**SOL Surges 7% as VanEck Files for Solana Trust Fund**
On June 28, 2024, multiple sources confirmed that VanEck has filed for a Solana-based spot ETF (VanEck Solana Trust) with the U.S. Securities and Exchange Commission (SEC). Following this news, Solana’s cryptocurrency price soared by nearly 10%. VanEck, an asset management firm overseeing over $89 billion in assets, made this the first application of its kind submitted to the SEC. Upon the news of the ETF application, Solana saw an immediate rise but quickly faced resistance and profit-taking. Bitcoin also reacted to the news, jumping from $60,800 to $62,200, but has since fallen back below $62,000.
With approximately 31 days remaining until the next Federal Reserve interest rate decision (2024.08.01), the market is closely watching these developments.
[Source](https://hk.investing.com/economic-calendar/interest-rate-decision-168)
**Market Technical and Sentiment Analysis**
**Sentiment Analysis Components**
**Technical Indicators and Price Trends**
Over the past week, BTC prices declined by 4.88%, while ETH prices dropped by 1.78%.
[BTC price trend over the past week]
[ETH price trend over the past week]
The table below shows the rate of price change over the past week:
**Volume and Open Interest**
BTC and ETH saw significant trading volumes on June 24, with a slight increase in open interest.
[BTC: Price, volume, and open interest trends]
[ETH: Price, volume, and open interest trends]
**Historical and Implied Volatility**
On June 24, BTC and ETH reached their highest levels of historical volatility; BTC’s implied volatility slightly increased, while ETH’s slightly decreased.
[Historical (yellow line) vs. Implied Volatility (blue line), with 7-day average (red dots)]
**Event-Driven Analysis**
No significant data releases occurred over the past week.
**Sentiment Indicators**
**Momentum Sentiment**
Among Bitcoin, Gold, Nasdaq, Hang Seng Index, and CSI 300, the Nasdaq was the strongest performer, while Bitcoin fared the worst.
[Performance of various assets over the past week]
**Lending Rates and Borrowing Sentiment**
The average annualized lending yield for USD was 13.3%, with short-term rates around 12.4%.
[USD lending rate trends]
**Funding Rates and Leverage Sentiment**
BTC’s average annualized funding rate was 8.8%, with leverage sentiment remaining low.
[BTC funding rate trends]
**Market Correlation and Consistency Sentiment**
Among the 129 selected coins, market correlation dropped to about 0.45, indicating a significant decrease in consistency among different assets.
[BTC price (blue line) vs. selected cryptocurrencies’ correlation (green line)]
**Market Breadth and Overall Sentiment**
Among the 129 selected coins, 5.5% were above their 30-day moving average, while 25% of BTC prices were above theirs. Additionally, 4% of prices were more than 20% above their 30-day low, and 6.3% were within 10% of their 30-day high. These indicators suggest a continued downward trend for most cryptocurrencies over the past week.
[Market breadth indicators for selected cryptocurrencies]
**Summary**
Over the past week, BTC and ETH experienced significant volatility and trading volume, particularly during the June 24 drop. Open interest for both cryptocurrencies slightly increased. BTC’s implied volatility saw a minor rise, while ETH’s decreased. The funding rates for BTC remained low, reflecting ongoing bearish sentiment in leveraged positions. Market breadth indicators pointed to a general downtrend in the broader cryptocurrency market.
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