Here is the fortnightly astrological prediction for Aries, the first astrological sign in the zodiac. Fulfilling others' expectations can bring personal success, but keeping personal matters private is advised to avoid complications. Check what more you can expect.

In the family, there is likely to be a growth in mutual understanding leading to increased familial happiness. However, potential issues may arise among siblings. Business endeavours may yield higher profits, while fulfilling the expectations of others can lead to personal success. Keeping personal matters private may help you avoiding unnecessary complications, and actions taken will positively impact others.

Marital bliss may be compromised due to a focus on work, and transportation-related problems might surface. Addressing workplace concerns openly can contribute to resolving them effectively.

Overall, fostering mutual understanding within the family is pivotal for enhancing happiness. Sibling conflicts should be managed delicately to maintain harmony. While prioritizing work may boost financial gains, it is essential not to neglect personal relationships, particularly marital bonds. Maintaining confidentiality regarding personal matters is prudent to prevent unnecessary external interference.

Endeavouring to fulfil societal expectations can lead to personal growth and fulfilment. Proactive communication regarding workplace issues is crucial for fostering a positive and productive work environment.

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Fortnightly Horoscope for Aries from May 16-31, 2024: Navigating challenges for greater happiness and success - OTV News

Bitcoins (BTC) price strived to hold above $70,000 on May 22 as Glassnode analysts suggested that the pioneer cryptocurrency is preparing for a bigger move to the upside.

Data from Cointelegraph Markets Pro and TradingView show that Bitcoins price has been steadily ascending after an extended downtrend from all-time highs. During this drawdown, BTC markets experienced periods of intense distributive pressure, which pulled its price to a low of $56,500 on May 1, the lowest since March 5.

Recent reporting from Glassnode notes that Bitcoins recent recovery to $71,000 is due to slowing sell-side pressure and compression of volatility, even as most key on-chain metrics tend toward an equilibrium.

Using the Supply Last Active Age Band metric, Glassnode analysts noted that the one-year and two-year cohorts experienced a large decline over the last two months. The 3y+ cohort continues to increase, suggesting this group is generally waiting for higher prices before parting ways with their coins.

Meanwhile, the Long-Term Holder (LTH) Binary Spending Indicator has been declining over the last few weeks, suggesting decreased distribution pressure.

Glassnode analysts also observed that a local divergence was starting to develop between LTH and STH Supply, adding weight to the case that there is a cooling off of distribution pressure across mature investors.

Bitcoins price recovery from the $56,500 low appears to have reset the price valuations and investor expectations on a longer-term market outlook based on various criteria. According to the Glassnode report, key on-chain metrics have rebalanced, suggesting a massive upside movement for BTC.

The firms on-chain data reveals that while new capital flowing into the Bitcoin network has slowed down considerably from its all-time highs, its realized cap is still positive enough to stimulate price action.

Using the Sell-Side Risk metric to monitor volatility, Glassnode analysts evaluated the total value locked in by coins spent on-chain (Realized Profit + Realized Loss) in relation to the size of the asset class (Realized Cap). They found that the Sell-Side Risk Ratio has declined significantly over recent weeks, suggesting that the market has found a degree of equilibrium over the course of this correction.

Glassnode concludes that while an intense period of mature investor distribution followed Bitcoins run toward the $73,835 all-time high, sell-side pressure has markedly declined.

The report noted that this has led to a reduction in headwinds and overhead resistance, with even modest demand able to stimulate positive price action.

Bitcoins May 1 flash crash to $56,500 was followed by a sharp recovery above $60,000, a level it has held above since then. Popular trader and analyst, Daan Crypto Trades said,

Data from on-chain data provider IntoTheBlock reinforced the importance of this level. Its In/Out of the Money Around Price (IOMAP) model showed that two significant support lines sat above the $60,000 mark. They lay between the $61,553 and $67,860 price range, where approximately 1.5 million BTC were previously bought by 3.66 million addresses.

