Rana Rohaan

Cardano price is consolidating inside a descending triangle setup.A breakout from this pattern could trigger a 17% crash to $0.351.A decisive daily candlestick close above $0.492 will invalidate the bearish thesis. 
Cardano (ADA) price consolidation could trigger a breakout soon, knocking ADA down by double digits to key support levels. 
Also read: Cardano price flashes buy signal, but will ADA bulls cooperate?
Cardano price edging closer to a crash
Cardano price has crashed 51% from its 2024 high of $0.810 and set up a low at $0.396 on April 13. Since then, ADA has been consolidating above the $0.426 support level and setting up three lower highs. This technical formation is termed an ascending triangle and forecasts a 17% crash to $0.351, obtained by measuring the distance between the first swing high and swing low to the breakout point at $0.426.
The Relative Strength Index’s (RSI) failed attempt at clearing the mean level of 50 is a supporting factor to the bearish outlook explained above. Hence, it is highly likely that Cardano price will retain the bearish momentum from the 51% crash and continue its descent. However,, ADA might pause around $0.392 before reaching its theoretical target of $0.351.
Read more: Cardano Price Forecast: ADA's recent breakout could trigger 15% rally

ADA/USDT 1-day chart
On the other hand, if the market outlook improves, it would give Cardano price the boost it’s needed. In such a case, if ADA produces a decisive candlestick close above $0.490, it would invalidate the ascending triangle and bullish thesis by producing a higher high.
If the bullish momentum sustains, then Cardano price could rally 12% from here and retest the $0.550 hurdle.

Justin Sun is linked to the dormant whale wallet that deposited on Monday $21 million in AAVE, MKR, COMP and LQTY on Binance. On-chain tracker Spotonchain notes that Sun could take nearly $7 million in profits if he opted to sell the tokens. MKR and AAVE prices lost 2% and 1.5% on the day, respectively. 
A whale wallet traced back to Tron founder Justin Sun deposited $21 million in four cryptocurrencies to Binance on Monday, according to data from on-chain intelligence tracker Spotonchain. 
Maker (MKR) and Aave (AAVE) are the main assets deposited by the Tron founder, who could get a profit of nearly $7 million if he opts to sell its holdings. These two tokens have observed an increase in their supply on exchanges, on-chain data shows, a sign of increasing selling pressure as prices of both coins struggle to recover from recent losses. 
Whale deposits $21 million in AAVE, MKR, COMP and LQTY
Spotonchain identified deposits totaling $21 million in crypto tokens of AAVE, MKR, Compound (COMP), and Liquity (LQTY) to Binance, one of the largest centralized exchanges. The on-chain tracker also identified nearly $7 million in unrealized gains on Sun’s MKR and AAVE deposits.
Sun’s wallet deposited 3,800 MKR and 93,979 AAVE tokens to Binance, Spotonchain data shows. Such large deposits can be a sign that the whale, in this case Justin Sun, is about the sell his holdings in the short term.

Justin Sun’s $21 million crypto token deposit to Binance 
MKR and AAVE on-chain metrics support bearish thesis
Santiment data shows that MKR and AAVE’s supply on exchanges has climbed in the last ten days. MKR supply on exchanges increased by 6.9%, to 118.14K tokens from 111.24K, while AAVE supply increased by 3.5% in the same time frame to 3.18 million from 3.07 million. 
Supply on exchanges is a metric used to determine selling pressure on an asset. An increase in exchange flow balance and a token’s supply on exchanges tends to provide a bearish sign for the token’s price outlook. MKR and AAVE are therefore likely to suffer a further price correction if supply keeps rising. 

MKR and AAVE supply on exchanges climbs between June 1 and 10
Another key on-chain metric, the Global In/Out of the Money (GIOM) map provided by IntoTheBlock, shows that more than 50% of MKR holders and 46% of AAVE holders are sitting on unrealized gains, meaning that they would take profits if they opted to sell their holdings. 
If these investors choose to realize gains, it could contribute to downward pressure on MKR and AAVE prices. This supports the bearish thesis for the two assets. 

Global In/Out of the Money MKR and AAVE 
At the time of writing, MKR falls 2% on Monday to around $2,445, while AAVE price is down nearly 1% to $92.70. 

