On the 24th of May, both Bitcoin and Ether saw a 3.5% drop in their trading values, despite significant developments in the institutional sector. The market response was lackluster even with the approval of spot Ether exchange-traded funds (ETFs) by US regulators.

Bitcoin was valued at around $67,000, while Ether stood at $3,670, following the news of the green light given to spot Ether ETFs by US regulators. This development, though a milestone for the cryptocurrency industry, did not immediately boost market performance.

The approval of these ETFs marks a notable achievement for the cryptocurrency realm and signifies a notable shift in policy by the Securities and Exchange Commission (SEC). However, the ETFs are not yet prepared for trading, with analysts foreseeing potential delays pushing the launch date back by several weeks. Bloomberg Intelligence analysts James Seyffart and Eric Balchunas hinted at a possible mid-June launch.

Despite the approval of the ETFs, the prices of Bitcoin and Ether did not rally, instead dropping from recent highs by the day's end. Traders are closely monitoring the interactions between the two leading cryptocurrencies, Bitcoin and Ether. Speculations suggest that Bitcoin's dominance in the overall crypto market cap could face significant challenges once Ethereum ETFs are introduced.

Bitcoin's dominance had peaked at 57% in mid-April before its block subsidy halving, marking the highest level in over two years. Market analysts like Skew have identified a key support zone around $66,000, where potential buyers might intervene if Bitcoin's price declines. Initial spot demand was noted around the $66K - $65K range, with the recent price surge being attributed to spot exchanges, particularly Binance and Coinbase, the largest US trading platform.