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BTC$92661
ETH$3117
BNB$616
XRP$1.1
Bitcoin (BTC) surged 13.80% in the past week, reaching $71,926 on May 21. This puts it just 2.5% away from its all-time high. The price surge is attributed to two key factors: growing optimism about the approval of a U.S. spot Ethereum exchange-traded fund (ETF) and a broader market trend seeking protection against inflation, which has also driven gold and the S&P 500 to new record highs.
The odds of an Ethereum spot ETF approval were raised from 25% to 75% by senior Bloomberg ETF analysts on May 20. This adjustment followed the U.S. Senate’s decision to overrule the SEC’s Bulletin 121 on May 16, which had imposed strict capital requirements on banks holding customer digital assets. The Senate’s move indicates a regulatory shift in favor of cryptocurrencies.
SEC Chair Gary Gensler, who previously hesitated to classify Ethereum as a non-security or approve its spot ETF, requested updates to the spot Ethereum ETF filings on May 20. At least 5 ETF issuers have submitted amended 19b filings to the SEC.
In the Bitcoin derivatives market, there’s moderate bullish sentiment. Demand for BTC long positions through monthly futures has increased, leading to a 14% futures premium—the highest in five weeks. Despite the recent price surge, the options market shows a healthy sentiment with a current -8% skew, suggesting cautious optimism.
Sentiment: Positive
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