Ethereum ETF Surges 18% on the Eve of Approval
On May 20, 2024, according to Bloomberg analysts, the Securities and Exchange Commission (SEC) has requested exchanges to expedite the submission of the 19b-4 filing for the Ethereum spot ETF. The analysts at Bloomberg have increased the probability of the Ethereum spot ETF passing on May 23 to 75%. As a result, Ethereum experienced a significant surge of 18% in its price. On that day, the amount of liquidations for short positions reached a staggering $75 million.
However, on May 23, when the Ethereum spot ETF was officially approved, the price of Ethereum plummeted rapidly. It dropped from a high of $3,950 to a low of $3,524. At the same time, there were massive liquidations for long positions, totaling $88.16 million. Subsequently, the price of Ethereum rebounded and rose back to $3,800.
There are approximately 20 days remaining until the next Federal Reserve interest rate meeting on June 13, 2024.
Market Technical and Sentiment Analysis
The article includes various images depicting market trends and sentiment analysis.
Emotional Analysis:
The images provide an emotional analysis of the market.
Technical Indicators:
The article showcases price trends and charts for Bitcoin (BTC) and Ethereum (ETH) over the past week. BTC saw a 4.19% increase in price, while ETH witnessed a significant increase of 28.49%.
Price and Volume Distribution:
The article presents charts and tables displaying the price and volume distribution for BTC and ETH over the past week.
Trading Volume and Open Interest:
The article highlights the trading volume and open interest for BTC and ETH, indicating significant changes during specific dates.
Historical and Implied Volatility:
The article discusses the historical and implied volatility of BTC and ETH over the past week.
Event-Driven Analysis:
The article mentions the approval of the Ethereum ETF by the SEC as a significant event that influenced the market.
Sentiment Indicators:
The article provides information on momentum sentiment, loan rates, lending sentiment, funding rates, leverage sentiment, market correlation, and market breadth sentiment.
Market Summary:
The article summarizes the market trends, including the price increases of BTC and ETH after the announcement of the Ethereum ETF approval, followed by a price drop and subsequent rebound after the ETF’s official approval.
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