News View Non-AMP

Ethereum Explodes on Rumors of SEC Approving First-Ever Spot ETH ETF

Published by
Mustafa Mulla

Ethereum is commanding the attention of crypto traders, igniting a significant shift in market dynamics. The anticipation surrounding the potential approval of the first-ever spot Ethereum Exchange-Traded Fund (ETF) by the Securities and Exchange Commission (SEC) is fueling a surge in market activity.

This surge comes on the heels of Ethereum’s strong price climb, reaching $3,759, marking a 2.5% increase and pushing its market cap to an impressive $451 billion.

Ethereum Futures Contracts Surge

A recent report from market intelligence platform Santiment indicates a massive uptick in Ethereum futures contracts, with open interest hitting $15.5 billion as of Tuesday. This surge aligns with rumors circulating about the SEC’s inclination to approve ETH exchange-traded funds.

Data from CoinGlass further underscores the fervor in the crypto space, with open interest across all exchanges skyrocketing to a record 4.18 million ETH, marking a remarkable 32% surge within just 24 hours.

Ethereum Shines Bright!

After a period of caution among traders, Ethereum and altcoins are making a remarkable comeback. Initially, there was hesitancy following market retracements post Bitcoin’s all-time high on March 14th. However, sentiment shifted dramatically on March 20th, bringing in one of 2024’s most impressive price performances.

This resurgence was fueled by excitement over increased exposure to the Ethereum network and murmurs about the approval of the first spot Ethereum ETF.

SEC Nods Towards Approval: Ethereum ETF in the Works?

Notable analysts James Seyffart and Eric Balchunas have lent credibility to speculations that the SEC is moving closer to approving a spot Ethereum ETF. The U.S. Securities and Exchange Commission has hastened the process, instructing exchanges to swiftly revise their 19B-4 documents related to Ethereum ETFs.

If approved, everyday investors could gain access to Ethereum’s potential by purchasing shares tied to the cryptocurrency’s price movements.

Moreover, the ETH/BTC pair has been rising sharply, even amid Bitcoin’s strong rally. Notably, some major players have begun converting their Bitcoin holdings into Ethereum.

Altcoins and Meme Tokens Ride the Wave

The optimism surrounding Ethereum’s resurgence has spilled over into altcoins and meme tokens. Solana and Avalanche have seen notable weekly gains.

Meme coins are also making a comeback, with UNI and LDO posting impressive gains of 43% and 38%, respectively. BONK leads the pack with a remarkable 44% increase in market capitalization.

Also Check Out : Ether Demand Spike Could Lead to Supply Crunch, Warns Ethereum Co-Founder

Is Ethereum poised to dethrone Bitcoin as the leading cryptocurrency?

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Recent Posts

SEC’s Hester Peirce Pushes for In-Kind Redemptions for Bitcoin ETFs

In a recent interview, SEC Commissioner Hester Peirce revealed that the agency is open to…

June 3, 2025

XRP Price Prediction 2025: Expert Warns of Historic 90% Crash

XRP could be heading for a dramatic price move — and an expert is sounding…

June 3, 2025

Ripple Strikes Major Deal: Germany’s DZ BANK Goes Live with XRP Custody

Ripple just made a massive move in Europe, quietly. According to crypto analyst pumpius on…

June 3, 2025

Solana Secures Dubai VARA Partnership, Eyes Crypto Growth in MENA

Solana just landed a major partnership in the Middle East but the market's reaction has…

June 3, 2025

What’s Preventing Solana (SOL) Price From Reaching $180?

Solana's price has demonstrated sufficient strength in the past by initiating quick recoveries and reclaiming…

June 3, 2025

Norway’s NBX Joins Bitcoin Treasury Trend, Stock Jumps 138%

The Bitcoin tide continues to turn corporate heads, this time in Norway. As BTC hovers…

June 3, 2025