BlackRock Ready To Request The ETF On Solana Next Month
Table of Contents
Crypto News
BlackRock Ready To Request The ETF On Solana Next Month

SOL

ETF

ETF

ETF

BLACKROCK

Table of Contents
BlackRock Continues To Push The Adoption Of Crypto: The ETF On Solana The Bitcoin ETF by BlackRock surpasses 300,000 BTC in AUMThe USA Bitcoin ETFs Record Inflows 
According to the latest crypto news, BlackRock is ready to request for the ETF on Solana (SOL) next month, a move that could mark an important step for the cryptocurrency and for the blockchain ecosystem in general. 
BlackRock Continues To Push The Adoption Of Crypto: The ETF On Solana 
In recent years, BlackRock has shown a growing interest in the world of criptovalute. Recently, the news that the financial giant is ready to apply for an ETF on Solana has sparked a great buzz in the market.
The possible approval of an ETF on SOL, in fact, would represent a further step towards the mainstream adoption of cryptocurrencies.
Furthermore, the move towards an ETF on Solana could be seen as a strategy to diversify the offerings and attract a broader audience of investors.
Solana, with its high-speed blockchain and reduced transaction costs, has gained notable popularity among developers and investors. 
The introduction of an ETF on Solana by BlackRock could not only increase the legitimacy of this cryptocurrency, but also stimulate further investments and developments in its ecosystem.
In summary, the potential request for an ETF on Solana by BlackRock could represent a significant turning point for the cryptocurrency market, once again highlighting the growing importance of this sector in the global financial landscape.
The Bitcoin ETF by BlackRock surpasses 300,000 BTC in AUM
In the meantime, the exchange-traded fund IBIT spot of Bitcoin by BlackRock has surpassed 300,000 BTC (21 billion dollars) in assets under management, five months after the start of trading on January 11.
The Bitcoin ETF by BlackRock has now accumulated 302,534 BTC, according to its fund page, with about 4,920 BTC of net inflows yesterday that pushed it past the milestone. 
IBIT has surpassed GBTC by Grayscale in terms of asset under management (AUM) last week, capturing the product that had an advantage over the other spot Bitcoin ETFs in assets.
GBTC originally operated as a private placement fund before transitioning to public trading on the OTC market in 2015 and its final conversion to an ETF in January. 
GBTC charges a much higher fee compared to its competitors – 1.5% compared to the current 0.25% fee for IBIT by BlackRock. 
His holdings in Bitcoin post-conversion have decreased by about 54% from approximately 619,220 BTC to 285,651 BTC, according to the fund’s disclosures as of Thursday.
However, given the concurrent increase in the price of bitcoin since the launch of spot ETFs, the assets under management of GBTC in US dollars have decreased less, falling by 30% from a value of 28.7 billion dollars on January 11 to 20 billion dollars at current prices.
According to the data from CoinGlass, the combined assets held by all US spot bitcoin ETFs are now nearly 883,000 BTC (63 billion dollars), which is 4.2% of the total supply of 21 million bitcoin.
The USA Bitcoin ETFs Record Inflows 
Finally, in the last week, the US spot Bitcoin ETFs reached a record of net inflows for 18 consecutive days. 
Adding another 217.7 million dollars to the funds, during a week that saw almost 1.7 billion dollars of net inflows.
The IBIT of BlackRock led yesterday’s net inflows with 349.9 million dollars, while the GBTC of Grayscale recorded net outflows of 37.6 million dollars. 
Although daily inflows into spot Bitcoin ETFs have returned to record levels this week, the volume remains significantly lower than the peak of $9.9 billion on March 12, generating $1.4 billion in trades.
Disclaimer: The information provided is not trading advice. We in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

ItsBitcoinWorld
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Apple’s annual developer conference WWDC 2024 is set to kick off on Monday. Investment bank Morgan Stanley said Apple will likely launch a new and improved Siri at the conference. Prices of AI-related coins like Worldcoin, Render, Fetch.ai fell ahead of the start of the developer conference.
Apple’s Worldwide Developer Conference (WWDC) 2024, which starts on Monday, has the potential to influence prices of AI-related tokens as the company is expected to release several updates at the event, including a revamped version of Siri, according to reports from Reddit, Apple Insider and Bloomberg.
Project Greymatter is the focus of the discussions on what to expect from the Cupertino-headquartered tech giant. Bloomberg has previously reported on the project, which is based on a set of Artificial Intelligence (AI) tools that the company is expected to integrate into core apps like Safari, Photos and Notes. 
Apple Insider reported earlier in 2024 that the investment bank Morgan Stanley believes that the tech giant will benefit the most as AI becomes mainstream. The bank’s analysts highlighted Apple’s Edge AI work, namely an improved AI-powered Siri 2.0 and a broader AI-enabled operating system. 
What to expect from Apple WWDC 2024
Reports from Reddit’s OpenAI note that Apple Insider has received the exact details of virtual assistant Siri’s new functionality. The Apple news website states that the tech giant has tested a variety of different prompts for the new AI. Siri’s new prompts reportedly contain “natural” language, as spoken by humans.  
In January, Apple Insider reported that analysts at Morgan Stanley expect the tech giant to benefit the most from developments in Artificial Intelligence. 
WWDC 2024 is scheduled to kick off on Monday at 17:00 GMT. The announcements at the conference could catalyze gains in tokens in the AI category, like Worldcoin (WLD), Fetch.ai (FET) and Render (RNDR). The three assets lost between 3% and 6% of their value on Monday.
Data from crypto aggregator CoinGecko shows that the top five AI tokens ranked by market capitalization have seen their prices decline in the past 24 hours and seven days. 

