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The Whale Who Was Up $100 M: Why I’m Leaving HyperLiquid
Protocol Survived, Users Didn’t I just made a personal—and painful—decision: I will no longer trade on HyperLiquid. I’m not calling for a boycott; I’m simply following the drift of my own values. After clearing $95 M on HL—and crossing nine figures across venues—my P&L is still positive this year. But on 10 October I lost $62 M in a single liquidation cascade. That day showed me the industry has out-grown its “hope and prayer” risk architecture.What Actually Happened on 10·10Binance’s interna...
From Meta to Blockchain Rising Stars: The Rise of Sui and Aptos
In recent years, the cryptocurrency market has experienced explosive growth. The success of mainstream cryptocurrencies like Bitcoin and Ethereum has attracted widespread attention from global investors. Emerging projects continue to emerge, offering a variety of investment opportunities. Investors are attracted by their high potential for returns, while also being aware of the market's high volatility and risks. Sui and Aptos are two blockchain projects that have recently garnered significan...
When the “Infinite-Ammo” mNAV Flywheel Reverses: Hidden Sell-Side Risks in the Crypto-Treasury Narra…
Executive Summary Treasury-driven alt-coins have turbo-charged this bull run. Ethereum has risen from US$1 800 to US$4 700 (+160 %) as listed “mini-MSTRs” like SBET and BMNR relentlessly buy ETH. Solana, BNB and HYPE have spawned copy-cat treasuries of their own. But the same flywheel that lifts prices can spin backwards. WINT—once a BNB-treasury poster-child—was delisted by Nasdaq and fell 91 %. Lion Group just trimmed US$500 k of its own HYPE stack. If mNAV (market-to-NAV ratio) drops below...
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Could Solana's Spot ETF Arrival in July Replicate Bitcoin's Success Story?
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Could Solana's Spot ETF Arrival in July Replicate Bitcoin's Success Story?
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On June 11, the U.S. SEC notified multiple institutions proposing Solana spot ETFs to resubmit amended S-1 filings within seven days, focusing on refining language around "in-kind redemption mechanisms" and "staking provisions."
This move, interpreted as a clear regulatory shift, ignited bullish sentiment. SOL surged past $165, marking a 5% intraday gain. Investors now speculate Solana could become the third crypto asset (after BTC and ETH) to secure a spot ETF, shifting focus from "if" to "when" and "who."
The SEC's priority is no longer whether to approve a Solana ETF but how to regulate its staking and redemption structures. The significance of these S-1 amendments becomes clear when contrasted with Ethereum's ETF approval in May 2024:
ETH ETFs were greenlit only after the SEC dropped its securities classification debate and excluded staking clauses.
Solana, as a PoS-heavy chain, faces scrutiny over staking compliance. The SEC’s demand for staking details suggests it’s adapting regulations to accommodate PoS, not avoiding it.
Notably, the SEC pledged to provide feedback within 30 days of S-1 submissions—a rare expedited timeline compared to BTC/ETH ETF reviews. Approval could come as early as mid-July.
Per Blockworks, insiders predict final approval within 3–5 weeks after S-1 updates. Bloomberg Intelligence’s James Seyffart expects clearance by July, noting:
"The SEC may fast-track Solana’s 19b-4 filings and staking ETFs. While the final deadline is October, political pressures could accelerate the process."
Analyst Eric Balchunas raised SOL ETF approval odds from 70% to 90%, tweeting:
"Get ready for a potential altcoin ETF summer—Solana may lead the charge."
Political tailwinds: Trump’s pro-crypto stance, Congress overturning SAB121, and the FIT21 bill’s proposed securities exemptions for decentralized assets all bolster Solana’s case.
Seven asset managers—VanEck, 21Shares, Grayscale, Bitwise, Canary Capital, Franklin Templeton, and Fidelity—have filed for SOL ETFs. Grayscale plans to convert its existing SOL trust into a spot ETF, mirroring its BTC/ETH successes.
BTC’s precedent:
BTC rallied 270% from $27K (Oct 2023) to $73K post-ETF approval (Jan 2024), despite a 21% dip immediately after trading began.
ETH’s cautionary tale:
Gained <30% between May approval and July trading launch, then crashed 30% within a month.
"Castrated" ETFs (no staking) dampened enthusiasm.
SOL’s potential:
GSR models suggest:
5% of BTC ETF inflows → 3.4x price surge ($160 → $500).
14% inflows → $800+.
Risks:
Early investor sell pressure (low cost basis).
65% of SOL is staked; ETF staking rules remain uncertain.
DEX/DeFi liquidity migration if ETFs dominate.
Expect "buy the rumor, sell the news" volatility akin to BTC’s ETF cycle.
With approval likely in 2–3 weeks, SOL could test $200–300 short-term. Long-term success hinges on:
ETF design: Solving staking to offer "on-chain yield + regulatory clarity."
