⌛Analysts Push Back Ether ETF Timeline Predictions

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Experts keep pushing back their estimated timeline for spot Ether ETFs to receive final SEC approval. After initially penciling in July 2 as the date to watch, Bloomberg’s ETF analysts are now eying July 8. However, Nate Geraci of ETFStone believes the funds will receive approval by July 12 and begin trading during the following week.

Ethereum is outperforming among smart contract networks, enjoying a significant lead in terms of TVL, fee revenue, and smart contract market cap. The data comes despite some observers claiming Ethereum has been losing ground to competitors.

Polkadot is facing community pushback after revealing it spent $37 million on marketing campaigns during the first half of 2024. However, Polkadot’s treasury team believes the high rate of DOT inflation should pose a more pressing issue for investors.

Plus, markets pull back as Mt. Gox fears intensify, Genesis Digital Assets is reportedly planning an IPO, and Chainlink is providing on-chain NAV data for Fidelity’s Institutional Liquidity Fund.

✍️ In today’s newsletter:

Ether ETFs expected to launch by mid-July
Ethereum extends dominance over smart contract sector
Polkadot’s marketing budget elicits backlash
BTC slides below $60k amid crypto downturn
Genesis Digital Assets eyes IPO
Sygnum taps Chainlink for Fidelity fund data

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⏱️Ethereum ETF Approval Delayed Until July 8

Analysts are adjusting their outlook for the pending cohort of spot Ether ETFs. Bloomberg’s ETF analysts revised their predictions to July 8, while other onlookers anticipate the funds will launch in mid-July.

🎉Data Contradicts Narrative: Ethereum Continues to Dominate Layer 1 Sector

Ethereum continues to lead the smart contract sector, despite some pundits speculating the world computer is giving up ground to the likes of Solana. Data from CoinMarketCap shows Ethereum hosting 62% of smart contract capitalization, boasting 70% of Layer 1 fee revenue, and accounting for 84% of DeFi TVL.

💰Polkadot Community Unhappy With Heavy Treasury Spend

Polkadot is facing backlash from its community after revealing its treasury spent $37 million on marketing during the first half of 2024, also equating to 42.5% of its H1 expenditures. While many investors are worried about selling pressure placed on the DOT markets, Polkadot’s treasury team believes DOT’s 10% annual inflation should pose a greater cause for concern.

📉Bitcoin Drops Below $60,000 as Mt.Gox Fears Resurface

Crypto markets continue to fall, with only three top 100 cryptocurrencies posting gains in the past 24 hours. Analysts are attributing the bearish momentum to investors managing risk ahead of Mt. Gox’s long-awaited creditor repayments this month.

⛏️Bitcoin Miner Genesis Digital Reportedly Eyes U.S. IPO

Genesis Digital Assets is reportedly the latest Bitcoin mining firm to explore going public. Notably, FTX, the bankrupt centralized exchange, is among its largest shareholders after investing more than $1 billion in GDA’s 2022 funding round.

⛓️Chainlink Powers NAV Data For Sygnum's On-Chain Fidelity Fund

Sygnum Bank is leveraging Chainlink to provide NAV data for its on-chain representation of Fidelity’s Institutional Liquidity Fund. The news follows Chainlink providing NAV data for the Depository Trust & Clearing Corporation’s (DTCC) tokenization pilot in May.

🌍 ELSEWHERE

Hong Kong regulators to review crypto rules ‘as appropriate,’ says finance secretary (The Block)
Obol Labs Forms Industry Group to Push for Decentralized Validator Technology (CoinDesk)
Accelerating Bitcoin Programmability With The Solana Virtual Machine (Bitcoin Magazine)
Blast Phase 2 Will Split 10 Billion Tokens Between ‘Points’ and ‘Gold’ (Unchained)