The filing states that the trust will value its shares daily using the MarketVector Solana Benchmark Rate index. This index is calculated based on prices provided by trading platforms that MarketVector considers the top five SOL trading platforms, as determined by the industry-leading CCData Centralized Exchange Benchmark review report.
Binance's trading volumes are also on a decline, influenced by regulatory challenges in the U.S. CCData reveals that Binance’s market share fell by 17.3% in May, continuing a downward trend. CoinGecko data further highlights a significant drop in daily trading volume from $61.05 billion on March 15th to $10 billion on June 10th, reflecting the exchange's struggle to maintain its market position.
The hype may already be fading. A CCData benchmark of similar AI-related coins, including Bittensor, Render and Akash, has returned 65 per cent this year. Even so, that is well down from a return of as much as 226 per cent in March. Better than bitcoin (up 55 per cent) but not as good as Nvidia (171 per cent).
Cryptocurrency trading volumes on centralized exchanges surged in March to the highest level on record, according to crypto-data provider CCData. That includes trading in bitcoin, as well as degens investing in so-called meme coins that are created for fun and often reference inside jokes that are popularized online.
The high concentration of wealth among a small number of wallets is not solely an issue for Solana; it’s a common problem for altcoins. Data from CCData showed that the top 10 wallets own 5.58% of XRP, 4.88% of Stellar Lumens and 3.90% of Chainlink’s.
Founded in 2011, Bitstamp is a smaller crypto exchange than many of its rivals, ranking behind Binance, Coinbase and Kraken in monthly trading volume, according to the crypto analytics firm CCData.
According to a CCData report published on June 5, ETH options trading volume on the CME rose by 115% to $931 million. This represents a significant increase compared to April’s volume of $615.75 million and sets a record high for monthly trading volume.
According to the latest report by CCData, in May 2024, the cryptocurrency market saw a significant decline in both spot and derivatives trading volumes.
Average volatility for digital assets dropped to 57% this year, from about 79% in 2021, according to researcher CCData. Higher volatility tends to attract more speculative traders.
The company’s outlook will depend on how long the current bull market is sustained. If it stretches into 2025, John Todaro, an analyst with Needham & Co., expects Coinbase to generate more revenue. Coinbase’s ability to hold onto spot market share will also be key as its share dropped to 4.18% in May, from 6.5% at the start of 2023, according to CCData.
The benefits of staking — and compounding — become clear when charted. As a side note, the proportion of ether in circulation that is currently staked is pretty low compared with rivals, as CCData points out. Solana and Cardano have 63 per cent and 66 per cent of their respective supplies staked.
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