Bitcoin and Ether Rally on Optimism for Spot ETF Approvals
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Bitcoin and ether prices rallied this week amid optimism about potential approvals for spot bitcoin and ether ETFs. An iShares Ethereum Trust was registered, sparking hopes for an ether ETF.
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Industry participants expect spot bitcoin and ether ETF approvals to increase institutional crypto adoption. An ether ETF could also enable staking rewards.
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Smaller altcoins like XRP and Solana also rose in price, potentially signaling a "crypto spring." When bitcoin and ether rally, altcoins often follow.
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Bitcoin supply is currently tight by historical standards, which is bullish. High percentages of bitcoin supply have been inactive for extended periods.
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Bitcoin has risen 120% year-to-date but remains 45% below its November 2021 peak. Higher prices haven't yet enticed significant selling by bitcoin holders.