Recent data from Cointelegraph Markets Pro and TradingView indicated that Bitcoin (BTC) was trading near $67,000, while Ethereum (ETH) was priced at $3,670. The market saw a relatively subdued response to the news of United States regulators granting approval for the launch of spot Ether exchange-traded funds (ETFs).

While the approval of spot Ether ETFs marked a significant milestone for the crypto industry and represented a notable shift in policy for the Securities and Exchange Commission (SEC), the ETFs were not yet ready for trading. Further preparations, which analysts anticipated could take several weeks to complete, delayed the expected launch date. Analysts such as James Seyffart and Eric Balchunas from Bloomberg Intelligence discussed the possibility of a mid-June launch.

As a result of this news, both BTC/USD and ETH/USD prices did not experience a significant upward movement and even retraced from their local highs by the end of the day. Market participants were particularly interested in the dynamics between the two leading cryptocurrencies on that day.

Traders like Daan Crypto Trades observed the potential for Bitcoin's dominance in the overall crypto market cap to face significant challenges once the Ethereum ETFs were introduced. The recent rally in ETH had already started to impact Bitcoin's dominance, which had been on an upward trend for about 1.5 years. The approval of an ETF for Ethereum could potentially reverse this trend, with key levels to watch being 52% and 48%.

The potential impact on the market was also noted by other traders who speculated that this could be a precursor to a full-fledged "altseason." Bitcoin's dominance had reached 57% in mid-April, just before its block subsidy halving, marking the highest level in over two years.

In terms of BTC price action, traders were closely monitoring the key level of $66,000 to gauge the reaction of buyers. Skew, a popular trader, identified this zone as an area of interest, noting the presence of bid liquidity around $66,000 on major exchanges like Binance. He highlighted the importance of observing the market's reaction in this price range to assess the absorption of selling pressure. Skew also pointed out that the recent price surge had been primarily driven by spot exchanges, with notable activity on platforms like Binance and Coinbase.