Good morning, Asia. Here’s what’s trending in the market:
Welcome to your morning briefing on Asian news, summarizing the top stories and market movements. You can find a more detailed overview in Coindesk’s Crypto Daybook Americas.
The newly launched Rex-Soprey Solana + Staking ETF (SSK) has the title of being the first crypto staking exchange-traded fund listed in the US. It wrapped up the day with a trading volume of $33 million. Bloomberg ETF analyst Eric Bulknath mentioned that the launch performed significantly better than the average ETF listing.
ETFs offer a way for investors to access Solana indirectly without needing any technical knowledge. Even though its volume falls short compared to the BTC and ETH ETF launches, Balchunas highlighted that SSK’s trading activity surpasses that of the recent Solana Futures ETF and XRP Futures ETF.
As for Solana, it has seen a rise of about 4%, with its price exceeding $150 following the news, according to market data from Coindesk.
In late May, the Securities and Exchange Commission announced that crypto staking was compliant with securities law, making it feasible for issuers to roll out such products.
Interestingly, there are currently no ETH staking ETFs on the US market. However, 3IQ does offer one on the Toronto Stock Exchange.
Moreover, Hong Kong’s Securities and Futures Commission introduced staking regulations back in April, which allowed local entities to offer ETH staking ETFs.
BlackRock’s Bitcoin ETF: A Competitive Edge
Moving on, BlackRock’s iShares Bitcoin ETF (IBIT) is already yielding more annual revenue than its flagship S&P 500 fund. In fact, it’s projected to generate $187.2 million annually from a 0.25% fee, managing around $75 billion in assets. By contrast, the S&P 500 ETF holds an impressive total of $624 million but charges a mere 0.03%, resulting in slightly lesser absolute revenue.
This difference isn’t merely a quirk of fees; it reflects institutional investors’ growing appetite for exposure to crypto in 2025. With every basis point typically holding importance, the inclination toward paying premiums for BTC signals a rapid adoption of cryptocurrencies among institutions. And hey, even Coinbase’s trading fees have recently spiked by 60 bps.
IBIT’s growth trajectory emphasizes the significance of branding as well. While the S&P 500 ETF has become somewhat standardized, the crypto ETF maintains a unique position, enabling it to command premium pricing. It’s becoming clearer that IBIT is capturing a significant segment of the Bitcoin ETF market, indicating that institutional adoption isn’t just on the horizon—it’s already here.
Market Movements:
BTC: Bitcoin has surged 3.6%, reaching over $109,000. This uptick is supported by strong trading volumes and a new support level established between $109,064 and $109,359, bolstered by improved global sentiment following the US-Vietnam trade deal, despite ongoing tensions in the Middle East.
ETH: Ethereum has attracted institutional interest, gaining 8.6% to hit $2,608, thanks to supportive momentum and a significant breakout as it tested resistance near $2,617.
Gold: According to Reuters, HSBC has updated its gold price forecast to $3,215 and $3,125 per ounce for 2025-2026.
Nikkei 225: The Asia-Pacific market displayed mixed results on Thursday, with Japan’s Nikkei 225 decreasing by 0.15%.
S&P 500: The S&P 500 index rose by 0.47% to reach 6,227.42 on Wednesday, following the announcement of a US-Vietnam trade deal, although unexpected surprises in June private pay raised economic concerns.
Additional Highlights:
- Ripple has filed for a Federal Bank Trust Charter, with XRP posting a 3% gain.
- Kuroko’s Chief Business Officer discussed the failures in the crypto gaming market and potential solutions.
- A New York Bankruptcy Judge gave Celsius the green light to pursue a $4.3 billion lawsuit against Tether.
