The recent surge in Ethereum's price can be largely attributed to the U.S. Securities and Exchange Commission's expedited approval of Bitwise's Bitcoin and Ethereum ETF. This regulatory shift has significantly boosted investor confidence, as the approval process was completed in just 45 days, a stark contrast to the usual 240-day review period. The new ETF, which allocates assets based on the market capitalization of Bitcoin and Ethereum, is expected to attract substantial institutional investment. Additionally, Ethereum's network activity has seen a notable uptick, with an increase in active wallets and new addresses, further fueling the positive sentiment. The Rollblock presale, utilizing Ethereum's blockchain for its gaming platform, has also contributed to the heightened activity, supporting Ethereum's bullish momentum.
The Volatility Shares Trust 2x Ether ETF (ETHU) experienced a significant rise, climbing 10.56% to $7.54 at 12:20 PM on Friday, January 31.