TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

ARB, OP, MATIC, IMX, MNT: Ethereum L2 tokens on a tear as SEC approves all spot Bitcoin ETFs

  • Ethereum Layers 2 tokens are the top performers amid the climaxing spot BTC ETF euphoria.
  • Arbitrum and Optimism are leading the sector, while Polygon, Immutable X, Mantle and SKALE are recording double-digit gains.
  • The speculation that a spot ETH ETF could come after Bitcoin’s has initiated an Ether Season, with Ethereum price up 9%.
ARB, OP, MATIC, IMX, MNT: Ethereum L2 tokens on a tear as SEC approves all spot Bitcoin ETFs
Lockridge OkothLockridge OkothFXStreet

Ethereum (ETH) price is trading with a bullish bias, coming on the back of anticipation that an ETH spot exchange-traded fund (ETF) will come to the market shortly after the US Securities and Exchange Commission (SEC) has approved the launch of the BTC ETF. The overflows from the ETH market have spilled to the blockchain’s Layer 2 (L2) tokens.

Also Read: Ethereum price eyes $2,800 as spot Bitcoin ETF hype raises hopes that ETH could be next

Ethereum L2s pump amid possible Ether season

Ethereum L2s, among them, Arbitrum (ARB), Optimism (OP), Polygon (MATIC), Immutable X (IMX), Mantle (MNT) and SKALE (SKL) are recording double-digit gains. This has inspired thoughts of a possible Ethereum season setting in, instigated by a push for ETH ETF with L2s going on a tear.

Now that BTC ETF has been approved, ETH ETF could be the next mania, with several participants in the crypto sector, including Valkyrie Fund CIO Steven McClurg, already envisioning an ETH ETF launch.

Among the firms that have already applied for a spot ETH ETF approval include VanEck, Ark 21Shares, Hashdex, Grayscale, and Invesco Galaxy.

ARB/USDT 1-day chart, OP/USDT 1-day chart, MATIC/USDT 1-day chart, IMX/USDT 1-day chart, MNT/USDT 1-day chart, SKL/USDT 1-day chart

Among the key factors contributing to the strength seen among the L2s is their dominance in terms of total value locked (TVL), with ARB topping the sector. Based on data from decentralized finance L2Beat, Arbitrum boasts a market share of 49.28% among L2s, followed by Optimism with 28.77%.

L2s TVL

Author

Lockridge Okoth

Lockridge is a believer in the transformative power of crypto and the blockchain industry.

More from Lockridge Okoth
Share:

Editor's Picks

XRP slides amid a fragile crypto market structure

XRP slides amid a fragile crypto market structure

Ripple (XRP) falls for the second straight day, trading at $1.37 on Thursday. The broader cryptocurrency market remains fragile as investors weigh the impact of geopolitical tensions in the Middle East, which triggered persistent increases in Crude Oil prices while restricting shipping through the Straight of Hormuz and the Red Sea.
Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks

Bitcoin Price Forecast: BTC pressured amid ETF outflows, fresh US-Iran risks

Bitcoin (BTC) remains under pressure, trading below $78,200 at the time of writing on Thursday after declining nearly 3% so far this week. Weakening institutional demand, along with escalating geopolitical tensions between the US and Iran near the Strait of Hormuz, continues to dampen risk appetite and weigh on the Crypto King. Institutional demand for Bitcoin shows early signs of caution.
Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses

Top Altcoins Price Forecast: Ripple, Solana, and Cardano risk deeper losses

Ripple (XRP), Solana (SOL), and Cardano (ADA) struggle to extend last month's advance, pointing to moderating buying pressure. The technical outlook for XRP, SOL, and ADA suggests a mild near-term bearish bias as momentum weakens. Ripple trades around $1.3800 at press time on Thursday, extending losses after a bearish close the previous day.
Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

Crypto Today: Bitcoin, Ethereum and XRP lose bullish momentum as structural support holds

Cryptocurrency prices are moderating on Thursday, with Bitcoin (BTC) dropping to test the near-term $78,000 support. Altcoins, including Ethereum (ETH) and Ripple (XRP), are echoing Bitcoin’s cautious sentiment, with ETH retracing to approximately $2,470 and XRP to $1.38.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.