On Tuesday (May 21), Bitcoin soared to nearly $72,000, and Ethereum soared to over $3,720. Bloomberg ETF analyst Eric Balchunas revealed that he had heard market rumors and quickly increased the probability of Ethereum spot ETF approval from 25% to 75%. After the U.S. Consumer Price Index (CPI) hinted at a slowdown in inflationary pressures, crypto asset investment products accumulated $932 million between May 13 and 17.
The critical moment for whether the U.S. Securities and Exchange Commission will approve the Ethereum spot ETF will come on Thursday. The regulator needs to make initial and final decisions on the applications of VanEck and Ark/21Shares on the 23rd and 24th respectively, and the final decision on Grayscale must be made on the 30th.
Balchunas made a rare post saying: “I raised the probability of Ethereum spot ETF approval to 75%, up from 25%. I heard some rumors this afternoon that the SEC may make a 180-degree turn on this (increasingly political issue), so now everyone is scrambling (like us, others also thought it would be rejected).”
Although the final position of the U.S. Securities and Exchange Commission has not yet been determined, the price of Ethereum still skyrocketed after the news came out. After the news came out, it soared from around US$3,150 to a high of US$3,720, an increase of more than 20% in nearly 12 hours.
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ETH daily line has a huge positive line directly reaching the 3660 pressure level. If it stands firm, it will be 4k. It only takes a big positive line to change the faith of leeks
If that doesn't work, just use two.
How many years has it been since we saw a 20% bullish candle on ETH?
This happened only once during the last bull market.
When it appears, the real violent bull market + copycat season starts...
US CPI stimulates Bitcoin to approach $72,000
According to CoinShares data, $932 million was accumulated in crypto asset investment products between May 13 and 17, driven by an immediate reaction to the US CPI report, which seemed to indicate that inflationary pressures were slowing again. Despite the high net flows, weekly trading volume was still relatively low at $10.5 billion, in stark contrast to the $40 billion observed in March.
The U.S. CPI report released on May 15 showed that inflation rose 0.3% in April, following a 0.4% increase in March. Driven by significant growth in the energy and food sectors, the CPI rose 3.4% year-on-year.
Most on-chain indicators point to a nascent bull run, though some show a topping pattern. A recent bounce near $60,000 support has sparked more interest, with Farside Investors reporting inflows of around $950 million last week, a figure not seen since March.
If this trend continues, Bitcoin could exceed expectations. Currently, Bitcoin is trading within a few hundred dollars of $70,000, with the 20-day moving average at $64,371 and the RSI positive, indicating a higher probability of an upward breakout. Overcoming the $68,000 resistance level suggests that Bitcoin price is expected to rise to $73,777, although this level may trigger a strong bearish reaction.
