Decentral Block Post

Cryptocurrency-friendly neobank Revolut is next to delist a batch of digital assets on its platform in the United States amid the ongoing regulatory developments in the country.

Revolut is preparing to completely delist tokens like Cardano (ADA), Polygon (MATIC) and Solana (SOL) from its platform in September, a spokesperson for the firm told Cointelegraph.

On June 29, Revolut notified its U.S. customers about the change, stating that buying ADA, MATIC and SOL is immediately closed for all customers. Revolut users will still be able to hold and sell these tokens until Sept. 18, the representative noted.

“Any remaining tokens will be sold on your behalf using the market price at the time of sale. We’ll deposit the USD proceeds into your Revolut account,” the firm wrote in the announcement to U.S. customers.

Revolut said that the tokens are being delisted due to developments in its U.S. infrastructure.

The introduction of a spot-based Bitcoin (BTC) exchange-traded fund (ETF) would make the asset more accessible to individual investors and mutual funds. What’s more, unlike a futures-based Bitcoin ETF, a spot-based ETF involves actually buying BTC.

So, will the approval of the first Bitcoin ETF be a bullish event? Not necessarily.

GBTC ‘discount’ remains in the double digits

Over the years, the United States Securities and Exchange Commission (SEC) has rejected every Bitcoin ETF applicant, with the latest denial issued to the VanEck Bitcoin Trust on March 10, 2023.

The SEC concluded that the offer did not have a “comprehensive surveillance-sharing agreement with a regulated market of significant size related to spot Bitcoin.“ Regulators are hesitant to release what many believe would be a more equitable and transparent Bitcoin product. 

Investors now question whether the latest bids from ARK Invest and BlackRock to launch spot Bitcoin ETFs might be the solution to Grayscale’s Bitcoin Trust (GBTC), an investment vehicle with shares traded on the stock exchange.

Bitcoin (BTC) spiked through $31,000 on June 30 as a nearly $6 billion open interest expiry loomed.

Options expiry precedes day of BTC price triggers

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting local highs of $31,268 on Bitstamp before returning lower.

BTC price performance improved into a key quarterly options expiry event, the second largest in Bitcoin’s history, with analysts keen to see its effect on markets.

“Will be interesting to see how much is rolled over to future expirations and whether that OI is call or put dominant --> as that will impact how dealers hedge (buy or sell BTC),” financial commentator Tedtalksmacro wrote in part of associated commentary.

June 30 represents a key date for BTC traders all around, with the options expiry forming just one in a series of key events.

The Polkadot Decoded 2023 conference just wrapped up and this year more than 100 speakers and 100 blockchain projects were in attendance. 

The beauty of crypto bear markets is they catalyze a realignment of perspectives and objectives.

All the hidden leverage is gone and most of the speculation is gone.

SBF is gone.

Do Kwon is gone.