Originally published on May 21, this article is now available on Binance Square!
As I described in my previous article "Massive Cryptocurrency Surge, an Opportunity You Should Not Miss!", "Bitcoin price action has been perfectly in line with previous predictions, having formed its first proper structural reversal since March, creating higher highs and breaking through the purple trendline."
Time will tell. The trend of Bitcoin price has indeed been realized one by one according to the script of the analysis and prediction chart shared in the Kepler community group. The price of Bitcoin "will eventually point to the supply range above $70,000"!
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Thanks to Bitcoin's strong performance, Bitcoin spot ETF flows showed a total net inflow of US$237.2 million yesterday, and Grayscale's GBTC spot ETF was positive again, with a net inflow of US$9.3 million.
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With the U.S. election approaching and approximately 50 million American adults now own cryptocurrencies (20% of the population), it is likely that candidates will temporarily appear more crypto-friendly in order to attract votes.
At the same time, while Bitcoin successfully stabilized at $70,000, it also led its second wave of altcoin bull market!
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The development was enough to send Ethereumâs price up 22.5% in the past 24 hours, as expectations for approval of an Ethereum spot ETF increased (25% to 75%).
The approval of an Ethereum spot ETF would provide investors with a regulated and easily accessible way to gain exposure to Ethereum, potentially increasing market liquidity and stability. Ethereum open interest rose by $1 billion in an hour. Ethereum added almost the entire market value of Solana in 24 hours, surpassing Mastercard in market value.
The U.S. Securities and Exchange Commission (SEC) made two decisions this week regarding Ethereum ETF spot related to filings by VanEck and ARK Investment Management, with the following timelineâ
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From the experience of Bitcoin through spot ETF:
Bitcoin rose 96% in the two months before the first U.S. spot ETF was approved, and hit an all-time high in the two months after the SEC allowed such investment products to trade.
Ethereum is currently 23% away from its all-time high of $4,878.26. If a similar trend occurs, Ethereum may set a new price peak in early Q3.
Market expectations for the Ethereum ETF are high, but if the SEC refuses to approve it, it could have a significant negative impact on the cryptocurrency market.
In general, the approval of US cryptocurrency ETFs has a significant impact on cryptocurrency prices. If the Ethereum ETF is approved, it may drive Ethereum to rise further. But if the SEC rejects the relevant application, it may also have an adverse impact on the entire cryptocurrency market.
Previous selections:
âSolana: Why Iâm So Confident About It!â
ăRWA Project under BlackRock and Coinbase Investment Institutions (Potential and Opportunities)!ă
ăWhy is L0 so popular! ă
ăMassive cryptocurrency surge, an opportunity you shouldnât miss!ă
"Expectations of interest rate cuts are coming, Bitcoin ETF has a historic breakthrough! (Weekly)"
Note: All content represents the author's personal views only, is not investment advice, and should not be construed in any way as tax, accounting, legal, business, financial or regulatory advice. Before making any investment decision, you should seek independent legal and financial advice, including advice on tax consequences.
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