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Signs of Potential Approval of Ethereum ETFs Cause Record Rise in ETH Futures! Here are the Details

Ethereum (ETH) futures hit a record high amid rumors of potential approval of spot ETH exchange-traded funds (ETFs) in the US.

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Ethereum (ETH) futures have reached unprecedented popularity, driven by renewed optimism regarding the potential approval of spot ETH exchange-traded funds (ETFs) in the United States.

Ethereum ETF Hopes Push Futures Open Interest to a Record of $14 Billion

Notional open interest, which represents the dollar value locked in active Ethereum futures contracts, rose 25% in a single day to $14.05 billion, surpassing the previous peak of $13.2 billion set on March 15, according to data from Coinglass.

The increase in open interest indicates a strong inflow of capital into the Ethereum market, predominantly from bullish investors.

This sentiment was further supported by a 20% increase in the price of ETH, which climbed to $3,720. The simultaneous increase in open interest and price is often seen as a confirmation of an upward trend.

The increased interest in Ethereum futures follows a positive shift in expectations regarding the approval of spot ETH ETFs.

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Late Monday, Bloomberg's ETF analysts raised the likelihood of the U.S. Securities and Exchange Commission (SEC) approving these ETFs from 25% to 75%.

Additionally, the SEC has requested exchanges seeking to list and trade potential spot Ethereum ETFs to expedite their 19b-4 filings.

This development has sparked speculation within the crypto community on X that the SEC may be headed for a positive decision on spot ETH ETFs. Such a move would reflect a broader constructive regulatory stance towards cryptocurrencies.

The SEC is scheduled to make a decision on the VanEck spot Ethereum ETF on May 23. For Ethereum ETFs to begin trading on exchanges, the SEC must approve both 19b-4 filings and S-1 registration statements.

*This is not investment advice.

Buradaki Yorumlardan Bildirim Al

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