Traders will not want to be short ETH while going through an ETF approval, one observer said.

The stablecoin is backed 1:1 and can be staked on the Flare blockchain.

Meme coins are increasingly seen as a way to bet on the growth of the network they are issued on.

The notional open interest, or the dollar value locked in the number of active ether futures contracts, surged by 25% in a day.

Some traders expect ether prices to reach as high as $4,000 in the coming days, with odds of an ether ETF approval raised to 75%.

The U.S. SEC has asked exchanges to update 19b-4 filings for ether ETFs ahead of a key deadline, suggesting potential approval progress, though approval is not guaranteed.

The fund’s first project is defending Keonne Rodriguez and William Lonergan Hill, founders of Samurai Wallet.

Marketing is obscuring the true nature of Bitcoin layer 2 proposals

The fifth-largest cryptocurrency is benefitting from multiple catalysts, including bustling meme coin and DeFi activity, upcoming network upgrade and increasing interest in restaking arriving to the ecosystem.

Roughly 13 out of the 25 biggest U.S.-based hedge funds held the spot bitcoin ETFs at the end of March, according to data from bitcoin brokerage River.