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A Nansen analyst shared insights into the recent crypto market rally that wiped out almost $300 million in short positions, contributing to a signficant price recovery.&nbsp; 
As previously reported on May 21, the overall cryptocurrency market cap <a href="https://crypto.news/nearly-300-million-in-crypto-short-positions-obliterated/" rel="">increased</a> by hundreds of billions in hours. This rapid ascent was preceded by increased Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="">BTC</a>) demand, as 11 U.S. spot BTC ETFs saw over $950 million in outflows. 
According to the Nansen analyst, the approval of spot Ethereum (<a href="https://crypto.news/price/ethereum/" rel="">ETH</a>) ETFs was a key factor, unexpectedly boosting market sentiment.&nbsp; 
“The ETH ETF approval was completely priced out, and surprised markets positively”, the analyst explained.&nbsp; 
Several issuers have <a href="https://crypto.news/ethereum-etf-applicants-submit-19b-4-forms/" rel="">updated</a> their 19b-4 filings, which propose rule changes. Reports also indicate that the U.S. SEC engaged providers on securities registration statements via S-1s following initial approvals. Despite this progress, the process may be gradual. 
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 Yep, a lot of variables here, not least is the politics, but this will take some time. <a href="https://t.co/8NMAjDKsMR" target="_blank" rel="">https://t.co/8NMAjDKsMR</a>— Scott Johnsson (@SGJohnsson) <a href="https://twitter.com/SGJohnsson/status/1793328806402417070?ref_src=twsrc%5Etfw" target="_blank" rel="">May 22, 2024</a>
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 You might also like: <a href="https://crypto.news/ethereum-etf-applicants-submit-19b-4-forms/" rel=""> Ethereum ETF applicants submit 19b-4 forms </a> 
Beyond on-chain performance and Wall Street crypto adoption, the analyst highlighted improved macroeconomic conditions. Short-term U.S. rates reportedly declined by 40 basis points in 30 days as the Federal Reserves moved to tame inflation. 
Furthermore, Nansen’s risk management indicators switched to “risk-on” sometime between May 18 and May 19, signaling inbound higher token levels. “For now, it looks like we are riding an upward leg in crypto prices”, said the analyst.&nbsp; 
At press time, market prices had steadied after a two-day blitz that took BTC above $70,000 and ETH north of $3,700. The total crypto market cap hovered around $2.7 trillion while trading volumes had halved compared to the previous day per CoinGecko. 
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 <img loading="lazy" decoding="async" width="1024" height="859" src="https://crypto.news/app/uploads/2024/05/Screenshot-461-1024x859.png" alt="Nansen: Ether ETF approval, rates decline spurred crypto recovery&nbsp;&nbsp; - 20"> 
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 Crypto market overview | Source: <a href="https://www.coingecko.com/" target="_blank" rel="">CoinGecko</a>
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 Read more: <a href="https://crypto.news/bitcoin-pizza-day/" rel=""> What is Bitcoin Pizza Day? Celebrating a milestone in cryptocurrency history </a>

Nansen: Ether ETF approval, rates decline spurred crypto recovery

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