Bloomberg ETF analysts have again extended their predictions on the possible listing date of Ethereum ETFs on the market until mid-July. This and more news in this practical daily summary so that you are always informed with the most recent events that occur within the crypto world.
“Ethereum ETFs should have already started trading,” analysts say
📍Eric Balchunas and James Seyffart are now targeting mid-July for a possible spot Ethereum ETF listing. Both analysts took to X to express some frustration over the SEC’s approval process for Ether spot ETFs.
Although the chairman of the securities regulator, Gary Gensler, said a few days ago that the approval process for Ethereum spot ETFs was going smoothly, these funds have not started trading on the US market because the S-1 forms have not yet been approved by the SEC.
From his X account, Balchunas commented that the SEC is taking its time to give the green light to these investment funds, which should already be listed on the market. He commented that the last round of comments from the regulator was “literally nothing” and that the reasons why the approval process for the S-1 forms of the Ethereum ETFs is taking so long are not known.
On the other hand, following Balchunas' comments, Seyffart highlighted that fund issuers could be re-submitting their modified S-1 forms during this week, so the approval of the listing of ether funds could occur at the end of next week or, in any case, the week of July 15.
“I have pretty little confidence in those release date predictions at this point”, Seyffart said, noting that S-1 forms do not have an approval deadline, unlike Form 19B-4, which was approved on May 23.
According to Gensler, Ethereum ETF S-1s will be approved this summer. Meanwhile, ETF Store president Nate Geraci believes the regulator will go through one more round of tweaks with fund issuers before giving the go-ahead for these investment funds to go public.
A new resttaking protocol is emerging in the blockchain ecosystem
📍Symbiotic, a resttaking protocol similar to EigenLayer, has managed to reach $1.000 billion in TVL in less than a month. Launched on June 12, the new resttaking protocol backed by Paradigm and Cyber Fund is positioning itself as a strong competitor to EigenLayer, surpassing $1.000 billion in total value deposited in its smart contracts, at the time of writing.
According to data from DeFi Llama, Symbiotic’s TVL grew exponentially on July 3, increasing by 300%. With this, Symbiotic reached its deposit limit of 210.600 stETH. The developers reported that users can still stake other assets and that token deposit limits will increase over time.
At the close of this edition, the Protocol TVL is $1.024 billion, according to DeFi Llama.
Source: DeFi Llama
In addition to the TVL achieved, Symbiotic also announced a strategic partnership with ZK platform Kalypso, which will enable the decentralized testnet to be secured through ETH resttaking.
Polkadot bets on Web3 games
📍The Web3 Foundation has awarded a grant to blockchain gaming platform Dot Play to accelerate Polkadot’s appeal and innovation. Through Dot Play, the Web3 Foundation seeks to position Polkadot as a pivotal hub for on-chain gaming. It noted that the grant awarded to the platform will enable the integration of essential tools and provide support to blockchain game builders to foster the creation of a diverse ecosystem for gaming on Polkadot.
The project grant includes the development of the DotPlay Gaming portal, which will provide game developers with comprehensive resources and direct contact with the Dot Play team for the development of new applications. It will also include support for various projects within the Web3 gaming ecosystem on Polkadot and the technical integration of these projects with the blockchain. On the latter, the Web3 Foundation has pledged to guide developers of Web3 gaming projects in the Polkadot ecosystem to ensure seamless integration with the blockchain network’s technology stack.
The implementation of this grant will allow the blockchain to evolve with new market trends and become an innovative, sustainable and attractive ecosystem for the future of Web3 gaming.
Justin Sun Wants to Buy Germany's Bitcoin Stash
📍Tron founder Justin Sun has publicly announced his interest in purchasing Germany's Bitcoin reserves. The German government has continued selling bitcoins through cryptocurrency exchange platforms, prompting Sun to declare his interest in acquiring the government's remaining stash of bitcoins.
According to statements made by the founder of Tron, his interest is to mitigate the negative effect of the Bitcoin sales that the German government has been carrying out in recent weeks. In Sun's words: “I am willing to negotiate with the German government to buy all the BTC off the market in order to minimize the impact on the market,” he said.
Sun’s comments on X sparked mixed reviews among crypto users. On the one hand, some supported his interest in acquiring the government’s bitcoin reserve, which amounts to around $2.500 billion worth of the leading cryptocurrency, while others questioned his statements. User @cryptowoetoe commented: “How does this guy always have an infinite amount of money?” while trader @resdegen asked if he could also buy the Mt. Gox bitcoin reserve that will soon flood the market.
Marathon Digital Holdings and Riot Platforms double their annual hash rate
📍Bitcoin miners have revealed that their respective hash rates on the Bitcoin network have doubled over the past 12 months. In the case of Marathon Digital Holdings, the company revealed that its hash rate on the Bitcoin network has grown by 102% since June 2023, attributing this increase to the constant expansion and improvements of its crypto mining facilities.
On the other hand, Riot Platforms revealed a 106% increase from June 2023 to the present, highlighting the growth of operations at two of its data centers located in Corsica (France) and Rockdale (Georgia).
This growth is critical to ensuring the security and sustainability of the Bitcoin blockchain.
IMPORTANT: The content of this article is for informational purposes only and, in no case, what is written here should be taken as investment advice or recommendations. Bit2Me News reminds you that before making any investment you should educate yourself and know where you invest your money, as well as the pros and cons of the system. We separate ourselves from the actions and consequences that ignorance may entail. If you decide to invest in this or another asset class, you are solely responsible for the consequences that your decisions and actions may have.
