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Ethereum ETF Decision Could Trigger Unprecedented Price Surge

According to U.Today, the crypto industry is eagerly awaiting the SEC's decision on the Ethereum spot ETF, which is expected as early as May 23. The probability of approval has been increased from 25% to 75% by top industry analysts, causing a surge in Ethereum's price by over 20% in a single day. Prominent cryptocurrency expert Raoul Pal has shared his thoughts on the potential impact of this development. He outlined a scenario where high demand for the ETF, combined with 30% of Ethereum being staked and ongoing burning processes making supply deeply negative, could lead to a period of exponential growth and market imbalance. This situation, which he refers to as a 'banana zone squared', is driven by rapid crypto adoption and significant increases in market capitalization. Pal suggests that if these conditions are met, Ethereum could experience unprecedented price increases. He believes this scenario is already in progress and predicts that non-fungible tokens (NFTs) will see a massive boom once Ethereum reaches a new all-time high. This prediction is particularly significant considering Ethereum's previous peak of $4,868 on Nov. 8, 2021. With the altcoin's price currently less than 29% away from this all-time high, the market seems poised for significant activity. The anticipation of the SEC's decision, the possibility of a new all-time high, and the potential explosion of NFTs are adding to the excitement surrounding Ethereum. If Pal's predictions prove accurate, the coming weeks could be a historic period for Ethereum and the wider digital asset market.
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Dog-Themed Meme Coin Bonk Surges 35%, Reaching $2 Billion Market Cap

According to U.Today, Bonk (BONK), a dog-themed meme coin built on the Solana blockchain, has seen a significant price surge of over 35%, pushing its market value to a remarkable $2 billion. This sharp increase underscores the growing popularity of meme coins and their substantial influence on the wider cryptocurrency market. Bonk, which was inspired by the success of other dog coins such as Dogecoin (DOGE) and Shiba Inu (SHIB), quickly gained momentum after its launch on the Solana blockchain. As per CoinMarketCap data, BONK's market capitalization now stands at $2.04 billion, making it the 55th largest cryptocurrency by market cap. The broader cryptocurrency market has been experiencing a positive sentiment, with major coins like Bitcoin (BTC) and Ethereum (ETH) showing strength. This overall bullish trend has spilled over to altcoins and meme coins, including BONK. Crypto prices have increased due to signs of progress toward U.S. approval of exchange-traded funds investing directly in Ethereum, reversing a more negative outlook from the previous week. This market rise echoes the investor excitement that preceded the launch of Bitcoin ETFs. Santiment, an on-chain analytics firm, highlights BONK's impressive price gain, attributing the enthusiasm surrounding Ethereum's first-place ETF as a driver for one of crypto's top five days of 2024. At the time of writing, BONK was up 28% in the past 24 hours to $0.00003217, and up 38% in the last seven days. BONK has been steadily rising since May 13 after reaching a low of $0.0000214. The rise culminated in highs of $0.0000345 in today's trading session. BONK's 24-hour trading volume is up 280% to $1.34 billion. According to Kaiko, meme tokens have shown resilience after trade volumes reached multiyear highs of $71 billion in mid-March. Trade volume for meme coins remains robust, with weekly volume increasing by more than 200% year to date.
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Prominent Philosopher Yuval Noah Harari Criticizes Bitcoin As 'Currency Of Distrust'

According to U.Today, renowned Israeli philosopher Yuval Noah Harari, acclaimed for his best-selling book 'Sapiens', has recently criticized Bitcoin, labeling it as 'a currency of distrust'. Harari argues that even though Bitcoin supporters may have valid reasons to be skeptical of banks, their preference for the leading cryptocurrency is primarily rooted in their distrust of human institutions. He considers this an 'alarming development', as money is intended to foster trust among strangers. Harari expressed his understanding of the reasons for this distrust, but reiterated his concern about the implications. He expressed hope that humanity will find ways to establish trustworthy human institutions instead of resorting to technologies that breed distrust. Harari emphasized that humans have been able to control the world because they have learned to trust each other. He cautioned that if humans place all their trust in algorithms, these could potentially take over the world. Harari further explained the role of the financial system in creating trust. 'Farmers grow food. Shoemakers make shoes. What is the function of the financial system? Finance creates trust,' he stated. He pointed out that different financial systems are designed to foster trust among strangers, enabling them to collaborate on shared projects. Harari also noted that in the past, there was minimal trust in institutions like banks and governments, leading to money being minted from gold. This scarcity of gold limited the amount of money and consequently, economic cooperation. Today, he observed, 90% of money is merely computer data, a concept that is difficult for humans to grasp. In a previous argument against the use of artificial intelligence (AI) in finance, Harari warned that this technology could make financial regulation even more opaque for humans. He advocated for people to first understand how AI works and regulate it before integrating it into the financial system. Harari's philosophy posits that humanity is largely driven by myths that enable large-scale collective cooperation.
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Ether's Market Value Surges, Nearly Matching Solana's Total

