Compartir este artículo
Bitcoin Surges Over $71K as Ether ETF Hopes Lead to $260M in Short Liquidations
Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%.
- Renewed hopes for U.S.-listed ether ETFs drive the crypto market higher and liquidate bearish short positions.
- Bloomberg analysts raised the approval odds to 75%, boosting market sentiment.
Bitcoin surged over $71,000 early Tuesday, its highest since early April, as ether surged over 19% to $3,700 after Bloomberg analysts raised the probability that spot ETH exchange-traded fund (ETF) gets approved in the U.S. to 75%.
Other majors chalked out relatively smaller gains, with XRP, Cardano's ADA, Solana's SOL and rising between 3-6%, as per CoinGecko data.
STORY CONTINUES BELOW
No te pierdas otra historia.Suscríbete al boletín de Crypto Daybook Americas hoy. Ver todos los boletines
The sudden move up caused over $260 million in market-wide short liquidations, the biggest since Feb.28. Ether shorts lost over $115 million, followed by bitcoin shorts at just over $99 million, Coinglass data shows.
Crypto exchange Binance logged over $130 million in liquidations, the largest among counterparts, followed by OKX at $118 million and Huobi at $51 million.
Shorts are bets against higher price movements. Liquidation refers to when an exchange forcefully closes a trader's leveraged position due to a partial or total loss of the trader's initial margin. It happens when a trader is unable to meet the margin requirements for a leveraged position (fails to have sufficient funds to keep the trade open).
Markets started to rally late Monday as Bloomberg analysts Eric Balchunas and James Seyffart raised the odds of a spot ether ETF to 75% from the early 20%. Later, CoinDesk reported that the U.S. Securities and Exchange Commission (SEC) asked aspiring ether exchange-traded fund exchanges to update 19b-4 filings ahead of a key deadline this week.
Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See… https://t.co/gcxgYHz3om
— Eric Balchunas (@EricBalchunas) May 20, 2024
Market participants consider the approval of an ether ETF to be a bullish event, opening the floodgates to institutional capital. The spot bitcoin ETF, which started trading in January, has racked up $12 billion in total inflows for BTC, with top trading firms and state funds among its holders.
Meanwhile, some traders expect ether prices to rise further in the coming days.
“Our view is that it is unlikely that spot can settle here, with approval taking us closer to 4k and denial back to 3k,” Singapore-based QCP Capital said in a Tuesday broadcast. “Exchanges are being asked to update 19b-4 filings on an accelerated basis, suggesting approval is imminent.”
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
