SOL news update: REX Shares Solana ETF boosts price, but for how long?

TL;DR

The Next Potential Targets

Shiba Inu (SHIB) experienced a substantial resurgence on a couple of occasions last year, but it currently trades far below those peaks. As of this writing, the self-proclaimed Dogecoin killer is worth roughly $0.00001136, meaning a 33% decline on a yearly scale.

Still, it remains the subject of bullish price predictions. Earlier today (July 2), the X user Dami-Defi argued that SHIB “bounced off key daily support and broke its local downtrend.” The analyst described this as a “classic reversal setup,” envisioning a 40% spike to as high as $0.00001600. For their part, the X user PumpSwap Alpha expects a price explosion in the short term:

I’m anticipating a major move on $SHIB soon. The pump feels overdue. Like this if you believe Shiba Inu is about to explode in the coming days. pic.twitter.com/tw8lhQmwR7

— PumpSwap Alpha (@PumpswapAlpha) June 30, 2025

It is worth noting that the NBA legend Scottie Pippen also put his name among the optimists. He recently asked his more than 700,000 followers on X which cryptocurrencies besides Bitcoin (BTC) they are bullish on, saying his picks include SHIB, XRP, ADA, DOGE, and other well-known altcoins.

This isn’t the first time Pippen has shown interest in assets different than BTC. In May, heclaimedthat the altcoin season “is here,” shifting his attention toward SHIB, XRP, ETH, SOL, ADA, and more.The Calm Before the Storm?

Important elements that could trigger a price ascent for SHIB are potential partnerships that the project may ink in the near future or groundbreaking disclosures involving its ecosystem.

Earlier this week, Shytoshi Kusama said on X that the community should be prepared for “many announcements, releases, and discussions around everything we’ve built thus far and where we see the future going.”

Some of the people commenting on the post took this as a positive sign that the ongoing month could be highly successful for the meme coin. However, only time will tell whether this will be the case.

The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.

Happy Wednesday! The mammoth 15-day, $4.7 billion net inflow streak into U.S. spot Bitcoin ETFs came to an end yesterday, with $342 million exiting the funds. The question is: are the flows following price — or leading it?

In today's newsletter, Standard Chartered predicts bitcoin at $135,000 by Q3 close, Robinhood pays $5 in transaction fees to deploy 213 tokenized stocks on Arbitrum, Bit Digital raises $163 million for its Ethereum treasury, and more.

Meanwhile, Coinbase buys token operations startup Liquifi in its fourth acquisition this year.

Let's get started.

Standard Chartered sees bitcoin waking up to $135K when September ends

Standard Chartered Head of Global Digital Assets Research Geoffrey Kendrick expects bitcoin to hit $135,000 by the end of September and has reaffirmed his $200,000 year-end target.

• Kendrick argues that H2 catalysts will override the typical post-halving slump seen in prior cycles, citing growing ETF flows, rising corporate treasury demand, and supportive U.S. policy tailwinds.
• Spot Bitcoin ETFs and corporate treasury buyers scooped up 245,000 BTC in Q2, and Kendrick anticipates that figure will be surpassed in Q3 as passive allocations grow and more firms adopt leveraged acquisition strategies.
• Bitcoin ETFs attracted $12.4 billion in Q2 — outpacing gold ETFs amid the geopolitical tension — with Kendrick noting the absence of significant hedging as a sign of strong net demand.
• The analyst also sees a possible Trump-led Federal Reserve leadership change, rising Treasury term premiums, and passage of the GENIUS stablecoin bill as additional bullish levers.
• If Kendrick's $200,000 target materializes, bitcoin would gain over $90,000 in H2 — marking the largest second-half dollar rally in its 16-year history.

Robinhood pays $5 to deploy over 200 tokenized stocks on Arbitrum

Robinhood minted 213 U.S. stocks on Arbitrum for just $5 in total gas fees as it gears up to launch tokenized equity trading for EU users.

