The latest moves in crypto markets, in context By Jamie Crawley, CoinDesk news reporter Was this newsletter forwarded to you? Sign up here. |
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Happy Friday! Here’s what you need to know today in crypto: |
- Approval of ether ETF filings fails to spur a rally in crypto prices.
- BTC, ETH experienced volatility in the run-up to and aftermath of the SEC approval.
- The dog that inspired DOGE dies at the age of 17.
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CoinDesk 20 Index: 2,421 −3.4%
Bitcoin (BTC): $67,335 −3.7%
Ether (ETC): $3,703 −4.3%
S&P 500: 5,267.84 −0.7%
Gold: $2,343 +0.3%
Nikkei 225: $2,343 +0.3% |
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The SEC's approval of spot ether ETF regulatory filings has yet to spur a rally in crypto prices, which extended their slide during the Asian and European mornings. BTC has lost more than 3.4% in the last 24 hours to trade around $67,400 while ETH is down around 4.5% at $3,700. The CoinDesk 20 Index (CD20), measuring the broader digital asset market, has lost over 3.3%. Ether ETFs are not yet cleared to trade because the SEC still needs to approve their S-1 filings before investors can buy them. The approval came as a surprise to many. After clearing spot bitcoin ETFs in January, the SEC didn't seem to engage much with issuers on ether ETFs, but that changed in recent days. |
Bitcoin and ether both experienced wild swings in the run-up to the SEC's ETF decision on Thursday. ETH tumbled to $3,500 before surging to $3,900 as the first reports came through that approval of some filings was imminent. BTC, meanwhile, sank below $66,500, then spiked to $68,300 before settling just below $68,000. Liquidations across all leveraged crypto derivative positions soared to over $350 million during the day, the most since May 1, CoinGlass data shows. The bulk of the positions were longs betting on rising prices, worth roughly $250 million, suggesting that over-leveraged traders were caught off-guard by the sudden price plunge. Kabosu, the Shiba Inu dog who inspired the dogecoin meme and thereafter the DOGE cryptocurrency, died at the age of 17. Kabosu’s picture inspired the creation of DOGE in 2013, initially starting off as a joke currency. DOGE’s success later birthed a whole cohort of dog-themed tokens such as SHIB and FLOKI, which have since cumulatively become one of the industry’s biggest sectors. “We will be holding a farewell party for Kabo-chan on Sunday, May 26th. It will be held at Flower Kaori in Kotsu no Mori, Narita City, from 1pm to 4pm,” her owner wrote in a blog post. |
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Market Insight: Ether ETF Filings Approval May Have Been 'Sell the News' Event |
The approval of spot ether ETF filings in the U.S. may have become a "sell the news" event. ETH has dropped around 4% since the SEC's announcement, having risen over 20% over the course of a week when anticipation over the approval was building. “Ethereum's sell-off on positive news is a typical 'buy the rumors, sell the facts' reaction of speculators,” Alex Kuptsikevich, a senior market analyst at FxPro, said in an email to CoinDesk. “We shouldn't be surprised if the price pulls back to the $3000 area again, returning to an important consolidation area. From these levels, large institutional investors can start building a position in ETFs." A similar thing occurred in January after the approval of the bitcoin ETF, in which BTC lost 19% in value in the following two weeks. |
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- The heatmap shows the liquidation data in the crypto market over the last 24 hours, as recorded by Coinglass.
- It shows the unusually high figure of nearly $150 million ($100 million of which is longs) in ether futures being liquidated.
- The figure is double BTC's amount – a very rare instance.
- This comes on the back of record open interest and the volatility around the ETF event.
- Source: Coinglass
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- Shaurya Malwa, Jamie Crawley |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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