Summary
TLDR: The approval of Bitcoin Spot ETFs has caused Bitcoin’s price to decline, while Ethereum’s price has increased, possibly due to expectations of Ethereum Spot ETFs. Despite pullbacks in major cryptocurrencies, Ethereum has gained almost 2% in the last 24 hours. The approval of a Bitcoin ETF has led to speculation that an Ethereum ETF may be coming soon, which could be positive for Ethereum. Additionally, the high supply of ETH in circulation is seen as a stabilizing factor for the token.
Key Points
1) Bitcoin experienced a decline of 4.4% in 24 hours following the approval of Bitcoin Spot ETFs, falling as low as $43,814.
2) Ethereum has seen a 3.2% increase in 24 hours and a nearly 20% increase in the last seven days, potentially due to the expectation of Ethereum Spot ETFs.
3) Despite major cryptocurrencies recording sharp pullbacks, Ethereum has gained almost 2% in the last 24 hours and currently has a circulating supply in profit of 89.4%, a high level not seen since 2021. The approval of a spot Bitcoin ETF by the SEC has led to speculation that a spot Ether ETF may also be in the works, which could further boost Ethereum’s performance.