This demand area is robust enough to produce the buying pressure required to push the price higher.

Another analyst Ali Martinez shared the following chart in the X social platform showing MVRV Pricing Bands and said,

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

The rest is here:

Bitcoin price preps for 'bigger move' as on-chain metrics 'reset' - Cointelegraph

Bitcoin is currently trading just below $70,000, a critical resistance level, while its all-time high (ATH) stands around $73,600. The digital asset community is eagerly awaiting the decision on the Ethereum ETF, which could potentially propel Bitcoin to new heights.

When comparing Bitcoin against TLT, the 20+ year Treasury Bond ETF, we see it is also at a critical resistance level, maintained since March. Currently, it takes 758 TLT to equal one Bitcoin. This highlights that Bitcoin has yet to reach new highs against the US dollar, the worlds reserve currency, and TLT, one of the largest bond ETFs globally.

In other major currencies, Bitcoin is still near its ATH in British Pounds, trading around 54,500, just shy of its peak at 57,500. Interestingly, Bitcoin reached a new ATH in Japanese Yen on May 21, hitting roughly 11,200,000. This is significant because Japan often leads Western economies in financial trends. Bitcoin breaking new highs in the Japanese Yen may signal that it may soon achieve new ATHs in other major currencies and financial instruments.

These figures are all nominal and do not account for inflation-adjusted values. For Bitcoin to achieve new highs in real terms, adjusted for inflation, it would need to reach approximately $77,000.

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Bitcoin faces critical $70000 barrier ahead of Ethereum ETF verdict - CryptoSlate

It turns out convenience can come with a hefty price.

Exchange-traded funds (ETFs), or groups of individual stocks trading under a single ticker symbol, are meant to simplify investing. A few ETFs can diversify your investments in minutes, versus spending gobs of time screening and selecting dozens of individual companies to trust your money with.

In cryptocurrency, the Grayscale Bitcoin Trust ETF (GBTC -3.63%) can take much of the work out of owning Bitcoin (BTC -3.68%).

But what's the point of owning a Bitcoin ETF instead of just Bitcoin? The cryptocurrency has proved it can make investors millionaires. Can this ETF do the same?

Here is what you need to know.

On the surface, it's a straightforward investment. The Grayscale Bitcoin Trust is an ETF that holds Bitcoin. Buying shares gives investors indirect exposure to the crypto's price movements.

Why wouldn't someone directly hold Bitcoin instead? Well, doing that can be trickier. For example, it puts the responsibility of security on the owner. You can hold the crypto on exchanges or in physical (cold) storage, but each has pros and cons.

Suppose you lose access to your wallet or the exchange you use faces trouble, like FTX, the disgraced cryptocurrency exchange. The Grayscale ETF uses cold storage (it's kept in servers offline through a company called Coinbase Custody Trust) to secure the Bitcoin represented by its shares. So it's a secure and convenient way to benefit from investing in the cryptocurrency without the onus of owning and managing it yourself.

A couple of factors affect the value of the Grayscale Bitcoin Trust. The fund charges a 1.5% annual fee for managing the crypto, which you wouldn't have to pay if you managed your own instead. The ETF also might trade at a premium or discount to the underlying value of its Bitcoin at any given time.

Investors should consider how the ETF trades relative to Bitcoin's price to decide whether they want to buy shares. You can do this by comparing the ETF's share price to its net asset value per share.

A quick look at Bitcoin's success over the years makes it obvious why investors would consider adding the Grayscale ETF to their portfolios. As an asset, the digital coin has handily outperformed the broader stock market for the past decade:

Bitcoin price data by YCharts.

The investment thesis in Bitcoin is straightforward: The supply of fiat currency is ever-expanding, far faster than that of Bitcoins. As the U.S. dollar loses value (through inflation), the price of the crypto has gone higher over time. The supply grows more slowly over time as halvings occur every four years or so, further limiting the supply in the face of increased demand by people wanting to invest in and use Bitcoin.

