According to TechFlow, QCP Capital published a statement saying: ETH spot price rebounded sharply from the low of $3,400, and the front-end implied volatility rose to 65%.

It believes that this strong bullish sentiment is supported by two developments: the SEC is about to conclude its investigation into Ethereum 2.0, ruling out the possibility that ETH sales are securities transactions. Ethereum ETF issuers responded to the SEC's comments and plan to submit a response this week.

In addition, the options market reflects optimism, with active buying of call options of all maturities. If 10-20% of the Bitcoin ETF flow is captured, the ETH price may break through $4,000 and approach the peak of $4,800.