Investment giant VanEck has filed a new application for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) eight months after the regulator rejected its previous application.

The cryptocurrency space’s current deleveraging phase is at an advanced state and should soon end, according to analysts at JPMorgan Chase, who wrote in a note that the liquidity crunch at crypto hedge fund Three Arrows Capital “is a manifestation of this deleveraging process”

El Salvador has added an additional 80 bitcoins to its treasury at a price of $19,000 per coin, according to the country’s president Nayib Bukele, who on social media said “Bitcoin is the future.”

Top stories in the Crypto Roundup today:

• VanEck Files New Spot Bitcoin ETF Application
• Crypto Deleveraging Will Soon End, JPMorgan Says
• El Salvador Purchases an Additional 80 BTC
• Crypto Market Movers – PLA, POLY, NMR

VanEck Files New Spot Bitcoin ETF Application

Investment giant VanEck has filed a new application for a spot bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC) eight months after the regulator rejected its previous application.

VanEck’s filing for its VanEck Bitcoin Trust comes a day after Grayscale Investments saw its spot bitcoin ETF bid get rejected, prompting them  to sue the regulator. The SEC has cited concerns about applicants’ ability to prevent market manipulation and protect investors.

The SEC has, nevertheless, approved various futures-based bitcoin ETFs. VanEck wrote in its filing:

“Spot commodities and currency markets for which it has previously approved spot ETPs are generally unregulated and that the Commission relied on underlying futures market as the regulated market of significant size that formed the basis for approving the series of Currency and Commodity-Based Trust Shares, including gold, silver, platinum, palladium, copper, and other commodities and currencies.”

Proponents of a bitcoin ETF have argued such an investment product would offer investors a low-cost and easily accessible way for both individuals and institutions to invest in BTC.

Crypto Deleveraging Will Soon End, JPMorgan Says

The cryptocurrency space’s current deleveraging phase is at an advanced state and should soon end, according to analysts at JPMorgan Chase, who wrote in a note that the liquidity crunch at crypto hedge fund Three Arrows Capital “is a manifestation of this deleveraging process”

Per the analysts, multiple cryptocurrency company failures should not be surprising given the significant price declines seen in the space and use of higher leverage by some entities. The analysts added that the “current deleveraging cycle may not be very protected.”

JPMorgan’s strategists pointed out that “crypto entities with the stronger balance sheets are currently stepping in to help contain contagion” and that venture capital funding, which is seen as an “important source of capital for the crypto ecosystem” continued at a healthy pace in May and June.

A good portion of the problems may now be behind crypto, JPMorgan’s analysts said., adding that Indicators like the firm’s net leverage metric suggest “that deleveraging is already well advanced.”

El Salvador Purchases an Additional 80 BTC

El Salvador has added an additional 80 bitcoins to its treasury at a price of $19,000 per coin, according to the country’s president Nayib Bukele, who on social media said “Bitcoin is the future.”

The Salvadoran president also shared images of what appears to be a list of purchases for 1 bitcoin each at the $19,000 price, with timestamps showing the trades are recent. The country last bought BTC back in late May, adding 500 BTC at an average price of $30,744.

Based on past purchase announcements, El Salvador has now bought at least 2,381 BTC. The country’s current bitcoin balance hasn’t been officially confirmed.

While the country has indicated it holds onto its bitcoin purchases, the country’s finance minister, Alejandro Zelaya, has in early June said the country previously sold part of its BTC to fund the Chive Pets pet hospital.

Crypto Market Movers – PLA, POLY, NMR

Several tokens are leading the charge in the last 7-day period. Some of these are well-known cryptocurrencies with more liquid trading pairs, so we’ll be focusing on these over low-cap cryptos that may have higher percentage changes.

PlayDayy (PLA) - PLA, the native token of PlayDapp, is a core utility token utilizing the ERC20 standard. PLA acts as the primary fungible token for the processing of transactions from users. Game dApp operators or developers receive PLA upon each in-game purchase or trade, after a reasonably small transaction fee is deducted by PlayDapp.

Polymath Network (POLY) - The Polymath Network is a blockchain-based system to coordinate and incentivize participants to collaborate and launch financial products on the blockchain. The Polymath team aims to create a standard token protocol that embeds defined requirements into the tokens themselves to ease the primary issuance and secondary trading of blockchain securities tokens.

Numeraire (NMR) - Numerairei is a network of data scientists that are incentivized to forecast models to improve hedge fund returns. NMR is the token that facilitates the reward structure that correct predictions receive.

State of the Crypto by Top Tier Exchange Volume

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