Key Takeaways
- • Trump Media & Technology Group has withdrawn its SEC applications for both a spot Bitcoin ETF and a combined Bitcoin-Ethereum ETF, abandoning crypto fund launch plans that were filed in 2025.
- • Bitcoin rebounded to $77,336.69 (up 0.7% in 24 hours) following a Senate vote 50-47 to curb Trump's Iran war powers, which lowered Treasury yields and oil prices and provided temporary support for risk assets.
- • Ether traded at $2,130 (up 0.7% over 24 hours), tracking Bitcoin's modest recovery despite the broader asset class remaining "far from bullish momentum" that previously pushed BTC above $82,000, according to XS.com analysis.
- • Geopolitical uncertainty surrounding Iran conflict and elevated crude oil prices continue to weigh on crypto sentiment, as persistent energy costs risk keeping inflation elevated and may force the Federal Reserve to maintain restrictive monetary policy, limiting speculative asset appeal.
- • Bitcoin has established psychological support near $75,000, with resistance concentrated in the $80,000-$82,000 range; a breakout above this level could trigger renewed institutional and speculative buying interest.
Summary
Trump Media & Technology Group has formally withdrawn its applications with the Securities and Exchange Commission for two cryptocurrency exchange-traded funds, ending the company's effort to launch both a spot Bitcoin ETF and a combined Bitcoin-Ethereum ETF. The filings, which were originally submitted in 2025, were pulled on May 20, 2026, according to SEC records. This withdrawal marks a significant retreat from the firm's previously announced crypto ETF strategy and represents a consolidation in the crowded institutional crypto fund landscape.
The pullback occurred against a backdrop of modest crypto market recovery driven by geopolitical developments. On May 20, the Senate voted 50-47 to restrict President Donald Trump's Iran war powers, a decision that eased global risk sentiment by lowering Treasury yields and crude oil prices. Bitcoin responded by rebounding from a five-day decline, trading at $77,336.69 with a 24-hour gain of 0.7 percent. Ether similarly gained 0.7 percent to $2,130 over the same period. However, according to Simon-Peter Massabni, head of business development at XS.com, Bitcoin remains "far from the bullish momentum that pushed it above US$82,000 last week," despite solid inflows into spot Bitcoin ETFs and renewed institutional participation.
Broader market headwinds continue to constrain cryptocurrency upside potential. Uncertainty surrounding the Iran conflict persists despite the temporary postponement of military actions announced by Trump, weighing on global sentiment. More significantly, elevated crude oil prices are rekindling inflation concerns globally, creating a restrictive environment for speculative assets. XS.com's analysis indicates that if energy costs remain elevated, central banks including the Federal Reserve may need to maintain more restrictive monetary policy, which historically dampens investor appetite for volatile assets like Bitcoin. Technical analysis points to Bitcoin establishing psychological support near $75,000, with major resistance concentrated between $80,000 and $82,000; a sustained breakout above this range could reignite speculative buying activity and establish new short-term highs.
The pullback occurred against a backdrop of modest crypto market recovery driven by geopolitical developments. On May 20, the Senate voted 50-47 to restrict President Donald Trump's Iran war powers, a decision that eased global risk sentiment by lowering Treasury yields and crude oil prices. Bitcoin responded by rebounding from a five-day decline, trading at $77,336.69 with a 24-hour gain of 0.7 percent. Ether similarly gained 0.7 percent to $2,130 over the same period. However, according to Simon-Peter Massabni, head of business development at XS.com, Bitcoin remains "far from the bullish momentum that pushed it above US$82,000 last week," despite solid inflows into spot Bitcoin ETFs and renewed institutional participation.
Broader market headwinds continue to constrain cryptocurrency upside potential. Uncertainty surrounding the Iran conflict persists despite the temporary postponement of military actions announced by Trump, weighing on global sentiment. More significantly, elevated crude oil prices are rekindling inflation concerns globally, creating a restrictive environment for speculative assets. XS.com's analysis indicates that if energy costs remain elevated, central banks including the Federal Reserve may need to maintain more restrictive monetary policy, which historically dampens investor appetite for volatile assets like Bitcoin. Technical analysis points to Bitcoin establishing psychological support near $75,000, with major resistance concentrated between $80,000 and $82,000; a sustained breakout above this range could reignite speculative buying activity and establish new short-term highs.
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