Top 5 AI category crypto tokens on CoinGecko 
AI-related announcements at WWDC 2024 could catalyze gains in WLD, FET and RNDR. The phenomenon has occurred previously. NVIDIA’s earnings reports and AI-related updates or announcements from OpenAI and other tech giants have fueled rallies in AI tokens with large market capitalization. 
At the time of writing, WLD and FET prices are down nearly 6%, while RNDR has lost nearly 3% of its value in the last 24 hours, respectively. 

XRP ranges close to $0.50 on Monday, amidst uncertainty of an update in the SEC vs. Ripple lawsuit. Ripple filing supporting its motion to seal relevant documents awaits a response from the SEC.Ripple CEO Brad Garlinghouse commented on meme coins at Consensus.
Ripple (XRP) is embroiled in a legal battle with the US Securities and Exchange Commission for nearly four years. The SEC vs. Ripple lawsuit drags on as holders await the SEC’s response to the payment firm’s filing from May 29. 
XRP is ranging around $0.50, a key price level for the altcoin, amidst CEO Brad Garlinghouse’s recent statement on meme coins in Consensus 2024. 
Daily Digest Market Movers: Ripple CEO comments on meme coins, holders await lawsuit update
Ripple CEO Brad Garlinghouse shared his thoughts on meme coins at Consensus 2024, a leading crypto event. Garlinghouse said, 
I get a ton of shit when I say these things but I’m going to say it anyway, I don’t think Dogecoin has been a good thing for the industry.
Ripple CEO Brad Garlinghouse
I get a ton of shit when i say these things but I’m going to say it anyway, I don’t think Dogecoin has been a good thing for the industry.

It’s about solving real Problems . pic.twitter.com/XMeEWaJz8O— XRP (@BankXRP) May 31, 2024
The Ripple executive questioned the meme coin’s utility and slammed it for lack of a real use case. Garlinghouse established that he is not “anti-Dogecoin” but took aim at the largest meme coin during his talk. SEC vs. Ripple lawsuit continues with the payment firm’s filing of a motion to seal relevant documents. These documents are connected with the regulator’s motion for judgment and remedies. The deadline for filing Omnibus letter motions for all involved parties was May 20. Ripple’s recent filing is a letter supporting its Omnibus motion. The payment remittance firm explains that the SEC should not be able to force disclosure of the payment remittance firm’s highly sensitive financial information in its May 29 filing. 
#XRPCommunity #SECGov v. #Ripple #XRP @Ripple has filed a reply letter in further support of its Motion to Seal documents in connection with the @SECGov’s Motion for Judgment and Remedies. pic.twitter.com/NeuFZII1m8— James K. Filan (@FilanLaw) May 29, 2024
Holders await the SEC’s reply to the filing, as on June 10. 
Technical analysis: XRP hovers around $0.50 in a bearish formation
Ripple is hovering around the key level of $0.50 on Monday. At the time of writing, XRP price is $0.4988 on Binance. Ripple has formed a descending triangle, a formation with bearish tendencies, between March 25 and June 10, as seen in the XRP/USDT 1-day chart.
The bearish chart pattern is characterized by a descending upper trendline and a second, flatter horizontal trendline. XRP price touched the upper trendline on several occasions between May 25 and June 6 and the lower trendline at $0.4917 has acted as support between March 25 and June 10. 
The bearish signs extend to the momentum indicators on the 1-day chart. The red histogram bars below the neutral line on the Moving Average Convergence Divergence (MACD) indicator support the bearish thesis. 
Relative Strength Index (RSI) is 39.53, dipping towards the oversold level at 30. 
The downside target for XRP is a nearly 10% decline to the June 7 low of $0.4508. XRP could find support at the 23.6% Fibonacci retracement level at $0.4717. The Fibonacci level marks the drawdown from Ripple’s April 9 peak of $0.6431 to the April 13 low of $0.4188.