So the token's price boils down to supply versus demand. The hope for investors is that demand will indefinitely increase as the supply rises at an ever-slowing pace.

The million-dollar question is whether investors will pay for the convenience this ETF offers. What's the cost? Quite a bit, actually.

You can see below that the ETF has handily underperformed Bitcoin itself over time. Those management fees turn out to be quite expensive in the long run.

GBTC data by YCharts.

But with that said, the fund has still far surpassed the broader stock market, making the Grayscale Bitcoin Trust ETF an obvious high-potential long-term investment that can absolutely still churn out millionaires if the cryptocurrency's investment thesis continues to play out over the coming years.

Justin Pope has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

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Is the Grayscale Bitcoin Trust ETF a Millionaire Maker? - The Motley Fool

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The popular self-custodial hot wallet is looking to add Bitcoin support, reports CoinDesk citing people familiar with the matter.

The wallet provider hopes to roll out Bitcoin support within the next month, but those plans are subject to change. Bitcoin features could start small and grow over time, CoinDesk adds. Though MetaMask already expanded beyond the Ethereum ecosystem with the inclusion of Snaps, the move would add one of the most popular blockchains onto the most popular digital wallet platforms.

MetaMask primarily supports Ethereum, Ethereum Layer 2s and networks compatible with the Ethereum Virtual Machine (EVM), such as Avalanche, Polygon, Optimism and Arbitrum. However, MetaMask expanded beyond the Ethereum ecosystem when it included Snaps, a type of JavaScript application, in September 2023.

MetaMask was the most popular wallet by downloads, hitting 22 million downloads in August 2023. The wallet's developers recently added other features to bolster user experience, such as incorporating Blockaid-based security alerts for numerous blockchains, Ethereum validator staking and a feature letting users check their eligibility for airdrops and NFT claims.

Consensys, MetaMask's core developer, raised $450 million in Series D funding led by ParaFi capital, giving Consensys a $7 billion valuation in March 2022. The firm sued the Securities and Exchange Commission in late April regarding the regulator's contradictory stance over whether ether is a security and if the regulator has jurisdiction over the asset's regulation. The SEC had issued a Wells notice, which notes an intent to pursue legal action against the recipient, earlier that month.

Bitcoin traded at $70,240 at 12:45 p.m. ET (16:45 UTC) on May 22.The Block's Data Dashboard shows that the Bitcoin network saw 14.48 million transactions in April.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.

2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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MetaMask to add Bitcoin support: report - The Block

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Begin with Bitcoin for Beginners.

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Check out our Crypto YouTube channel, that includes beginners and advanced tutorial videos and market updates. Dont forget to subscribe!

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Pre-ETF Decision Volatility: Over $200M in Liquidations as Bitcoin, Ethereum Crash Hard - CryptoPotato

Bitcoin Bitcoin , ethereum and the wider crypto market have been on a Washington roller coaster this weekwith a "crucial" vote still to come.

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" in the aftermath of bitcoin's halving earthquake!

The bitcoin price has been boosted by a Democratic vibe shift that's been credited with potentially helping to change the U.S. Securities and Exchange Commission's (SEC) stance on the approval of a number of spot ethereum exchange-traded funds (ETFs) ahead of an expected decision this week.

Now, Galaxy Digital chief executive Mike Novogratz, a former Goldman Sachs partner and crypto stalwart, has predicted bitcoin, ethereum and crypto prices "are going to be much higher than here" due to the political sea-change.

Sign up now for the free CryptoCodexA daily five-minute newsletter for traders, investors and the crypto-curious that will get you up to date and keep you ahead of the bitcoin and crypto market bull run

U.S. president Joe Biden has been cast as the anti-crypto candidate as former president Donald Trump ... [+] embraces bitcoin, ethereum and crypto.

