Ethereum ETF Approval Hype Boosts Crypto Markets – What’s Next for Bitcoin and Global Policy Impact?

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The cryptocurrency market is experiencing a powerful surge as speculation mounts over the potential approval of a spot Ethereum ETF in the United States. In the past 24 hours, Ethereum (ETH) has surged over 18%, climbing to $3,660, while Bitcoin (BTC) gained more than 7%, briefly touching a six-week high of $71,650. This momentum has also lifted Hong Kong-listed crypto exchange-traded funds (ETFs), reigniting investor interest in digital assets.

Behind this rally is growing confidence that U.S. regulators may soon greenlight spot Ethereum ETFs—a move that could mark another pivotal moment for crypto adoption in traditional finance.

Spot Ethereum ETF Approval Odds Jump to 75%

According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has reportedly asked major exchanges to accelerate updates to their 19b-4 filings for spot Ethereum ETFs. This procedural push suggests the agency may be preparing for an imminent decision—potentially as early as this Thursday.

Bloomberg analyst Eric Balchunas has revised his forecast, now estimating a 75% chance of approval, up from just 25% previously. This dramatic shift reflects increasing regulatory clarity and institutional readiness around Ethereum-based financial products.

👉 Discover how ETF approvals are reshaping the future of crypto investing.

The market response has been swift and strong:

Bitcoin-related ETFs also posted solid gains:

Even crypto-linked equities saw temporary spikes, with New Huo Technology (1611.HK) rising as much as 9% intraday and closing up 2.46%, while OSL Group (863.HK) gained 3.5% after an 8% intra-day high. 雄岸科技 (1647.HK) climbed nearly 7% to HK$0.077, closing near its peak.

This coordinated rise underscores how deeply interconnected global crypto sentiment has become—with U.S. regulatory developments directly influencing Asian markets.

Key Market Drivers and Core Keywords

As investor attention intensifies, several core themes are emerging:

These keywords reflect both technical developments and macroeconomic forces shaping the current market cycle. The integration of spot ETFs into regulated markets continues to serve as a critical catalyst, enhancing liquidity, transparency, and institutional participation.

Arthur Hayes: U.S.-Japan Monetary Policy Could Spark New Bull Run

Adding fuel to the fire, Arthur Hayes, co-founder of BitMEX, has issued a bold forecast: if the U.S. Federal Reserve enters into an unlimited dollar-yen currency swap agreement with the Bank of Japan to combat yen depreciation, it could trigger a massive wave of dollar devaluation—and a corresponding surge in Bitcoin prices.

Hayes argues that such a move would effectively amount to yield curve control by the Fed, flooding the global financial system with liquidity. With more dollars chasing fewer hard assets, cryptocurrencies like Bitcoin could become primary beneficiaries.

"If the Fed and BoJ go 'full throttle' on dollar-yen swaps, we could see a new crypto supercycle—one that pushes Bitcoin toward $1 million," Hayes stated.

He advises traders to closely monitor USD/JPY exchange rate movements. A sustained breakdown below key support levels—or signs of expanding central bank coordination—could signal the start of a new bull phase driven not by tech innovation alone, but by macroeconomic realignment.

👉 Learn how global monetary shifts can unlock massive crypto gains.

FAQ: Your Top Questions Answered

Q: What is a spot Ethereum ETF?
A: A spot Ethereum ETF holds actual Ethereum tokens rather than futures or derivatives. It allows investors to gain exposure to ETH price movements through traditional brokerage accounts, offering greater accessibility and regulatory oversight.

Q: Why does ETF approval matter for crypto prices?
A: ETF approvals bring institutional capital into the market. They increase legitimacy, improve liquidity, and reduce volatility over time. The approval of spot Bitcoin ETFs in early 2024 led to billions in inflows—Ethereum could follow a similar path.

Q: How might U.S.-Japan currency swaps affect Bitcoin?
A: Unlimited dollar-yen swaps could weaken the U.S. dollar and increase global liquidity. Historically, periods of loose monetary policy have coincided with strong crypto rallies, as investors seek alternative stores of value.

Q: Are Hong Kong crypto ETFs accessible to international investors?
A: Yes, many Hong Kong-listed crypto ETFs are available to global investors via stock exchanges like HKEX, provided they meet eligibility requirements through their brokers or trading platforms.

Q: What’s the difference between spot and futures ETFs?
A: Spot ETFs hold the actual underlying asset (e.g., real Bitcoin or Ethereum), while futures ETFs track futures contracts. Spot ETFs are generally preferred for direct exposure and lower rollover costs.

Q: Could Bitcoin really reach $1 million?
A: While speculative, a $1 million BTC price isn’t implausible under extreme macroeconomic conditions—such as hyperinflation, widespread de-dollarization, or mass institutional adoption. Analysts like Hayes view it as a tail-risk scenario worth preparing for.

Looking Ahead: Watch Fed and BoJ Signals

The next few weeks could be decisive for both crypto markets and global monetary policy. Traders should watch for:

With regulatory clarity improving and macro risks rising, digital assets appear increasingly positioned as hedges against monetary instability.

👉 Stay ahead of the next market shift with real-time data and insights.

Final Thoughts

The convergence of regulatory progress, financial innovation, and global economic uncertainty is creating fertile ground for another major crypto rally. Whether driven by ETF approvals or central bank actions, the momentum behind Bitcoin and Ethereum shows no signs of slowing.

For investors, the message is clear: stay informed, monitor macro indicators closely, and consider strategic allocations to digital assets as part of a diversified portfolio.

As history has shown, some of the biggest gains occur when policy meets innovation—and right now, that moment may be arriving once again.