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Probability for U.S. Approval of a Spot Bitcoin ETF Is Fairly High: Bernstein
The lack of a spot ETF leads to the growth of over-the-counter products like the Grayscale Bitcoin Trust, which are more expensive, illiquid and inefficient, the report said.

The U.S. Securities and Exchange Commission’s (SEC) stance on spot bitcoin (BTC) exchange-traded-funds (ETF) is a difficult one to hold, and the probability for approval is fairly high, brokerage firm Bernstein said in a research report Monday.
Bernstein notes that the SEC had already allowed futures based bitcoin ETFs, and recently approved leverage based futures ETFs on the premise that futures pricing comes from a regulated exchange like the CME.
According to analysts led by Gautam Chhugani, the SEC believes that a bitcoin spot ETF would not be dependable because the “spot exchanges (e.g. Coinbase) are not under its regulation, and thus spot prices are not reliable and prone to manipulation.”

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U.S. Investors Are Driving Bitcoin’s Price Surge as Institutional Demand Rises
BTC price gains and trading activity have mostly concentrated during U.S. market hours, according to K33 Research.

U.S. investors have been piling into bitcoin (BTC) as institutional activity accelerated, driving the recent rally of the largest cryptocurrency by market capitalization.
BTC’s price gains and trading volume have concentrated during U.S. market hours recently, and have been the main force behind BTC’s strength, crypto analytics firm K33 Research noted in a report.
Bitcoin has surged 85% so far this year, per CoinDesk data, outperforming most of the crypto market. The price action has come as a slew of financial heavyweights, including BlackRock, Fidelity and Citadel, have become more involved with BTC, spurring investor optimism.

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Bitcoin drops below $26,000 after SEC sues crypto exchange Binance

Cryptocurrency prices dropped Monday after the U.S. Securities and Exchange Commission charged Binance, the largest crypto exchange in the world, with violating securities laws.

Bitcoin
fell 5.5% to $25,662.50, its lowest level since March, according to Coin Metrics.

Ether
slid 5.1% to $1,807.79. Binance Coin
, a token used to pay transaction and trading fees on the Binance exchange, tumbled 9.5%.

The declines came after the SEC alleged Binance and its co-founder, Changpeng Zhao, comingled billions of dollars of investor funds with their own and violated securities laws. The complaint follows a similar one against Binance from the Commodity Futures Trading Commission earlier this year.

Cr.https://www.cnbc.com/
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Bitcoin's Trading Range Narrows to Tightest in Months
Tighter price ranges result from markets running into competing influences. Eventually, some narratives take the back seat, paving the way for a volatility explosion.

The crypto market has become boring, with bitcoin (BTC), the world's biggest digital asset by market value, settling into the tightest price range for months despite lingering concerns about the stability of U.S. regional banks and the country's debt ceiling.
The range, or the difference between the high and the low reached in the seven days to May 21, was 3.4%. That's one of the narrowest in the past three years and comparable to lackluster trading seen at the start of the year, for a brief moment last month and in July 2020, according to data tracked by analytics firm Glassnode.
"It is comparable to Jan. 2023, and July 2020, both of which preceded large market moves. This suggests high volatility is likely on the horizon," Glassnode tweeted early Monday.

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