According to CoinDesk, Ether's market value experienced a significant increase of over $70 billion on Monday, almost equaling the total market value of Solana (SOL), which stands at around $80 billion. Market analysts predict that the gap between Ether (ETH) and its competitors, such as SOL, will continue to expand in the upcoming months. In December, a crypto observer suggested that the market capitalization of Solana's SOL token could surpass that of Ethereum's Ether during the next bullish cycle. However, this week's market performance demonstrated the enormity of this task. Ether's price soared by over 19% on Monday, adding $70 billion to its market cap, bringing the total to $439 billion, as per data from TradingView. This increase is nearly 90% of SOL's market value in a single day. The surge in Ether's value is attributed to renewed optimism about the potential approval of a spot Ether exchange-traded fund (ETF) in the U.S. Analysts believe that the gap between Ether and its rivals, such as SOL, will widen in the coming months as a potential spot ETF launch could lead to mainstream institutional adoption of the token. So far, only Bitcoin has enjoyed this privilege. As of the time of reporting, Ether was the world's second-largest digital asset, with a market cap of $453 billion, surpassed only by Bitcoin's $1.38 trillion. Solana, on the other hand, ranked fifth with a market value of $82 billion. Ilan Solot, co-head of digital assets at Marex Solutions, expressed a highly optimistic view of Ether's near-term outlook. He highlighted factors such as the ETF announcement, underweight Ether markets, a significant portion of Ether liquidity locked in staking, and a favorable macro backdrop. Since its launch in 2015, Ethereum has led the world in smart contract blockchain, powering over 4,000 decentralized applications. It hosts key decentralized finance protocols like Uniswap, AAVE, and tokenization initiatives like BlackRock's BUIDL. Ethereum has never experienced an outage like Solana. However, there have been instances, especially during bull runs, when traders have switched to Solana to avoid Ethereum's network congestion and higher transaction costs. For example, Solana's share in global trading volume on decentralized exchanges increased earlier this year due to the meme coin frenzy, sparking discussions about SOL potentially surpassing ETH. However, given the recent speculation about the ETH ETF and price action, such talks seem premature.
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BlackRock’s Bitcoin ETF Sees 6-Week Inflow High Amid Early-Week BTC Rally

According to Cointelegraph: BlackRock witnessed a sharp rise in inflow to its iShares Bitcoin Trust (IBIT) on May 21, totaling $290 million. This comes amidst recent upticks in Bitcoin (BTC) prices, combining to the highest inflow for the BlackRock ETF since April 5. The fresh inflow into the BlackRock fund accounts for 95% of the total inflow into all U.S. Bitcoin ETFs on Tuesday, bringing over $300 million in total net inflow. Source: Farside Investors The latest Bitcoin rally saw more than $1 billion revert into Bitcoin spot ETFs over the past four trading days. Adding the recent figures, the BlackRock fund has to date attracted $16 billion in inflows since its inception, as reported by Farside Investors. However, the product's official website shows $19 billion in assets under management. Thumbnailing Grayscale's industry-leading position, BlackRock's IBIT is now close behind Grayscale's GBTC spot ETF, which holds $20 billion AUM according to the official website. On the other hand, other funds witnessed outflows. Notably, the VanEck Bitcoin Trust ETF reported an outflow of $5.9 million, while the Bitwise Bitcoin ETF saw a $4.2 million outflow. Meanwhile, the Fidelity Wise Origin Bitcoin Fund recorded a minor inflow of $25.8 million. Bitcoin's price, which achieved a six-week high of $71,600 on May 21, has been a key driver of recent Bitcoin ETF interest. Another factor buoying the cryptocurrency market is the potential approval of spot Ethereum ETFs in the U.S. by the Securities and Exchange Commission.
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OTC Weekly Trading Insights (05/22/2024)

