Ether's performance seems to be based on market interest in new DeFi protocol Ethena, versus an anticipation of a spot ether ETF approval, a measure of the world's most liquid digital assets, was up 3.5% and trading above 2,600. Decentralized liquid staking protocols like Lido DAO and Rocket Pool ETH also saw their tokens push well into the green, up 10% and 8%, respectively, according to CoinGecko data.
ETH's bitcoin-bearing performance could be attributed to continued market interest in decentralized finance protocol Ethena, which has seen its total value locked This may be purely a rally based on token demand rather than the hope of an ether spot exchange-traded fund being approved in the near future.see a 16% chance of a spot ether ETF being approved in the U.S.
"Last Friday, we speculated a possible leg higher, and we expected the move to be led by BTC," QCP wrote."We were wrong about the leader, as this move has been very much led by ETH."in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence.
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