While the focus has primarily been on the potential approval of spot Ethereum ETFs since Monday, the existing Bitcoin ETFs have witnessed a notable uptick in activity driven by the prevailing excitement in the market. Coinglass reported a substantial influx of $306 million into Bitcoin ETFs yesterday, marking the most significant single-day inflow for these funds since earlier this month.

The distribution of funds across Bitcoin ETFs on the recent surge day was not uniform. BlackRock's iShares Bitcoin Trust (IBIT) attracted $290 million, while the Fidelity Wise Origin Bitcoin Fund (FBTC) received $26 million in inflows. On the flip side, the Bitcoin Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) experienced withdrawals of $4 million and $6 million, respectively, highlighting the varying investor sentiments within the Bitcoin ETF landscape.

Following a period of outflows, Bitcoin exchange-traded funds (ETFs) have shown signs of a turnaround, with every ETF recording positive cash flow for the first time on Friday. Notably, Grayscale's Bitcoin Trust (GBTC) witnessed a reversal in fortunes, with net inflows totaling $72.5 million between May 15 and May 20. The narrowing gap between GBTC and IBIT, now at $736 million, indicates a significant shift in investor preferences within the ETF market.

The anticipation surrounding Ethereum ETF approvals has sparked renewed interest in Bitcoin ETFs, with analysts predicting a potential surge in both Bitcoin (BTC) and Ethereum (ETH) prices if an Ethereum ETF is approved by the Securities and Exchange Commission (SEC). Standard Chartered bank forecasts that an Ethereum ETF approval could propel both assets to new all-time highs, with ETH potentially reaching $8,000 by the year's end.

As the global market cap approaches levels seen in mid-March, when Bitcoin reached its current all-time high of $73,737.94, Ethereum is eyeing a target price of $4,878.26, last observed in November 2021 during a period of market exuberance. The surge in Ethereum open interest, reaching an all-time high of $11 billion, reflects growing trader optimism and anticipation surrounding potential ETF approvals.

The Depository Trust and Clearing Corporation has listed the VanEck Ethereum ETF on its active and pre-launch roster, hinting at the possibility of an imminent approval. This development echoes past occurrences where Bitcoin ETF tickers briefly appeared on the clearing house's list months before SEC approval for trading, underscoring the anticipation and speculation surrounding ETF approvals in the cryptocurrency market.