KEYTAKEAWAYS
- ETH open interest surged 5.14% to $67.25B in 24h, with Binance leading, hinting at increased trading activity and potential volatility.
- SEC accepted Invesco Galaxy’s spot Solana ETF application, marking a step toward broader institutional access to SOL markets.
- Greenidge posted Q2 net loss of $4.1M despite revenue gains, with hosting income partly offsetting volatile Bitcoin mining returns.
CONTENT
ETH NETWORK CONTRACT OPEN INTEREST GROWS 5.14% IN 24 HOURS
According to Coinglass data, the ETH network contract open interest increased by 5.14% over the past 24 hours, reaching $67.248 billion. Binance holds $14.088 billion, OKX holds $4.021 billion, and Bybit holds $6.028 billion.
ANALYSIS
The sharp daily increase in ETH open interest signals rising trader engagement and growing capital allocation to ETH derivatives. Binance’s dominant share underscores its influence in ETH trading activity. This surge may amplify short-term volatility, as higher open interest often precedes larger price swings. Market participants should monitor funding rates and position imbalances for signs of potential liquidation cascades.
US SEC CONFIRMS ACCEPTANCE OF INVESCO GALAXY SPOT SOLANA ETF APPLICATION
According to official filings, the US Securities and Exchange Commission (SEC) has confirmed it accepted the spot Solana ETF application submitted by Invesco Galaxy.
ANALYSIS
The SEC’s formal acknowledgment marks the initial step toward a potential spot Solana ETF, signaling growing institutional interest in SOL. Approval could open the door for broader investor participation and deepen market liquidity, potentially supporting long-term price appreciation.
However, the process remains in its early stages, and regulatory scrutiny could delay or block the launch. Investors should track the review timeline and potential public comment periods.
MINING COMPANY GREENIDGE REPORTS Q2 NET LOSS OF $4.1 MILLION
Nasdaq-listed Bitcoin mining company Greenidge Generation Holdings reported Q2 revenue of $12.9 million and a net loss of $4.1 million. The company produced 110 BTC, generating $4.2 million in crypto mining income and $6 million in data center hosting income.
ANALYSIS
While Greenidge’s losses narrowed compared to previous quarters, profitability remains challenged by high operational costs and Bitcoin price dependency. Hosting services provide a more stable revenue stream, partially offsetting the volatility of mining returns. For sustained recovery, the company will likely need to improve energy efficiency, optimize cost structures, and benefit from favorable BTC price trends.
