Ripple

The spot Ether ETFs approval by the SEC has failed to start a rally in Ether and Bitcoin, but this could change after a few weeks.

The United States Securities and Exchange Commission (SEC) greenlighted  several spot Ether exchange-traded funds on May 23, but the decision failed to ignite Ether (ETH) or the crypto markets. Does this mean that the ETF decision was already priced in? It is difficult to judge by the initial reaction because Bitcoin’s (BTC) price had also dipped just after the approval of the spot Bitcoin ETFs. However, the price turned around after a few days and skyrocketed to a new all-time high.

The approved spot Ether ETFs are expected to launch by mid-June, according to Bloomberg ETF analyst Eric Balchunas. He projects the Ether ETFs to garner roughly 10-15% of the inflows seen by the Bitcoin ETFs. Once money starts flowing into Ether ETFs, the spot market is likely to respond favorably.

Although Bitcoin remains stuck in a sideways price action, Fundstrat Global Advisors managing partner and head of research Tom Lee remains uber bullish. In an interview with CNBC, Lee said their base case for Bitcoin by the end of the year is $150,000.

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Risky assets, including Bitcoin and altcoins, received a boost following today's CPI report.

The S&P 500 Index (SPX) and the Nasdaq Composite soared to a new lifetime high after the United States Consumer inflation report came in less than expected. That ignited a rally in Bitcoin (BTC), pushing the price above $66,000. The farther Bitcoin moves from $60,000, the less likely a breakdown is. However, that does not guarantee the start of a new uptrend. 

Galaxy Digital founder and CEO Mike Novogratz said during the firm’s first quarter earnings call that Bitcoin was likely to consolidate between $55,000 and $75,000 before moving higher at the end of the current quarter.

The failure of the bears to sink Bitcoin below $60,000 seems to have attracted buyers. CoinShares’ “Digital Asset Fund Flows Weekly” report showed inflows of $130 million into digital asset investment products this past week, the first such occurrence in five weeks.

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