Good morning. Here’s what’s happening:

Bitcoin prices: Bitcoin was comfortably holding its position above $30K. The major cryptos were mostly in the green.

Insights The “last active” Bitcoin supply indicator reflects a bullish sentiment towards the asset.

Bitcoin Brush Off

As Asia opened on Friday morning (HKT), Bitcoin was trading sideways. It was not affected by the news that Fidelity Investments had re-filed an application for a bitcoin spot ETF, or by unexpectedly positive U.S. Economic data.

The largest cryptocurrency in terms of market capitalization traded at around $30,400 recently, an increase of 0.6% from the previous day.

Fidelity has joined Blackstone Invesco WisdomTree in filing spot BTC ETFs with the SEC during the last two weeks. These initiatives have boosted investors and pushed crypto prices higher.

CJ Reim wrote to CoinDesk in an email: “What is striking to observe, is how the digital assets industry continues to bounce back from negative news.” CJ was a co-founder, managing partner and contributor to Core DAO at Amity Ventures. “Despite regulatory uncertainties in the US and notable failings like FTX we are witnessing a global competition for this nascent sector heating up as well as increased institutional demand, as evidenced by BlackRock’s recent Bitcoin ETF request.”

U.S. Bitcoin Price Increase Driven by Investors as Institutional demand Rises

Ether, which is the second-largest crypto in terms of market value, traded at $1,844 recently, also roughly unchanged from Wednesday. SOL, the SOL token, is the platform for smart contracts of Solana. It has recently increased by more than 14%.

CoinDesk reported on Thursday that crypto traders using the Solana blockchain are following the trend of Ethereum’s ” liquid staking token“. They leverage their SOL derivatives to achieve lofty returns through a convoluted, releveraging process. The trend was sparked by Drift Protocol releasing a new service on Tuesday, called “Super Staking,” which combines the entire cycle in a single click.

The CoinDesk Market Index measures the performance of crypto markets. It was up by 1.2% recently.

The U.S. equity market largely ignored the positive economic news – a revised 2 percent increase in GDP, and a decline in weekly unemployment claims – which suggested that inflation would continue to be a problem and could support the Federal Reserve’s plan to raise interest rate two more times by 2023. Asset markets have been repeatedly shaken by such monetary hawkishness over the last year.

Fed Chair Jerome Powell , at the Banco de Espana Fourth Conference on financial stability, noted the uncertainty of central banks about the best inflationary medicine for the months to come, despite his recent statements that the Fed will raise rates in the upcoming months.

Powell added: “We are seeing the effects of tightening our policy on the demand in the interest rate sensitive sectors of the economy. This includes housing and investments.” The full impact of monetary restrictions, particularly on inflation, will not be felt for some time.

Akash Mahendra, director of Haven1 Foundation and portfolio manger at digital wealth platform Yield App wrote in an email to CoinDesk that the “bitcoin-ETF frenzy” is “good news for the bitcoin price,” but the success of the industry will also be heavily dependent on innovation.

Mahendra wrote: “Endorsement by large institutions is fantastic and we all hope that BlackRock’s ETF passes – not to mention because rejection would have been very, very negative for bitcoin.” “However at its core blockchain is a place where innovation is beyond what’s available in the traditional financial sector.”

The Biggest Gainers

Biggest Losers

Bitcoin Investors are Comfortable with

One bitcoin metric has consistently moved higher despite its reputation as a volatile asset. This shows the confidence of bitcoin investors in this asset and their tendency to hold onto their BTC.

Bitcoin Supply Last Active – 2 Years (Glassnode).

According to data from Glassnode, the on-chain analytics company, bitcoin is currently at its highest level ever. This is despite the fact that the cryptocurrency experienced a brutal bear market which saw the price drop from $70,000 at the beginning of 2021 down to $16,000 by the end of 2023. Bitcoin is currently valued at around $30,000.

More than 55% (or the circulating bitcoin supply) has remained unchanged since 2021. This represents a 10% drop over that period. ConDesk’s Bitcoin Trend Indicator is another indicator of investor sentiment that has moved into the significant upturn category. It had been pointing down for most of the last few weeks.

A decrease in the last active supply would indicate that investor perceptions of an asset have fundamentally changed.

Investors seem to be willing to hold and accumulate.

Important events.

Blockchance 23, Hamburg, Germany

China NBS Manufacturing Purchasing Managers Index (June).

CoinDesk TV

If you haven’t seen it yet, here is the latest episode of “First Mover” on CoinDesk TV.

Coinbase alleged that the SEC went beyond its jurisdiction, and violated the due process requirements. Bitcoin cash reached a new high this week. Ryan Grace, from tastycrypto, shared his analysis of the crypto markets. Will Casarin, founder of Damus, discussed the recent Apple battle with its Bitcoin-friendly social media application. Six Clovers Cofounder and CEO Jim Nguyen also spoke on the future for crypto cross-border payment.

Re-filing by Fidelity for its previously rejected spot bitcoin ETF: This refiling comes two weeks after BlackRock’s application for its own spot Bitcoin ETF.

The Liquid Staking Frenzies Spreads to Solana, as Drift’s ‘Super Stake’ Offers One-Click leverage: Drift Protocol’s “Super Stake” is a big hit among traders looking to earn extra yield from their staked SOL Tokens.

SEC Does Not Have Jurisdiction over Cryptos on Coinbase Exchange says in Lawsuit response: Coinbase responded to the SEC lawsuit early Thursday morning, arguing that the regulator has violated due process by reaching outside its jurisdiction.

Lacoste expands its NFT eco-system with new rewards: Lacoste’s latest expansion of its Web3 universe gives holders access to “creative session, contests and video games, as well as interactive conversations.”

It’s very difficult to custody crypto: Prime Trust isn’t helping the crypto industry’s reputation as a shady, mainstream industry.

This article has been written and edited solely to provide accurate information for the reader. CoinDesk could earn a commission if you click a link on Glassnode. See our Ethics Policy for more information.

James Rubin is the editor.