Analysts are optimistic that an Ethereum ETF could launch as soon as June.
Crypto markets fell on Friday after inflation figures came in line with expectations.
According to data from CoinGecko, Bitcoin fell 2%, Ether fell 1% and Solana dropped about 2.5%. Meme coins also fell, with Dogecoin, DogwifHat, Shiba Inu and FLOKI all dropping between 3% and 8%.
The personal consumption expenditures (PCE) price index, which excludes food and energy costs, rose 0.2% from the previous month, in line with Dow Jones analysts' expectations. PCE tracks changes in the prices of goods and services consumed by individuals.
US stock markets also fell after the release of the inflation report, with the S&P 500 and Nasdaq down 0.7% and 1.7%, respectively.
Ethereum’s relative strength is likely driven by optimism that an Ethereum exchange-traded fund (ETF) could go live by the end of June.
Ethereum ETF Outlook
Bloomberg analyst Eric Balchunas believes the SEC will make one more tweak to the Ethereum ETF filing.
“Released at the end of June [is] A legitimate possibility [although] “My expected discharge date remains July 4th,” he said.
BlackRock, the world's largest asset manager, is moving closer to launching a spot Ethereum ETF. The company filed an amended registration statement with the U.S. Securities and Exchange Commission (SEC) on May 28. The updated S-1 form is a required step before the fund can begin trading. The filing comes nearly a week after the SEC approved 19b-4 forms for eight Ethereum ETFs, including BlackRock's iShares Ethereum Trust.
ETF inflows fall
Bitcoin ETF inflows are cooling again, according to Farside data.
Total inflows into the Bitcoin ETF for the week of May 20 were $1 billion, a significant increase from the $122 million in the week of May 27, excluding today.
The highest daily inflow this week was $49 million on May 30th.
