Ethereum

<p><strong>Binance experienced a surge in Ethereum buying as traders aggressively acquired the top altcoin in anticipation of a spot Ether ETF approval.</strong></p><h2 id="header-0">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>The demand was driven by optimism about the ETF’s potential approval, leading traders to buy Ethereum through market orders, despite higher prices. CryptoQuant <a href="https://cryptosheadlines.com/unusual-trading-volumes-observed-for-4-altcoins-on-south-korean-cryptocurrency-exchanges/" rel="noopener noreferrer nofollow">observed a record-breaking spike in Ethereum’s Net Taker Volume</a> on Binance during this period.</p><h3 id="binance-traders-react-to-ethereum-etf-speculation">Binance Traders React to Ethereum ETF Speculation</h3><p>The Net Taker Volume metric, which measures the difference between buying and selling volume via market orders prioritizing immediate execution, surged on Binance. This increase, highlighted in CryptoQuant’s analysis, stemmed from speculation surrounding the anticipated approval of a spot Ether ETF. <a href="https://cryptosheadlines.com/2024-xrp-etf-predicted-amid-major-catalysts/" rel="noopener noreferrer nofollow">ETF Specialist James Seyffart’s prediction</a> of a 75% likelihood of approval added fuel to the buying frenzy.</p><p>In response, <a href="https://cryptosheadlines.com/sec-lawsuit-against-binance-triggers-market-plunge-resulting-in-320m-losses-for-crypto-traders-in-liquidations/" rel="noopener noreferrer nofollow">Binance traders aggressively took long positions in Ethereum using market</a> orders. During a single candle period, Taker Buy Volume exceeded Taker Sell Volume by an impressive $530 million, marking the highest Net Taker Volume recorded for Ethereum on Binance.</p><p>This surge indicates strong bullish sentiment among Binance traders, who were eager to secure Ethereum at higher prices in anticipation of a potential price surge if the Ethereum ETF receives approval.</p><h2 id="header-1">Get Instant 100,000 CHIKA Tokens Airdrop Worth Of $100 USD Free On <a href="https://chikamoji.lol/" rel="noopener noreferrer nofollow">www.ChikaMoji.lol</a></h2><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/Chika-Moji-Airdrop-1.png?fit&#61;1920%2C1080&amp;ssl&#61;1" /></p><p>“Binance traders are making taker orders on the Ethereum ETF news like there is no tomorrow,” reflecting the fervor surrounding the potential ETF approval.</p><p><img src="https://i0.wp.com/cryptosheadlines.com/wp-content/uploads/2024/05/cryptosheadlines2-9.webp?resize&#61;640%2C361&amp;ssl&#61;1" /></p><p>Net_Taker_Volume on Binance. Source: CryptoQuant</p><h3 id="analysts-reassess-probability-of-ethereum-etf-approval">Analysts Reassess Probability of Ethereum ETF Approval</h3><p>Eric Balchunas, a senior <a href="https://cryptosheadlines.com/sec-delays-approval-of-xrp-etfs-this-year-bloomberg-analyst/" rel="noopener noreferrer nofollow">analyst at Bloomberg</a>, alongside ETF Specialist James Seyffart, has revised their estimation for the approval likelihood of a spot Ether ETF from 25% to 75%. Their rationale centers around increased political pressure on the US Securities and Exchange Commission (SEC).</p><p>They argue that the <a href="https://cryptosheadlines.com/sec-accepts-bitcoin-etf-application-from-blackrock/" rel="noopener noreferrer nofollow">SEC’s previous stance showed minimal engagement with ETF applicants</a>, indicating a reluctance to seriously consider these applications. However, Balchunas now suggests that external political pressure on the SEC may prompt a reassessment of the Ethereum ETF’s prospects.</p><p><a href="https://cryptosheadlines.com/why-142-matters-for-solanas-price/" rel="noopener noreferrer nofollow">Also Read:   Why $142 Matters for Solana&#39;s Price</a></p><p><strong>Important:</strong> Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.</p>

Ethereum Trading Volume Surges on Binance Amid ETF Rumors: Explanation

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