Crypto

• BTC Spot ETFs Net $2Bn in May: Discover how consistent ETF inflows are driving Bitcoin’s impressive rally and near all-time highs.
• BTC Market Structure Insights: Learn about the consolidation patterns and market scenarios that could lead to Bitcoin breaking new highs.
• Upcoming Token Unlocks: Stay informed about significant upcoming token unlocks and their potential market impact.

• In the past one and a half months, exchange-traded crypto funds have been launched in two countries.
• Hong Kong introduced both Bitcoin and Ethereum exchange-traded products in late April, followed by the UK doing the same last week.
• Tomorrow, Australia will launch its Bitcoin spot ETF, but like the recent launches in Hong Kong and the UK, we do not expect it to be a major success.

• Recently, we have discussed the significant positive shift in the U.S. regulatory environment for crypto.
• You might be weary of regulatory discussions, but we need to address the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework.
• This framework is set to take full effect on December 30, 2024.

• BTC Spot ETFs Fuel Bull Rally: ETF inflows drive Bitcoin’s rally, signaling strong bullish momentum and potential all-time highs.
• Market Structure Shift Supports BTC: Positive ETF flows correlate with Bitcoin price gains, indicating crucial market structure changes.
• ETH Spot ETF Ignites Alt Season: Unexpected ETH spot ETF approval boosts Ethereum, sparking a potential altcoin surge.

• Do we even need to mention the most significant news from last week? Probably not.
• However, here is a brief summary: the U.S. Securities and Exchange Commission (SEC) approved an Ethereum spot ETF on Thursday.
• Almost as significant as the approval itself is the shift in the U.S. regulatory environment’s tone toward crypto.

• The launch of bitcoin ETFs, specifically ibit, ibiz, and Blackrock software, has seen unprecedented success and rapid growth
• Ibid ETF reached $10 billion in assets in just 49 days, breaking records previously held by other ETFs
• Robbie Michnick, head of digital assets at Blackrock, discusses the journey of bringing bitcoin and Blackrock together and the potential transformative impact on the industry

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• Indeed, this has been a remarkable week.
• In last week’s Crypto Moves #28, we noted that the tight race between President Biden and Trump in the 2024 Presidential Election, along with Trump’s unexpected pro-crypto stance, might push Biden to publicly support the crypto industry.
• This move would aim to attract the growing number of pro-crypto voters.

• Meme Coins Reflect Disillusionment: Emerging from distrust in traditional finance, meme coins leverage cultural relevance for adoption.
• Attention Drives Crypto Value: Memes and narratives shape crypto value, emphasizing the importance of attention.
• AI Disrupts Attention Economy: AI threatens traditional distribution channels, making crypto a potential solution.

• ETH ETF Approval Odds Soar: Bloomberg increases ETH spot ETF approval odds from 25% to 75%, shaking up the crypto market.
• BTC ETF Inflows Rebound: BTC ETF inflows revive, marking the first consecutive positive flow days in over a month, signaling bullish potential.
• Bullish BTC Momentum: BTC holds above $65K, showing bullish market structure with potential for retesting $71K-$72K amidst improving ETF flows.

• It comes as no surprise that we have been bearish on the crypto market in recent weeks.
• However, the market seems indifferent to our stance.
• The softer-than-expected US Consumer Price Index (CPI) report last Wednesday boosted risk-on assets, particularly cryptocurrencies, while the prospect of improved liquidity conditions in the economy is also set to benefit the crypto market.

• Today, we need to address two critical topics, both connected to the U.S. regulatory landscape and, unsurprisingly, to crypto.
• Firstly, let us discuss the pending decision by the U.S. Securities and Exchange Commission (SEC) regarding an Ethereum spot Exchange-Traded Fund (ETF).
• The SEC is poised to approve or reject the VanEck Ethereum ETF application by May 23.

• We have entered the week before the U.S. Securities and Exchange Commission (SEC) must decide on VanEck’s Ethereum spot ETF application, with a decision due next Thursday, May 23.
• It is expected that the outcome for this application will set a precedent for all the other Ethereum ETF applications.
• This issue of Crypto Crisp focuses extensively on the Ethereum spot ETF.

• On March 13, nearly two months ago, Ethereum implemented its most significant upgrade in the past 20 months, marking a notable development since the Ethereum Merge on September 15, 2022.
• Known as Dencun or Cancun-Deneb, this upgrade introduced the highly anticipated Proto-Danksharding feature, designed to significantly improve the scalability of Ethereum’s Layer 2 solutions, also known as rollups.
• This enhancement has allowed rollups to drastically reduce transaction costs by approximately five to 10 times, while also stabilizing their cost fluctuations.