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According to PANews, Grayscale, a cryptocurrency asset management company, has submitted a notice to the U.S. Securities and Exchange Commission (SEC) on May 7th to withdraw its Ethereum (ETH) futures ETF application. The SEC was originally scheduled to make a final decision on Grayscale's Ethereum futures ETF on May 30th. Grayscale initially submitted the 19b-4 application for the Ethereum futures ETF on September 19, 2023. If approved, the ETF would have been listed on the New York Stock Exchange.

A major on-chain wallet “pension-usdt.eth” is now sitting on over $19.6 million in unrealized losses from leveraged short positions on Bitcoin and Ethereum.
As the market continues to move higher, the whale’s total profit has sharply declined from over $32 million to around $10.6 million, highlighting the risks of maintaining high-leverage bearish bets during bullish momentum.
This situation underscores how trend persistence can erode even previously profitable positions, especially in leveraged environments where liquidation pressure can build rapidly.
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It was another session of see-saw price action for bitcoin on April 29, as the leading digital asset swung from a base just above $76,000 to a peak of $77,800 before tumbling just below the $75,000 mark. This late-day volatility followed the Federal Reserve’s widely anticipated decision to leave interest rates unchanged.
The cryptocurrency’s movement appeared to mirror global equities, continuing a broader market trend of marginal daily losses that had persisted since Monday. According to daily chart data, bitcoin remained range-bound near $76,200 until late Tuesday, when it ignited the first of two significant rallies within a 24-hour window. The initial surge propelled the asset past the $77,000 psychological threshold, where it consolidated for several hours.
However, a second wave of buying pressure beginning around 5:30 a.m. EDT drove the price to a brief high of $77,882 before a sharp sell-off effectively erased the session’s progress. By 1 p.m. EDT, bitcoin was trading near $75,100, representing a 1.3% decline over 24 hours—a move that flipped its weekly performance into negative territory. Despite the immediate retracement, the asset remains on track to close April with double-digit gains, even as its market capitalization remains throttled at $1.52 trillion.
In his final press conference as Federal Reserve chair, Jerome Powell—who has recently faced personal broadsides from Trump administration officials—justified the Federal Open Market Committee’s hold stance by citing escalating Middle East tensions and “sticky” energy inflation. With Brent crude prices rebounding to levels seen before the U.S.-Iran temporary ceasefire, economists are sounding the alarm that the window for a “soft landing” is rapidly closing, raising the specter of a global recession
Still, reports that the Trump administration intends to maintain a strict blockade on Iranian oil signal that a diplomatic resolution remains elusive. In fact, after the latest talks proved to be a damp squib, the rhetoric from Washington has turned increasingly hawkish. Figures such as retired four-star Gen. Jack Keane are reportedly advocating for kinetic action as the primary lever to force Tehran back to the negotiating table.
However, analysts warn that a resumption of strikes on Iranian targets would almost certainly trigger a regional conflagration, with retaliatory strikes likely targeting critical energy infrastructure across the Gulf states.
Meanwhile, analysts warn that even tentative signs of easing around the Strait of Hormuz will no longer be enough to stabilize market sentiment. The market, they assert, is no longer trading only the risk of Middle East conflict; it is beginning to price the possibility that the global energy market could revert to a regime dominated by price wars and market-share competition.
According to a Bitunix analyst, this shift matters significantly for bitcoin and the crypto economy.
This shift matters through the inflation and liquidity channel,” the analyst explained. “A renewed rise in energy prices would directly constrain the market’s ability to price aggressive Federal Reserve easing. BTC may still maintain a relatively strong risk-asset structure in the short term, but if elevated oil prices persist for longer, expectations for future liquidity conditions could once again come under pressure.”
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