According to Matthew Sigel of VanEck, the Solana ETFs will go public after the US cryptocurrency sector gains greater regulatory certainty.
VanEck is acting in total opposition to BlackRock officials, who are fretting over not pursuing cryptocurrency ETFs. According to a recent statement from Matthew Sigel, Head of Digital Assets at VanEck, the Solana ETFs could launch earlier than most people think.
Solana ETFs coming soon
In a recent interview, Sigel said that SOL ETFs are heading to Wall Street and could surprise everyone who believes differently with Scott Melker, the host of The Wolf of All Streets Podcast. The BlackRock Ethereum ETF is performing well since its inception, but its management are unsure about the possibility of seeing other cryptocurrency ETFs hit the market.
The day prior, Samara Cohen, CIO at BlackRock, stated that the market isn’t very interested in the Solana ETF. VanEck, though, doesn’t think this is the case. In response to industry participants’ mistrust, Sigel stated:
“We disagree with the notion that Bitcoin and Ethereum will be the only ETFs. The market in Europe already boasts a variety of crypto ETPs, including single coin and basket options, and we aim to lead this innovation in the U.S. as well.”
The president of VanEck Digital Asset expressed optimism about upcoming regulatory reforms that may allow for the introduction of further cryptocurrency exchange-traded funds (ETFs). Market participants are feeling upbeat following the SEC’s latest change in the Binance case, which eliminates ten cryptocurrencies from the third-party securities list.
However, crypto-friendly SEC commissioner Hester Pierce stated that more persuasion could be necessary before the SOL ETF is released onto the market.
Sigel voiced reservations that a multi-basket system would ever succeed, while discussing the need for some diversity in the market for cryptocurrency ETFs.
Will the ETF come ahead in 2024?
Even while players like VanEck have been advocating for a Solana ETF, it doesn’t appear likely that one will be released this year given the upcoming US elections. Moreover, Solana only accounts for 3.3% of the total value of the cryptocurrency market, which prompts the SEC to consider if the altcoin can meet the standards for price manipulation and liquidity that the ETF needs.
As of the time of publication, the price of Solana is under more selling pressure, having dropped 6.7% and falling below $170. Analysts predict that SOL will surpass $200 before the end of the year.
Aave price surges amid whale accumulation and V3.1 launch
Protocol for decentralized finance As the market attempts to recover from the recent crash that sent the majority of cryptocurrencies to crucial support zones earlier this week, Aave is witnessing a notable increase in whale activity.
Lookonchain revealed information on July 31 that whales had been actively accumulating Aave during the previous 48 hours. Whales withdrew over 58,848 AAVE, valued at $6.47 million, from exchanges at this time, the report indicates.
The whale address 0x9af4 once took out 11,185 AAVE, which is equivalent to $1.23 million, from Binance. In the meanwhile, tokens valued at approximately $2.38 million were transferred from the exchange to another address, which deposited 21,619 AAVE into Aave.
These withdrawals come after the whale address 0xd7c5 previously sent 26,044 AAVE, or more than $2.83 million, off of Binance.
Due to pressure from these whales on the purchase side, the price of AAVE increased by almost 7% in the last day. After rising by more than 18% during the previous week, the DeFi token is currently trading at over $111.
After Aave creator Marc Zeller revealed a fee flip plan intended to implement a buyback program for AAVE tokens, the price of AAVE recently surged by more than 8%.
Aave v3.1 goes live
Approximately $22 billion is the entire value that is now locked in the Aave protocol. Around $19.9 billion is on Aave V3, according to DeFiLlama, while the V2 chain still has roughly $1.9 billion in TVL and V1 has roughly $14.6 million.
Earlier in the day, Aave Labs said that Aave V3.1 was now live on all networks where Aave V3 instances were currently running.
The V3.1 version includes improvements aimed at enhancing the overall security of the DeFi protocol. The v3.1 enhancements, which also feature improved network usability and operational efficiency, were accepted by the Aave DAO governance.
Aave Labs, meantime, has unveiled an ambitious project plan that includes, among other things, a 2030 vision for Aave V4.
Stablecoin issuer Tether pauses Bitcoin purchase amidst %1.3B profit in Q2 2024
Famous stablecoin issuer Tether revealed a halt to Bitcoin purchases even though they achieved a record-breaking $1.3 billion in net operational profit for the second quarter of 2024. This change was signaled by the audit of the financial assurance by leading international accounting firm BDO.
Tether held onto its Bitcoin holdings at the same levels as the previous quarter, defying its regular buying tendency.
Tether records all-time high profits the first half of 2024
Crypto fans are questioning this sudden decision, as user Matt Ahlborg has pointed out.
Tether CEO Paolo Ardoino explained that the reserve report only includes the companies issuing the stablecoin in response to questions over the unaltered Bitcoin reserves. He also mentioned that in Q2 2024, Tether’s investment division kept buying Bitcoin.
The reserves breakdown to which you are referring in your post, cover only the companies issuing the stablecoin, to provide the most granular information on what matters the most, but Tether’s investment arm among its 6.56 billion equity owns bitcoin too.
— Paolo Ardoino 🤖🍐 (@paoloardoino) July 31, 2024
The lack of additional information about these assets or their on-chain traceability, however, sparked more debate.
Okay, thank you!
Is it revealed anywhere how many Bitcoins they bought/acquired? And will this figure be tracked on a quarter by quarter basis as well?
Aside from your tweet here, I don’t see any further confirmation of this in the attestation document.
— Matt Ahlborg (@MattAhlborg) July 31, 2024
Despite this, Tether’s overall financial health is still quite good, as seen by its high level of profitability and robust asset reserves.
The most recent Q2 2024 financial statement featured noteworthy accomplishments. Notably, Tether’s net profit for the first half of the year was an astounding $5.2 billion. The group’s consolidated net equity was an astounding $11.9 billion as of June 30, 2024.
In addition, Tether’s holdings of US Treasuries hit an all-time high of $97.6 billion, moving it up to the 18th rank globally for US debt ownership.
The management of Tether emphasized that the firm had far more assets than liabilities. Liabilities were $113.1 billion while reserves for Tether tokens in circulation were $118.4 billion. Tether now has a net asset over liabilities cushion of about $5.3 billion.
Tether reaffirmed its sound financial position by issuing more over $8.3 billion in USDT throughout the quarter. Net equity increased despite an unrealized loss of $653 million stemming from a decline in Bitcoin prices, in part because of a $165 million gain from its gold investments.
In his remark, Ardoino emphasized Tether’s dedication to stability and openness. He emphasized Tether’s strong financial position, which allows it to lead in terms of stability and liquidity. Ardoino also mentioned Tether’s expanding clout in a number of industries, including as biotech, telecommunications, and artificial intelligence.
