# dogcoin scoop #1

By [dogcoingambler](https://paragraph.com/@dogcoingambler-2) · 2024-05-29

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_I’m gonna start creating and publishing more on-chain content. Hope you enjoy. Format and everything will get refined over time. For now, just writing and posting. This is the first issue, and will likely be a weekly post._

**BTC & ETH**
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**Last week** (5/19~5/26), crypto markets showed strength as BTC stayed above the crucial $62,000 level, propped by the unexpected approval of the ETH Spot ETF. BTC and ETH both jumped early in the week expecting the announcement, but then dropped after it was confirmed. Obviously this is great news for the industry, but the SEC made it clear that ETH ETFs won't give out staking rewards. _I think this significantly reduces institutional appetite for an ETH ETF._

Positive political headwinds in the US and crypto galvanizing bi-partisan support also seems to have renewed institutional interest in BTC, with [positive ETF inflows for 10 consecutive days](https://dune.com/hildobby/btc-etfs), as of end of last week, resulting in BTC climbing to the $68,000 range.

_ETH's price surge appears to be driven by action in the perp futures markets, evident by the sharp rise in open interest and a spike in ETH's spot price._ This usually means more bold moves by traders in the futures market, which likely fueled last week’s sharp price increase. The positive funding rate also shows bullish vibes, with traders expecting the price to keep climbing.

![coinglass](https://storage.googleapis.com/papyrus_images/8d8afb50884463026b70f49a62ef2912ff307af7abd3cda8dfae6a68a5ac65d7.png)

coinglass

Looks like the $4,000 resistance level is a key psychological barrier for ETH, with big liquidations on both longs and shorts as we chop sideways. _If buyers can push past this level and keep up the momentum, we might see a strong uptrend aiming for a new all-time high, but I expect to see more sideways movement and increased volatility before the next big move happens._

**Other Noteworthy News**
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*   **Trump Campaign Officially Accepts Cryptocurrency Donations** <[link](https://www.cnbc.com/2024/05/21/trump-campaign-starts-taking-cryptocurrency-donations.html)\>
    
*   **U.S. House Passes FIT21 Cryptocurrency Bill** <[link](https://www.coindesk.com/policy/2024/05/22/us-house-approves-crypto-fit21-bill-with-wave-of-democratic-support/)\>
    
*   **Uniswap Responds to SEC Wells Notice, claims tokens are ‘Alternative Assets’** <[link](https://blockworks.co/news/uniswap-responds-to-sec-wells-notice)\>
    
*   **Coinbase Announces Retail Launch of Oil and Gold Futures Contracts** <[link](https://www.theblock.co/post/295816/coinbase-to-launch-gold-and-oil-futures-trading?utm_source=rss&utm_medium=rss)\>
    
*   **Hong Kong Securities and Futures Commission in Talks to Allow Ethereum ETF Issuers to Stake** <[link](https://x.com/News_Of_Alpha/status/1793602580037108058)\>

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*Originally published on [dogcoingambler](https://paragraph.com/@dogcoingambler-2/dogcoin-scoop-1)*