Ethereum futures ETFs hit a new high yesterday with a trading volume of $47.75M, up 40% from the previous record set on March 5. The increase is due to increased anticipation about a likely spot Ethereum ETF approval by the Securities and Exchange Commission (SEC).
ProShares Ether Strategy ETF dominated the market, accounting for 90% of the volume. Other actively managed funds were VanEck's and Bitwise's Ethereum Strategy ETFs. Despite these highs, Ethereum futures ETFs remain trailing spot Bitcoin ETFs, which collected a sizable $2.16B on the same day.
Simultaneously, Grayscale's Ethereum Trust saw its largest trading session since May 2021, with $684.44m exchanged, as investors expect an ETF conversion similar to the recent Grayscale Bitcoin Trust transfer.
Expectations are growing for the forthcoming approval of an Ethereum spot ETF in the United States. The SEC's recent request for faster updates on ETF registrations indicates a positive leaning. Analyst expectations have risen, with an 80% to 90% possibility of approval, which could propel Ethereum prices to new heights.
