ETH Surges as Spot ETF Approval Nears

Ethereum (ETH), the second-largest cryptocurrency by market capitalization, has surged nearly 18% against the U.S. dollar amidst speculation surrounding potential approval of spot ether exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC).

Ethereum Soars to $3,686

On Monday, ethereum (ETH) peaked at $3,686 per coin, fueled by rumors circulating on social media and forums regarding the possible SEC approval of multiple spot ETH ETFs. According to a Coindesk report, exchanges were reportedly instructed by the SEC to swiftly update their 19b-4 filings.

Furthermore, Bloomberg analysts Eric Balchunas and James Seyffart have raised their approval forecasts from 25% to 75%.

Related: High Volatility in Ethereum Following Breakout of Key Price Pattern

ETH has appreciated by 17.96% against the U.S. dollar, witnessing a $551 increase in value within a few hours. Ether’s dominance in the $2.58 trillion cryptocurrency market stands at 17%, with an overall market capitalization of $436 billion.

It ranks third in terms of daily trade volume, with $26.99 billion traded over the past 24 hours. Currently, the most actively traded pair for ETH is with the stablecoin tether (USDT), followed by FDUSD, USDC, BTC.

The won represents 1.67% of all ETH swaps in the last day. As the market surges rapidly, $302.52 million worth of derivatives positions were liquidated, with ETH shorts accounting for $102.78 million in liquidations within the past day.

According to metrics from coinglass.com, 76,107 traders faced liquidation in the last 24 hours. The largest single liquidation order occurred on HTX, involving an ETH/USDT trade valued at $3.11 million. As of the time of writing, a single ETH is being exchanged for $3,686.