Cryptocurrency
Spot Ethereum ETFs Approved, Massive BTC, ETH Volatility, Major CEO Steps Down: This Week’s Crypto Recap

It was another eventful week in the cryptocurrency markets, with Ethereum going under the spotlight this time. Let’s unpack.
Last weekend went very quietly, with little to no real action in terms of news and price movements. However, everything changed on Monday evening when Bloomberg’s ETF experts raised their prediction rate for the SEC approving spot Ethereum ETFs this week to 75% from 25%.
This caused immediate shock in the markets, as ETH exploded by over 20% from $3,100 to a multi-week peak of $3,800. The rally kept going in the following days for the second-largest cryptocurrency, which exceeded $3,930 at one point as speculations arose about whether it would be able to break the $4,000 barrier.
Bitcoin also followed suit on the way up and skyrocketed from $67,000 to a six-week high of its own at almost $72,000 on Monday evening. However, both assets failed to maintain their run at the end of the week, even though the big news from yesterday was that the Securities and Exchange Commission had indeed approved eight spot Ethereum ETFs to go live for trading in the US at some point.
Both BTC and ETH dropped by more than 4% just hours before the ETFs were greenlighted, faced tons of volatility after that, and failed to recover most losses. In fact, ETH has performed worse than BTC on a 24-hour scale and sits at $3,700 now, while bitcoin is above $68,000.
Still, ETH is among the top performers in the past week, having surged by 18%. Other big gainers from this week include BONK (43% up) and PEPE, which charted a few consecutive all-time highs.
Market Data
Market Cap: $2.676T | 24H Vol: $133B | BTC Dominance: 50.2%
BTC: $68,191 (+1.47%) | ETH: $3,671 (+18%) | BNB: $596 (+2.5%)
This Week’s Crypto Headlines You Can’t Miss
SEC Approves Spot Ethereum ETFs for Public Trading. As mentioned above, the biggest news this week in the entire industry came from the US securities regulator. Despite previous dabbling with whether ETH is a security or not, the SEC greenlighted eight spot Ethereum ETFs, perhaps due to political pressure.
8-Day Winning Streak: Spot Bitcoin ETFs See Strong Inflows. The ETF front has been quite strong in the past several days as the spot BTC products recorded an impressive streak that now stretches to nine consecutive days of positive inflows.
Bitcoin Pizza Day: A Delicious Slice of Crypto History Turns 14. May 22 will forever remain in the Bitcoin history books as the Pizza Day. On this day, 14 years ago, Laszlo Hanyecz made one of the first transactions involving paying with BTC and purchasing two Papa John’s pizzas for 10,000 BTC, and we celebrated this massive achievement earlier this week.
Solana ETFs to See More Demand Than Other Altcoin Funds: Bloomberg Analyst. Following the launch of spot Bitcoin ETFs and the approval of Ethereum-based products, experts have now started to speculate which will be the next crypto asset in line. According to Bloomberg’s James Seyffart, Solana ETFs could follow suit, but there’s a lot of controversy on that front.
Grayscale CEO Michael Sonnenshein Steps Down. Another big piece of news from this week came from the company behind the world’s largest Bitcoin ETF – Grayscale. Michael Sonnenshein, who spent 10 years at the asset manager, decided to step down from his last job as CEO. The person who will be replacing him comes from Goldman Sachs.
Bitcoin Network Sees Lowest New Addresses Created Since 2018. Despite all the positive news around Bitcoin, not everything is going its way. The new addresses count has declined substantially in the past few weeks and recorded their lowest levels since the bear market in 2018.
Charts
This week, we have a chart analysis of Ethereum, Ripple, Cardano, Shiba Inu, and Polkadot – click here for the complete price analysis.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
Bitcoin Price Analysis: Is BTC Out of the Woods After 8% Correction?

Bitcoin has faced notable selling pressure at the $111K range, leading to a bearish rejection. Nevertheless, the price lacks sufficient bullish momentum and a deeper correction seems plausible in the mid-term.
Technical Analysis
The Daily Chart
Following its breakout above the previous all-time high at $109K and printing a new peak at $111K, Bitcoin met strong resistance that has sparked notable selling pressure. The failure to sustain momentum above this key psychological level has resulted in a bearish rejection, pushing the asset back below the $109K threshold.
This price action coincided with the sweep of buy-side liquidity resting above the previous swing high, allowing smart money to execute sell orders efficiently. As a result, the market has entered a corrective phase, now approaching the daily fair value gap (FVG) between $97K and $100K. This zone likely holds substantial demand, potentially acting as a support zone that could trigger a bullish reaction.
Should the price stabilize within this FVG, a rebound toward the $111K resistance becomes likely. Conversely, failure to hold this level could pave the way for further downside, with the next key support residing near the $95K region.
The 4-Hour Chart
On the 4-hour timeframe, intensified selling pressure at the $111K resistance has caused BTC to break below its previously maintained ascending price channel. The subsequent pullback toward the broken channel boundary near $108K has confirmed the bearish breakout and suggests weakening momentum.
Currently, the price is consolidating within a critical support-resistance band spanning from $100K to $108K. As long as Bitcoin remains within this range, short-term volatility is expected. However, a decisive breakout, either above $108K or below $100K, will likely set the tone for the next significant move, with either a bullish recovery or an extended correction unfolding based on the breakout direction.
On-chain Analysis
The Realized Price of mid-term holders has consistently functioned as a pivotal support or resistance zone, making it a valuable indicator for gauging broader market sentiment. This metric, representing the average on-chain acquisition cost of UTXOs held by long-term investors, often aligns with key turning points in Bitcoin’s price cycle.
Currently, Bitcoin remains positioned above the Realized Price of the 3–6 month holder cohort, a signal that this group remains in profit and has not faced significant stress. However, recent selling pressure and a rejection from the $111K level have dragged the price closer to the Realized Price of the 3–6 month holder range, which resides around the $98K zone.
This places the $98K–$100K area in the spotlight as a crucial support region. A firm reaction from this zone would confirm continued confidence from mid-term holders and may act as the launchpad for a renewed bullish leg, potentially propelling Bitcoin to fresh all-time highs. Failure to hold this support, however, could shift market sentiment and open the door to deeper corrections.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Cryptocurrency
$200M Crypto Scam: OFAC Sanctions Funnull as Experts Find Ties to Huione Pay, Triad Nexus