XRP/USDT 1-day chart
A daily candlestick close above the upper trendline of the descending triangle formation could invalidate the bearish thesis for Ripple. XRP could target the 50% Fibonacci retracement at $0.5310 as its resistance. 
SEC VS RIPPLE LAWSUIT FAQS
Is XRP a security?
It depends on the transaction, according to a court ruling released on July 14: For institutional investors or over-the-counter sales, XRP is a security. For retail investors who bought the token via programmatic sales on exchanges, on-demand liquidity services and other platforms, XRP is not a security.

Cardano whale transactions hit a 12-month peak last week as large wallet holders continued to shed ADA at a loss. ADA holders have realized nearly $40 million in losses in June. ADA wallets holding between 100,000 to 1 million and 10 million to 100 million tokens accumulated the altcoin. 
Cardano (ADA) whales distributed their holdings at a loss consistently throughout June. On-chain data from Santiment shows that two segments of whales have accumulated the altcoin while others realized losses on ADA. 
Between June 1 and 10, ADA holders realized nearly $40 million in losses. The Ethereum competitor is likely headed towards capitulation. 
Cardano whales distribute holdings, realize losses
Data from crypto intelligence tracker Santiment shows that ADA whale transactions in two segments, valued at $100,000 and higher and $1 million and higher hit a 12-month peak last week. 
When combined with the Network Realized Profit/Loss (NRPL) metric, this shows whales likely realized losses on their holdings. The metric identifies the net profit/loss of all ADA tokens moved on a given day. ADA holders realized nearly $40 million in losses between June 1 and 10, this could be a sign of capitulation among traders. 
Capitulation occurs during a phase of panic selling amidst price decline. It is typically followed by a resurgence in the asset’s price. 

Cardano whale transactions (>$100,000 and >$1 million), NRPL
Additionally, important changes occurred in Cardano’s supply distribution, as witnessed by Santiment. The cohort of whales holding between 100 million and 1 billion ADA tokens dramatically added to their holdings as 340 million Cardano was accumulated between May 29 and 30. This cohort of whales has since consistently shed their holdings, as seen in the Santiment chart below. 
Another key segment, holding between 10 million and 100 million ADA, shed 290 million Cardano tokens overnight between May 29 and 30. This segment has added 20 million ADA tokens to their wallets in June. 
Large wallet investors holding between 100,000 and 1 million ADA have scooped up 10 million tokens in June. 
Whale supply distribution paints a bullish picture for Cardano, as while the segment holding the largest volume of ADA distributed, two other segments accumulated the altcoin, likely buying the dip. 

Cardano supply distribution 
At the time of writing, ADA gains 0.65% on Monday, up to $0.4461 on Binance. The Ethereum competitor’s price is nearly unchanged in the past seven days. On-chain metrics signal that a rally is likely in Cardano. 

Uniswap Labs announced their recent acquisition of Crypto: The Game.Crypto: The Game is set to work on season 3 of its game in collaboration with Uniswap Labs.UNI is currently up 6% following the announcement.
Uniswap (UNI) Labs announced the acquisition of the survival game Crypto: The Game (CTG) in an X post on Monday. The announcement positively impacted UNI's price, which saw a 6% increase in the past 24 hours.
Uniswap Labs acquires Crypto: The Game, sees price surge hours after
Uniswap Labs, the company behind the decentralized exchange Uniswap, announced that it had acquired the on-chain survival-based game Crypto: The Game on Monday. The company initially hinted at this move on June 4 via a cryptic post on X that saw UNI's price rallying about 23%.
Read more: Uniswap and Pepe whales increase holdings amid price dips
Uniswap Labs has stated that it aims to amplify the survival gaming experience for players by using some of its on-chain experience. The company was also among the sponsors for the game's previous season, along with other prominent companies such as Adidas.
As part of the deal, the CTG team will work alongside Uniswap Labs to develop their game's third season, which has already garnered attention across the crypto community. The team includes CTG co-founders Dylan Abruscato, Tyler Cagle, and Bryan Lee.
Crypto: The Game became a sensation in the crypto community shortly after its release in January. Its follow-up season 2 in April also drew the attention of several users.
Also read: Uniswap price likely to provide buy-the-dip opportunity before rallying 45%
The game draws inspiration from popular TV shows such as Squid Games, matching contestants against each other. CTG runs fully on-chain, with 800 gamers playing in a season that lasts for ten days, where only one winner takes the prize of 80 ETH. At the end of each season, the winner is voted by previously eliminated players.
Following the announcement on Monday, UNI's price surged by about 6%. UNI's price may continue to experience a rally, especially with the upcoming Crypto: The Game season 3.

