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).

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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.

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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.

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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.

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