Potential ETF approval fuels 18% Ethereum surge, highest since 2021

exchange68September 10, 2024

0 0 2 minutes read

Ethereum’s price rocketed by 18% on May 20 after Bloomberg analysts revised the odds of an ETF approval to 75%. This sharp rise is the steepest since May 2021. Meanwhile, the discount on the Grayscale Ethereum Trust (ETHE) narrowed dramatically. Ethereum’s volume on Coinbase surged to nearly $1 billion. But what critical factor drove this intense market activity, hinting at a seismic shift in the cryptocurrency landscape?

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