Ether ETF launch threatens to break 18-month uptrend of Bitcoin dominance

Bitcoin (BTC) and Ether (ETH) experienced a 3.5% decline on May 24, disappointing bulls despite the long-awaited approval of spot Ether exchange-traded funds (ETFs) by United States regulators. BTC was trading around $67,000, while ETH was at $3,670. The ETFs, although a significant milestone for the crypto industry and a policy reversal for the Securities and Exchange Commission (SEC), were not yet ready for trading and would require additional preparations that could take several weeks. Analysts James Seyffart and Eric Balchunas from Bloomberg Intelligence suggested a potential mid-June launch. As a result, BTC/USD and ETH/USD avoided a substantial upward movement and even dropped from their local highs at the end of the day. Traders expressed concerns about the impact of the Ethereum ETFs on Bitcoin’s dominance in the crypto market. Bitcoin dominance reached its highest level in over two years at 57% in mid-April, just before its block subsidy halving. The BTC price was closely watched around $66,000, as this level had shown significant spot demand and bid liquidity on exchanges like Binance. The recent price rally was driven by spot exchanges, particularly Binance and Coinbase. It’s important to note that this article does not provide investment advice, and readers should conduct their own research before making any decisions.