Ethereum Surges to $3700 as 90% of Long-Term Holders Profit From Potential Spot ETF Approval

Ethereum, the second largest cryptocurrency, has surged to a whopping $3700 in price, putting over 90% of its long-term holders in profit.

Second-largest cryptocurrency, ETH, has surged to a price of $3700, putting over 90% of its long-term holders in profit.

This comes after the crypto asset surged by 10% in 25 minutes on Monday, rising from $3150 to $3450. The price continued to rise, reaching $3700 as of Tuesday.

According to CryptoPotato, 90% of market participants holding ETH are currently in profit, while the remaining 10% are at the money. No ETH holder is at a loss, at the time of writing.

The crypto asset rallied 10% in 25 minutes on Monday, rising from $3150 to $3450. The current price is now $3700, indicating a 22% rise in the last 24 hours, putting over 90% of ETH holders in profit.

A similar scenario played out two months ago after the Dencun upgrade, which saw ETH fall by over 11%. Despite the plunge, over 89% of Ethereum holders were in profit.

This time, the bullish run by the Ethereum crypto asset is driven by positive news of a potential approval of the spot Ethereum ETF by the United States Securities and Exchange Commission.

Bloomberg ETF analysts Eric Balchunas and James Seyffart increased their odds of Ether ETF approval this month from 25% to 75%, citing input from multiple sources and talks that the U.S. Securities and Exchange Commission (SEC) could be reversing its stance on greenlighting the products.

If the prediction by the analysts is correct, there could be an influx of potential filings from prospective Ethereum ETF issuers in the coming days.

Apart from the increased chances of a potential spot Ethereum ETF approval by the United States SEC, other developments contributed to the current bullish trend for Ethereum in the markets.

One of such developments is the U.S. House and Senate recently passing a resolution to scrap an anti-crypto banking rule that was established by the SEC.

The resolution received bipartisan support from both chambers, which came as a shock because it is widely believed that President Joe Biden’s administration has adopted an anti-crypto stance.

In the meantime, crypto analysts and experts believe that Ethereum could hit $4000 in the coming days if its spot ETF is approved. This could increase the chances of the crypto asset breaking its all-time high of $4891.