BONK Surges 10% as Tuttle Capital Sets July 16 as Earliest Launch Date for Its 2X Leveraged ETF

Bonk (BONK) surged 9.87% to $0.00001494 on July 2, extending recent gains across the Solana meme token space, according to CoinDesk Research's technical analysis model.

The move came amid fresh attention to Tuttle Capital’s proposed 2x Long BONK ETF, which has taken a procedural step forward but remains unapproved.

Tuttle Capital originally filed a Form N-1A on Jan. 27, for a suite of leveraged ETFs, including a 2x Long BONK product. On July 1, the firm submitted a post-effective amendment stating that the ETF could become effective no sooner than July 16. This means the product could launch after that date, pending regulatory clearance and operational readiness. The filing includes similar 2x long exposure funds for other assets, including SOL, TRUMP, MELANIA, XRP, ADA and LTC.

This update has rekindled investor interest in BONK, reflecting broader appetite for structured meme coin exposure via traditional financial instruments. However, the ETF is not yet approved, and the July 16 date only marks the earliest possible activation under current SEC procedures.

Elsewhere, BONK developers announced that the Saga phone token redemption program will officially end on July 31. Of the 20,000 allocations, roughly 17,599 have been claimed. Unclaimed tokens will be returned to the BONK DAO and earmarked for future ecosystem development. This change coincides with the launch of the Solana Seeker phone, signaling a transition in Solana Mobile’s device cycle.

Meanwhile, the Solana network continues to grow. DeFi Development Corp has joined as a validator, boosting infrastructure decentralization. The broader network has now surpassed 350 on-chain integrations, increasing the visibility and utility of tokens like BONK across DeFi and Web3 use cases.

Technical Analysis Highlights

• BONK climbed from $0.0000136 to a peak of $0.00001524, up 12.1%, before closing at $0.00001494.
• Price broke through resistance at $0.0000144 during the 16:00 UTC hour on strong volume of 1.38 trillion.
• A head-and-shoulders pattern formed between 16:48 and 17:47 UTC, indicating potential exhaustion.
• Breakdown below $0.00001500 saw heavy selling, with 73.9 billion in volume during the 17:39 candle.
• Support is now seen around $0.0000142, bolstered by high-volume buying during the 13:00 hour.
• Volatility and volume remain elevated, suggesting continued short-term speculation.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

source https://www.coindesk.com/markets/2025/07/02/bonk-surges-10-as-tuttle-capital-sets-july-16-as-earliest-launch-date-for-its-2x-leveraged-etf

The Protocol: Ethereum’s Vitalik Buterin Says the Ecosystem Is At Risk If Decentralization Is Just a Catchphrase

Welcome to The Protocol, CoinDesk's weekly wrap-up of the most important stories in cryptocurrency tech development. I'm Margaux Nijkerk, CoinDesk’s Tech & Protocols reporter.

In this issue:

• Vitalik Buterin: Ethereum at Risk If Decentralization Is Just a Catchphrase
• Bitcoin Layer-2 Botanix Mainnet Debuts, Cuts Block Times to 5 Seconds
• XRPL EVM Sidechain Goes Live, Unlocking Ethereum Dapps in XRP Ecosystem
• Securitize, RedStone Pilot ‘Trusted Single Source Oracle’ to Secure Tokenized Fund NAVs

