The Solana Investigation, The Altcoin Season, and More.

This week has been an exciting one for Solana (SOL) and the wider crypto community. While the week began with rumors of Solana's criminal investigation, VanEyck ended with a reference to Solana's exchange-traded fund.

Meanwhile, analysts are discussing the highly anticipated altcoin season. As the market strengthens, institutional investors such as BlackRock have an interest in adjusting real world assets (RWA). Binance continues to face regulatory challenges, and has had to eliminate copycat trading in the European Union (EU) region.

Rumors suggesting Solana under criminal investigation

This week started with unsettled news in the crypto sphere. Influential crypto Bitlord revealed that Solana may be under criminal investigation.

Following the SEC's classification of SOL as a security, the timing of this investigation raised concerns among investors. Details about the investigation are scarce, but the implications could be significant for altcoin futures.

“We're hearing rumors that SOL is under investigation and a big deal is about to go public. This has been brewing for weeks and it couldn't come at a worse time. If what we're hearing is true, start praying for Solana,” Bitlord said.

Read more: How to buy Solana (SOL) and everything you need to know

Top analysts predict the start of the Altcoin era.

Bitcoin's dominance in the market was undeniable, reaching a new all-time high. However, retail investors are eagerly awaiting the altcoin season.

Analyst Miles Deutscher noted that altcoins are not compatible with Bitcoin (BTC). He points out that the market is still led by Bitcoin, covering other cryptocurrencies. Moreover, other narratives, such as meme coins, have split the amount of money that goes to stronger altcoins instead.

“This was a Bitcoin-narrative-driven cycle… Certain narratives stood out significantly (lagging behind the mainstream). Memes, AI and RWA are the clear leaders of this cycle so far,” said Deutscher.

Read more: 11 Cryptos to Add to Your Portfolio Ahead of the Altcoin Season

On the contrary, the CEO of CryptoQuant, Ki Young Joo, believes that Ethereum has the potential to start the altcoin era, which compares its market value to virtual value (MVRV) ratio compared to Bitcoin.

“Given the current ETF situation, this could be an ETH-only season. Historically, when ETH rises, other alts tend to follow,” Ju wrote.

Binance disables reverse trading in the EU

In front of the regulator, Binance has ended its copy trading services in Europe as the new markets in Crypto Assets (MiCA) regulations are increasing. Set to provide uniform crypto regulations in the EU; These rules prompted Binance to direct users to close their copy trading positions by the end of June 2024.

The MiCA regulation aims to enhance market integrity and investor protection.

Read more: What are Markets in Crypto-Assets (MiCA)?

Blackrock and Franklin Templeton Spearhead RWA Surge

The market for tokenized US Treasuries exploded, driven by high interest rates and the lure of high-yielding assets on bonds and chains. BlackRock and Franklin Templeton are leading this surge and managing the largest pool of funds.

In fact, US Treasury yields have risen more than 1,000 percent since early 2023. In the year As of June 26, their market capitalization reached $1.63 billion. This development highlights the convergence of traditional financial assets with blockchain technology, which promises improved liquidity and more efficient transactions.

Read more: What is Real World Asset (RWA) Token Impact?

VanEck Files for First Solana ETF in America

The week saw a big boost as VanEyck put the Solana ETF in first place. This filing could pave the way for institutional investors to gain more direct exposure to Solana.

If approved, the ETF would represent a significant evolution in Solana's market landscape, potentially broadening its investor base and influence. Crypto market maker GSR predicted that EFAs could drive up to 9x Solana's value. While GSR believes the Solana ETF could be next, he says Cardano (ADA) or XRP ETF approvals may not be coming anytime soon.

“We can adjust our relative flow estimates under different scenarios for Solana's relative volume and a 2.3x increase in Bitcoin due to spot ETFs. Doing so suggests that Solana could increase 1.4x under a bearish flow scenario, 3.4x under a base scenario, and 8.9x under a blue sky scenario.” GSR analysts predicted.

Read more: Solana (SOL) Price Prediction 2024/2025/2030

This week's Crypto Top 10

Despite the general decline in the market this week, the total market capitalization fell from $2.35 trillion to $2.28 trillion, with Solana showing a significant increase of 10.47%. Conversely, Bitcoin and Ethereum declined. Meanwhile, Toncoin has moved up the rankings, surpassing Dogecoin to become the eighth largest cryptocurrency by market cap.

From regulatory changes and market transitions to significant new potential ETFs, these events are critical in shaping the crypto ecosystem. They reflect broader economic trends and technological developments, attracting significant interest from various stakeholders in the financial ecosystem.