Solana ETF Applications Gain Momentum
Bitcoin surged past $56,000 on Tuesday (July 9), peaking at $57,275, while Solana (SOL) - often dubbed the "Ethereum killer" - rallied nearly 8%. This rebound coincides with Cboe BZX Exchange filing 19B-4 forms for two proposed Solana ETFs:
- 21Shares Core Solana ETF
- VanEck Solana Trust
The filings argue that SOL shares Bitcoin and Ethereum's resistance to market manipulation, stating: "Exchange believes SOL has significant liquidity and established surveillance-sharing agreements similar to BTC and ETH." (Source: The Block)
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Key Takeaways:
- VanEck and 21Shares submitted registration statements in June
- SEC previously classified SOL as a security
- Approval timeline remains uncertain pending SEC response
German Bitcoin Movements Raise Questions
German authorities transferred 10,000 BTC (~$573M) to exchanges on Monday, with nearly 30% returned unexpectedly. Arkham Intelligence data shows:
| Recipient | BTC Received | Approx. Value |
|---|---|---|
| Flow Traders | 5,200 | $298M |
| B2C2 Group | 4,200 | $241M |
| Bitstamp | 2,350 | $135M |
| Total Held | 40,000+ | $2.3B+ |
Market analysts suggest the returns may indicate:
- Unfulfilled sell orders at target prices
- Prearranged agreements between exchanges and government
Republican Party Pledges Pro-Crypto Stance
The GOP's new platform includes:
✅ Halting regulatory crackdowns on digital assets
✅ Protecting Bitcoin mining rights
✅ Opposing CBDC development
Notable developments:
- Trump campaign now accepts crypto donations
- Fed emphasizes CBDCs require Congressional approval
- Party frames CBDCs as "government surveillance tools"
Bitcoin Technical Outlook
Current Indicators:
- RSI: 58 (bullish)
- MACD: Positive momentum
- Price above 20/50-day MAs ($56,563 / $56,463)
Key Levels:
- Support: $56,290 → Breakdown could test $55,480
- Resistance: $57,275 → Next target $58,000
FAQs
Q: Will Solana ETFs get approved?
A: Approval remains uncertain given SEC's security classification of SOL, but filings mark significant institutional interest.
Q: Why did Germany return Bitcoin?
A: Likely due to market conditions preventing planned sales, indicating coordinated liquidation strategy.
Q: How might US elections impact crypto?
A: Republican platform could slow regulatory enforcement, though legislative changes would require Congressional action.
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Note: This analysis excludes political commentary per content guidelines. Focus remains on market-impacting developments.