On the night of May 20-21, the cryptocurrency market resumed its vigorous recovery. Digital gold rose in price over the past day by more than 6%, ether by 17%.
At the time of writing, Bitcoin is trading around $71,320, Ethereum at $3,650.
According to IntoTheBlock, 90% of holders of the second largest cryptocurrency by capitalization are in the black.
A possible reason for the surge in Ethereum volatility is the increase in the probability of approval of spot ETH-ETFs by Bloomberg analysts Eric Balchunas and James Seyffarth from 25% to 75%.
Analyst and founder of MN Trading Michael van de Poppe expressed the opinion that Ethereum has already reached a local bottom and the price correction is complete.
He also expressed satisfaction with his recent flow into altcoins.
According to SoSoValue, inflows into spot Bitcoin ETFs have been observed for six days in a row.
Over the past 24 hours, cumulative net inflows into exchange-traded funds amounted to $241.12 million. The total for the past six days is $1.2 billion.
Leaders in net inflows per day:
ARKB from Ark Invest — $68 million;
IBIT from BlackRock - $66 million;
FBTC from Fidelity — $64M
On the other hand, the steady outflow of digital gold from centralized exchanges continues.
Earlier, QCP Capital analysts expressed the opinion that the post-halving effect in the form of stabilization and the transition of Bitcoin to growth will appear in at least two months.#Bitcoin
