The cryptocurrency market witnessed a powerful rebound on Tuesday, July 9, as Bitcoin surged past $56,000 and approached $57,275. Riding the wave of momentum, Solana—often dubbed the "Ethereum killer"—jumped nearly 8%, reigniting investor enthusiasm. This surge came amid major institutional developments and shifting political winds, all contributing to a bullish sentiment across digital assets.
👉 Discover how institutional interest is reshaping the crypto landscape in 2025.
Cboe Submits Two Solana ETF Applications
In a significant step toward broader crypto adoption, Cboe BZX Exchange has filed two 19b-4 applications with the U.S. Securities and Exchange Commission (SEC). These filings seek approval for rule changes necessary to list and trade shares of proposed Solana-based exchange-traded funds (ETFs): the 21Shares Core Solana ETF and the VanEck Solana Trust.
The 19b-4 form is a critical milestone in the ETF approval process, signaling that issuers are moving forward with formal listings. Cboe emphasized that Solana (SOL) shares similar characteristics with Bitcoin and Ethereum—both of which have already secured spot ETF approvals. In its filings, the exchange argued that SOL is resistant to price manipulation and that sufficient safeguards exist to prevent fraudulent activities.
“With safeguards similar to those for Bitcoin and Ether, the exchange believes SOL is well-protected against manipulation,” stated Cboe in both applications.
VanEck had previously filed its registration statement at the end of June, followed closely by 21Shares. While many analysts remain cautious about immediate approval—given the SEC’s ongoing debate over whether SOL qualifies as a security—these filings mark undeniable progress.
Nate Geraci, President of ETF Store, noted that the next key step is SEC acceptance of the 19b-4 filings. Once acknowledged, a review clock begins, typically lasting 4–6 months. If approved, these products could open new doors for mainstream investors seeking exposure to high-performance Layer 1 blockchains.
Why Solana Matters in 2025
Solana has earned its "Ethereum killer" nickname through lightning-fast transaction speeds and low fees, supporting a thriving ecosystem of decentralized applications (dApps), NFTs, and DeFi protocols. Its resilience after past network outages and continued developer growth make it a strong contender in the smart contract platform race.
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Germany Returns Nearly 3,000 BTC to Government – What Happened?
In a rare and surprising move, German authorities transferred over 10,000 BTC to exchanges and market makers on Monday morning—only to have nearly 2,898 BTC returned later that day. According to blockchain analytics firm Arkham Intelligence, the returned bitcoins were primarily sent back from Coinbase, Kraken, and Bitstamp, amounting to roughly $163 million.
This unusual reversal suggests that the initial sale plan may not have gone as expected. Steven Zheng, Research Head at The Block, speculated that exchanges likely failed to offload the BTC within their target price range.
“Given that some BTC was returned from Coinbase to the German government, it’s reasonable to assume these were unsold coins—part of a private sales agreement between the government and exchanges.”
The original transfer included:
- 5,200 BTC to Flow Traders
- 4,200 BTC to B2C2 Group
- 2,350 BTC to Bitstamp
- 2,050 BTC to Coinbase
- 1,250 BTC to Kraken
Despite this partial rollback, Germany still holds over 20,000 BTC, valued at more than $2 billion, mostly seized from illegal operations like the defunct Silk Road marketplace.
Market analysts suggest the government may be adopting a staggered selling strategy to minimize price impact—a tactic commonly used by large holders ("whales") to avoid triggering panic or sharp downturns.
👉 Learn how large-scale BTC movements affect market volatility and investor sentiment.
Republican Party Embraces Crypto: A New Policy Shift
In a major political development, the Republican National Committee (RNC) unveiled a new policy platform on Monday that strongly supports cryptocurrency innovation—marking a dramatic shift from previous skepticism.
Under Donald Trump’s leadership, the GOP now formally opposes what it calls the “anti-American crackdown” on digital assets by Democrats. The platform pledges to:
- End regulatory hostility toward crypto
- Protect Americans’ right to self-custody digital assets
- Defend Bitcoin mining rights
- Reject the creation of a Central Bank Digital Currency (CBDC)
“We will ensure every American has the right to hold and transact digital assets without government surveillance or control,” the document states.
This move aligns with Trump’s evolving stance on crypto. Once critical of Bitcoin, he has since embraced the space—launching his own NFT collections and accepting cryptocurrency donations through his campaign and affiliated PACs.
While the full platform lists 20 key policy commitments, crypto-specific initiatives are embedded within broader innovation and economic freedom goals. Notably, opposition to a U.S. CBDC remains a central theme, echoing concerns that such a currency could enable intrusive financial monitoring.
Federal Reserve Chair Jerome Powell has countered these claims, stating any future digital dollar would operate through private banks—not direct government oversight—and would require congressional approval before launch.
Still, the RNC’s endorsement signals growing bipartisan recognition of crypto’s economic potential—and could shape future regulatory frameworks if Republicans gain control in November.
FAQ: Understanding Today’s Crypto Moves
Q: Why did Solana jump nearly 8%?
A: The rally followed Cboe’s submission of two Solana ETF applications, boosting investor confidence in potential regulatory approval and institutional demand.
Q: Why did German exchanges return Bitcoin?
A: Exchanges likely couldn’t sell the BTC at desired prices due to market conditions or volume constraints. Returning unsold coins avoids destabilizing the market.
Q: Could a Solana ETF really be approved?
A: Approval depends on whether the SEC classifies SOL as a security. While uncertain, precedent from Ethereum ETF approvals may help strengthen the case.
Q: What does the Republican crypto stance mean for investors?
A: A pro-crypto administration could ease regulations, promote innovation, and block CBDCs—potentially increasing long-term investment confidence.
Q: Is Bitcoin’s rebound sustainable?
A: Technical indicators show bullish momentum—RSI above 50, positive MACD, and price above key moving averages—suggesting strength if support at $56,290 holds.
Bitcoin Technical Outlook: Bullish Momentum Builds
According to CMTrade analysts, Bitcoin’s technical setup remains constructive. Key indicators point to sustained upward pressure:
- RSI (Relative Strength Index) is above 50, indicating bullish momentum.
- MACD is positive and trading above its signal line.
- Price is holding above both 20-day ($56,563)** and **50-day ($56,463) moving averages.
The pivot point sits at $56,290**. As long as this level holds as support, the bias favors further upside. A break below could open the door to retests of **$55,480 and potentially $55,000.
👉 Get real-time technical analysis and trading signals for Bitcoin and altcoins.
Final Thoughts: A Turning Point for Crypto?
From institutional ETF pushes to geopolitical treasury moves and evolving political support, July 2025 may be remembered as a turning point for digital assets. With Solana gaining spotlight attention and Bitcoin reclaiming critical levels, momentum is building across multiple fronts.
While regulatory clarity remains uneven and market volatility persists, today’s developments underscore a growing convergence between traditional finance and blockchain innovation.
For investors, staying informed—and positioned on reliable platforms—is more important than ever.