There has been a surge in institutional interest in Ethereum, with a notable increase in institutional holdings of the cryptocurrency. This growing confidence among investors is driven by Ethereum’s long-term value and the potential for market expansion. The implementation of Ethereum 2.0 upgrades and the enhancement of smart contract functionalities have also played a significant role in attracting institutional attention. The buzz among institutional investors started when the US Securities and Exchange Commission (SEC) acknowledged Grayscale Investment’s bid to transform its Ethereum trust into an ETF. Market optimism further increased when BlackRock, the world’s largest asset manager, submitted an application for a spot Ether ETF. Experts predict that the SEC will approve a spot Bitcoin ETF in early 2024, followed by approval for a spot Ether ETF.