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The cryptocurrency market has experienced significant changes following the approval of Bitcoin Spot ETFs. Data from Binance shows that Bitcoin began to decline following approval, falling as low as $43,814 in the last hour, marking a 4.4% decline in 24 hours.
Rally in Ethereum May Be Due to ETH Spot ETF Expectation
In comparison, Ethereum is up 3.2% in 24 hours and nearly 20% in the last seven days. This increase may be linked to the expectation of Ethereum Spot ETFs.
Even as major cryptocurrencies, including Bitcoin, have recorded sharp pullbacks, ETH has gained almost 2% in the last 24 hours.
Ethereum had surged above $2,600 after the U.S. Securities and Exchange Commission (SEC) approved several spot Bitcoin ETFs on Wednesday. However, data shows that the circulating ETH supply in profit is currently at 89.4%, a high level not seen since 2021.
The SEC's recent approval of a spot Bitcoin ETF has led to speculation that a spot Ether ETF may also be on the horizon. ETC Group Research Manager André Dragosch suggests that such a possibility would be bullish for ETH.
Dragosch also noted that the recent high supply of ETH in circulation could be seen as a stabilizing factor for the token.
*This is not investment advice.