EtherFi TVL Spikes Amidst Speculation of ETH Spot ETF Approval
CryptoNewsTerminal Staff24 May, 2024
EtherFi TVL Spikes Amidst Speculation of ETH Spot ETF Approval
EtherFi, a non-custodial protocol for liquid staking, has seen its total value locked (TVL) soar past $54 billion. This surge comes amidst speculation that the US Securities and Exchange Commission (SEC) may soon approve a spot exchange-traded fund (ETF) for Ethereum (ETH). On January 23, the SEC approved a 19b-4 request for review of an Ethereum spot ETF. This has fueled speculation that the SEC may soon approve a spot ETF for ETH, which would allow investors to gain exposure to the cryptocurrency without having to purchase it directly. The influx of funds into EtherFi suggests that investors are looking for ways to gain exposure to Ethereum in anticipation of a spot ETF approval. This is because EtherFi allows investors to stake their ETH and earn rewards, even if the cryptocurrency is not yet available on a spot ETF.
