The Volatility Shares Trust 2x Ether ETF (ETHU) closed on January 31st at $7.17, marking a 5.13% increase, driven by Ethereum's price rise of 1.12% to $3,284.14. Ethereum's upward momentum is largely attributed to the U.S. Securities and Exchange Commission's expedited approval of Bitwise's Bitcoin and Ethereum ETF, which has significantly boosted investor confidence. This regulatory shift is expected to attract substantial institutional investment, further supported by Ethereum's increased network activity, including a rise in active wallets and new addresses. Additionally, Ethereum whales have accumulated 100,000 ETH, reinforcing a 'buy-the-dip' sentiment and contributing to a bullish market outlook. The recent security update to Ethereum's Geth client, addressing a critical vulnerability, has also bolstered network stability and investor confidence.