Price analysis 5/24: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
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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Author: Rakesh Upadhyay
