Bitcoin and Ether both experienced a 3.5% drop on May 24, disappointing many who anticipated a market boost from a significant institutional development.
According to Cointelegraph Markets Pro and TradingView, BTC hovered near $67,000, while ETH was priced at $3,670.
The expected market reaction to the U.S. regulators’ approval of spot Ether exchange-traded funds (ETFs) did not materialize.
This landmark decision for the crypto industry marks a significant policy reversal by the Securities and Exchange Commission (SEC).
However, the ETFs are not yet ready for trading, as additional preparations are required, which analysts suggest could take several weeks, pushing the potential launch to mid-June.
James Seyffart and Eric Balchunas, ETF analysts at Bloomberg Intelligence, discussed the possibility of a mid-June launch for the ETFs.
Consequently, BTC/USD and ETH/USD did not see a significant upward movement, instead retracting from local highs as the daily trading session closed.
Market participants were particularly interested in the interplay between Bitcoin and Ethereum, the two largest cryptocurrencies.
READ MORE: Bitcoin Battles to Hold $69,000 as Analysts Eye Potential Retracement
Daan Crypto Trades, a well-known trader, highlighted the impact of Ethereum’s recent rally on Bitcoin’s market dominance.
“With the recent $ETH rally, we’ve seen #Bitcoin Dominance head back down,” he stated on X.
“This has been in an up trend for about 1.5 years and if there’s anything that could reverse this trend it would be ETH leading on the back of an ETF being approved. 52% and 48% are the main levels.”
Other traders echoed this sentiment, suggesting that a shift in dominance could signal the beginning of an “altseason.”
Bitcoin’s dominance reached 57% in mid-April, its highest in over two years, just before the block subsidy halving event.
Popular trader Skew analyzed potential support levels for BTC, identifying a key zone around $66,000. In his May 23 analysis, he noted significant bid liquidity on Binance, the largest global exchange.
“Seeing some initial spot demand around $66K – $65K, reaction is key as well to gauge absorption of sellers. Spot supply remains around current high $72K – $76K,” he confirmed.
Skew emphasized that the recent price movements were primarily driven by spot exchanges, particularly highlighting Binance and Coinbase, the largest U.S. trading platform.
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