Ethereum ecosystem generated more revenue in Q1 than Etsy, Robinhood or Reddit.

Issuers plan to market Ethereum as a 'producing tech stock' and the 'ultimate app store’.

Ethereum could see a bullish reversal in the coming days.

Ethereum's (ETH) price is down 1% on Monday as its exchange supply hit record lows following growth in global ETH ETFs' inflows. Meanwhile, issuers plan to market Ethereum as the 'ultimate app store’.

Daily digest market movers: Low exchange supply, high ETF inflows, ‘ultimate app store’

Ethereum has recorded several amazing feats in the past few days despite its recent price decline. Here are the latest ETH market movers:

According to Glassnode data, only 10.5% of the total ETH supply was left on exchanges as of June 8. Coupled with the declining exchange supply, data from IntoTheBlock shows that large ETH holders (addresses with >10K ETH) recorded a net inflow of 267K ETH on Thursday, the highest daily accumulation since March. This shows that investors are becoming increasingly bullish on ETH, potentially because of the expectation of spot ETH ETFs.

Also read: Ethereum's price suffers slight decline amid Hong Kong's plan to allow staking in ETH ETFs

Recent Bitwise research revealed that crypto protocols on Ethereum generated more revenue than Robinhood, Reddit, Yelp and Etsy in Q1 2024. "These applications are a testament to the resilience, creativity, and vision of the global crypto industry," said Bitwise.
 

Global Ethereum ETFs witnessed about $69 million in inflows — their highest inflow since March. Inflows across ETH ETFs will likely continue to rise as investors expect spot ETH ETFs to begin trading in the US in the coming weeks.
 

High inflows follow predictions from Bitfinex’s Head of Derivatives, Jag Kooner, that spot Ethereum ETFs could attract around 10-20% of flows witnessed in spot Bitcoin ETFs.
He built his predictions around the historical flows seen in Gold ETFs after they launched in 2004 and how it paved the way for subsequent flows in Silver ETF launches in 2006. Bloomberg analyst Eric Balchunas has previously shared a similar analysis comparing ETFs of Bitcoin to those of Gold and Ethereum to Silver.

Also read: Ethereum ecosystem active users spike 55% in Q1, 2x ETH ETF records impressive volume

Meanwhile, executives of different issuers, including Van Eck, 21Shares and Franklin Templeton, deliberated on the potential demand for Ethereum ETFs in a recent panel session moderated by Eric Balchunas. According to Balchunas, the executives plan to "position it (Ethereum) as being like a 'producing tech stock', 'ultimate app store', very different pitch than BTC."

ETH technical analysis: Ethereum to see a potential bullish reversal

Ethereum is trading around $3,661 on Monday after the US Nonfarm Payrolls (NFP) data on Friday cooled signs of any potential breakout above the $3,900 resistance. The NFP news briefly sent ETH below the $3,618 support before a slight recovery. ETH liquidations sit at $9.47 million, with the majority coming from long liquidations worth $6.99 million.



ETH/USDT 4-hour chart

According to data from Laevitas.ch, the ETH futures premium dropped from around the 15% mark to 13% on Monday — its lowest level since the SEC's position response toward spot ETH ETFs — signaling dwindling investor interest. The futures premium stays around 5% to 10% in neutral market conditions.

Read more: Ethereum open interest surges by 50%, SEC Chair says ETH ETF launch will take more time

ETH Open Interest (OI) also declined from $16.97 billion on June 6 to $16.37 billion on Monday, a $600 million decrease. However, considering prices declined faster than OI, investors may still be confident of a bullish reversal, indicating the bearish move could be temporary.

As a result, ETH will likely sustain a horizontal move slightly tilted toward an upward movement. The $3,900 resistance is the key price level for ETH to overcome before any significant breakout. A sustained move below the $3,618 support will invalidate the bullish thesis.

CRYPTO ETF FAQS

What is an ETF?

An Exchange-Traded Fund (ETF) is an investment vehicle or an index that tracks the price of an underlying asset. ETFs can not only track a single asset, but a group of assets and sectors. For example, a Bitcoin ETF tracks Bitcoin’s price. ETF is a tool used by investors to gain exposure to a certain asset.