ETH Surges 6.58% After SEC Approves Spot ETFs, Institutional Demand and DeFi Activity Accelerate

Ethereum (ETHUSDT) has experienced a notable price increase of 6.58% over the last 24 hours, rising from a 24h open of $2,781.54 to a current price of $2,964.55 on Binance. This upward movement is primarily attributed to the recent approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission, which has enhanced regulated investor access and boosted market sentiment. Additional contributing factors include a significant sale of 30,000 stETH for $85.42 million USDC and increased deposit activity on Aave V3, indicating heightened institutional and DeFi engagement. The broader cryptocurrency market rally, with Bitcoin reaching new all-time highs, has also supported bullish momentum for Ethereum. Current market data shows a 24-hour trading volume of approximately $36.08 billion and a circulating supply of 120.72 million ETH, with the price fluctuating between $2,755.50 and $3,000.00 in the last day.