Ethereum Price As Grayscale Files To Swap Its ETH Trust Product For A Spot Ether ETF

The race for Ethereum futures exchange-traded funds (ETFs) greenlight has stirred bullish action in the crypto market since late last week. Interest in crypto has grown significantly with Ethereum price reclaiming two key support areas; $1,600 and $1,700.

Timeline of Ethereum

At the end of last week we saw a number of updates regarding the push for ETFs, with VanEck readying an Ethereum futures ETF, Ark pushing to win the race for the first spot Bitcoin ETF and the US Securities and Exchange Commission (SEC) delaying

UBS (NYSE: UBS) cut jobs last month at its Credit Suisse subsidiary. After trimming forces in the asset management division, UBS Asset Management is now looking forward to its first live pilot program of tokenized money market fund on Ethereum.

The cryptocurrency market recently experienced a sudden surge in different assets, including Ethereum, which saw a significant spike. However, as the price approaches a significant resistance level, there is a possibility of it being rejected.

In the latest move, the world's largest asset manager Grayscale has filed with the U.S. Securities and Exchange Commission (SEC) in order to convert its Ethereum Trust (ETHE) to a spot Ethereum ETF. The development comes more than a month after the US court granted Grayscale a victory over the SEC in the spot Bitcoin

Along with Bitcoin the world's second-largest cryptocurrency Ethereum (ETH) has also registered solid gains, shooting by more than 3.5% in the last 24 hours and moving closer to $1,750. The recent price surge in ETH happened just a day before the launch of Ethereum Futures ETFs on October 2.

Crypto investor and venture capitalist Chris Burniske says that Solana (SOL) is poised to start outrunning Ethereum (ETH) in a new trend formation. Sharing a chart posted by on-chain analyst Will Clemente, Burniske shows Solana versus Ethereum (SOL/ETH) putting in a series of higher lows and higher highs in a potential shift in long-term momentum.

Bitwise will be introducing its customers to CME futures through the AETH and BTOP products that expand the company's suite of crypto products amid heightened demand from institutional investors.

The decentralized social media platform has continued to thrive since it launched in the second week of August and has hit multiple new highs despite critics predicting its downfall.

The supply dynamics within the Ethereum network have experienced significant fluctuations amid a turbulent year for DeFi (Decentralized Finance), NFT (Non-Fungible Token) sales, and meme coin trading. Depending on the specific time frame examined, the token's supply can appear either deflationary or inflationary.

According to an on-chain report on Saturday, September 30, an address associated with the FTX exploiter became active for the first time in 10 months. As earlier reported, some 5,000 ETH (equivalent to $8.2 million) was transferred from the flagged address (identified as 0x3e9) to new addresses on Saturday.