Last week, our Convert Portal experienced a surge in trading demand for the meme coin ConstitutionDAO ($PEOPLE). ConstitutionDAO was a crowdfunding campaign to purchase a first-edition copy of the United States Constitution. The $PEOPLE token represents a share of the ConstitutionDAO. Since the bid for the document failed, the PEOPLE token now represents a DAO movement of historical significance.  In the most recent development, the Fantom Foundation has revealed more information about its new Layer-1 blockchain Sonic Network, which connects to Ethereum via Layer-2 bridge. This will enable Sonic to access a large number of users, liquidity, and other protocols. The Foundation will introduce $S tokens on Sonic network to match the supply of $FTM. Users will be able to exchange their $FTM tokens for $S tokens on a 1:1 basis. By connecting to Ethereum, the Sonic network ecosystem will gain the full benefits of a layer-1 blockchain while also providing native access to ETH. GALA Games, a play-to-earn blockchain platform, was hacked on Monday, and the hacker minted 5 billion GALA tokens to a private address. The hacker exchanged 600 million GALA for 5.913 ETH afterward. The $GALA price dropped over 22% in two hours due to a large dump on Uniswap. The price stabilised after the platform noticed the system compromise and froze the remaining 4.4 billion tokens in the hacker's wallet. PENDLE, a leading restaking project, saw significant trading demand in response to rumours of potential ETH ETF approval. $PENDLE, which has a high beta profile compared to ETH, was heavily bid on the market after ETH took off on Monday. Last week, the $PENDLE price rose by 60.7%, with the majority of the increase occurring on Monday. Overall Market The above chart shows the BTC price movement in the last three months. As we mentioned to our readers last week, our desk saw bullish sentiment on BTC following the cooler CPI data in the United States. Furthermore, the risk reversal on the options market indicates that the market's sentiment has shifted from bearish to neutral. Last Thursday, the United States Senate joined the House of Representatives in repealing the controversial Securities and Exchange Commission (SEC) cryptocurrency policy known as Staff Accounting Bulletin No. 121. SAB 121, issued by the agency in 2022, held that a company that holds a customer's cryptocurrencies must record them on its own balance sheet, which could have significant capital implications for banks that work with crypto clients. Furthermore, we saw a net inflow from US Bitcoin ETFs for six consecutive days beginning last Monday, when Bitcoin traded above the $61k key level. The strong inflows from Bitcoin spot ETFs demonstrated strong demand from investors seeking Bitcoin exposure. On Monday, the US SEC requested amended 19b-4 filings for spot Ethereum ETFs within a short timeframe, signalling an abrupt turn on potential ETH ETF approval. Following the news, Bloomberg analysts estimated a 75% chance of approval by the end of May, up from 25% a week earlier. The ETH price increased by more than 20% due to strong demand on the spot market, pushing the Bitcoin price above $71k, just inches away from the all-time high of $73,777 set in March. Because of the large gains on BTC and ETH in the last two days, our desk expects some consolidation here, as traders take profits. If the BTC price surges above the green zone above with high volume, we may see the next leg up for Bitcoin towards the $100k mark by the end of the year. Options Market The above chart shows the 25-delta skew of ETH options with different tenors. On Monday, the US Securities and Exchange Commission asked for amended 19b-4 filings for spot Ethereum ETFs within a short time frame. In response to the news, the ETH price chart showed a vertical k-line, indicating a strong bullish market with increased demand. The 25-delta skew for ETH options increased by more than ten points in response to the heavily bidding ETH spot price. This indicates that options traders were also rushing for ETH calls, either opening long or closing short positions, or both. The SEC's unexpected action on ETH spot ETFs boosted the implied volatility of ETH options.  However, the risk reversal on ETH options retraced quickly following the initial move-up because of the increasing odds of a potential approval of ETH ETFs by the SEC. Currently, the risk reversal indicates a very negative skew on ETH options with short tenors, whereas options with longer tenors continue to show positive risk reversals.  The negative risk reversal signal on ETH options with short tenors indicates that options traders would rather pay a higher premium for puts to cover the downside risk than buy calls for potential upside gains. The observation supports our forecast for the market to consolidate around the current level in the coming days, with some profit-taking. Macro at a glance  Last Thursday (24-05-16) US initial jobless claims increased from 232k the previous week to 222k last week, exceeding the expected 219k. The US labour market is cooling, increasing the likelihood of a rate cut by the Federal Reserve in September. Last Friday (24-05-17) In April, Eurozone CPI growth was 2.4% year on year, aligning with the rate seen in March. The monthly CPI growth rate decreased from 0.8% in March to 0.6% in April. The annualised core CPI growth rate decreased from 2.9% in March to 2.7% in April. The Eurozone's inflation rate is around the European Central Bank's target rate of 2% and trending lower, indicating a high likelihood of the ECB's first rate cut in June. On Tuesday (24-05-21) According to Statics Canada's CPI data, prices rose 0.5% monthly and 2.7% annually, as expected by economists. The cooler CPI data comes after March's 0.6% MoM and 2.9% YoY readings. The lower inflation rate makes it more likely that the Bank of Canada will cut interest rates for the first time this cycle in June. Later this week, we have The April CPI readings in the UK this Wednesday The FOMC Meeting Minutes will be released this Wednesday Convert Portal Volume Change The above table shows the volume change on our Convert Portal by zone.  This week, our trading volume on Convert increased significantly, with the Monitoring zone showing the greatest percentage increase. Last week, the two tokens with the highest trading demand were Unifi Protocol DAO ($UNFI) and Cream ($CREAM), which contributed significantly to the Monitoring zone's volume increase of 66.0%. The Metaverse zone saw a 35.6% increase in trading volume on Convert last week. FLOKI ($FLOKI) is the primary driver of volume growth in this zone. During the same time period, volume in the gaming zone increased by 30.9%. Following the hack news, our desk observed a surge in trading demand for GALA ($GALA). Why trade OTC?   Binance offers our clients various ways to access OTC trading, including chat communication channels and the Binance OTC platform (https://www.binance.com/en/otc) for manual price quotations, Algo Orders, or automated price quotations via Binance Convert and Block Trade platform (https://www.binance.com/en/convert) and the Binance Convert OTC API.  Email: trading@binance.com for more information. Join our Telegram (https://t.me/BinanceOTC) to stay up to date with the markets!
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Pepe Coin Soars to New High Amid Rising ETH Prices and Renewed ETF Approval Hopes

