Crypto Markets Consolidate Ahead of Fed Minutes

Ether is holding above $3,700 amid a surge of applications for Ethereum ETFs under Form 19b-4.

By: Mehab Qureshi Loading...

horizontal line graph symbolizing stability and consolidation

Crypto markets are relatively calm on Wednesday as investors digest the minutes from the Federal Reserve's last policy meeting.

Ether (ETH) is trading at $3,720 after soaring more than 20% on Tuesday. Bitcoin (BTC) is down 0.3% at $69,477. Solana (SOL) climbed 1% to $179.

ETH Price chart
ETH Price

Ethereum’s bullish price action comes amid a flurry of applications for Ethereum ETFs under Form 19b-4. On Monday, the U.S. Securities and Exchange Commission (SEC) reportedly directed major exchanges, including Nasdaq and the CBOE, to refine their applications for listing spot Ether ETFs.

This move indicates that the agency may be preparing to approve these applications. This week, the SEC will review the applications for Ether ETFs from VanEck and ARK Investments/21Shares.

Michael Van de Poppe, CEO of MN Trading, believes important days are coming up for the Ethereum ETF. “At least 5 issuers have submitted their amended 19b-4 documents and are removing the staking part. The chances are that an approval is going to happen for Ethereum in the coming weeks/months. Incredibly positive for the industry,” he tweeted.

Data from CoinGlass shows that in the past 24 hours, 63,546 traders were liquidated for a total of $173 million.

Meanwhile, Bitcoin ETFs continue to attract capital. On May 20, total inflows were $237 million, with Ark’s ETF ARKB reporting the highest inflows with $68.3 million.

Inflows accelerated on May 21 to $306 million. iShares Bitcoin Trust (IBIT) had the largest inflows with $290.0 million.

U.S. stocks dipped on Wednesday. The S&P 500 lost 0.6%, the Dow Jones Industrial Average slipped by 0.7%, and the Nasdaq Composite dropped 0.4%.