A "widespread shift amongst Democrats" over the last 24 hours has led the SEC to reverse course on its planned rejection of spot ethereum ETFs this week, according to Novogratz, who told CNBC: "It feels like someone at the Biden White House made a call and said Guys, we cant be the party against crypto anymore.'"

The crypto divide between Trump and president Joe Biden has "set off a firestorm" in Washington D.C., according to Novogratz. "It almost became a purity testRepublican good for crypto, Democrat bad for crypto. And the Democratic regime woke up and said 'This is crazy.'"

The ethereum price rocketed around 30% this week after Barron's reported the SEC had notified the exchanges on which the ethereum ETFs would possibly trade that it's leaning toward approval. Earlier this week, Bloomberg Intelligence ETF analysts James Seyffart and Eric Balchunas suggested the SEC's u-turn on whether to approve the ethereum ETFs was due to the changing political winds.

Elsewhere, the U.S. House of Representatives is expected on Wednesday to vote on the Financial Innovation and Technology for the 21st Century Act known as Fit21 which would split up responsibility for cryptocurrency regulation between the SEC and the Commodities Futures Trading Commission (CFTC).

Nancy Pelosi, California Democrat and speaker emerita, is considering voting for the Republican-backed crypto bill, it was reported by The American Prospect, citing anonymous sources.

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The bitcoin price has rocketed higher this year, climbing along with the ethereum price and wider ... [+] crypto market.

At least eight House Democrats are vocally supporting the bill, according to a memo shared with Coindesk by a congressional aide. Senior Democrats have said they "strongly oppose" the bill but are not whipping their members against it, Politico reported.

Last week, 60 crypto companies and organizations including Gemini, Kraken, Coinbase and the Digital Currency Group (DCG) signed a letter in support of the bill.

Meanwhile, a high profile crypto executive who met with former president Donald Trump earlier this month, said he expects president Joe Biden to drop his threatened veto of a motion to repeal SAB 121, a controversial crypto accounting rule that locks the biggest Wall Street giants out of crypto custody services.

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Biden's 'Seismic Shift' Could Be About To Trigger A Huge Bitcoin Price Earthquake After Ethereum 'Firestorm' - Forbes

Former President Donald J. Trumps website says that the presidential candidate now supports crypto donations.

According to his campaign website, users can donate fiat or, selecting more options, donate crypto. His campaign supports donations made via Coinbase Wallet and MetaMask, and the donations are made to joint fundraising committees organized by the Trump campaign and the Republican National Committee (RNCH).

Demonstrating President Trumps success as a champion of American freedom and innovation, we proudly offer you a chance to contribute to the campaign with cryptocurrency, the site said.

Read more: Trump cites merchandise sales in apparent bitcoin U-turn

The site shows the logos for bitcoin, Ripples XRP, Ethereum, Dogecoin, Solaba, SHIB and Cardano.

Trump promised to allow crypto donations in a speech made earlier this month, which highlighted crypto as a political issue in this years presidential race.

This addition to President Trumps already groundbreaking digital fundraising operation marks the first time a major party Presidential nominee has embraced cryptocurrency for donations, a statement about the move said.

It added that Trump plans to build a crypto army ahead of the Nov. 5 election by allowing supporters to donate crypto.

Read more: Bitcoin may stay in a consolidation phase until US election: Novogratz

The former president is not the only candidate in this presidential race to offer people the chance to donate their crypto. Robert F. Kennedy Jr.s campaign announced that it would accept bitcoin last May.

But the opportunity for politicians to collect donations in more than just cash can be traced back to 2016, when Senator Rand Paul sought bitcoin donations during that years presidential election.

Presidential candidates Andrew Yang and Eric Salwell also accepted crypto donations back in 2020.

Start your day with top crypto insights from David Canellis and Katherine Ross. Subscribe to the Empire newsletter.

The Lightspeed newsletter is all things Solana, in your inbox, every day. Subscribe to daily Solana news from Jack Kubinec and Jeff Albus.