• Each deployment cost three cents on average, according to a Dune Analytics dashboard compiled by Entropy Advisors.
• The tokens mirror major U.S. stocks like Nvidia, Microsoft, and Apple, but remain locked within a white-listed "walled garden" environment that prevents transfers to DeFi wallets.
• Bybit and Kraken rolled out similar products via a partnership with Backed Finance and its xStocks tool, though those can also be traded via Solana-based DEXs.
• Alongside the token issuance, Robinhood is building its own Arbitrum-based Layer 2 and is expanding into crypto staking and perpetual futures across the U.S. and EU.

Bit Digital raises $163 million to fund Ethereum treasury

Nasdaq-listed Bit Digital has now raised a total of $162.9 million through share offerings to fund its new Ethereum treasury strategy as it exits the bitcoin mining business.

• Underwriters exercised the full overallotment option, boosting the sale to 86.25 million shares and adding another $21.4 million to last week's raise.
• The company also plans to gradually convert its existing 417.6 BTC ($45 million) holdings into ETH, building on the 24,434 ETH ($61 million) it already held as of Q1.
• Bit Digital joins a growing trend of public firms pivoting to crypto treasuries — but unlike most, it's betting on ETH over BTC, alongside Tom Lee-chaired BitMine and Joe Lubin-led SharpLink.

Circle unveils Gateway to unify USDC stablecoin access across multiple blockchains

Stablecoin issuer Circle unveiled Gateway, an upcoming cross-chain solution that will let users access a unified USDC balance across multiple blockchains in real time.

• The system removes the need for traditional bridging by allowing users to deposit USDC into a non-custodial smart contract, unlocking capital efficiency and seamless multichain transfers.
• Gateway is set to launch on Avalanche, Base, and Ethereum testnets this month, with additional networks to be added later.
• The cross-chain solution follows Circle's blockbuster IPO and national banking license application, signaling a major push toward deeper integration with the traditional financial system.

'Nothing new under the sun'

Despite a packed July agenda with major political and regulatory events, K33 Head of Research Vetle Lunde expects crypto markets to remain subdued, continuing a pattern of quiet summer trading.

• Even with potential "Trump-trade" volatility amid the "big beautiful" budget bill, the end of the 90-day tariff pause, and a key crypto executive order policy deadline, Lunde sees little near-term impact, noting past Julys often paired major headlines with low volumes.
• "Expecting a new repeat this summer might strike the reader as a lazy assumption, particularly given the U.S. policy moves ahead," he said. "Nonetheless, my base case for the month is that nothing is new under the sun and that the best path ahead is to stay patient and hold your spot exposure."

In the next 24 hours

• U.S. jobless claims and nonfarm payroll figures are out at 8:30 a.m. ET on Thursday. U.S. markets close early at 1 p.m. ahead of Independence Day.
• U.S. FOMC member Raphael Bostic will speak at 11 a.m.

Never miss a beat with The Block's daily digest of the most influential events happening across the digital asset ecosystem.

Disclaimer: This article was produced with the assistance of OpenAI’s ChatGPT 3.5/4 and reviewed and edited by our editorial team.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

There has been a notable uptick in crypto crowd chatter following the Senate’s passage of US President Donald Trump’s sweeping “One Big Beautiful Bill,” with Vice President JD Vance breaking a 50-50 tie. Santiment reported a measurable increase in the social volume of the words “big,” “beautiful,” and “bill.”

This means that crypto traders are actively linking market outlooks to the bill’s potential policy shifts.

While the legislation itself offers no direct crypto provisions, the on-chain analytics platform noted that the traders appear to be positioning for possible ripple effects. These include broad tax cuts and consumer spending incentives that could fuel a “risk-on” sentiment favorable for Bitcoin and altcoins.Bill’s Depreciation Incentives Attract Miners

The bill’s return of 100% bonus depreciation is another underreported aspect Santiment flagged as potentially bullish for Bitcoin mining. This is because it allows firms to immediately write off mining equipment purchases. Such a move is expected to incentivize rapid ASIC deployment and potentially increase Bitcoin’s hash rate.

