VanEck Proposes First Spot Solana ETF in the U.S. Amid Crypto ETF Approvals

Daily Top Performer — Helium Mobile (MOBILE)

The SPX index is up by 0.09%, while bond yields dropped following new data suggesting an economic slowdown, supporting expectations of potential rate cuts. Despite mixed job market signals, GDP growth estimates were marginally raised. The broader cryptocurrency market is up, with Bitcoin and Ether rising by 0.65% and 1.56%, respectively in the past 24 hours.

Today's top performer is MOBILE, which surged 31.8% after Helium Mobile Offers Independence Day Discount on Hotspots and Chance to Win Jarritos Sodas.

Helium Mobile (MOBILE), launched in November 2021, is a decentralized wireless phone service operating on the Solana blockchain and utilizing T-Mobile's 5G infrastructure. It is part of the crypto-powered Helium network, which allows individuals to create and operate mobile networks incentivized by tokens. Helium Mobile is celebrating Independence Day by offering a $74 discount on a Hotspot and a chance to win 100 sodas from Jarritos for summer events. Use the code FREEDOM74 for the promotion.

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Talk of the Town:

VanEck has submitted a filing to launch the first spot Solana ETF in the United States, named the "VanEck Solana Trust," aiming to track the price of Solana (SOL) directly with SOL tokens. This filing follows the SEC's recent approvals for Bitcoin and Ethereum ETFs, boosting industry confidence in the acceptance of additional crypto asset ETFs. The proposed ETF will not engage in activities like staking to earn additional SOL, focusing solely on reflecting SOL's price performance. This move comes amidst the SEC's ongoing legal debates over whether SOL should be considered a security, with industry experts optimistic about the eventual approval of Solana ETFs given the precedents set by other cryptocurrency ETFs.

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Spot Bitcoin ETF Flows:

The Asia-Pacific region is seeing a surge in cryptocurrency ETFs, with Australia and Hong Kong leading the charge. Australia launched two Bitcoin ETFs following Hong Kong's introduction of six Bitcoin and Ethereum ETFs. The competition between these markets focuses on capturing significant shares in the Asian financial sector. Hong Kong targets institutional investors and plans to link with mainland China, while Australia aims to attract local professional and institutional investors. Each region's approach is shaped by its regulatory landscape and strategic market goals.

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Airdrop to Watch:

Zeta Markets, a Solana-based decentralized exchange (DEX), successfully launched a highly anticipated airdrop of its ZEX token, which significantly exceeded market expectations by doubling in value. Initially set at $0.13, the token's price surged to over $0.30 before stabilizing around $0.25. The airdrop distributed 100 million tokens, 10% of the total supply, prioritizing long-term users and rewarding them based on their trading activity via a points system. An additional 20% will be distributed in a future phase to those who stake their tokens. ZEX also aims to function as a governance and native gas token for Zeta X, a forthcoming DeFi blockchain on Solana. This event marks a significant trading volume boost for Zeta, which reported $3.24 billion in May alone.

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