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Trump campaign begins accepting bitcoin, ether and other crypto donations - Blockworks

05/20 update below. This post was originally published on May 18

Bitcoin Bitcoin and cryptocurrenciesincluding major coins ethereum and XRP XRP are braced for a game-changing vote in Washington next week (even as a Wall Street bitcoin storm is brewing).

Subscribe now to Forbes' CryptoAsset & Blockchain Advisor and "uncover blockchain blockbusters poised for 1,000% plus gains" in the aftermath of bitcoin's halving earthquake!

The bitcoin price has rocketed 10% over the last week, climbing back toward $70,000 per bitcoin and boosting the price of ethereum, XRP and other cryptocurrencies as Twitter founder Jack Dorsey unveils his plan to blow up the bitcoin price.

Now, after Shark Tank billionaire Mark Cuban issued a sharp warning to president Joe Biden over crypto, U.S. lawmakers are on the brink of a landmark crypto vote that some of the biggest crypto companies have called "crucial" for the future of the U.S. industry.

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U.S. president Joe Biden has vowed to block the game-changing crypto bill, with another described as ... [+] "crucial" for the price of bitcoin, ethereum, XRP and crypto by some of the biggest crypto companies.

Next week, House lawmakers will vote on the Financial Innovation and Technology for the 21st Century Act, known as Fit21, which would promote the Commodity Futures Trading Commission (CFTC) to a major crypto regulator and carve out which areas of the bitcoin and crypto market are overseen by the Securities and Exchange Commission (SEC).

It would also set guardrails against risky behavior and establish consumer protections for the custody of cryptocurrencies and how they should be treated in bankruptcy.

"By passing this legislation, we can accelerate the growth of blockchain technology and digital assets, fostering financial inclusion and protecting national security," the Crypto Council for Innovation, a coalition of crypto companies and organizations that includes major exchanges Coinbase and Kraken, as well as investor Andreessen Horowitz and the sprawling Digital Currency Group crypto empire, wrote in an open letter to lawmakers. "It is crucial for the U.S. to maintain its leadership in financial innovation."

Some crypto companies have threatened to abandon the U.S. entirely due to the lack of clear crypto rules and regulations, with industry leaders complaining there is no permitted route to market for crypto financial products.

This week, Congress overturned a crypto accounting policy from the SEC that had prevented the likes of Wall Street's biggest banks and similarly tightly regulated financial companies from custodying bitcoin and other cryptocurrencies, with the resolution winning support from a dozen Democrats despite president Joe Biden's promise to vote it if it reaches his desk.

"This is a big deal," Noelle Acheson, author of the Crypto is Macro Now newsletter, wrote in a note. "At the risk of buying too much into the crypto echo chamber glee, this does feel like a political signal that suggests a deepening divide in the Democratic party."

President Biden now has around ten days to veto the bill or sign it off once it reaches his desk. If he fails to veto it, it would pass into law without his signature.

05/20 update: Some think that Biden could u-turn on the promised veto due to former president and Republican 2024 nominee Donald Trump's recent support for crypto.

"I'm 90% sure Joe Biden will back off of the SAB 121 veto threat this week," Ryan Selkis, the chief executive of crypto data company Messari who has recently backed Trump due to his support for the crypto industry, posted to X, adding he believes the Democrats "are losing [an] enormous amount of political capital over an 'accounting rule.'"

Trump, who sent the price of one tiny cryptocurrency suddenly soaring this month, also announced he will begin accepting crypto campaign donations.

Trump's sudden 180 flip on bitcoin and cryptocurrencies, culminating in a Mar-a-Lago event that week in which he told attendees "if youre in favor of crypto youd better vote for Trump" and "the Democrats are very much against it," comes after he declared he wasn't a fan of bitcoin or crypto in 2019.

Trump's remarks were described by Politico as a "new weapon against Biden," and follow the former president selling various collections of digital trading cards to his supporters using cryptocurrency over the last two years.

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The bitcoin price has rocketed higher over the last year, thrusting bitcoin, ethereum, XRP and other ... [+] cryptocurrencies back into the spotlight.

