The cryptocurrency market roars to life during the Memorial Day weekend, with Bitcoin pushing firmly above $68,500 and threatening the psychologically significant $70,000 resistance level. The surge comes on the heels of the Securities and Exchange Commission’s landmark approval of spot Ethereum ETFs on May 23, which sends shockwaves of optimism across the entire digital asset landscape.
TL;DR
- Bitcoin trades at approximately $68,518, up over 3% on the week as bullish momentum builds
- SEC approves spot Ethereum ETF 19b-4 filings on May 23, igniting a market-wide rally
- Analysts predict BTC could breach $70,000 within days, with some targeting $106K–$190K long-term
- Ethereum whales inject $2 billion into ETH within five days of the ETF announcement
- Memorial Day weekend trading sees thin liquidity amplify price movements
Bitcoin Approaches $70K Milestone
Bitcoin holds steady near $68,518 on May 26, 2024, building on a week of sustained upward momentum following the SEC’s unexpected green light for spot Ethereum ETFs. The world’s largest cryptocurrency by market capitalization maintains a total market value exceeding $1.35 trillion, with 24-hour trading volume reaching $15.6 billion.
The price action unfolds during the Memorial Day weekend, when traditional U.S. markets remain closed. With equity markets shuttered, crypto trading desks operate with reduced staffing, creating conditions where thinner order books amplify price swings. Bitcoin briefly touches intraday highs near $69,000 before settling into a consolidation pattern just below that level.
Analyst Rekt Capital notes that Bitcoin is in the process of breaking out of a post-halving re-accumulation range, a pattern historically observed in previous halving cycles. The fourth Bitcoin halving, which occurred on April 19, 2024, reduced the block subsidy from 6.25 BTC to 3.125 BTC, tightening the supply of newly mined coins entering the market.
Ethereum ETF Approval Sends Ripple Effects
The SEC’s approval of Form 19b-4 filings from multiple issuers on May 23 represents a watershed moment for the crypto industry. Major financial institutions including BlackRock, Fidelity, Grayscale, and VanEck receive the regulatory nod to list spot Ethereum ETFs on U.S. exchanges, mirroring the path that Bitcoin ETFs blazed in January 2024.
The approval catches many market observers off guard. Leading up to the decision, consensus estimates placed the probability of approval at roughly 25%, making the SEC’s move a genuine surprise that triggers an immediate repricing of risk across the crypto market. Ethereum surges over 20% in the 48 hours following the announcement, with the positive sentiment spilling over into Bitcoin and the broader altcoin market.
Bernstein analysts project that the spot Ethereum ETF approval could drive ETH prices up 75% to approximately $6,600. Other analysts forecast potential inflows of $20 billion to $35 billion into spot ETH ETFs throughout 2024, which would create significant buying pressure on the underlying asset.
Whale Activity Intensifies
On-chain data reveals that Ethereum whales accumulate aggressively in the aftermath of the ETF approval, with large holders injecting approximately $2 billion into ETH positions within just five days. This institutional-grade accumulation signals confidence that the ETF launch will serve as a sustained catalyst rather than a sell-the-news event.
The whale activity extends beyond Ethereum. Bitcoin addresses holding between 100 and 1,000 BTC also show increased accumulation patterns, suggesting that larger market participants position themselves for what they anticipate will be a prolonged bullish phase driven by increasing institutional adoption.
Bullish Price Targets Emerge
The confluence of the Ethereum ETF approval, the post-halving supply shock, and growing institutional interest prompts analysts to revise their Bitcoin price targets upward. Some analysts raise their targets to a range of $106,000 to $190,000 for the current cycle, citing historical post-halving parabolic rallies as precedent.
Bitcoin’s price action in late May 2024 draws parallels to previous cycle patterns. After the 2020 halving, Bitcoin took approximately 150 days to break to new all-time highs. The 2024 halving occurred on April 19, placing the potential breakout window sometime in September through November if historical patterns hold.
Why This Matters
The Memorial Day weekend rally represents more than just a holiday trading anomaly. The SEC’s approval of spot Ethereum ETFs signals a fundamental shift in the regulatory landscape for digital assets in the United States. When the world’s second-largest cryptocurrency receives the same institutional gateway that Bitcoin received in January, it validates the entire crypto asset class as a legitimate component of diversified investment portfolios. For Bitcoin, the Ethereum ETF approval removes a major overhang of regulatory uncertainty and reinforces the narrative that institutional adoption of cryptocurrencies is accelerating, not slowing down. The combination of a supply-halving event and expanding institutional access creates a potentially powerful catalyst for sustained price appreciation through the remainder of 2024.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency markets are highly volatile. Always conduct your own research before making investment decisions.
thin liquidity on memorial day weekend making that push to 69k feel way more dramatic than it actually was. same volume on a tuesday and nobody blinks
^ rekt capital was right about the re-accumulation zone but tbh anyone calling 190k targets on a weekend pump is just farming engagement
Rekt Capital calling the post-halving re-accumulation breakout has been one of the few takes that actually held up. most analysts just drew lines to wherever btc already was
block subsidy dropping from 6.25 to 3.125 and price barely noticed. the demand side of the equation is what matters now, supply shock is a slow burn