The possibility of a spot Ethereum (CRYPTO: ETH) ETF getting approved has sent Bitcoin (CRYPTO: BTC) and ETH-related stocks, including Marathon Digital Holdings Inc (NASDAQ:MARA), Riot Platforms Inc (NASDAQ:RIOT) and Coinbase Global, Inc. (NASDAQ:COIN), upwards in the pre-market.
What Happened: On Tuesday morning, crypto-related stocks opened positively during the pre-market session. Marathon Digital was trading 0.67% higher at $22.47 after closing at $22.32, while Coinbase was trading 3.69% higher at $233.50 after closing at $225.19. On the other hand, Riot, which closed at $10.96, was trading 1.82%% higher in the pre-market at $11.16, according to data from Benzinga Pro
Why It Matters: This spike is attributed to the growing optimism surrounding the potential approval of spot exchange-traded funds in the U.S. Confidence in ETH comes as well-informed analysts raised their odds of a spot ETH ETF approval from 25% to 75%, resulting in the broader market rally.
ETH's large transaction volume more than tripled in the last 24 hours, indicating strong engagement from whales, according to IntoTheBlock. Alongside, balances of long-term holders rose 0.38%, suggesting that the transactions were buyer-dominated.
On Monday, the SEC's Trading and Markets Division instructed asset managers to revise their 19b-4 filings for the first U.S. ETFs holding Ethereum, leading to a surge in crypto prices.
Price Action: Ethereum is trading at $3,792.62, up 22.37% in the last 24 hours.
Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
Image via Shutterstock