Historically, higher hash rates align with bullish cycles, particularly during monetary expansion. As such, the report noted that if looser fiscal policy intersects with rising M2 supply, crypto assets may see upward momentum.

Despite market optimism, Santiment highlighted disappointment following the failure to include Senator Cynthia Lummis’ proposed amendment. The amendment aimed to address staking, mining, and microtransaction tax complications, an omission many in the industry had pushed for over the weekend.

Overall, the social sentiment is still skewed bullish. Traders are mostly anticipating potential indirect benefits to crypto investments as tax cuts on overtime and tips put more disposable income into circulation.

Certain others, however, remained cautious as the bill’s deep spending cuts to healthcare and green energy have triggered market anxieties, which evenledto tensions between Trump and Tesla CEO Elon Musk. The latter had publicly criticized the bill and hinted at political realignment.

When tracking the social reactions to this conflict, Santiment found a slight dip in Bitcoin prices mirroring Tesla’s decline. This reflected the continued correlation between Tesla stock movements and crypto market reactions during significant political events.

Additionally, Dogecoin entered the narrative as traders referenced Musk’s previous humorous support through the so-called DOGE department. His current remarks warned that the bill could damage future-focused companies, further adding to volatility in sentiment.“Sell the Rumor, Buy the News” Patterns Emerge

The social metric analysis suggests that while the Senate’s passage of the bill has not yet translated into significant price rallies for Bitcoin or major altcoins, the crowd mood has shifted toward cautious optimism, which is consistent with “sell the rumor, buy the news” behavior often seen in crypto markets.

The ongoing legislative process is expected to influence crypto market sentiment depending on how political negotiations evolve, particularly around the potential impact on fiscal spending, Treasury markets, and Federal Reserve liquidity actions.

While direct crypto wins were absent in the Senate version, the broader implications of consumer liquidity, policy volatility, and fiscal-monetary interactions will remain critical watchpoints for traders seeking to position around the “Big Beautiful Bill” narrative in the coming weeks.

Publicly traded Bitcoin miner Hut 8 (ticker HUT) signed five-year capacity contracts with the Ontario Independent Electricity System Operator (IESO) for four of its natural gas-fired power plants in the Canadian province.

A capacity contract is an agreement between a power generator and a grid operator where generators are paid to ensure a specified amount of electrical capacity is available during a set period, typically to meet peak demand or ensure grid reliability.

Hut 8 notes that the agreement will "deliver stable cash flows" for Far North Power Corp., a joint entity formed between Hut 8 and Macquarie Equipment Finance Ltd. The contracts include a weighted average payment of approximately CAD $530 per megawatt of power per day, according to the announcement.

"The contracted assets total 310 MW of nameplate capacity across four sites: Iroquois Falls, Kingston, Kapuskasing, and North Bay," the firm wrote.

The move represents the growing integration of Bitcoin mining facilities into existing grid operations and the expanding business lines pursued by miners that are now facing more competition following the programmatic Bitcoin network halving in 2024.

For instance, mining facilities in Texas, which maintain an independent grid, have long signed deals with the Electric Reliability Council of Texas operator to act as flexible load balancers during times of peak power demand.

Self mining

Meanwhile, Nasdaq-listed Cipher Mining (ticker CIFR) announced that it has surpassed expectations for its self-mining capacity at its new Black Pearl facility, which started hashing at the end of June.

"Hashrate will continue to increase at the site through the third quarter of 2025 as new mining rigs continue to be delivered in scheduled batches, gradually replacing legacy units," the firm wrote.

Self-mining capacity refers to the total computational power that a miner dedicates to mining Bitcoin using its own equipment and is a representation of a firm’s ability to earn Bitcoin rewards without relying on third-party mining pools or hosted services. The firm mined 160 BTC in June and sold 58, bringing its total held to 1,063 bitcoins.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.