Bitcoin Tests $66K as Analysts Expect More Volatility Before Calm
Bitcoin tested $66,000 during Asian trading hours, with expectations of increased volatility. The CoinDesk 20 is down 0.5%, while the Digitization Index, measuring protocols like Ethereum Name Service, was up 2.7%. Grayscale Bitcoin Trust saw steep outflows, and QCP Capital predicts a fourth day of BTC spot ETF net outflows. The market is pricing out the chances of a spot ether ETF being approved soon, with the Grayscale ETH discount widening. Prediction markets give a 21% probability of an Ethereum ETF being approved by May 31. The Ethereum Foundation is under investigation by a state authority, potentially the SEC, regarding ether's security status. Polymarket bettors believe ether will hit its all-time high in the second quarter, but some traders think there will be no all-time highs in 2024. Ether is currently trading above $3500, up 1.2%.
