{"id":19799,"date":"2023-07-07T11:25:20","date_gmt":"2023-07-07T11:25:20","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/how-the-spot-bitcoin-etf-filings-affected-the-crypto-industry-in-june-report\/"},"modified":"2023-07-07T11:25:22","modified_gmt":"2023-07-07T11:25:22","slug":"how-the-spot-bitcoin-etf-filings-affected-the-crypto-industry-in-june-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/how-the-spot-bitcoin-etf-filings-affected-the-crypto-industry-in-june-report\/","title":{"rendered":"How the spot Bitcoin ETF filings affected the crypto industry in June: Report"},"content":{"rendered":"
The news surrounding BlackRock\u2019s application for a spot Bitcoin (BTC) exchange-traded fund (EFT) sent the asset\u2019s price from its local lows in mid-June to a strong monthly close of +12%. To most observers, this was a sign that institutional investment into the cryptosphere is once again on the horizon. A future approval of a spot ETF combined with rate cuts from the United States Federal Reserve could provide the ideal catalysts for the next bull run.<\/p>\n
For those keen to gain a deeper understanding of the crypto space\u2019s various sectors and their fundamental trends, Cointelegraph Research publishes its monthly \u201cInvestor Insights Report,\u201d which dives into venture capital, derivatives, decentralized finance (DeFi), regulation and much more. This month, Cointelegraph Research examined how various sectors reacted to the bullish news surrounding BlackRock\u2019s ETF filing with the U.S. Securities and Exchange Commission.<\/p>\n
The report is available for free on the Cointelegraph Research Terminal.<\/em><\/p>\n While crypto-related stocks, especially those of mining ventures, immediately benefitted from the news, other sectors traditionally tied closer to altcoin activity, such as DeFi, continued in bear-market mode unperturbed.<\/p>\n Many suspect that novel layer-2 scaling solutions for Ethereum will be among the big gainers in the next bull run. However, the competition in the space is tight. Zero-knowledge (ZK) rollup technology, which allows a shortened summary of transaction batches and smart contract executions to be submitted to the chain, will arguably be the biggest area of innovation in this crypto market cycle.<\/p>\n ZkSync Era\u2019s ZK Stack, Polygon zkEVM and StarkWare\u2019s Starknet have all been in the news for their recent or newly proposed innovations. But what does the data say about the relative success of these projects?<\/p>\n In June, Polygon zkEVM outperformed zkSync and Starknet in terms of growth in total value locked (TVL), gaining an impressive 71% month-over-month. However, it still lags an order of magnitude behind the dominant zero-knowledge protocol, zkSync, which currently has a TVL of $120 million. <\/p>\nZk-Rollups race heating up ahead of next bull run<\/h2>\n