Asian Morning Briefing
Here’s your daily summary of key stories from the US, along with market movements and some analysis. For a deeper dive into the US market, you might want to check out CoinDesk’s Crypto Daybook Americas.
The newly launched Rex-Soprey Solana + Staking ETF (SSK), marking the first US-listed Crypto Staking Exchange-Traded Fund, wrapped up its first day with a volume of $33 million. This was noted by Bloomberg ETF analyst Eric Balchunas, who pointed out that this launch’s performance surpasses the average for ETF listings.
ETFs like this one offer a way for investors to access Solana indirectly, which might be appealing for those without much technical knowledge.
Although this volume is lower compared to the launches of Bitcoin and Ethereum ETFs, Balchunas highlighted that trading activity is significantly stronger than that seen with recent Solana Futures ETF listings or XRP Futures ETFs.
The price of Solana rose to over $150 following the news, marking an increase of about 4%, as reported by CoinDesk market data.
Earlier in May, the Securities and Exchange Commission (SEC) clarified that crypto staking does not violate securities laws, thus paving the way for issuers to introduce staking products.
At present, there are no Ethereum staking ETFs available in the US, although 3IQ does offer one on the Toronto Stock Exchange.
Over in Hong Kong, the market regulator, Securities and Futures Commission, published staking rules in April, leading to the introduction of Ethereum staking ETFs by local publishers on the city’s stock exchange.
Additionally, BlackRock’s iShares Bitcoin ETF (IBIT) is generating more annual revenue compared to its flagship iShares Core S&P 500 ETF (IVV), as detailed in a recent Presto Research report. IBIT is expected to earn approximately $187.2 million per year from a 0.25% fee while managing $75 billion in assets. In contrast, IVV, which has $624 billion in assets, charges only 0.03%, resulting in somewhat lower overall revenue.
This discrepancy points to broader trends in how institutional investors are seeking crypto exposure in 2025. It seems that despite the fees, there’s a growing acceptance of premium pricing for Bitcoin, especially when associated with reputable brands like BlackRock. Even Coinbase’s trading fees are reportedly climbing to 60 basis points.
The growth of IBIT highlights the significance of branding in this space. Institutions might be interested in Bitcoin, but they prefer the assurance that comes with a BlackRock label. Unlike the commoditized S&P 500 ETF, the Crypto ETF seems to retain that premium value.
It’s becoming increasingly evident that the institutionalization of crypto is not just on the horizon; it’s happening right now.
BTC: Bitcoin rose by 3.6% in 24 hours to exceed $109,000, driven by strong volumes and new support levels, as global sentiment improves following a US-Vietnam trade deal amid ongoing Middle Eastern tensions.
ETH: Ethereum is attracting institutional interest and has gained momentum, forming new support at $2,565 and climbing 8.6% to $2,608, significantly influenced by resistance testing near $2,617.
Gold: HSBC has upgraded its gold price forecasts for 2025-2026 to $3,215 and $3,125 per ounce, according to reports from Reuters.
Nikkei 225: The Asia-Pacific market displayed mixed results on Thursday, with Japan’s Nikkei 225 dropping by 0.15%.
S&P 500: The S&P 500 increased by 0.47% to 6,227.42 on Wednesday following the announcement of a US-Vietnam trade deal, although a surprising private pay report for June raised economic concerns.