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Network News

BUTERIN: CRYPTO MUST MATURE: Ethereum co-founder Vitalik Buterin wants the crypto industry to grow up fast — stressing that the industry is at an “inflection point.” Speaking in front of a packed room at the Ethereum Community Conference, in Cannes, France, Buterin used his keynote to deliver a clear-eyed reality check: decentralization, he argued, must evolve from a catchphrase to a concrete set of user guarantees — or risk becoming another hollow promise. As the industry has gone mainstream with endorsements from major corporations and political figures, builders need to return to the ecosystem’s key ideals surrounding decentralization and building for users' needs, Buterin said. In his typical jeans and relaxed dark t-shirt uniform, Buterin laid out practical “tests” that he said every crypto project should pass. These include 1) the walk-away test. If the company behind an application disappears, do users keep their assets? And 2) the insider attack test: How much damage can rogue insiders or compromised front-ends cause? And 3) whether it has a trusted computing base: How many lines of code must be trusted to protect users’ funds or data? He warned that too many layer-2 networks, DeFi projects and “decentralized” front-ends rely on hidden backdoors, instant upgrade buttons or insecure interfaces that can be tampered with and hacked. — Margaux Nijkerk Read more.

BITCOIN LAYER-2 BOTANIX GOES LIVE: The mainnet of Botanix, a network designed to bring Ethereum-equivalent utility to the Bitcoin ecosystem, has gone live, slashing the time it takes to add new blocks to five seconds from 10 minutes. The network is compatible with the Ethereum Virtual Machine (EVM), the software that powers the Ethereum blockchain, allowing Ethereum-based applications and smart contracts to be copied and pasted onto Bitcoin, developer Botanix Labs said in an email. Botanix is one of several projects attempting to scale the Bitcoin blockchain and make it a more conducive venue for decentralized finance (DeFi) by enhancing its utility and programmability. Others include Rootstock, Stacks and BOB ("Build on Bitcoin"), which have all adopted the BitVM computing paradigm that can make complex computations verifiable on Bitcoin, paving the way for smart-contract provision, similar to Ethereum's. The expansion of Bitcoin's utility would allow developers to take advantage of the value held in BTC, which dwarfs that of all other digital assets. — Jamie Crawley Read more.

XRP LEDGER EVM-SIDECHAIN MAINNET LAUNCHES: Ripple officially introduced the XRP Ledger's Ethereum Virtual Machine (EVM) sidechain to the mainnet in an bid to improve the ecosystem's interoperability and allow developers to deploy their Ethereum-based decentralized applications (dapps) with the XRPL. The development adds EVM-compatible smart contracts while maintaining a connection to the XRPL, giving developers access to the ecosystem at a low cost, Ripple said in a blog post. It is designed to eliminate the trade-off between EVM compatibility and XRPL’s own advantages, opening the door for dapps to lean into XRP’s payments infrastructure. The sidechain operates as a separate blockchain that is parallel and connected to the XRP Ledger over the Axelar bridge, an interoperability protocol. XRPL’s native token, XRP, will serve as the native gas token for the sidechain. — Margaux Nijkerk Read more.

SECURITIZE, REDSTONE RELEASE NEW ORACLE MODEL WHITEPAPER: Securitize, one of the largest tokenized asset issuers, and oracle provider RedStone have released a whitepaper they say introduces a new model for securely verifying Net Asset Value (NAV) data on-chain, tailored specifically for tokenized private funds. The model, dubbed the Trusted Single Source Oracle (TSSO), is designed to address a key gap in decentralized finance (DeFi) infrastructure: how to reliably prove that each NAV update really comes from the trusted source — and hasn’t been tampered with once it’s on-chain. In traditional crypto markets, oracles pull data from multiple price feeds to guard against manipulation or errors. But for private funds, the NAV is calculated by a single fund administrator. That creates a unique problem: there’s no way to double-check the number through market aggregation. For DeFi protocols that rely on accurate collateral values, this single point of trust has been a sticking point. The TSSO framework solves this by creating a cryptographically linked chain of NAV updates, according to the whitepaper. Each update includes a secure digital signature, a timestamp, a reference to the previous record, and a hash that locks the sequence together. The system uses two keys: a cold-stored “root key” for major updates and a “chain key” for small, routine changes that stay within tight thresholds. This design aims to balance high security with the practical need to refresh NAV data without constant manual work. — Margaux Nijkerk Read more.

