Ethereum (ETH) continued its upward trajectory Wednesday, clocking a 10% gain in 24 hours to breach past the vaunted $2,600 mark. Market watchers attribute this surge to a confluence of factors, primarily fueled by anticipation of a forthcoming Ethereum exchange-traded fund (ETF) in the wake of the expected approval for a Bitcoin ETF in the US. In a historic move that cryptocurrency aficionados hope will bring more individual and institutional investors into the market, the US Securities and Exchange Commission has approved the first spot bitcoin exchange traded funds on Thursday. Related Reading: Crypto Chaos Meets BONK Bliss: 15% Rally Bucks The Trend Ethereum ETF Buzz Sparks Strategic Moves “There’s a noticeable trend towards frontrunning the ether ETF,” noted Alex Onufriychuk, CEO of Kaminari, in a Telegram message. This sentiment aligns with the prevailing belief that Ethereum, the second-largest cryptocurrency by market cap, would be the next candidate for an ETF after Bitcoin. Source: Santiment Adding fuel to the fire, a prominent investor, dubbed a “whale” in the crypto universe, made a strategic move by transferring 9,705 ETH (nearly $23 million) f ..
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