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Ethereum Futures ETF Trading Volume Surges
The daily trading volume for Ethereum futures exchange-traded funds (ETFs) reached a record high, driven by growing anticipation of potential spot approval from the U.S. Securities and Exchange Commission (SEC).
New Records Set
On Tuesday, Ethereum futures ETFs saw a trading volume of $47.75 million, marking a 40% increase from the previous peak. ProShares’ Ether Strategy ETF (EETH) dominated the category, accounting for 90% of the trading volume, followed by VanEck’s Ethereum Strategy ETF (EFUT) and Bitwise’s Ethereum Strategy ETF (AETH).
Comparison with Bitcoin ETFs
Despite the new record, Ethereum futures ETFs’ trading volume remains modest compared to spot Bitcoin ETFs. The spot Bitcoin ETFs have amassed a combined trading volume of $2.16 billion, led by BlackRock’s IBIT.
Rise in Grayscale’s Ethereum Trust Volume
Grayscale’s Ethereum Trust (ETHE) also experienced a significant increase in trading volume, reaching $684.44 million. ETHE’s discount to net asset value narrowed to -6.7%, the lowest level in over two years.
Spot Ethereum ETF Approval on the Horizon
The SEC’s request for updated spot Ethereum ETF filings suggests a potential approval, with analysts raising approval odds to 75%. This approval could signal a major shift in U.S. crypto policy.
Price Predictions and Market Impact
Standard Chartered predicts a bullish outlook for Ethereum, with a target of $8,000 by 2024, driven by the increasing likelihood of Ethereum ETF approvals. The renewed optimism has led to a 20% rise in Ether’s price since Monday.
At the time of writing, ETH is trading at $3,741.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
