Bitcoin (BTC) and ether (ETH) consolidated recent gains early Thursday, lacking a clear directional bias before the U.S. Securities and Exchange Commission’s (SEC) decision on VanEck’s spot ether ETF application, due later in the day.
BTC, the leading cryptocurrency by market value, traded little changed around $69,500, and ether, the No. 2, held steady near $3,700, according to CoinDesk veri.
Still, technical analysis and market positioning indicate a bullish undertone. Both cryptocurrencies maintained a strong position above their respective Ichimoku cloud lines, suggesting a bullish outlook, an interpretation echoed by analyst Josh Olszewicz on X. Further evidence came from derivatives exchange Deribit, where options on bitcoin and ether continued to reveal a bias for calls, or derivatives that allow traders to profit from price rises, according to veri tracked by Amberdata.
The bullish positioning is likely to have stemmed from increased expectations the SEC will approve spot ether ETFs, broadening the demand for cryptocurrencies.
“The SEC should approve U.S.-listed ETH ETFs today. Hours before the Bitcoin ETF approval, SEC Gensler tweeted that crypto investors should consider all potential risks before making any investment. Today, a tweet could come around 9 a.m. ET. and would provide more clarity on whether approval would be imminent,” Markus Thielen, founder of 10x Research, said in a note to clients.
Thielen added that the Grayscale Ethereum Trust’s discount to net asset value has narrowed to just 8% from 30% a week ago, implying at least “a 90% probability that an ETF would be approved.”
The change follows reports early this week that the SEC had asked for updates and amendments from spot ether ETF applicants, signaling potential approval.
“If spot ether ETFs are approved, that signals a sharp change in the official attitude toward the crypto industry – it also looks like hostility toward FIT21 is not as strong as we had feared,” Noelle Acheson, author of the popular Crypto Is Macro Now newsletter, told CoinDesk, referring to the Financial Innovation and Technology for the 21st Century Act.
On Wednesday, the U.S. House of Representatives