Ethereum Protects From Macro Trends Thanks to Market Excitement

Leading altcoin Ethereum (ETH) gained strength thanks to the approval of spot ETFs in the US.

“Generally speaking, crypto markets are influenced by macro factors today,” said Grayscale researcher Zach Pandl. "The strong economic data this morning has led to an increase in real interest rates, and this is affecting both the stock and crypto markets," he said.

“Ethereum is largely protected from these trends because there is optimism that spot Ethereum ETFs will be approved in the US,” Pandl said.

Grayscale is among the names that have applied to establish a spot Ethereum ETF. The SEC approved the 19b-4 filings submitted by the exchanges. S-1 files must also be approved before the funds can enter the market.