Ethereum futures exchange-traded fund (ETF) volumes surged to record highs on Tuesday, as Ethereum had experienced the biggest daily bullish candle the previous day when its price surged from $3,070 to $3,661.
Data from TheBlock shows that all three Ethereum futures ETFs, EETH (ProShares Ether Strategy ETF), EFUT (VanEck Ethereum Strategy ETF), and AETH (Bitwise Ethereum Strategy ETF), saw record trading volumes on Tuesday, reaching a total of $47.7 million.
EETH, which is traded on the NYSE Arca at a price of about $80 per share, has the largest share of the three. It saw its trading volumes surging from about $1 million on May 2 to over $43 million on May 21.
Meanwhile, Grayscale’s Ethereum Trust, traded on over-the-counter markets with the ticker ETHE, saw its daily trading volume soaring to $687 million, the highest since H1 2021. ETHE’s volume bounced from less than $30 million the previous week.
The sudden in Ethereum futures ETF trading volume has been driven by a spike in the price of Ethereum. The second-largest cryptocurrency by market cap has outperformed Bitcoin this week amid the crypto market recovery, gaining about 20% on Monday alone.
Investors are growing confident that the US Securities and Exchange Commission (SEC) will finally approve Ethereum spot ETFs later this month.
On Monday, Bloomberg ETF analysts Eric Balchunas and James Seyffart increased their expectations of spot Ethereum ETF approval from 25% to 75%.
All eyes are on the SEC, which will decide on Thursday, May 23, whether it gives the green light to VanEck’s spot Ethereum ETF application. While markets were certain that the SEC would postpone its decision for a later date, the regulator’s requirement for VanEck to amend and refile its ETF filing was regarded as a positive sign.
If the SEC approves the first Ethereum ETF tomorrow, the cryptocurrency’s price may continue its bull run to new highs.
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The post Ethereum Futures ETFs See Record Volumes Amid ETH Bull Run appeared first on NFTgators .