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Ether, Bitcoin Open Asia Trading Week Flat as ETH ETF Decision, Nvidia Earnings Loom
The market has priced in a rejection for the first set of Ethereum ETFs, but there are reasons to be optimistic about an approval next year, says one fund manager.
Updated May 20, 2024, 7:05 a.m. Published May 20, 2024, 7:02 a.m.
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- ETH and BTC are trading flat as Asia's business week opens.
- Traders are looking at the ETH ETF decision, and Nvidia earnings this week.
The crypto market was listless early Monday, with bitcoin , the biggest digital asset market by value, trading flat at $67,156 and ether changing hands at $3,127, according to CoinDesk Indices data.
The consolidation follows a week of bullish action triggered by renewed optimism about a U.S. rate cut and the rally in stocks.
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Things could soon get busier again with the first decisions for ether exchange-traded funds (ETFs) due. The Securities and Exchange Commission is set to weigh in on VanEck's ether exchange-traded fund (ETF) on May 23 and the Ark/21 Shares one on May 24, as well as Nvidia earnings.
March Zheng, managing partner of Bizantine Capital, told CoinDesk in an interview that while the market has priced near the certainty of a rejection, there are still some reasons to be optimistic.
"There are reasons to believe that the report will contain silver linings for the delay, which should signal an eventual approval of Ethereum in the next year," Zheng said. "The removal of staking prepositions by filers reclassifies underlying ETH as commodities supported by the CFTC and can pave a major pathway going forward."
Polymarket currently gives a 10% chance of an ether ETF being approved by May 31, a 13% chance of approval by June 30, and a 28% chance of approval this year.
Recently, Coinbase analyst David Han wrote that the market may be "underestimating the timing and odds of a potential approval."
Zheng argued that positive ETH ETF news might also boost trading sentiments for BASE, a Layer-2 network, whose native token's price has dropped by nearly 25% in the last two weeks.
Traders are also going to be eyeing Nvidia's earnings, scheduled for Wednesday.
Bitcoin trades strongly in correlation with Nvidia, as do Artificial intelligence-themed tokens, which surged in February as the chip designer reported better-than-expected earnings.
The direct correlation between Nvidia and ether market movement isn't as strong as it once was during the mining boom. Still, the rising tide of bitcoin and AI tokens – should Nvidia's earnings remain strong – will likely lift all boats.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
Lo que debes saber:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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