This week, the cryptocurrency market had ambiguous dynamics: the quotes corrected downwards. However, by now, they have regained some of the lost positions. BTC is trading around 61600.00 (–3.4%), ETH is at 3450.00 ( 0.5%), USDT is around 0.9991 (–0.06%), BNB is around 579.00 (–2.4%), and SOL is at 145.00 ( 11.7%). The total market capitalization fell to 2.29T dollars by the end of the week, and the share of BTC on it was down to 53.1%.

At the beginning of the week, the price was under pressure by the announcement of the management of Mt. Gox that compensation payments to clients would begin in June. They play to return about 140.0K BTC worth more than 9.4B dollars. Most analysts, namely, JPMorgan Chase & Co. experts, fear the sell-off of received tokens will limit the growth of leading digital assets during the summer months, and the situation will normalize then. Investors reacted negatively to the possible large BTC volumes inflow to the market, which led to a decrease in the quotes for a wide range of assets but on Tuesday, they already began to recover. On the same day, there was a change in the trend in the Bitcoin ETF market. For seven sessions, investors have been withdrawing funds. However, the capital inflow has resumed, reaching 64.2M dollars in three days.

The leaders of growth this week were ETH and SOL tokens, which managed to compensate for Monday’s losses. Ethereum is supported by expectations of the imminent launch of ETF exchange-traded funds based on it. Last week, VanEck, BlackRock, Grayscale, Invesco Galaxy Digital, Franklin Templeton, and Fidelity renewed their S–1 filings to include fees that were quite low: 0.2% for VanEck and 0.19% for Franklin Templeton. Meanwhile, the US Securities and Exchange Commission (SEC) has closed its investigation into ETH, indirectly recognizing it as a commodity rather than a security, indicating that an Ethereum ETF may be approved soon. However, in a recent interview with Bloomberg, SEC Chairman Gary Gensler declined to say when the regulator will take specific action. According to Reuters, it could happen before July 4. SOL’s significant growth began after reports that VanEck applied to register a spot exchange-traded fund based on the Solana cryptocurrency: VanEck Solana Trust will track the token’s performance based on the Solana Benchmark Rate index based on data from five major cryptocurrency platforms. The fund may be listed on the Cboe BZX platform.

Today, traders are waiting for the publication of May data on the core index of private consumption expenditures. In the event of its decrease, the likelihood of the US Fed’s interest rate cuts will increase significantly, and alternative assets to the dollar will receive support. Otherwise, the negative dynamics of the cryptocurrency market may resume.