4E: SEC delays approval of multiple crypto ETFs, stablecoins and institutional accumulation become market focus

ChainCatcher News: The U.S. Securities and Exchange Commission (SEC) has announced a delay in reviewing multiple cryptocurrency ETF applications, including Grayscale's proposal to convert its DOT trust into an ETF and Canary's HBAR ETF, with decisions postponed until June 11. Market reactions have been stable, with investors still focused on the expansion of stablecoins and institutional entry.

U.S. Treasury Secretary Scott Bessent stated that stablecoins will significantly expand the global use of the dollar and increase demand for U.S. Treasury bonds. After the passage of the "GENIUS Act," the supply of yield-bearing stablecoins surged, with USDe surpassing $10 billion in market capitalization to rank third, and USDS nearing $4.8 billion to rank fourth.

In terms of funding, according to Lookonchain, BlackRock, BitMine, and SharpLink collectively purchased 1.096 million ETH last week, valued at $4.72 billion, accounting for 0.91% of the total ETH supply. During the same period, the market capitalization of stablecoins expanded by $6.7 billion, with significant month-over-month growth in on-chain spot and contract trading volumes.

Additionally, blockchain lending company Figure has submitted an IPO application, planning to list on Nasdaq under the ticker FIGR. The strategy to relax equity financing restrictions has been interpreted as a signal to increase Bitcoin investments. BitMine Chairman Tom Lee believes that Ethereum is facing a historic opportunity similar to the reshaping of the financial system in the 1970s.

4E advises investors: The progress of ETF approvals, the expansion of stablecoins, and the movement of institutional funds are shaping a new landscape. Investors should pay attention to policies and capital flows, and rationally grasp the market rhythm.