The ether price rose through $2,700 for the first time since May 2022 as traders bet on the possibility of a spot ETH exchange-traded fund approval in the U.S., a move that could boost its institutional appeal. As of Thursday, Franklin Templeton, BlackRock, Fidelity, Ark and 21Shares, Grayscale, VanEck, Invesco and Galaxy, and Hashdex, had all submitted applications for an ether ETF. The firms already offer spot bitcoin ETFs, which were introduced mid-January. Since then, the funds have accumulated $11 billion worth of BTC and helped propel the price of the largest cryptocurrency through $52,000.
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