With the approval of Bitcoin spot ETF, the market may expect Ethereum spot ETF to be approved next. Earlier, ETH broke through $2600, reaching a new high since May 2022. The performance of Layer2 concept coins is also impressive, with ARB’s daily increase exceeding 20%.
Short-Term Ethereum Outperforms Bitcoin
Rise of Layer2 Tokens
Market Optimistic about Ethereum Spot ETF Approval
The cryptocurrency market reached a significant milestone at 5 am today (11) when the U.S. Securities and Exchange Commission (SEC) officially approved 11 Bitcoin spot ETFs, including Grayscale, 21Shares & ARK, and BlackRock. Interestingly, Bitcoin did not experience a significant increase (or even a decrease) at the time of approval. It briefly surged to $47,695 around 7 am, but selling pressure quickly emerged, and as of the time of writing, it was reported at $46,539, with a 1.3% increase in the past 24 hours.
In contrast, Ethereum showed a significant increase. Ethereum spot soared this morning, reaching a high of $2,643, the highest since May 2022. As of the time of writing, it was reported at $2,580, with a 9.6% increase in the past 24 hours.
With Ethereum leading the surge, the performance of Layer2 concept coins is even more impressive:
– OP is currently priced at $3.93, a 9.1% increase in the past 24 hours.
– IMX is currently priced at $2.16, an 11.7% increase in the past 24 hours.
– ARB is currently priced at $2.32, a 22.1% increase in the past 24 hours.
– MNT is currently priced at $0.7745, a 16.7% increase in the past 24 hours.
– METIS is currently priced at $95.14, a 12.5% increase in the past 24 hours.
Cryptocurrency market analysts believe that after the approval of Bitcoin spot ETF, it is inevitable for Ethereum spot ETF to follow suit, attracting investors to position themselves early. Michaël van de Poppe, CEO and founder of MN Trading, also pointed out that while Bitcoin and its ETF are currently gaining momentum, Ethereum spot ETF is likely to come, making it reasonable to allocate a significant amount of funds to the Ethereum ecosystem.
According to previous reports by Doo Wan, seven institutions, including BlackRock, submitted applications for Ethereum spot ETFs to the SEC last year. Currently, the SEC’s final approval deadline for VanEck, ARK 21Shares, and Hashdex Ethereum spot ETFs is May 2024, and other applications will be reviewed in the coming months.
James Seyffart, an ETF analyst at Bloomberg, previously stated that when the SEC approved Ethereum futures ETF last year, it implicitly accepted Ethereum as a commodity and did not question its classification. This indicates that an Ethereum spot ETF is expected to be listed this year.
Related Reports:
– It’s Ethereum’s Turn! Spot ETF Expected to be Approved for Listing this Year! Bloomberg Analyst: SEC Has Implicitly Recognized ETH as a Commodity.
– Ethereum Surges: Blast TVL Exceeds $1.1 Billion, Whales Add 13,400 ETH.
– Solana Can Serve as Ethereum Layer2! Founder Claims: EVM-Compatible After Sharding Upgrade.