It all comes down to a showdown on May 23.

The day on which the SEC $ETH (-0.42%)-spot ETF applications from VanEck and 21Shares must be finally rejected or approved.

After public opinion had become increasingly pessimistic about their chances of success in recent weeks, new hope has flared up in recent days.

First, Fidelity submitted an application for an Ethereum ETF including staking on Wednesday. A day later, Bitwise followed with its application, which it submitted to the NYSE along with what is probably the most detailed correlation analysis between ETH spot and futures prices to date.

Why is this analysis important?

The close correlation between the two markets was used by the SEC at the time to justify the approval of the $BTC (+0.47%)-ETFs.

Bitwise would now like to have calculated similar values for Ethereum and since an ETH futures ETF was already approved in fall 2023, the logical conclusion is that a spot ETF should also be given the green light, right?

However, the new optimism is not currently stopping ETH from sniffing a new ETH/BTC multi-year low.

With the upcoming halving and BTC ETF inflows picking up speed again, a lot will depend on sentiment around May 23 as to whether ETH can outperform BTC again.

Speaking of outperformance.

With ≈ 18%+ each, the two memecoins $DOGE (+2.37%) and $WIF were yesterday's big winners. The latter even overtook $PEPE as the third most valuable memecoin.

Current market cap: USD 3.7 billion.

Dogs > Frogs > Cats.

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Sources

Fidelity ETH-ETF application: https://tinyurl.com/bdhk6p57

Bitwise ETH-ETF Application: https://tinyurl.com/3uw97frr

ETH/BTC exchange rate: https://tinyurl.com/e8hw6fuc

BTC-ETF Flows: https://tinyurl.com/3v77a4cu