Turns out, the expected trading debut of the eight spot ether ETFs is a moving target, with estimates of "this week" now fading to mid-July.

Between the lines: ETF analysts late Friday said the SEC has asked issuers to file amended versions of their registration statements by July 8.

• It's only after those so-called S-1s are filed and declared effective that ether ETFs will start trading.

💭 Our thought bubble: Sounds like a better proposition for that crew anyway. Who wants to compete with actual fireworks? 🎆

Catch up quick: The eight issuers on tap to launch spot ether ETFs received their first set of approvals — allowing major exchanges to list them — from the SEC in May.

• That includes Bitwise, Fidelity, Franklin Templeton, Grayscale, Invesco/Galaxy, BlackRock's iShares, 21 Shares, and VanEck.
• Cathie Wood's Ark Invest and CoinShares's Valkyrie, both issuers of spot bitcoin ETFs, are sitting this one out.

The big picture: Fees will play a factor in determining which issuers will lead the ether ETF race.

• One has already outlined plans to waive fees until a certain assets threshold is met as most firms did for spot bitcoin funds. More details should be coming soon as filings are amended.

Zoom in: One thing we know — none will come with staking.

• 🥪 And there are trading strategies that get at that.

Over in the spot bitcoin ETF race that began in January, BlackRock took the crown from incumbent native crypto asset manager Grayscale in five months.

What we're watching: Paperwork — the more complete filings are, the closer the launch day.

• Also, money is flowing out of existing ether-linked funds, perhaps, in anticipation of spot brethren.

The intrigue: SEC chair Gary Gensler has said he expects launches by the fall, which might signal September debuts.

• Yes, but: 👆Analysts expect them to hit a bit earlier.

Crypto markets don't ever close, but the end of the weekend trader is nigh.

• The arrival of spot bitcoin ETFs is making crypto trading hours look more traditional.

By the numbers: As a proportion of all trading, weekend volumes have fallen to an all-time low, accounting for just about 16% of cumulative trading in bitcoin for the first six months of the year, according to Kaiko Research's Adam Morgan.

• 🔇 That's down from the 2019 peak of 28%.

Zoom in: Spot bitcoin ETFs are accelerating the "widening of the gap between weekday and weekend trading volumes," Morgan said in the report.

Between the lines: Less trading volume = less liquidity.

Speaking of races — there's a stablecoin race afoot in Europe, where the incumbent has a more dubious hold on the market.

The intrigue: Europe's Markets in Crypto-Assets (MiCA) regulatory framework has gone into effect, but only one of the two major issuers behind dollar-pegged stablecoins (Circle) has received a license to operate there.

The big picture: That market looks like Circle's to win, though it is still far behind Tether.

• Circle's USDC is the second largest U.S. dollar-pegged stablecoin, with roughly $32 billion in circulation. Tether's USDT has $112 billion, according to CoinMarketCap.
• Circle and Tether also each have euro-pegged stables; their respective circulating supplies are measured in the millions and are more in line with each other.

Zoom in: Circle announced yesterday that it was the first to achieve compliance with MiCA, obtaining an Electronic Money Institution (EMI) license from French regulators.

• The firm's EU strategy policy officer Patrick Hansen said the quiet part loud when he retweeted the announcement and touted Circle's superlative as "the first and only" global stablecoin issuer to meet the mark.
• Fun fact: Circle chief Jeremy Allaire paid a photographer in EURC for its inaugural transaction.

The other side: Axios reached out to Tether chief Paolo Ardoino, asking whether it too received an EMI license, but a spokesperson emailed us a paragraph statement attributable to Ardoino that didn't address the question.

• When we pressed for an answer, that spokesperson said it would be the "only statement" we would receive from Tether.
• One part of that read: "While Tether is optimistic about MiCA's long term implementation, it remains crucial that stablecoin regulatory policies enacted are balanced, protect consumers, and nurture growth in our emerging industry."

💭 Crystal's thought bubble: If Tether did receive its EMI license to operate in the EU, it would probably be less cryptic about it. 🤷‍♀️

🏦 Silvergate agreed to pay $63 million to settle an SEC suit and accusations brought by federal and California bank regulators. (Axios)

🔭 Robinhood is said to be considering offering crypto futures in the U.S. and Europe. (Bloomberg)

🔂 Sony is looking to restart a crypto exchange called Whalefin. (CoinDesk)

🐶 Pump.fun's second-largest coin is called BILLY, and it is inspired by what looks like a very good boy. (Decrypt)

A ranking of the most viewed coins on the Solana blockchain on at least one crypto data site shows "anti-establishment sentiment" trending.

• Between the lines: Meme coins are in.

Driving the news: So says CoinMarketCap, which ranked the top coins by page views on the site across various categories for June.

Zoom in: There are various Trump-inspired meme coins, but MAGA on the Solana ecosystem got the most eyeballs, outpacing dog-inspired BONK and even the Roaring Kitty-inspired GME (not to be confused with the stock).

• Solana's native token SOL ranks last. (Though, it's still in the Top 5.)

💭 Our thought bubble: Maybe that'll change next month with crypto-forward investment shops VanEck and 21Shares having filed for a spot solana ETF.

• Again, we think the odds of approval are slim to none.