Daily Crypto Briefing: US Senate Debates Landmark Bill, BlackRock Boosts BTC Holdings, and Solana Staking ETF Rumors

Today's Key Events

1. US Economic Data: June Chicago PMI to be released (previous: 40.5)
2. Fed Speech: Atlanta Fed President Bostic discusses US economic outlook
3. Singapore Crypto Regulation: Unlicensed providers must cease offshore services by June 30
4. BNB Chain: Zero Gas fee promo for stablecoin transfers ends today

5. Token Unlocks:

   • Across Protocol (ACX): 100M tokens (22.61% of circulating supply)
   • Kamino (KMNO): 229M tokens (10.44%)
   • Optimism (OP): 31.34M tokens (0.67%)

Market Highlights

Macro Trends

1. "Big & Beautiful" Bill Advances: US Senate passed procedural motion (51-49) to debate Trump-era tax/spending package targeting July 4 enactment. Key provisions include:

   • Extended corporate/personal tax cuts
   • New deductions (auto loans, tips)
   • Increased defense/immigration funding
2. BlackRock's BTC Accumulation: IBIT ETF added 107,139 BTC over 9 straight weeks (latest: +12,355 BTC).
3. Solana Staking ETF: REX Shares' "REX-Osprey SOL+Staking ETF" reportedly launching soon—first US crypto staking ETF tracking SOL performance with on-chain yield.
4. CBO Warning: Senate bill may add $3.3T debt over a decade (+$800B vs House version), potentially leaving 11.8M uninsured by 2034.

Market Movements

• BTC: Consolidating near $108,350; $226M liquidations (mostly longs) past 24H. Memecoins diverge ($BANANAS31 -50%).
• Equities: S&P 500/Nasdaq hit record highs; gold briefly under $3,250/oz.

• Liquidation Risks:

  • $4.3B longs at risk if BTC drops to $106,350
  • $6.7B shorts vulnerable at $110,350

Institutional Insights

• 10x Research: Coinbase stock overvalued despite bullish trend.
• ARK Invest: New US mortgage rules may boost crypto adoption.

Project Updates

• Lido DAO: Approved dual-governance giving stakers veto power.
• Polymath: Acquired Polymesh Association for public entity transition.
• DeFi: Risky ETH lending down; LRTs maintain net outflows.

Trending Discussions

1. DEX Evolution: Hyperliquid’s 2023 TGE set benchmarks (600M+ TVL, 20M users)—current projects need similar traction for valuation.

2. "Big & Beautiful" Impact: Stablecoin demand may rise with new remittance taxes; BTC liquidity stagnant (24H volume: ~20K).

3. VC Reset: Survival requires real revenue/users—not just narratives.

4. BTC Strategy: Resistance at $109K-$112K; potential pullback to $104K POC.

👉 Explore real-time crypto liquidation maps
👉 Track institutional BTC flows

FAQ

Q: How does BlackRock’s BTC buying affect prices?
A: Sustained institutional demand creates upward pressure, but short-term volatility persists.

Q: What’s unique about Solana’s staking ETF?
A: Combines SOL price exposure with staking rewards—a first for US markets.

Q: Are memecoins still viable trades?
A: High-risk; monitor volume spikes and community sentiment ($BANANAS31’s drop shows fragility).

Q: Best strategy amid BTC consolidation?
A: Range trading between $106K-$110K with tight stop-losses.

Data as of June 30 | Sources: Bitget, CBO, REX Shares