Morning Minute | Solana ETFs Are Coming

Morning Minute | Solana ETFs Are Coming

TylerD's Market Summary

๐Ÿ’ฐ Canada's 3iQ Applies for SOL ETF

The bullish headlines keep pouring in.

Even though prices are going the wrong way (thanks, German government).

But your new daily dose of hopium is here.

What Happened?

Yesterday, Canada's largest digital asset manager 3iQ filed to list a Solana ETP (exchange traded product, like an ETF) on the Toronto Stock Exchange (TSX).

This would be the first public SOL ETP in North America.

TLDR:

  • Called the Solana Fund
  • Ticker QSOL
  • Offers exposure to SOL price + staking yield

So price exposure + staking yield is included in this product.

Christopher Matta, a Strategic Advisor to 3iQ commented:

"Our goal is to continue pushing the envelope and maintaining Canada as an innovation hub. The Solana ETP will have staking enabled, similar to our Ether ETPs, allowing us to pass through the yield to investors."

And 3iQ ($3.5B in assets under management) has experience successfully launching these types of funds early.

They were one of the first fund managers to list a Bitcoin fund on the Toronto Stock Exchange, and were the first to luanch a public ETH fund.

Why It Matters

The institutions are coming, for all of the crypto majors.

And the more that these Solana funds get spun up, the more it gets cemented in the "majors" category.

It's a huge win for Solana and a big signal to those looking at where to invest in the crypto market.

Shoutout to 3iQ for pushing this forward.

๐Ÿšš What else is happening in NFTs?

Here is the list of other notable headlines from the day in NFTs:

  • ETH led NFT trading volume with $7.8M (+35%) on the day; Polygon was next with $3.6M and then BTC & SOL with $2.4M & $1.8M 
  • ETH NFT leaders were very green as Pudgy Penguins jumped another 5% to 8.3 ETH, BAYC +1% at 8.9, Azuki +9% to 3.04 and Milady jumped 3% to 5.1 ETH
  • CryptoPunks saw 23 sales in the past day and were swept back up over 25 (now 25.3 ETH)
  • Rumble Kong League and Supreme Kongs were top movers on the day, jumping 20-30% each
  • BTC NFT leaders were red; NodeMonkes -2% at 0.194 BTC, Puppets -3% at 0.117 BTC, OMB -5% at 0.2 and Quantum Cats even at 0.238
  • The Runes leaders were also red with DOG -7% at $540M mc, RSIC -6% at $123M, and PUPS -8% at $70M
  • KuCoin announced it will list $DOG perps and will support up to 8x leverage, starting June 25
  • Solana NFTs were mixed; Mad Lads -1% at 65.5 SOL, SMB Gen 2 -3% at 24.9, DeGods +3% at 20.1; Kanpai Pandas top mover +35% to 30 SOL
  • Azuki appointed Steve Chung as its first COO, to be involved in the launch of AnimeChain and expanding their anime content worldwide; Chung previously was the Chief Growth Officer of CJ ENM and at Fox Corp before that
  • Doodles announced Lil Yachty will join the voice acting cast in "Dullsville and the Doodleverse."
  • Blastin Pepes revealed, with sales on rares as high as 1 ETH, though the floor fell 10% to 0.09 ETH

๐Ÿ’ฐ Token, Airdrop & Protocol Tracker

Here's a rundown of major token or airdrop news from the day:

  • LayerZero's ZRO token claim went live, falling to $3.17B fdv in its first day of trading
  • Magic Eden rolled out auto-switching, making it even easier to manage wallets & assets across chains; then announced Magic Tickets can now be burned for Diamonds (window open for 1 month) 
  • Pacmoon's $PAC token crossed 100,000 holders (though the token fell 10% to $27M mc)
  • Wasabi hit a new ATH in daily trading volume, seeing $25.9M in the past 24 hours as its "Gib Gold" trading competition roars on
  • Ord.io launched Block Vision, allowing users to preview upcoming Bitcoin blocks in real time

๐ŸŒŽ Around Crypto and Web3

A few other Crypto and Web3 headlines that caught my eye:

  • Crypto majors are red this morning; BTC -3.5% at $63,950; ETH -3% at $3,500, SOL -6% at $132; many alts notably down less than majors
  • Memecoin majors are also red with DOGE -2%, PEPE -7%, WIF -12%, BONK -9%;
  • The Winklevoss twins donated 30.94 BTC ($2M) to the Trump campaign, citing frustrations with the Biden admin's war against crypto and supporting Trump as the pro-crypto, pro-business candidate
  • Standard Chartered is building a spot BTC and ETH trading desk, making them one of the first major global banks to do so

๐Ÿš€ Memecoin Movers 

  • $KAI (+83%, $13.5M market cap, ETH)
  • $WOLF (+80%, $195M market cap, SOL)
  • $CCT (+36%, $14M market cap, SOL)
  • $ANDY (+11%, $31M market cap, Blast)
  • $BILLY (+6%, $43M market cap, SOL) 

๐Ÿ“ˆ NFT Floor Price Increase (ETH)

  • Pixelady Maker (85%, 0.13 ETH Floor)
  • Rumble Kong League (32%, 0.14 ETH)
  • Supreme Kong (22%, 0.6 ETH)
  • Ceden Keystone (20%, 0.14 ETH)
  • Sword of Grandia (18%, 0.4 ETH)

๐Ÿ—“ Upcoming NFT Mints and Reveals

Today is another slower day of mints, again mostly in the art sector.

Jonathan Wolfe is the onchain summer artist.

And Fantasy Top fans - watch out for the next round of tourneys, starting as soon as 3 am ET tomorrow.

See the full list and dive in for more details with Swizzy's daily mint monitor

  • Kart Party - Gen 2 (8:30 a.m. ET)
  • Jonathan Wolfe - Onchain Summer (12:00 p.m. ET)
  • NARCOS - El Patron (11:00 a.m. ET)
  • alex rudloff - signals & noise (3:00 p.m. ET)
  • Fantasy Top - Main Tourneys (3:00 a.m. ET Saturday)

Enjoy this write-up and/or want to sponsor the Morning Minute? Follow along with me on Twitter @tyler_did_it or reach out via email to tyler.warner@luckytrader.com.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.