According to Cointelegraph: The Ethereum-based memecoin, Pepe (PEPE), has surged 27% to a new all-time high over the past 24 hours. This surge comes amid speculation around the potential United States approval of spot Ether exchange-traded funds (ETFs). PEPE is up 22.25% over the past seven days. Source: CoinMarketCap Cryptocurrency trader Matthew Hyland backed PEPE as the most promising memecoin linked to the potential approval of the ETH ETF in a May 21 X post. Another pseudonymous crypto trader, "Kaleo," noted that the performance of PEPE was a clear sign of the growing market awareness of the coin's potential. The price jump in PEPE came as Ether saw a 23.28% rise over the past two days, increasing to $3,785. This rise buoyed by the renewed optimism that the U.S. Securities and Exchange Commission (SEC) will approve Ether ETFs by the May 23 deadline. PEPE's price spike over the past 24 hours saw $6 million in short positions liquidated. Source: CoinGlass Continuing the positive news for the coin, PEPE's Open Interest – a measure of outstanding futures contracts across crypto exchanges – rose 40% to $172.96 million over the last 24 hours, suggesting increased trader confidence in the coin's future performance. While PEPE led the price growth among memecoins, other top memecoins like BONK (BONK), up by 40.80%, Floki (FLOKI), up by 21.94%, and the Book of Memes (BOME), up by 25.04%, also saw significant price boosts over the past week.
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