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.
memorial day weekend with thin liquidity and BTC still pushes to 68k. the ETF效应 is carrying everything right now
lee_quidity thin liquidity meme is real. i was watching the order books and 100 BTC market buys were moving price 200bps. memorial day was a ghost town
ETF inflows on low volume weekends are a feedback loop. price goes up, ETF buys more, price goes up more
Nkechi O. the feedback loop on low volume weekends is real. memorial day order books were so thin that the ETF inflows basically moved price unopposed
68518 BTC on Memorial Day with retail offline. the 2B ETH whale injection in 5 days did all the heavy lifting on no volume
analysts calling 106K to 190K long term is such a wide range its meaningless. could just say up and be equally accurate
Chiara R. 106K to 190K is a 44% range. analysts covering that spread are just hedging so they can claim they were right no matter what happens
the wide range is because theyre covering both cycle models. 106K is the conservative stock-to-flow, 190K is the extended one
ETH whales putting in $2 billion in five days is insane. the smart money already knew the ETF was coming before bloomberg updated their odds
$2B in 5 days wasnt retail. that was funds positioning ahead of the ETF launch. you dont move that kind of volume on a hunch
flow_check the 2B was clearly fund positioning. nobody moves that kind of size on a hunch during a holiday weekend
flow_check $2B in 5 days was 100% smart money front-running the ETF. you dont move that kind of size on a hunch, somebody leaked the approval timeline
$2B in ETH from whales in 5 days was the real signal. ETF approval was leaked to the smart money well before the announcement
rekt capital calling the post-halving re-accumulation breakout. dude has been right on the cycle timing for months
btc at 68518 with eth etf approval on may 23 looks solid for a push to 70k this weekend thin liquidity helps
thin liquidity on memorial day weekend amplified every move. $68K was as much about empty order books as it was about the ETF
thin liquidity on memorial day weekend amplified every move. BTC hit 68518 on like 40% of normal volume, the pump was fragile
memorial_dump_ 40% normal volume on a holiday weekend and BTC prints 68518. the 2B ETH whale injection did all the work on empty books
may 23 ETF approval then 2B in whale flows in 5 days. that wasnt retail fomo, somebody knew the timeline before bloomberg updated odds
ETH whales moved 2B in five days post ETF approval and ETH still underperformed BTC that week. tells you the flow was speculative not fundamental
BTC at $68,518 on May 26, 2024 – the ETF approval really did trigger institutional FOMO. The whales injecting $2B into ETH in 5 days is telling.
Memorial Day weekend trading with thin liquidity amplifying the price move – perfect storm for a rally.
Some analysts predicting $106K-$190K long-term BTC targets after the ETF approval shows how much institutional money is waiting.