Binance is witnessing significant demand for Ethereum, driven by optimism about the potential approval of a long-awaited spot Ether ETF. Traders are aggressively buying Ethereum with market orders, even at higher prices, as observed by CryptoQuant through a surge in Net Taker Volume on Binance, hitting a record high.

This surge is believed to be fueled by speculation surrounding the anticipated approval of an Ether ETF by ETF Specialist James Seyffart, who suggests a 75% chance of approval. In response, Binance traders are heavily investing in Ethereum, with Taker Buy Volume surpassing Taker Sell Volume by $530 million in a single candle, the largest ever recorded on Binance.

This reflects a bullish sentiment among Binance traders, willing to pay higher prices for immediate execution of buy orders, possibly anticipating a price surge if the Ethereum ETF is approved.

The increased likelihood of a spot Ether ETF approval is also supported by analysts like Eric Balchunas, who revised their probability from 25% to 75%, citing heightened political pressure on the US Securities and Exchange Commission (SEC) and indications of reconsideration by the regulatory agency.