🎉Crypto enthusiasts, buckle up! Last week was a wild ride! 🎢 The US SEC gave a thumbs up to the first wave of spot Ethereum ETFs, four months after approving similar Bitcoin products. 🚀

The crypto market reacted like a kid on a sugar rush, with both Bitcoin (BTC) and Ether (ETH) experiencing significant volatility and sudden price shifts as the anticipation for the SEC's decision built up. 📈📉

The week kicked off with market analysts upping the odds of approval from 25% to a whopping 75%! 🎲 This shift in sentiment was mirrored in key metrics like the Bitcoin Volmex Implied Volatility Index (BVIV), the Ethereum Volmex Implied Volatility Index (EVIV), and the Volatility Risk Premiums (VRPs) for the crypto assets. 📊

As the Fed's May 1 meeting loomed, investor jitters about potential interest rate changes nudged the BVIV, EVIV, and VRPs upward again. But the market found its footing post the Fed's meeting. 🕺

When the SEC finally gave the green light to the Ethereum ETFs on May 23, the BVIV and EVIV took a nosedive within hours, and the VRPs for Bitcoin and Ethereum also dipped. 📉

This shift in market sentiment was accompanied by a drop in BTC and ETH prices, which had soared to $71,000 and $3,900, respectively, before the approval due to activities in the perpetual futures market. After the initial euphoria of the SEC's decision, investors started to cash in their profits, pulling the prices of the cryptocurrencies even lower. 💸

At the time of writing, BTC and ETH were trading at $68,000 and $3,871 after falling by 1% in the past 24 hours. Stay tuned for more updates, crypto fans! 🚀🌕