Institutional Interest Rising 

A deep and structured market environment is attracting hedge funds and asset managers to SOL. CME products attract professional capital, and the increased trading volume reflects growing confidence among institutional investors. SOL’s price rose approximately 3.8% in 24 hours, reaching $145. Additionally, CoinDesk reported that the price jumped from $133.55 to $145.47 during that period, with the surge supported by CME data. 

At the launch of SOL futures in March, CME volume was relatively low. In April and May, the contract volume ranged between 350,000 and 900,000. However, this month it exceeded 1 million and subsequently hit a new record. 

On the other hand, Glassnode data shows a sharp rise in both Solana’s price and futures volume in June. Prices fluctuated at the beginning of the month, but trading volume remained low. As the price approached $145, futures activity significantly increased. As a result, the number of contracts reached 1.75 million, setting a new record. 

Future Expectations 

CME Group launched two futures contracts in March: one for 500 SOL and another for 25 SOL. Regular futures trading could form critical infrastructure on the road to SEC approval of spot SOL ETFs. The first SOL ETF applications were submitted by VanEck and 21Shares in June 2024. For spot ETFs, trading data from CME is a regulatory requirement. 

When prices rise alongside futures volume, it typically means investors are taking bullish positions. However, futures trading can also indicate that investors are using hedging strategies to protect against sudden price drops. 

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The post SOL Futures Hit Record High on CME! appeared first on Coin Engineer.

3AC Increases Its Claim Against FTX to $1.53 Billion!

Once valued at over $10 billion, 3AC suffered massive losses in mid-2022 due to leveraged trading positions. When Bitcoin (BTC) plummeted to $16,000, the fund was unable to repay its creditors. However, new evidence shows that FTX liquidated $1.53 billion worth of 3AC assets just two weeks before the hedge fund went into liquidation.

Mbottjer, one of the pseudonymous co-founders of FTX Creditors, stated that 3AC had initially claimed $120 million, but after discovering new documents, it increased its claim to $1.53 billion.

Court Sides With 3AC!

3AC argued that it was unaware of these liquidations because of FTX’s own bankruptcy. The court ruled in 3AC’s favor, allowing the hedge fund to proceed with its full $1.53 billion claim in the FTX bankruptcy case.

You Might Be Interested In: Elon Musk Talks About the Name of a New Memecoin!

Meanwhile, Teneo, the firm handling 3AC’s liquidation, revealed that creditors are still owed about $3.3 billion. In December 2023, a British Virgin Islands court froze $1.14 billion worth of assets belonging to 3AC co-founders Kyle Davies and Su Zhu.

According to Nicolai Sondergaard, research analyst at Nansen, even if 3AC had received the additional $1.5 billion in 2022, it still would not have been able to repay all creditor claims. “While 3AC is allowed to pursue a higher claim, it’s uncertain whether they’ll receive the full $1.53 billion,” Sondergaard added.

CZ Raises Questions: Was FTX Involved in LUNA/UST Crash?

Binance founder and former CEO Changpeng Zhao (CZ) called these developments an “interesting turn of events.” In a post on March 14, CZ questioned whether FTX had any involvement in the LUNA/UST crash in May 2022.

The 3AC collapse came just one month after the downfall of Terraform Labs’ LUNA and UST, and shortly before Celsius paused all user withdrawals as its token, CEL, dropped by 90%.

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