ARK Invest CEO Cathie Wood believes Bitcoin's bull market is only halfway through. Her team's analysis suggests the crypto asset still has room to run. So don't be distracted by recent price hurdles, we are still going up, Wood says. Wood shared her insights in a recent YouTube chat with tech entrepreneur Peter Diamandis. She's not mincing words about Bitcoin's potential. "We believe we're halfway through this bull market," Wood stated. Her team's on-chain analytics support this view. However, Wood cautioned that price increases might not be linear. "At the end of a bull market prices tend to go parabolic," she explained. ARK's confidence stems from comparing current on-chain metrics to Bitcoin's decade-long history. Four ARK analysts, including a Bitcoin specialist, contribute to this research. Wood also dropped a bombshell prediction about institutional adoption. She expects a major wirehouse to list spot Bitcoin ETFs soon. "Not one major wirehouse has put a Bitcoin ETF on its platform yet," Wood noted. She listed Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch as examples. But change is coming. "Within the next few months, one will," Wood predicted. She thinks smaller firms might move first. "It may be an independent RIA like LPL," Wood suggested. "They tend to move a little more quickly." Once one firm lists a spot Bitcoin ETF, Wood expects others to follow suit rapidly. This could open the floodgates for wider Bitcoin adoption. At the time of writing, Bitcoin was trading at $57,643, up 3.5% in 24 hours. The market is keeping a close eye on these developments.

Recent Bitcoin investors are exiting the market as prices stagnate. This trend is evident in the latest downturn. Novice investors are not familiar with market traditions and sentiments, so they are selling the dip instead of buying it. On-chain data shows significant selling from investors who entered the market this year, now, as the price fell to $55,000 on Friday, they panic and succumb to the wish to exit. CryptoQuant analyst Cauê Oliveira reported major network activity. "$2.4 billion worth of Bitcoin aged between three and six months moved during the drop," he wrote. This data supports a theory among analysts. Recently acquired coins are more likely to move during price fluctuations. Oliveira explained these sellers' behavior. "They can be classified as 'long-term' holders, but are possibly behaving like short-term investors." Many buyers likely entered during the Bitcoin spot ETF launch in January. These funds saw $13 billion in net inflows initially. ETF performance and Bitcoin prices have since plateaued. This has led to investor disappointment. Especially if we are talking of rookie investors, not familiar with previous Bitcoin market cycles, bull runs and candles. Longer-term holders show more resilience. Oliveira noted that entities "older than one year" haven't shown heavy selling. LookIntoBitcoin data provides context. The short-term holder realized price is $64,614, 10% above the current market price. This figure represents the average purchase price for recent entrants. It may indicate a threshold for panic selling among new Bitcoin investors.

Robinhood, a major retail trading platform, is exploring the launch of crypto futures in the US and Europe. The company has not set a specific timeline for this potential expansion, but it seems that this teeny tiny revolution is already looming at the horizon. The move follows Robinhood's recent acquisition of Bitstamp, a cryptocurrency exchange. With that purchase Robinhood immediately became quite a prominent player in the crypto industry. Johann Kerbrat, Robinhood's general manager of crypto, commented on the acquisition. He emphasized Bitstamp's resilience and strong reputation among investors. The acquisition also aims to bolster Robinhood's international expansion. But what's even more important, the move also seeks to attract institutional customers to the platform. Though institutional trade might have questionable consequences for Robingood in the light of some recent events. In May, Robinhood received a Wells Notice from the SEC. This warning indicates potential legal action against the company. Dan Gallagher, Robinhood's chief legal officer, responded to the notice. He asserted that the assets on their platform are not securities, and as such shouldn't be in sight of SEC. Gallagher stated, "We firmly believe that the assets listed on our platform are not securities." Robinhood, founded in 2013, has become a prominent player in retail investing. It gained popularity for its commission-free trades and user-friendly mobile app. Millions of users come to the platform to buy and sell stock, ETF, options, and cryptocurrency.

Crypto market maker GSR Markets predicts a potential 9x increase in SOL price following approval of spot Solana exchange-traded funds (ETFs) in the US. The forecast was released on June 27. GSR identified Solana as part of "crypto's big three". The report coincided with VanEck's unexpected filing for a spot Solana ETF. The 9x estimate assumes spot Solana ETFs would capture 14% of spot Bitcoin ETF flows since January. This factors in relative market capitalization. Under this scenario, Solana's price could rise from $149 to over $1,320. This would result in a $614 billion market cap based on current supply. GSR also presented more conservative projections. "Bear" and "baseline" scenarios predict 1.4x and 3.4x price increases respectively. These assume 2% and 5% capture of Bitcoin ETF flows. The firm noted estimates could be higher if ETFs incorporate staking rewards. However, staking was not permitted in approved spot Ether ETFs. Bloomberg ETF analyst Eric Balchunas believes significant political changes are needed for serious consideration of a spot Solana ETF. This includes changes in US presidency and SEC leadership. The SEC has classified SOL as a security in recent lawsuits. This complicates the approval process compared to Bitcoin and Ether ETFs. VanEck's application follows 3iQ's filing for a spot Solana ETF in Canada. This marks a first in North America. Franklin Templeton, a $1.5 trillion asset manager, has praised the Solana ecosystem. However, they have not confirmed plans for a spot Solana ETF. Over $1 billion in Solana exchange-traded products already exist globally. This indicates growing demand for SOL exposure. James Seyffart, another Bloomberg ETF analyst, suggests political factors influenced spot Ethereum ETF approval. He believes significant regulatory changes are needed for approval of other crypto ETFs, including Solana. Seyffart emphasized the need for a regulated market to monitor these assets for fraud and manipulation.

VanEck, a leading asset manager, has submitted the first-ever Spot Solana ETF filing to the US Securities and Exchange Commission (SEC). That's a true revolution for altcoins. Talks about Ethereum ETFs are huge. But adding Solana to the table is grandioso. Matthew Sigel, VanEck's head of digital asset research, announced the filing on social media. He emphasized Solana's potential as an Ethereum competitor. Sigel highlighted its diverse applications in payments, trading, gaming, and social interactions. The asset manager sees Solana's blockchain as a game-changer. Its combination of scalability, speed, and low costs could enhance user experience across various use cases. VanEck believes these attributes make Solana an attractive option for an ETF. The firm cites several factors supporting their decision. High throughput, low fees, strong security, and a vibrant community are key considerations. These elements contribute to what VanEck terms a "versatile and innovative" open-source ecosystem. VanEck draws parallels between SOL and other digital commodities. They compare it to Bitcoin and Ethereum. SOL serves as a means of payment for transaction fees and computational services on the Solana blockchain. The token's functionality is similar to Ether on the Ethereum network. It can be traded on digital asset platforms. SOL is also used for peer-to-peer transactions. But one should not forget that Solana has becoming a home for many popular memecoins. Sigel elaborates on SOL's characteristics. He notes its decentralized nature, high utility, and economic viability. These factors align SOL with established digital commodities. This alignment reinforces SOL's perceived value. It offers potential use cases for investors, builders, and entrepreneurs. VanEck sees it as an alternative to traditional app stores. The SEC's response to this Solana ETF filing remains to be seen. It will likely face scrutiny similar to previous cryptocurrency ETF applications. The outcome could have significant implications for the broader crypto market. At the time of writing, SOL has shown resilience. It rebounded nearly 8% to $147. This follows a brief correction to $121 on Monday. We'll have to wait and see for the market's reaction to the ETF filing news.