Senator Cynthia Lummis, a Republican from Wyoming and crypto supporter who pushed for the resolution in the Senate, said the bulletin was "a disaster" that did not protect consumers.

"This is a win for financial innovation and a clear rebuke of the way the Biden administration and chair Gary Gensler have treated crypto assets and marks the first time both chambers of Congress have passed standalone crypto legislation," Lummis said in a statement.

The bulletin has been thrust into the spotlight by the approval of a fleet of Wall Street spot bitcoin exchange-traded funds (ETFs) in January that have created the possibility of huge fees for crypto custodians.

The long-awaited spot bitcoin ETFs were only approved by the SEC as a result of a court order.

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Top CEO Bets On A Shock Biden Crypto Flip As Congress Hurtles Toward A 'Crucial' Vote That Could Blow Up The ... - Forbes

Oleksandr Shatyrov

After months of anticipation, it has finally arrived. The Ethereum USD (ETH-USD) ETF has been approved by the SEC. Following Bitcoin USD's (BTC-USD) turn on January 10th, it's now ETH's moment. In this article, we'll draw inspiration from the BTC ETF approval episode to explore potential outcomes for ETH.

First, we'll examine BTC's price action around and after its ETF approval date. Then, we'll analyze whether ETH's current situation mirrors BTC's situation at the time of its approval on January 10th, highlighting both similarities and differences. These analyses, combined with our own interpretations, will guide you to our recommendations on how to play what comes after the ETH ETF approval event.

The BTC path to ETF approval has been long and full of obstacles. Yet, each hurdle has been overcome one by one, impacting thus BTC's price action.

According to Reuters, the 29th of August 2023:

The U.S. District of Columbia Court of Appeals on Tuesday ruled that the Securities and Exchange Commission (SEC) was wrong to reject an application from crypto asset manager Grayscale Investments to list an exchange-traded fund that tracks the price of bitcoin.

Right after this news, the BTC reacted positively and printed a +6% intraday performance.

Bloomberg

However, despite this positive news, BTC performed poorly over the following two months.

We identified several reasons for this:

On October 13, 2023, the SEC decided not to appeal the court decision. This move surprised many investors, as it signalled the SEC's acknowledgment of its error and paved the way for a review of BTC ETF products that investors had been closely monitoring for years. Following this decision, BTC experienced a strong rally, gaining 70% from October 13 to January 9.

Bloomberg

On January 11th, after a decade-long battle, the SEC finally approved 10 ETF proposals from issuers like BlackRock, ARKK, VanEck, and Fidelity.

Immediately after this, the ETF approval was seen as a "sell the news event." for two weeks. However, BTC then rallied strongly, reaching a new all-time high of $73 664 on March 11th.

From January 11th to March 11th, BTC surged another 60%.

Bloomberg

This rally has been supported by strong ETF inflows.

However, this demand has been decreasing since the 18th of March.

Bloomberg

The decrease in demand has been accompanied by substantial outflows from the Grayscale Bitcoin Trust ETF (BTC) (GBTC), which held nearly 600,000 BTC prior to the ETF approval. This accounted for just over 3% of the total BTC supply. These outflows were primarily due to higher fees, with GBTC fees at 1.5% compared to the new ETF at 0.30%.

The red zone highlighted shows consistent and strong outflows matching with a period of lower inflows in BTC's ETF, thus justifying poor BTC performance from March to April.

You can have a detailed view of the outflows on the following graph:

Bloomberg

However, the outflows have now stabilized following Grayscale's decision to lower its fees. Currently, GBTC holds close to 290,000 BTC.

Since the 14th of March, the BTC has been rangy and has tested successfully several times its key 60k level.

Bloomberg

BTC performed strongly before the ETF approval. However, its approval led to a "sell the news" event lasting two weeks. Despite this, strong inflows have supported the asset price, although these inflows have been offset by GBTC outflows. After reaching its all-time high, BTC has been trading within a range for two months.