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Funnull Technology Inc., a technology firm headquartered in the Philippines, and its administrator, Liu Lizhi.
The company has been implicated in running a “pig butchering” scam.
$200M Scam Uncovered
According to the official press release, Funnull has stolen over $200 million from American investors. OFAC has also placed two of Funnull’s cryptocurrency addresses on its Specially Designated Nationals (SDN) List to restrict their access to financial systems.
In response, the FBI’s Internet Crime Complaint Center (IC3) issued a public advisory, outlining key technical indicators, such as infrastructure components and IP addresses tied to Funnull’s scam operations.
Deputy Secretary of the Treasury Michael Faulkender, in an official statement, said
“Today’s action underscores our focus on disrupting the criminal enterprises, like Funnull, that enable these cyber scams and deprive Americans of their hard-earned savings. The United States is strongly committed to ensuring the continued growth of a legitimate, safe, and secure digital asset ecosystem, including the use of virtual currencies and similar technologies.”
Connection to Triad Nexus and Huione Pay
According to the findings by blockchain intelligence Chainalysis, Funnull Technology Inc. enabled cybercriminals by purchasing IP addresses in bulk from major cloud service providers and selling them to operators of fraudulent investment platforms. This infrastructure allowed scammers to host malicious websites that mimicked legitimate investment platforms, thereby deceiving victims into investing in non-existent opportunities.
Funnull was a central player in a network dubbed by security researchers as “Triad Nexus,” which includes more than 200,000 unique hostnames, many of which are associated with investment scams, fake trading apps, and suspect gambling networks. OFAC identified two crypto addresses linked to Funnull Technology Inc., used for receiving cybercriminal payments.
These addresses are tied to scam-related infrastructure and show connections to Huione Pay, which was recently flagged by FinCEN as a major money laundering concern.
Further investigation by blockchain security firm Elliptic revealed that the two addresses in question received more than $4 million in total.
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Cryptocurrency
Bitcoin to $150K or Back to $92K? Traders Divided as Market Cools Off

Bitcoin (BTC) smashed a fresh all-time high (ATH) of $111,814 on May 22, but the party may be over, at least for now.
After rallying by more than $15,000 over the month, the king crypto has shed $9,000 in the last week alone, slipping to the $103,000 level, putting traders on edge and sparking new debate: Is this a healthy cooldown or the start of a deeper plunge?
Technical Red Flags Flashing
Volatility is back with a vengeance. In the last 24 hours, BTC has swung between $103,300 and $105,000, reflecting growing market uncertainty. Zooming out, it’s still up 9.1% in the last 30 days and 52.1% over the past year, but the momentum seems to be fading.
According to data shared by analyst Axel Adler Jr., Bitcoin just triggered four consecutive sell signals on CryptoQuant’s Net UTXO Supply ratio. “This is a typical pattern for an overheated market phase, where profit-taking occurs and demand begins to lag supply,” he warned, highlighting the red flag that often comes before short-term tops.
Further, the market watcher pointed to two possible scenarios for the asset: a sideways purgatory, with BTC drifting sideways between $95,000 and $105,000 for weeks, or a mid pullback that could see it plunge toward $92,000 in a bid to “relieve overbought conditions.”
Betting Big on Bitcoin
However, others are more optimistic, or delusional, depending on who you ask. According to BetIdeas in an email to CryptoPotato, there’s an 80% chance of BTC hitting $120,000 in 2025, and a 40% shot at $150,000.
“The volatile nature of crypto is what will always grab the headlines but with the upwards trend in May with Bitcoin being increasingly positive, it looks as though a big run for Bitcoin holders is coming,” wrote spokesman Steve McQuillan.
He stated that traders on the platform had placed a 22% chance on a run toward $200,000 before the end of the year.
Meanwhile, popular analyst Daan Crypto Trades has pointed to the zone between $97,000 and $99,000 as a key level to watch for a potential bounce, citing Fibonacci retracement levels and the 200-day moving average.
Elsewhere, Michaël van de Poppe doesn’t seem too fazed by the current goings on in the market, terming it “consolidation and correction,” which, in his opinion, is “very healthy and normal.”
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