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The data platform on the blockchain, Santiment, reported a surprising increase in activity on the Ethereum (ETH) network, with over 467,000 unique wallet addresses interacting in a single day. This increase indicates the highest network activity since the announcement of Exchange Traded Funds (ETFs) applications on June 16.
Futures ETF Narrative Boosts the Number of Unique Wallet Addresses
The increase in activity on the Ethereum network comes after expectations that futures-based Ethereum ETFs will receive potential approval from the U.S. Securities and Exchange Commission (SEC). ETFs, which demonstrate the widespread acceptance of cryptocurrencies, have significant importance in facilitating the purchase of ETH and other cryptocurrencies for institutional and retail investors. The increased network activity, as a result of widespread adoption, is crucial for the rise in the value of the leading altcoin.
Ark Invest and 21Shares were listed as sub-advisors for the joint futures-based Ethereum ETF application submitted to the SEC on August 24. The application indicates that the future value of Ethereum depends on widespread adoption, and any changes in this direction could significantly impact its price.
The possibility that the SEC may greenlight futures-based Ethereum ETFs to be launched in October has recently contributed to the hype that caused the increase in network activity. Furthermore, a recent Bloomberg article stating that the SEC is inclined to allow the first ETF based on Ethereum futures further increased optimism in this regard. This potential action is seen as a significant victory for many businesses that have long sought to offer such products.
Several companies, including Volatility Shares Trust, Bitwise Ethereum Strategy ETF, Roundhill Ether Strategy ETF, VanEck’s Ethereum Strategy ETF, ProShares Short Ether Strategy ETF, and Grayscale Ethereum Futures ETF, are awaiting approval from the SEC for their ETF applications.
Positive Outlook for ETH
The increase in unique wallet address activity on the Ethereum network is not just a statistical increase; it also indicates a strong indicator of increased utility. The value of assets like Ethereum in the cryptocurrency world is directly linked to the benefits they provide.
As the decision date for the SEC’s futures-based Ethereum ETF approaches, the cryptocurrency world is eagerly anticipating a potential influx of investors that could further boost Ethereum’s value and pave the way for an exciting new phase in the crypto industry.
