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Ether (ETH) futures have pushed to a record high, with notional open interest rising by 25% over the prior day to $14.05 billion. It is the highest ever recorded in the chronicles and clear after first being reported by Coinglass, well ahead of the previous record set at $13.2 billion on March 15. This surge in ether futures marks robust investor confidence on the backdrop of optimism over potential U.S. approval of spot ETH exchange-traded funds.
The analysts from Bloomberg have also raised the probability of the ETFs mentioned above, falling under the good graces of the SEC, from an initial 25% to a promising 75%. This is because the SEC is on the exchanges to hurry with the updates on their filing—maybe even exerting some pressure to hasten the approval. Notably, the VanEck Spot Ether ETF has a major decision that should come by May 23.
Ether fared, for its part, quite positively, gaining up almost 19% to the level of $3,680. These increases in price, coupled with gains in open interest, suggest a bullish outlook for Ether as investors brace for a favorable regulatory environment that may increase further integration of cryptocurrencies into mainstream finance.