Will we see a similar price action for ETH? In our view, it's likely.

However, there are several key differences to consider. First, ETH ETF approval was unpopular. Consensus views shifted dramatically, with the probability of approval rising from 25% to 70% just four days before the decision.

Polymarket

Why did the SEC change its stance? In our view, primarily for political reasons. The U.S. government is beginning to recognize the growing significance of crypto among Americans. In an election year, losing valuable votes is not an option.

That's why on the 20th of May, according to CoinDesk:

The U.S. Securities and Exchange Commission (SEC) asked aspiring ether exchange-traded fund exchanges to update 19b-4 filings ahead of a key deadline this week.

Due to this surprising shift in market expectations, ETH's price sharply rallied, gaining 22% in two days. BTC also saw strong performance before its approval, but it was a more gradual rise as it had more time to be anticipated. We wouldn't be surprised to see ETH rally even more sharply than BTC, driven by investors eager to "catch the train" they might have missed with BTC.

Bloomberg

Several additional factors could influence ETH price actions.

ETH features a staking mechanism, with many participants willing to stake their ETH for clients.

ETH ETF Issuers (Bloomberg)

However, the SEC has required the removal of the staking feature from ETF applications. The ability to earn a yield on an asset is particularly appealing, so the absence of staking in these ETFs makes them less attractive than simply holding and staking ETH. Nevertheless, we still view the ETF as an interesting product for both institutional and retail investors, ensuring robust demand.

Another key consideration is the uncertainty surrounding the ETF launch date. The SEC, issuers, and exchanges have spent months negotiating the 19b-4 and S-1 documents for BTC, a process that has just begun for ETH. This could take weeks or even months to finalize.

Additionally, ETH's market cap is three times smaller than BTC's, making it more volatile and easier to move in either direction. We see this as a positive, especially considering that major players like BlackRock and JP Morgan have a positive outlook on ETH. Grayscale Ethereum Trust (OTCQX:ETHE) holds almost 2.5% of the ETH float, which could create short-to-medium-term selling pressure similar to what we saw with GBTC. However, we expect Grayscale to avoid past mistakes and implement lower fees, reducing outflow pressure.

Post-approval, there might be a "sell the news" event, similar to what happened with BTC.

When the BTC spot ETF was approved in January, it was unprecedented. BTC steadily increased before the approval, surged upon approval, and then dropped about 22% before sharply rising to new highs. We expect a similar trend for ETH, but we advise against trading on this expectation. It's wiser to maintain exposure to ETH, as the outcome might differ this time. Those who sold BTC at the time of approval missed out if they didn't repurchase at lower prices, and there's a risk of not catching those lower prices.

We recommend buying dips. The "sell the news" event and potential Grayscale outflows should they occur, could present attractive buying opportunities.

We see opportunities to accumulate after a retrace between $2900 and $3200 that has been historically strong support and resistance levels.

Bloomberg

Finally, as with BTC, ETH might experience some weakness after surpassing its all-time high. We suggest progressively reducing your exposure to ETH once it surpasses its ATH of $4,666.

We have the conviction that the ETH ETF approval is a significant milestone. It represents in our view a strong opportunity. Analyzing BTC's price action reveals an initial strong performance, a "sell the news" dip, and a subsequent rally. We expect a similar pattern for ETH with some specificities related to its market cap, ETF listing dates, stacking features, and Grayscale potential outflow impact.

Our strategy is to be long on ETH before the ETF approval and listing, anticipating strong pre-listing performance. Post-listing, we expect a "sell the news" event but advise maintaining exposure to ETH to avoid missing out on potential gains. We recommend buying dips, especially between $2900 and $3200, and gradually reducing exposure once ETH surpasses its all-time high of $4,666.

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Ethereum ETF Approval: What Bitcoin's History Teaches Us (Cryptocurrency:ETH-USD) - Seeking Alpha