Bitcoin (BTC) and Ether (ETH) experienced a 3.5% decrease in value on May 24, disappointing investors after a highly anticipated institutional milestone failed to boost the market. BTC was trading near $67,000, while ETH was priced at $3,670. The muted reaction from both cryptocurrencies was in response to the approval of spot Ether exchange-traded funds (ETFs) by US regulators. Although this was a significant achievement for the crypto industry and a surprising shift in policy for the Securities and Exchange Commission (SEC), the ETFs were not yet ready to be traded due to additional preparations that could take several weeks. Analysts, such as James Seyffart and Eric Balchunas from Bloomberg Intelligence, speculated that the ETFs might be launched in mid-June. As a result, BTC and ETH did not experience a significant price increase and even dropped from their local highs by the end of the day. Traders were particularly interested in the dynamics between the two largest cryptocurrencies, with some predicting that Bitcoin’s dominance in the market could be challenged once the Ethereum ETFs were launched. This potential shift in dominance could lead to a full-blown “altseason.” BTC’s price reaction was closely watched, with traders identifying a zone of interest around $66,000 as a key level before buyers would step in. This level was associated with bid liquidity on Binance, one of the largest global exchanges. The recent price run of BTC and ETH was largely driven by spot exchanges, such as Binance and Coinbase. It is important to note that this article does not provide investment advice, and readers should conduct their own research before making any investment decisions.
Ether ETF launch threatens to break 18-month uptrend of Bitcoin dominance