ETH spot volumes at highest level since FTX collapse
According to a recent post from Kaiko, a leading source of cryptocurrency market data, analytics, indices, and research, spot volumes are experiencing a positive uptrend. This surge in volumes is believed to be a result of the excitement surrounding ETFs, particularly with the news from BlackRock.
The data shows that spot volume, which refers to the total amount of a particular asset or cryptocurrency traded in the spot market within a specific timeframe, has exceeded $6 billion in November. This is a significant increase from the lows of less than $1 billion seen in February of this year, following a period of volatility.
On the same day, Ethereum (ETH), the second-largest digital asset by market capitalization, experienced a notable upswing, reaching its 52-week peak at $2,137. Currently, Ethereum is trading above the $2,000 threshold at around $2,098, indicating a 10% surge within a 24-hour period.
The recent increase in Ethereum’s value can be attributed to various factors, with one major catalyst being BlackRock’s registration of an iShares Ethereum Trust in Delaware on November 9. This has fueled speculation among industry observers that BlackRock is preparing to introduce a spot Ethereum ETF, following the potential approval of its proposal for a spot Bitcoin ETF.