There is a 90% probability the SEC will approve a spot ether ETF, one observer said, drawing attention to the narrowed discount in the Grayscale Ethereum Trust.
The week ahead could boost market volatility with the CPI release on Wednesday, the FOMC meeting on Thursday, and a speech from Janet Yellen on Friday, one firm said.
The crypto market is balancing the threat of stagflation against a liquidity injection from the Treasury General Account (TGA), and the launch of Hong Kong's bitcoin ETFs.
A rally in meme tokens such as dogecoin and shiba inu is primarily driven by Asian traders in response to bullish sentiment around ether exchange-traded funds (ETFs), one trader said.
Geopolitical risk fueled by conflict in the Middle East and the upcoming U.S. election are likely to reinforce the debasement trade, to the benefit of both bitcoin and gold, the report said.