Binance – Monthly Market Insights, June 2024

In June 2024, the crypto market saw a significant increase in total market capitalization, driven by positive regulatory actions such as the approval of spot ETH ETFs by the SEC and the passage of the FIT21 Act. ETH's price surged 21.2% in a single day following the approval, leading to a broader market rally. Additionally, Grayscale's ETHE saw a decrease in its discount to net asset value, signaling increased interest in ETH investments. Solana stakers voted to distribute 100% of priority fees to network validators, compared to the previous 50% that were burned. As a result, Solana's daily network transaction fees neared those of Ethereum, and the Phantom wallet climbed to third place in the Apple app store's utility category. It will be important to monitor flows from ETHE and the newly approved spot ETH ETFs in the coming months.