Ethereum became one of the biggest beneficiaries in the decision by US regulators to approve the country's first Bitcoin ETF. As of the time of writing, Ethereum has risen by 9% in the past 24 hours to reach $2,609 per coin, its highest point in 20 months. Meanwhile, Bitcoin has skyrocketed by over 160% in the past year and is currently trading at around $46,070, indicating that traders are betting that the next product approved by the SEC will be an ETF for direct investment in Ethereum. Calvin, co-founder of Sydney-based cryptocurrency asset management company DACM, said that based on Ethereum's scale, liquidity, and existing CME futures, it has the attributes to establish a spot ETF using the successful Bitcoin model.