Bitcoin rose above $71,000 after analysts saw the possibility of an ether ETF approval, with ETH also gaining almost 20% to over $3,700. The market movements led to $260 million in short liquidations, with the most significant losses in ether shorts.
Favorable regulatory developments raised expectations for spot ether ETF approval by the SEC, evidenced by an increase in ether implied volatility and traders buying $4,000 calls. A market contract showed a 55% chance of approval by May 31.
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