Approval of spot ether (ETH) exchange-traded funds (ETF) in the U.S. could drive a rally of as much as 60% in the second-largest cryptocurrency. This echoes the market reaction after bitcoin ETFs approval, where BTC rose significantly.
Implied volatility above 100% indicates market expectation of significant price fluctuations. VanEck's ETF listing by the DTCC suggests a high likelihood of approval with trading potentially starting the following week.
Buying activity surged on both centralized and blockchain-based exchanges. Holders amassed over 100,000 ETH in spot markets on optimistic ETF decision reports, and analysts increased approval odds from 25% to over 75%.
Ether holder inflows and open interest on ether futures surged, with open interest hitting a record high of $14 billion. This surge, marking 67% of bitcoin open interest, shows increased trader exposure to ETH over BTC.
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