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In Other News

• Digital brokerage Robinhood (HOOD) has a slate of new crypto offerings, including its own blockchain network based on Arbitrum and tokenized stock trading. The firm this week debuted its stock token offering, issued on the Ethereum layer-2 Arbitrum, for European users, giving access to over 200 U.S. equities and ETFs with around-the-clock trading during weekdays. With the launch, Robinhood is expanding its crypto-focused EU app with tokenized stocks into an "all-in-one investment app powered by crypto," the company said. The firm also confirmed it’s building its own layer-2 blockchain network optimized for tokenized assets. The chain will support 24/7 trading, self-custody and cross-chain bridging of tokenized assets. A release date has not been disclosed, but persons familiar with the matter said it could go live later this year or early next year. — Krisztian Sandor Read more.
• Deutsche Bank (DB) is planning to debut a crypto custody service next year, Bloomberg first reported. Germany's largest bank has enlisted cryptocurrency exchange Bitpanda to help build the offering, according to the report, citing people familiar with the matter. DB's involvement in crypto custody to now has been largely through Swiss custodian Taurus, of which the bank is both an investor and a client. It is not clear how this relationship would develop should DB begin its own service in-house. The bank's other recent crypto initiatives have been concentrated in stablecoins, with its asset management subsidiary DWS planning to issue a euro stablecoin as part of a joint venture with Flow Traders and Galaxy (GLXY). — Jamie Crawley Read more.

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Regulatory and Policy

• With the U.S. Senate's passage of the bill meant to carry forward the bulk of President Donald Trump's policy agenda, last-minute changes to the One Big Beautiful Bill didn't include a proposal to clarify and ease crypto taxation. Though Senator Cynthia Lummis had advocated changes to the U.S. approach to taxing cryptocurrency transactions, including waiving capital-gains taxes on small-scale activity, it wasn't among the amendments to the bill that narrowly passed on a 50-50 vote on Tuesday in which Vice President J.D. Vance had to step in to break the tie. Senators had worked through the night Tuesday debating amendment after amendment, most of which failed, on their way toward a Republican success. But Lummis' amendment wasn't among them, despite 11th-hour lobbying efforts from the digital assets industry. — Jesse Hamilton Read more.
• New York Attorney General Letitia James sounded the alarm on the U.S. Senate’s stablecoin bill, warning Congress on June 30 that GENIUS Act — at least as it currently stands — “do[es] not contain the necessary guardrails to protect the American public.” In an eight-page letter, James urged Congress to slow down its efforts to pass stablecoin legislation and “take the time necessary to draft legislation that will enhance innovation while protecting our banking system that is the envy of the world.”— Cheyenne Ligon Read more.

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Calendar

• June 30-July 3: EthCC, Cannes
• July 16-18: Web3 Summit, Berlin
• Sept. 22-28: Korea Blockchain Week, Seoul
• Oct. 1-2: Token2049, Singapore
• Nov. 17-22: Devconnect, Buenos Aires
• Dec. 11-13: Solana Breakpoint, Abu Dhabi
• Feb. 10-12, 2026: Consensus, Hong Kong
• May 5-7, 2026: Consensus, Miami

source https://www.coindesk.com/tech/2025/07/02/the-protocol-ethereum-s-vitalik-buterin-says-the-ecosystem-is-at-risk-if-decentralization-is-just-a-catchphrase

Solana Drops Below $146 Despite Imminent Launch of First U.S.-Based SOL Staking ETF

Solana (SOL) declined 7.84% over the past 24 hours, trading at $145.08 as of 20:03 UTC on July 1, 2025, according to CoinDesk Research's technical analysis model; during the same period, the broader crypto market, as indexed by the CoinDesk 20, went down only 0.24%.

SOL's sharp drop comes just one day before a major milestone for the ecosystem: the launch of the REX-Osprey SOL + Staking ETF.

