This round of bull market in the crypto market is completely driven by the US market. Since BlackRock, the world's largest asset management institution, applied for Bitcoin ETF in June 2023, the crypto market has seen an upward trend led by Bitcoin. Bitcoin ETF was approved in January 2024. So far, Wall Street institutions have held more than 60 billion US dollars in BTC. In this process, the SOL ecosystem incubated by Wall Street has become the most popular in the market under the trend of hyping meme.

On May 24, the Ethereum ETF was "suddenly" approved. The reason why it was said suddenly was that the market generally expected that the possibility of Ethereum ETF passing was very low. After all, Ethereum has many controversies, such as centralization and securities.

The market speculated that it might be due to politicization. Now is a critical period for the two parties in the US election to compete for votes. Trump and Biden have expressed support for cryptocurrencies, especially Trump directly praised cryptocurrencies at the event, and even wanted to be the first Bitcoin president of the United States, and pardoned the creator of "Silk Road", which made Trump win the support of a large number of young voters. The sudden approval of Ethereum ETF is considered by the market to be a counterattack by the Biden team to express to voters that they also support cryptocurrencies.

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