Ethereum Shows Strength on Expectations of Spot ETF with Staking and Strategic Reserve

Ethereum (ETH) is showing strength during the day. It is analyzed that investor sentiment has recovered as expectations for the allowance of staking in spot Exchange-Traded Funds (ETFs) and strategic reserves of Ethereum have increased.

As of 8:16 AM on the 28th (KST), Ethereum is trading at $2,662, up 4.04% from the previous day according to CoinMarketCap.

According to Forbes, Joe DiPasquale, CEO of BitBull Capital, explained the rise of Ethereum by saying, "The rally in Ethereum is due to renewed optimism about the potential approval of a spot Ethereum ETF." Additionally, CEO DiPasquale added, "In recent months, there has been a surge in short selling of Ethereum," and "However, as Ethereum rose, a short squeeze occurred, leading to an upward trend in Ethereum."

Influencer Wendy O also explained, "Investor sentiment has recovered as a spot ETF with staking has been filed for listing."

Furthermore, the announcement of Sharplink Gaming's strategic reserve of Ethereum on this day is cited as a factor that positively influenced investor sentiment. Earlier, around 9 PM the previous day, Sharplink Gaming announced, "We are pursuing a private issuance of $425 million for the strategic reserve of Ethereum (ETH)."

Following this announcement, the open interest in the Ethereum futures market surged by $3.5 billion in one day, reaching a total of $36.1 billion, marking an all-time high.