Bitcoin, Ether in Stasis As SEC ETF Decision Looms,

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BTC, ETH keep recent gains ahead of the SEC's decision on VanEck's ether ETF application.

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The sharp narrowing in the Grayscale Ethereum Trust's discount suggests a 90% probability of an ETF approval, one analyst said.

Bitcoin {{BTC}} and ether {{ETH}} consolidated recent gains early Thursday, lacking a clear directional bias before the U.S. Securities and Exchange Commission's (SEC) decision on VanEck's spot ether ETF application, due later in the day.

BTC, the leading cryptocurrency by market value, traded little changed around $69,500, and ether, the No. 2, held steady near $3,700, according to CoinDesk data.

Still, technical analysis and market positioning indicate a bullish undertone. Both cryptocurrencies maintained a strong position above their respective Ichimoku cloud lines, suggesting a bullish outlook, an interpretation echoed by analyst Josh Olszewicz on X. Further evidence came from derivatives exchange Deribit, where options on bitcoin and ether continued to reveal a bias for calls, or derivatives that allow traders to profit from price rises, according to data tracked by Amberdata.

The bullish positioning is likely to have stemmed from increased expectations the SEC will approve spot ether ETFs, broadening the demand for cryptocurrencies.