Ether, Bitcoin Open Asia Trading Week Flat as ETH ETF Decision, Nvidia Earnings Loom

ETH and BTC are trading flat as Asia’s business week opens.

Investors are looking at the ETH ETF decision and Nvidia’s earnings this week.

According to CoinDesk Index data, Bitcoin {{BTC}}, the largest digital asset market in terms of value, is traded at $67,156, while Ethereum {{ETH}} is changing hands at $3,127. The crypto market was inactive on Monday.

The consolidation follows a week-long bullish move fueled by renewed optimism about a U.S. interest rate cut and a rally in stocks.

Things could soon get busy again as the first decisions regarding Ether exchange-traded funds (ETFs) are made. The Securities and Exchange Commission will weigh in on Nvidia earnings with VanEck’s Ethereum exchange-traded fund (ETF) on May 23 and Ark/21 Shares on May 24.

March Zheng, managing partner of Bizantine Capital, told CoinDesk in an interview that there are still some reasons to be optimistic, even though the market is pricing close to a certainty of rejection.

“There is reason to believe that the report will contain positive signs regarding the delay, which should point to the final approval of Ethereum next year,” Zheng said. “The removal of prepositions by filers would reclassify the underlying ETH as CFTC-backed commodities and could open a significant path forward.”

Polymarket currently gives a 10% chance of approval for an Ethereum ETF by May 31, a 13% chance of approval by June 30, and a 28% chance of approval for this year.

Recently, Coinbase analyst David Han wrote that the market may be “underestimating the timing and likelihood of potential approval.”

Zheng argued that positive ETH ETF news could also boost trading sentiment for BASE, a Layer-2 network where the native token price has fallen nearly 25% in the past two weeks.

Investors will also be watching for Nvidia’s earnings on Wednesday.

Bitcoin is trading in a strong correlation with Nvidia; AI-themed tokens also took off in February after the chip designer posted better-than-expected earnings.

The direct correlation between Nvidia and Ethereum market movement is not as strong as it was during the mining boom. Still, the rising tide of Bitcoin and AI tokens will likely lift all boats if Nvidia’s earnings remain strong.