Today, the crypto market is in a cautious holding pattern as investors await the release of the U.S. Personal Consumption Expenditures (PCE) index data, the Federal Reserve's preferred inflation gauge. The outcome is seen as critical for determining the future path of interest rates, a major factor for risk-on assets like Bitcoin and Ethereum.

A Bitcoin chart showing recent price volatility.

Major cryptocurrencies are trading sideways, with Bitcoin hovering around $61,000** and Ethereum struggling to hold above **$3,400. Analysts suggest a lower-than-expected PCE figure could spark a significant relief rally, while a high reading may lead to further sell-offs.

In other news, excitement is building for the upcoming launch of the first U.S. spot Ethereum ETFs. Several major issuers, including BlackRock and Fidelity, have filed amended S-1 forms with the SEC, with trading expected to begin as early as next week. This landmark event is projected to funnel billions in new institutional investment into the Ethereum ecosystem.