinex +0.0159 (0.0392) Bitmex +0.5152 (0.2168) ByBit +0.7914 (-0.0800) Deribit -0.3028 (-0.2270) Huobi +1.2140 (1.2140) Kraken +0.2245 (-0.5113) Mean +0.5935 (0.1249) OKex +0.5593 (0.4262) Sentiment BMI : 35 (100.00%) Futures A positive spread between Futures Prices and Spot Prices is Bullish CME Price $63,820 (-3.81%) Spot Basis $-57 (-0.09%) Volume 519,869 (44.02%) Open Interest 293,761 (-0.23%) Options all exchanges Higher open interest change in a bull market is bullish for the sector Volume 22,341 (24.23%) Open Interest 272,514 (1.70%) Vol. Put/Call Ratio 0.6297 (44.89%) OOI Put/Call Ratio 0.4532 (-1.90%) All metrics as of 2024-06-21 12:00:29 All Funding rates are in bps Crypto Prices Symbol Market Cap Last Price Daily Change Year to Date Relative to BTC YTD BTC $1.26T $63,750 -1.59% 50.94% ETH $426B $3,483 -0.84% 53.09% 1.42% SOL $60B $130 -3.01% 27.64% -15.44% DOGE $1.1M $0.0011 -4.99% -98.80% -99.20% All prices as of 2024-06-21 13:53:04 Exchange Traded Products (ETPs) Symbol Prem. to Nav Last Price Daily Change Year to Date Relative to BTC YTD BITW -32.38% $34 -1.52% 47.42% -2.33% ETHE -1.13% $32 -1.25% 66.89% 10.57% News Quick Bits The Block Arbitrum’s daily revenue soared to record $3.4 million amid LayerZero token claims Amid LayerZero token claims, Arbitrum registered $3.43 million in revenue on June 20, compared to just $20,000 the day before. The Block Standard Chartered to launch spot trading desk for bitcoin and ether: Bloomberg Standard Chartered is close to starting its own spot crypto trading desk for bitcoin and ether, according to a report. The Block 3iq applies to launch Solana ETP in Canada 3iq has applied to launch the first Solana exchange-traded product in North America, the investment firm said Thursday. Market Data The Block US spot bitcoin ETFs shed $140 million as fund exit continues Spot bitcoin ETFs in the US saw their fifth consecutive day of net outflows, with $139.88 million moving out on Thursday. Dose of DeFI The Block Cosmos DEX Osmosis’ DAO voting to adopt ‘fee-free’ bitcoin bridge via Nomic If approved, the upgrade would mean bitcoin can move more freely into the Cosmos ecosystem, potentially bringing in new liquidity. Regulation The Block Consensys asks IRS to delay new crypto reporting rules, citing lack of clarity Consensys said the proposed tax form may "single-handedly destroy" self-custody wallet providers in the U.S. The Block California judge casts doubt on dismissing SEC’s case against crypto exchange Kraken A district judge cast doubt on crypto exchange Kraken's move to dismiss claims brought against it by the SEC.