Bitcoin snaps a grueling six-week losing streak on May 17, 2024, surging past $67,000 and reclaiming a market capitalization of $1.32 trillion. The rally coincides with the expiry of $2.1 billion in Bitcoin and Ethereum options, creating a volatile trading session that ultimately favors the bulls and rekindles optimism across the broader cryptocurrency market.
TL;DR
- Bitcoin breaks its six-week losing streak, climbing to $67,051 with a 2.79% daily gain
- BTC market capitalization reaches $1.32 trillion as bullish momentum returns
- $2.1 billion in combined Bitcoin and Ethereum options expire, amplifying intraday volatility
- Ethereum holds steady near $3,094 as spot ETF approval speculation intensifies
- Market sentiment shifts from cautious to cautiously optimistic ahead of the weekend
Bitcoin Reclaims the $67,000 Level
After weeks of consolidation and downward pressure, Bitcoin finally breaks free from its range-bound trading pattern. The world’s largest cryptocurrency by market capitalization rallies 2.79% over 24 hours, reaching $67,051 according to CoinMarketCap data. The move carries significant technical weight, as $67,000 represents a key resistance level that had capped multiple rally attempts over the previous weeks.
The broader weekly picture looks even more encouraging for Bitcoin bulls. BTC posts a 10.30% gain over the preceding seven days, its strongest weekly performance since the post-halving rally in late April. Trading volume remains robust, with $28 billion in 24-hour turnover indicating genuine market participation rather than a low-volume squeeze.
Analysts point to several catalysts behind the breakout, including renewed institutional buying through spot Bitcoin ETFs, improving macroeconomic conditions as US inflation data comes in cooler than expected, and growing anticipation that the Securities and Exchange Commission may approve spot Ethereum ETFs — a decision that would further validate the crypto asset class.
$2.1 Billion Options Expiry Creates Volatility
May 17 marks a significant options expiry date for both Bitcoin and Ethereum derivatives. Approximately $1.5 billion in Bitcoin options and $600 million in Ethereum options are set to expire on Deribit, the world’s largest crypto options exchange. The combined notional value of $2.1 billion creates substantial intraday volatility as traders adjust their positions around key strike prices.
For Bitcoin, the max pain point — the price at which the most options expire worthless — sits around $62,000, well below the current spot price. This means that the majority of call option holders find themselves in profit territory, potentially creating sell-the-news pressure. However, the market absorbs the expiry with remarkable resilience, suggesting that underlying demand remains strong.
Ethereum options expiry proves equally eventful. With ETH trading around $3,094, many put options expire out of the money, reinforcing the bullish narrative. The options market’s response to the expiry provides valuable signals about trader positioning heading into the summer months.
Ethereum ETF Speculation Builds Momentum
Beneath the surface of Bitcoin’s rally, Ethereum benefits from intensifying speculation that the SEC may approve spot ETH ETFs before the end of May. Multiple analysts revise their odds upward, with some placing the probability of approval above 75%. The chatter sends Ethereum’s price to $3,094, with a market capitalization of $371 billion.
Grayscale, which successfully converted its Bitcoin Trust into a spot ETF earlier in 2024, actively lobbies for its Ethereum Trust to receive similar treatment. The company’s research division publishes a report titled “May 2024: A Breakthrough for Spot Ethereum ETFs,” arguing that the regulatory framework established for Bitcoin ETFs should extend naturally to Ethereum.
Goldman Sachs also makes headlines by reportedly pushing Bitcoin ETF offerings to its wealth management clients, further validating institutional adoption of crypto assets. The combination of ETF momentum and improving market structure creates a favorable backdrop for both BTC and ETH.
Altcoins and Broader Market React
Bitcoin’s breakout provides a tailwind for the broader altcoin market, though gains remain uneven. While Chainlink steals the show with its 15% rally on institutional partnership news, other altcoins post more modest gains. Solana trades flat, XRP hovers near key support levels, and meme coins continue their volatile intraday swings.
The total cryptocurrency market capitalization stands at approximately $2.5 trillion on May 17, reflecting the growing integration of digital assets into the global financial system. Fear and Greed Index readings shift from “Neutral” toward “Greed,” indicating improving sentiment among retail and institutional participants alike.
Why This Matters
Bitcoin’s ability to break its six-week losing streak above $67,000 despite a massive $2.1 billion options expiry demonstrates remarkable market strength. The rally, combined with growing Ethereum ETF speculation and institutional involvement from firms like Goldman Sachs and Grayscale, suggests that the crypto market enters a new phase of maturity. Rather than collapsing under options expiry pressure, Bitcoin absorbs the event and pushes higher — a pattern that institutional investors watch closely when allocating capital to digital assets.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry significant risk. Always conduct your own research before making investment decisions.
10.3% weekly gain after six red weeks. the $2.1B options expiry basically forced a gamma squeeze and bulls finally showed up
the $67k level had rejected price like 4 times in 6 weeks. finally clearing it with real volume is a huge signal imo
$28B in 24h volume is not a low volume squeeze. this is real buying pressure. the ETH ETF speculation is pulling everything up.
ETH holding $3,094 while all this happens is bullish af. spot ETF approval would send it to 4k easily