Ecosystem readiness: Can Solana’s DeFi absorb institutional inflows?
A Solana ETF isn’t just a product—it’s a stress test for PoS adoption, chain competition, and DeFi resilience.
Disclaimer: This article represents the author’s views, not investment advice. Image credits: Odaily.
Tags: #Cryptocurrency #DeFi #BTC #ETH #Investing #Decentralization #SOL #Ethereum
Follow PANews for more insights across market cycles.
Recommended Reading:
FSB Chair Warns Crypto Nearing Systemic Risk "Tipping Point"
Stablecoin Golden Age: USDT vs. USDC Divergence
BTC Breaks $105K; ETH Dips Below $2.5K
Brazil Proposes 17.5% Flat Tax on Crypto Profits
Trending: #BTC #Pump.fun #Points #HYPE #MEME #RWA #AltSeason #ETF #SOL #Stablecoins #Sui #HongKong #FTX #Strategy #Airdrops
On June 11, the U.S. SEC notified multiple institutions proposing Solana spot ETFs to resubmit amended S-1 filings within seven days, focusing on refining language around "in-kind redemption mechanisms" and "staking provisions."
This move, interpreted as a clear regulatory shift, ignited bullish sentiment. SOL surged past $165, marking a 5% intraday gain. Investors now speculate Solana could become the third crypto asset (after BTC and ETH) to secure a spot ETF, shifting focus from "if" to "when" and "who."
The SEC's priority is no longer whether to approve a Solana ETF but how to regulate its staking and redemption structures. The significance of these S-1 amendments becomes clear when contrasted with Ethereum's ETF approval in May 2024:
ETH ETFs were greenlit only after the SEC dropped its securities classification debate and excluded staking clauses.
Solana, as a PoS-heavy chain, faces scrutiny over staking compliance. The SEC’s demand for staking details suggests it’s adapting regulations to accommodate PoS, not avoiding it.
Notably, the SEC pledged to provide feedback within 30 days of S-1 submissions—a rare expedited timeline compared to BTC/ETH ETF reviews. Approval could come as early as mid-July.
Per Blockworks, insiders predict final approval within 3–5 weeks after S-1 updates. Bloomberg Intelligence’s James Seyffart expects clearance by July, noting:
"The SEC may fast-track Solana’s 19b-4 filings and staking ETFs. While the final deadline is October, political pressures could accelerate the process."
Analyst Eric Balchunas raised SOL ETF approval odds from 70% to 90%, tweeting:
"Get ready for a potential altcoin ETF summer—Solana may lead the charge."
Political tailwinds: Trump’s pro-crypto stance, Congress overturning SAB121, and the FIT21 bill’s proposed securities exemptions for decentralized assets all bolster Solana’s case.
Seven asset managers—VanEck, 21Shares, Grayscale, Bitwise, Canary Capital, Franklin Templeton, and Fidelity—have filed for SOL ETFs. Grayscale plans to convert its existing SOL trust into a spot ETF, mirroring its BTC/ETH successes.
BTC’s precedent:
BTC rallied 270% from $27K (Oct 2023) to $73K post-ETF approval (Jan 2024), despite a 21% dip immediately after trading began.
ETH’s cautionary tale:
Gained <30% between May approval and July trading launch, then crashed 30% within a month.
"Castrated" ETFs (no staking) dampened enthusiasm.
SOL’s potential:
GSR models suggest:
5% of BTC ETF inflows → 3.4x price surge ($160 → $500).
14% inflows → $800+.
Risks:
Early investor sell pressure (low cost basis).
65% of SOL is staked; ETF staking rules remain uncertain.
DEX/DeFi liquidity migration if ETFs dominate.
Expect "buy the rumor, sell the news" volatility akin to BTC’s ETF cycle.
With approval likely in 2–3 weeks, SOL could test $200–300 short-term. Long-term success hinges on:
ETF design: Solving staking to offer "on-chain yield + regulatory clarity."
Ecosystem readiness: Can Solana’s DeFi absorb institutional inflows?
A Solana ETF isn’t just a product—it’s a stress test for PoS adoption, chain competition, and DeFi resilience.
Disclaimer: This article represents the author’s views, not investment advice. Image credits: Odaily.
Tags: #Cryptocurrency #DeFi #BTC #ETH #Investing #Decentralization #SOL #Ethereum
Follow PANews for more insights across market cycles.
Recommended Reading:
FSB Chair Warns Crypto Nearing Systemic Risk "Tipping Point"
Stablecoin Golden Age: USDT vs. USDC Divergence
BTC Breaks $105K; ETH Dips Below $2.5K
Brazil Proposes 17.5% Flat Tax on Crypto Profits
Trending: #BTC #Pump.fun #Points #HYPE #MEME #RWA #AltSeason #ETF #SOL #Stablecoins #Sui #HongKong #FTX #Strategy #Airdrops
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