On Friday, Bloomberg Senior ETF Analyst Eric Balchunas noted on X that BlackRock’s spot Bitcoin ETF (IBIT) had reached an important milestone at the close of trading on the previous day, becoming the fastest ETF to get to $80 billion in assets under management (AUM). The second fastest ETF to get to this level was Vanguard’s S&P 500 ETF (VOO), which got there in 1,814 days. That’s like comparing a sprinter to a tortoise. 🏃♂️🐢
But really, what fuels Mr. Cobb’s inexplicable confidence in this financial fairy tale?
With a bunch of ecosystem upgrades on the horizon, a growing interest from big players, and experts who are practically giddy with optimism, XLM is looking more attractive than a beach in July. Even the experts are saying that the price action is turning heads and might just be on its way to a cozy $1.59. 📈
In a latest news development, shared by Cointelegraph, Robinhood just brought SOL and ETH staking back to the U.S., and it’s a big moment for Solana. After being dropped in 2023 when the SEC labeled it an unregistered security, SOL is back on one of the most retail-heavy platforms in the space. This clear shift in tone and a signal that regulatory pressure around SOL may be easing. It’s like Solana has been given a second chance to shine, and it’s all thanks to the good folks at Robinhood. 🎉
In a surprising turn of events, LetsBonk.fun, the rival platform built and delivered by the BONK team, has overtaken Pump.fun in terms of market share. The BONK team plans to use half of all generated fees to buy back the meme coin, which has accelerated interest in BONK. As a result, the meme coin has rallied ahead of other top coins in the category, with an over 43% increase in a 7-day period.
On a delightful Friday morn, Ethereum did indeed leap beyond the hallowed $3,000 mark, attaining a splendid increase of over 8% within a mere 24 hours, spurred by a renewed flurry of institutional engagement. This delightful upturn follows the announcement by SharpLink Gaming, regarding their acquisition of 10,000 ETH through an over-the-counter transaction from the Ethereum Foundation, a purchase valued at a staggering $25.72 million. How laudable, as this acquisition swells SharpLink’s treasury to a princely 215,957 ETH, now worth in excess of $600 million—impressive! 🌟
Bitcoin’s percent supply on exchanges fell below 15% for the first time since 2018, with some analysts seeing this as indicating a supply shock as institutional demand from exchange-traded funds (ETFs) grows. While lower Bitcoin on exchanges can reduce immediate selling pressure, the situation is more nuanced than a simple in-out metric.
This, the 32nd burn, has seen over 60.7 million tokens (approximately $14.2 billion) removed from circulation. Since the deflation plan began in 2022, a third of the supply has been consigned to the flames, leaving a mere 139,289,513 million tokens in circulation. 🗑️🔥
Strategy, you see, has been rather aggressive in its Bitcoin accumulation strategy. And by “aggressive,” I mean they’ve been buying the stuff by the bucketload. And it’s paid off, by Jove! The company’s seen some simply spiffing returns on its investments, and Saylor’s been tweeting about it like a man possessed. 📱
Priced at $12.73 after a 15.26% daily surge at press time, INJ has invalidated its bearish structure and flipped near-term sentiment.