Set to debut on July 2, 2025, the REX-Osprey SOL + Staking ETF (ticker: SSK) is the first U.S.-listed exchange-traded fund to provide direct exposure to Solana’s native token while also offering access to staking rewards. Unlike traditional crypto ETFs that only track price, this fund enables holders to passively benefit from Solana’s proof-of-stake reward system.

Approximately 80% of the ETF’s assets will be allocated to SOL, with roughly 50% of those tokens actively staked. The fund is structured under the Investment Company Act of 1940, a framework generally viewed as more favorable from a regulatory standpoint than the 1933 Act. The 1940 Act structure may improve investor protections and expedite approvals, which could influence broader institutional participation.

Analysts say this launch represents a major step for Solana’s credibility among U.S. financial institutions. By integrating yield generation directly into the ETF, it offers a more comprehensive exposure to the asset than spot-tracking funds. Some market participants believe it could serve as a catalyst for long-term adoption, particularly as other firms including Grayscale, VanEck, and Bitwise pursue similar SOL ETF applications.

However, despite the ETF’s pending launch, SOL saw broad-based selling pressure on Monday, underscoring the market’s cautious stance ahead of the event.

Technical Analysis Highlights

• SOL declined $12.34 over the past 24 hours, dropping from $157.42 to $145.08 — a 7.84% loss with a price range of $12.34.
• Strong resistance was encountered at $157.42 during the first hour of the analysis window, followed by consistent selling pressure throughout the session.
• The largest volume spike occurred during the 06:00 UTC hour, exceeding 1.57 million units, with price rejection near $151.50.
• upport emerged at $146.55 during the 14:00 UTC hour, also coinciding with elevated volume, indicating accumulation interest around that level.
• In the final hour of the analysis window from 19:01 to 20:00 UTC, SOL declined further from $146.31 to $145.08, hitting its lowest price of the day.
• Price action formed a well-defined descending channel, characterized by lower highs and lower lows across the entire trading period.

Disclaimer: Parts of this article were generated with the assistance from AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk's full AI Policy.

source https://www.coindesk.com/markets/2025/07/01/solana-drops-below-usd146-despite-imminent-launch-of-first-u-s-based-sol-staking-etf

Bitcoin Pulls Back to $106K After Record Monthly Close

Bitcoin slid on Tuesday as weakness in U.S. tech stocks appeared to spill over into crypto markets.

The crypto asset fell about 1% over the past 24 hours, trading at $106,175 at press time as traders took profits after ending June above the $107,000 for its highest-ever monthly close.

Sentiment equally soured in equities with shares of Tesla (TSLA) and Nvidia (NVDA) both taking heavy losses, dragging the Nasdaq lower by about 0.6% — a pattern that often weighs on digital assets. Tesla was lower by 5.4% in afternoon trade after the Donald Trump/Elon Musk spat re-erupted alongside the momentum for passage of the GOP's spending bill.

Major altcoins including Solana SOL, Cardano ADA and Avalanche AVAX posted steep declines, adding to a broader downturn across the crypto space. SOL led the way with a 6% decline following yesterday's spike higher on news of imminent launch of an ETF.

Powell repeats vow to stay patient

Speaking in Europe at an ECB event, Federal Reserve Chairman Jerome Powell repeated recent comments about the U.S. economy being in a good spot, thus allowing for patience as the central bank mulls the idea of rate cuts.

Powell's comments Tuesday were of particular import given what's now a clear split between him and at least two other Fed members, both of whom would like to see a July rate cut on the table. Powell did allow that a rate cut this month isn't off the table, but gave little indication he's considering easing policy in July.

Thanks to the July 4 holiday, the government's employment report for June will be released on Thursday this week. Economists are expecting jobs to have grown by 110,000 in June versus 139,000 the previous month.

A sizable delta below that 110,000 level could quickly change sentiment about the Fed's July decision.

source https://www.coindesk.com/markets/2025/07/01/bitcoin-pulls-back-after-record-monthly-close