Pigster Crypto

Wow, what a turbulent week this could turn out to be.

Yesterday, Ethereum surged over 18% after Bloomberg's senior analyst Eric Balchunas raised the ETF approval odds from 25% to 75%.

Balchunas cited political pressure on the SEC as a key factor. The SEC's previous stance showed little engagement with ETF applicants. 🤔

So the unlikely scenario of the ETH ETF approval everyone was talking about being 10%, has now become a possible reality. Looks like Biden who has been labeled as anti-crypto wants to let this one slide and get some sympathies from the crypto boyz?

While the SEC hasn't officially confirmed, they are reportedly asking exchanges like the NYSE and Nasdaq to update their filings. This could be a promising sign for the approval process!

Nate Geraci from the ETF Store highlighted that the SEC's final decision is still pending. The approval of exchange rule changes could be separate from the fund’s registration.

This means the SEC could delay the final decision beyond the May 23 deadline for VanEck’s Ethereum spot ETF request, giving them more time to review.

The complexities and risks associated with proof-of-stake (PoS) cryptocurrencies are likely factors in this thorough review process.

Stay tuned for updates as the situation develops. The potential approval of a spot ETH ETF could be a game-changer for the market! You know, when ETH flies and flips BTC, the market is usually in for an alt season!

Thoughts on the current market happening. After 9 weeks $BTC  is finally gaining momentum and we believe $67k will remain a key level to jump over here. 

Even a rejection here would probably mean the momentum is over as long as we keep forming higher lows, that would be around the $63-$64k this time around.

The real alt season will begin when $ETH breaks the ETH/BTC breaks the bearish trend. Just a few green candles and we can be there.

As for our strategy, we are still fully allocated to stablecoins. Next week can come very bearish, even though ETF ETF rejection is already very much priced in here.

We are closely monitoring the markets, waiting for a good position on $BTC and alts. Not FOMOing in now on a major resistance point. 

Have a great weekend everyone!

CPI a bit lower than expected. High volatility is to be expected, fasten your seatbelts.

Bitcoin testing its 4H 200MA/EMA again which have held the price down so many times now. This is expected to be rejected again. We are just 8 days from the first ETH ETF fillings.

Also CPI & Retail Sales report in 15 minutes.

Let's see what we get today!

Crypto Daily RSI Heatmap showing a big decline across the board.

The average RSI now sitting at just ~40 which is nearing the weak/oversold region.

Yesterday’s ETF Flows came in at +$100.5M.  

• IBIT saw net flows of $0M. 
• FBTC saw net flows of $8.1M. 
• GBTC saw net flows of -$50.9M.  
• ARKB Took in $133.1M which was quite a big increase.

No numbers like before but we did get 2 positive net flow days this week.