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 1.30% dropping below $64k, ETH 2.67% below $3500, and SOL 9.51% 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 2.67% 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 26.41% 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 -0.58% 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
All metrics as of 2024-06-21 12:00:29 All Funding rates are in bps Crypto Prices
All prices as of 2024-06-21 13:53:04 Exchange Traded Products (ETPs)
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