ChainCatcher news, QCP Capital's latest report indicates that the Japanese stock market has rebounded to pre-crash levels today, but investors remain cautious ahead of the U.S. CPI data release this week. The market will focus on the inflation data to determine whether the Federal Reserve will cut rates by 50 basis points or 25 basis points in September, with both probabilities currently equal. In addition, the cumulative inflow of the ETH spot ETF has exceeded $901 million after a net inflow yesterday, and Grayscale has achieved zero outflows for the first time. This provides strong support for the ETH price and may act as a catalyst for ETH's recovery.

ChainCatcher news, the crypto investment firm QCP Capital stated that the highly anticipated Ethereum spot ETF began trading last night; however, the expected market enthusiasm did not materialize. Ethereum's volatility has decreased across the entire term structure, and the premium of front-end Ethereum volatility over Bitcoin has finally reversed, with the trading prices of Bitcoin's 1-week and 2-week options now exceeding Ethereum by 1-3 points.QCP Capital remains optimistic about Ethereum's prospects. Bitcoin reached an all-time high two months after the ETF launch, providing a strong precedent for this. Institutional investor interest is expected to persist, and Ethereum's price trajectory may gradually approach its previous all-time high. As the market stabilizes, Ethereum's volatility is expected to decrease before the weekend. With volatility still at moderate levels, implementing a cumulative strategy may be the best way to take advantage of this slow upward trend.

ChainCatcher news, The ETF Store President Nate Geraci cited an analysis report from the law firm Foley & Lardner LLP, pointing out that the most significant progress in the SEC's approval of the ETH spot ETF is that "the SEC strongly suggests that ETH is a commodity rather than a security."Additionally, "the approval order indicates that crypto assets can start as securities and transition to commodities over time."

ChainCatcher news, according to on-chain analyst Yu Jin's monitoring, a whale/institution that bought ETH and ETH ecosystem-related tokens after the approval of the 19-4 filing for the ETH spot ETF at the end of May has transferred various ETH ecosystem tokens worth $11.57 million to Binance for sale in the past hour, causing these tokens to experience varying degrees of decline, including:3.514 million LDO ($6.23 million);49,700 AAVE ($4.49 million);319,800 FXS ($850,000).Now, all these ETH ecosystem tokens are sold at a loss, with no profits.

ChainCatcher news, Bloomberg ETF analyst Eric Balchunas posted on social media that the analyst team expects the approval of the ETH spot ETF to be delayed until after the holidays. It is heard that the SEC took extra time this week to respond to major ETF issuers (although only very minor adjustments were made). According to the information currently known, everything needs to wait until after the holiday on July 8, when the approval process will resume, and results will follow shortly thereafter.

ChainCatcher news, Fundstrat's Head of Digital Assets Strategy Sean Farrell stated in a report that people's expectations for the ETH spot ETF are overly pessimistic. Hedge funds pursuing so-called basis trading (aimed at exploiting the differences between the spot and futures markets) will drive the development of the ETF.

ChainCatcher news, according to Forbes reporter Eleanor Terrett, SEC Chairman Gary Gensler told Senator Bill Hagerty that he expects the ETH spot ETF S-1 application may be approved by the end of summer.

ChainCatcher news, Singaporean crypto investment firm QCP Capital stated that the cryptocurrency market is facing some pressure for the following reasons:NFP data surprised the market: As expectations for interest rate cuts in July and September have weakened, U.S. Treasury yields have risen to recent highs;Macron calls for rapid elections in France: Due to increasing geopolitical risks in the EU, the EURUSD exchange rate has declined, which has strengthened the dollar and led to a general risk-averse sentiment;The market is in a risk-averse mode ahead of tomorrow's CPI and FOMC meetings. This month's FOMC meeting will also release the Dot Plot, informing the market how many interest rate cuts the Federal Reserve expects for the remainder of 2024;Yesterday, $64 million flowed out of BTC ETFs, possibly because traders are reducing risk ahead of tomorrow's events.QCP Capital believes that despite short-term resistance, this may be a good opportunity to accumulate cryptocurrencies. Potential positive events in the future, such as the eventual launch of the ETH spot ETF and the verbal arms race between Biden and Trump to win crypto votes, are worth looking forward to.They suggest buying BTC spot when the price is below $74,000 at a 13% discount ($58,000).

ChainCatcher message, The ETF Store president Nate Geraci posted on the X platform: "I actually think that the approval of a (U.S.) ETH spot ETF is much more important than the approval of a BTC spot ETF... This is a complete surrender to cryptocurrency by the (U.S.). There is no turning back now."

ChainCatcher news, according to Coindesk, the economist Bernstein stated in a research report that if the U.S. approves a spot Ethereum ETF, this action would be seen as a significant regulatory easing for the cryptocurrency industry and increase expectations for ETH competitor SOL to be classified as a commodity.Analysts Gautam Chhugani and Mahika Sapra wrote: "In the long run, we do believe that if Trump is elected, cryptocurrencies could receive strong legislative and institutional support (new SEC chairman), leading to a lasting structural change in cryptocurrency financial integration. Strategically, the approval of a spot Ethereum ETF would set a precedent for the first non-Bitcoin blockchain asset to be considered a commodity, thereby enhancing the hopes for Ethereum competitors (possibly Solana) to follow the same path."

ChainCatcher news, Variant Fund Chief Legal Officer Jake Chervinsky stated: "If a spot ETH ETF really gets approved, everyone I know who understands the regulatory situation in Washington would be greatly shocked, but that doesn't mean it won't happen. This means that the approval of the ETF could signify a significant shift in U.S. cryptocurrency regulatory policy after the SAB 121 vote, which may be more important than the ETF itself."

ChainCatcher news, according to CoinDesk, JPMorgan analysts predict that the likelihood of the U.S. Securities and Exchange Commission (SEC) approving a spot Ethereum (ETH) exchange-traded fund (ETF) before May is no more than 50%. Analysts believe that the possibility of Ethereum being classified as a commodity is uncertain. JPMorgan analyst Nikolaos Panigirtzoglou stated that although some believe the SEC's omission of ETH in its lawsuits against cryptocurrency exchanges suggests that the regulator may classify it as a commodity in the coming months, he is skeptical about this.Additionally, the report mentions that the SEC is currently suing cryptocurrency exchanges that offer staking services for proof-of-stake blockchains like Ethereum, which may make the approval of a spot ETF for Ethereum more difficult.