This week on Crypto Twitter: Six days that changed the industry forever?

It's always hard to overstate the level of frenzy and madness on Crypto Twitter and in the digital assets industry on any given day. But it's hard to imagine a week that brought such huge and unexpected plot twists and developments.

Things got off to a slow start on Monday – until an afternoon announcement from Eric Balchunas and James Seifert, two Bloomberg ETF analysts who emerged as protagonists of the crypto Twittersphere, suddenly announced that they were revising their previous fortunes significantly. The US Securities and Exchange Commission (SEC) points to approving Ethereum ETFs on Thursday's deadline.

Twitter – and the price of ETH – immediately exploded. For weeks, the prospect of spot ETH ETF approval in May had been written off as fantastic. a lot Reasons. Now, with 72 hours left before the SEC's May 23 decision, is the game back on? ETH is up. More than 20% On the news one night.

ETH ETF issuers went from business-as-usual into overdrive as sentiment in the industry rose to frenzied euphoria.

Instantly, Twitter users tried to piece the narrative together. How did this happen? Experts have pointed out that the seeds planted last week, at a time of surprise It changes in the political wind Perhaps crypto has changed from a divisive, abstract issue to a binary consensus.

The narrative was confirmed on Thursday, when—just over the loudspeaker—the SEC quietly approved All pending ETH ETF applications.

Crypto Twitter explodes into a big party.

Industry leaders, including Coinbase's chief legal officer Paul Grewal, hailed the week's events as unlike anything we've seen before.

As if that wasn't enough: in the midst of the whole mind-boggling ETH ETF saga, the US House of Representatives passed A bill that aims to create a regulatory framework for crypto, FIT21.

The narrative of crypto's long-standing relationship with the US government as a historical, overnight fix was reinforced. Just a week ago, such a playing situation would have been dismissed as unthinkable by many.

But some have warned that his narrative may be too good to be true. Certain aspects of FIT21, for example, may be more hostile to crypto than many think, writes crypto attorney Gabriel Shapiro.

Good reason for crypto Twitter to be so happy – history shows a losing battle in a long war. “We have to be vigilant,” Joe Lubin, the founder of Ethereum and CEO of Consensus, told Decrypt. “We cannot assume that we will not be attacked again.”

Edited by Ryan Ozawa.