#write2earn #ETHER $ETH SHINES BRIGHT: SPECULATION SURROUNDING US CRYPTO ETFS BOOSTS INVESTOR SENTIMENT #ethereum #etherumETF #eth

Ether is stealing the spotlight from Bitcoin, driven in part by speculation that the upcoming wave of spot US crypto exchange-traded funds will prioritize the second-largest digital asset, fueling heightened investor interest.

This year, Ether has surged 28%, surpassing Bitcoin's 21% gain, a reversal from 2023 when Bitcoin led the charge. Within the past 24 hours, Ether hit $3,000 for the first time since April 2022, before retracing to $2,920 as of 11:00 a.m. Wednesday in London amidst a broader selloff in crypto markets.

Cautious US regulators greenlit the nation's inaugural spot Bitcoin ETFs in January following a legal setback last year. These 10 portfolios have attracted a net inflow of $5.2 billion since their launch on Jan. 11. While some crypto enthusiasts see these funds as a precursor to Ether ETFs, others doubt regulatory approval and anticipate further legal battles.

Stefan von Haenisch, head of trading at OSL SG Pte in Singapore, anticipates Ether's continued outperformance of Bitcoin in the coming months, particularly as the potential ETF approval draws closer around April-May. However, von Haenisch is skeptical that US Securities and Exchange Chair Gary Gensler would greenlight Ether ETFs unless compelled by court rulings.

In the derivatives market, open interest in CME Group's Ether futures platform is nearing record levels, indicating institutional investors' growing demand for exposure to Ether.

Ether serves as the token of Ethereum, the blockchain with the most commercial significance in the crypto sector. Investors can earn rewards by staking Ether to support the operation of the digital ledger, a process known as staking. The percentage of Ether being staked has hit an all-time high of 25%, according to Validator Queue, which reduces supply and could support prices.