Ether spiked nearly 6% Wednesday to $2,390 amid anticipation of the SEC's expected approval of spot bitcoin ETFs.
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The Securities and Exchange Commission is expected to approve spot bitcoin ETFs soon, and the hype is spilling over to other crypto funds.
Ether, the world's second largest cryptocurrency by market cap, spiked nearly 6% Wednesday to $2,390. Meanwhile, bitcoin fell 4% as investors reeled from an imposter post on X falsely announcing bitcoin ETF approval, prompting SEC Chair Gary Gensler to clarify that no official approval had been made.
That didn't dampen hopes as the regulator faces a deadline on Wednesday to respond to an appeal from issuer ARK 21Shares on its bitcoin ETF application.
Top Wall Street firms are also planning spot ether ETFs. BlackRock, a fund with a bitcoin ETF application in the pipeline, also previously filed for a iShares Ethereum Trust, a spot ether exchange-traded fund, with the SEC.
In November, BlackRock filed for a spot ether ETF with the Nasdaq exchange, sending the token up as much as 10%.
An ether ETF would be the first spot product tracking real time price movements instead of futures pinned to the asset.
Other moves could further boost ether. In October, Standard Chartered said improvements to the Ethereum blockchain architecture as well as rising demand from gaming and tokenization could send ether's price to $8,000 by the end of 2026 and eventually to $26,000-$35,000.
