Ethereum Price Surges as CBOE Files for Staked ETH ETF
Ethereum (ETH) has recorded a series of spot inflows for the first time, demonstrating interest in investors leading altcoins.
This is because the Chicago Board of Directors Options Exchange (CBOE) representative 21shares submitted an application for an on-site Ethereum Exchange Fund (ETF). With bullish bias against leading altcoins, it may be expected to start an uptrend.
21shares Spot Ethereum ETF CBOE File
In the February 12 document, CBOE submit Representative Asset Manager 21shares’ application to the Securities and Exchange Commission (SEC) to list the spotted Ethereum ETFs.
The proposed fund is intended to enable 21shares’ Ethereum ETF holdings to accumulate, thus providing investors with a way to earn passive income while holding assets.
Staking often involves locking ETH coins to help secure the Ethereum network while generating rewards. compared to Standard ETH ETFthe spoon version will provide investors with additional earnings opportunities.
exist postal On X, Bloomberg ETF analyst James Seyffart pointed out that approval of the application is likely. However, he remained cautious, acknowledging uncertainty surrounding regulatory decisions.
“Suppose the SEC approves this (I might make this assumption now, but you will never know). The last deadline for the document will be around the end of October. Just like October 30,” the analyst wrote .
ETH response positive
After the news, ETH price rose 12%. Leading Altcoin climbed from a low of $2,565 to an intraday peak of $2,790 on Wednesday as live inflows soared. According to Coinglass, the total was $11.87 million and the coin was marked The first place is in Since early February.
When assets record spot inflows, this means an increase in the number of assets purchased and held in their spot markets, often indicating a growing investor demand. This reflects the direct purchase of assets rather than the use of derivatives or futures contract.
It is worth noting that bias lags behind Altcoin. According to Santiment, ETH’s weighted emotional indicator has returned positive value for the first time since February 5, reflecting a changing attitude toward the coin. At press time, this was 0.27.
The weighted sentiment of an asset measures its overall positive or negative bias given the number of social media mentions and the sentiment of these mentions.
When such a positive attitude is, it is a bullish signal as investors become increasingly optimistic about the near-term outlook for the token. This prompts them to make more transactions and increase the value of their assets.
ETH Price Forecast: Trader Eyes $2,811 and beyond
The gradual resurgence of ETH demand may lead to its extension of its current rally. At press time, the coin was trading at $2,681 and pointed to a 4% rating for the past 24 hours.
Amid growing field inflows and continued positive sentiment among traders, the price of ETH could rise to $2,811. If it breaks this level, it may tend toward $3,321.
On the other hand, if the ETH holder returns to profit, the value of the coin It may slide below $2,500.
Disclaimer
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