Meanwhile, some market traders say an ETF ruling could bring back the infamous volatility of the crypto market.

“While the options market's expected volatility (DVOL) remains notably low, we are observing a slight uptick in BTC, especially visible versus ETH,” shared Deribit chief commercial officer Luuk Strijers in an email. “A potential catalyst for this could be the looming ETF news on the shorter term and the halving impact on the longer run.

“Although the chances of imminent ETF-related news are slim, any announcement would likely have a more pronounced effect on BTC than on ETH,” Strijers added.