#Grayscale Investments, in a recent report, suggests that Ethereum's recent price surge is more attributable to anticipation surrounding the upcoming #Dencun upgrade, scheduled for March 13th, 2024, rather than optimism about the potential approval of a spot #EtherETF by the Securities and Exchange Commission (SEC). The Dencun upgrade is expected to enhance throughput and reduce transaction costs on the Ethereum network, making it more competitive in the Smart Contract Platforms Crypto Sector. Grayscale Research Analyst William Ogden Moore notes that the upgrade could position #Ethereum to compete with faster chains like Solana in terms of scalability. Grayscale, currently seeking SEC approval for converting its Ethereum trust into a spot Ether ETF, remains optimistic about Ethereum's potential, citing factors such as "net deflationary supply" and "network revenue generation." The report also emphasizes Ethereum's ability to capture more smart contract business by improving throughput and cost competitiveness. Ethereum's price has risen about 25% since the beginning of the year, and Grayscale holds the largest spot Bitcoin ETF by assets under management.

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