Spotlight on SOL
What's being bought and sold*
TOP TRENDING ASSETS
*Trading activity in the past 24 hours on the Uphold platform, as of 8 a.m. 21st June 2024.
The combined total of buy and sell percentages can exceed 100% due to customers who engage in both buying and selling the same asset within the 24-hour time frame.
Don’t invest in crypto unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
What’s up
Solana's Impressive Growth Hailed As New SOL Fund Readies For Launch
Solana's fast-rising status as a memecoin fountain is not going unnoticed. As of last month, Solana was responsible for 85% of all new tokens on decentralized exchanges while the blockchain's share of DEX volume continues to swell. In May, for example, Solana’s ecosystem of exchanges enjoyed a 60% rise in trading activity versus the month prior.
"Astonishing growth," BeInCrypto said, flagging a glowing SOL report from a trio of Pantera executives shining a light on various impressive feats, including spiking demand for block space and the recent ascension of Solana’s Phantom wallet to third-place within the ranks of the Apple App Store's utility category, reflecting an influx of retail users.
And now there's this: a landmark Solana-tied investment vehicle is being prepared for launch on the Toronto Stock Exchange. According to issuer 3iQ Digital Asset Management, The Solana Fund (QSOL) – if approved by Canadian regulators – would represent the first publicly traded SOL product to list in North America.
What's down
Standard Bearer Bitcoin Shirks Responsibility
Spring officially concluded with the arrival of the summer solstice yesterday afternoon, when the North Pole tilts as close to the sun as it possibly can.
Bitcoin, meanwhile, shrank away. The largest crypto spent the longest day of the year falling 3.6%. It's below $64K.
Sell pressure is being exacerbated by the German government dumping large quantities of illicit BTC that authorities had earlier seized from the operators of a movie piracy website. Germany has sold off about $325 million worth of BTC in the past 48 hours, with further sales in the works, according to blockchain analytics firm Arkham.
“The government has taken a view that the price of BTC is to soften for a while to come,” Arkham said (Decrypt).
What's next
Derivatives Traders Not Buying Sustained Sell-Off
It's not just the German government selling Bitcoin hand over fist.
Spot BTC ETFs in the U.S. recorded another day of outflows yesterday, bringing total losses for the week to $900 million. That’s five straight days of outflows. And that $900M marks the greatest outpouring since late April.
And yet there continues to be surging demand for BTC call options priced at $90K- $100K over time periods stretching into next year, according to CoinDesk.
A call option gives the purchaser the right (but not the obligation) to buy the underlying asset at a pre-set price later on, like, say, the end of January of '25. A buyer of a call is implicitly bullish.
Current call option buying action – big bets, on forthcoming BTC highs, piling higher in just the past day – implies traders are preparing for a renewed rally, QCP Capital said.
