Following a spike in Ethereum’s price on August 29, a whale swiftly purchased 8,000 ETH at $1,709, spending $13.66 million USDC. ETH prices continue to rise, currently trading at around $1,740. The favorable appellate court ruling in the case involving Grayscale and the SEC has shifted trader sentiment and may lead to further gains for Ethereum.
Grayscale has argued for the conversion of their Bitcoin Trust to a Bitcoin spot ETF, citing the safety measures implemented for the Bitcoin index used in Bitcoin Futures ETFs. Grayscale’s surveillance sharing agreements with the Chicago Mercantile Exchange are expected to prevent price manipulation.
This development increases the likelihood of the SEC approving a Bitcoin spot ETF in the future. Several firms, including Bitwise, VanEck, and Grayscale, have also applied for an Ethereum futures ETF, but its approval by the SEC is uncertain. However, if the applications are approved according to their filing dates, a Volatility Shares Ethereum futures ETF could be launched as early as October 12.
Ethereum’s recent surge in price and trading volume suggest a strong buying engagement, increasing the potential for further price increases in the coming days.
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