According to CoinDesk, broker Bernstein has stated in a research report that ether (ETH) is 'probably the only other digital asset likely to get a spot ETF approval by the SEC.' The report estimates a 50% chance of ether spot ETF approval by May and a near-certain probability of approval within the next 12 months. Ether's price rose over 3% on Monday, outpacing bitcoin's gain of just over 1%. Over the past week, ether has gained over 16% to trade above $2,900 for the first time in nearly two years, while bitcoin's price rose 8.5% to $52,300.
In other news, Japan's cabinet has approved a bill that adds crypto to the list of assets the nation's investment funds and venture capital firms can acquire, according to the Ministry of Economy, Trade and Industry. Japan has been a global leader in framing a regulatory framework for stablecoins and has indicated plans to promote Web3 while remaining tough on user protection. The amended bill will now be introduced and debated in the current session of parliament, the Diet. Layer-1 blockchain Sui has experienced a sharp increase in inflows this month, overtaking Cardano, Near, and Aptos in terms of total value locked (TVL). The network, built by former Meta employees, now has over $593 million in capital locked across various decentralized finance (DeFi) protocols, more than double its total at the turn of the year when it had $211 million, according to DefiLlama data.
