Bitcoin Surges Past $70K Amid Ethereum ETF Speculation

By: Eliza Bennet

Bitcoin (BTC) has broken the $70,000 barrier, reaching $70,325 before stabilizing at $68,700 on May 21. This milestone comes as a result of significant investment in spot Bitcoin exchange-traded funds (ETFs) and a market-wide rally.

The hype surrounding potential Ethereum (ETH) ETFs has also stirred the market, contributing to a dramatic 14.5% jump in ETH prices within just an hour, bringing the value from $3,143 to $3,518.

Nearly $1 billion has flowed into Bitcoin ETFs recently, marking renewed interest in the digital asset. This influx has led to major market liquidations, including $63 million in Bitcoin short positions being closed within 24 hours, based on data from CoinGlass.

Bitcoin hit an all-time high of $73,737 in March and the reserves on exchanges have fallen to a seven-year low. With around 1,918,417 BTC available on major trading platforms, the reduced supply and recent halving event suggest a bullish outlook.