Ethereum has surged past the 3,000 ETH/USD mark, now trading at 3,050 ETH/USD. This increase is mainly driven by the intensifying anticipation over the potential launch of an Ethereum spot ETF, along with Ethereum’s recent breakout from a months-long period of underperformance compared to Bitcoin. Over the last week, Ethereum has seen an 8% increase relative to Bitcoin, with the latter seeing less net inflow into exchange-traded products than the week prior.

Apart from Ethereum, the rest of the crypto market has been relatively quiet over the past week, including Solana. Notably, Solana, which was the standout performer in the crypto market for the last six months, experiencing a surge of about 400% in less than six months, has fallen by over 8% in the past week. This downturn is likely due to traders shifting allocation back to Ethereum. Despite the overall slow movement in the crypto market recently, there have still been several noteworthy news developments.