The cryptocurrency market has witnessed a significant development with the launch of Volatility Shares' leveraged Ethereum ETFs on the Cboe. This move is expected to have a substantial impact on the market, with Ethereum's implied volatility surpassing that of Bitcoin. Investors are eagerly anticipating the launch of spot ETH ETFs, which could lead to a new all-time high of around $5,000 for Ethereum.

Despite the launch of leveraged ETH ETFs, Ethereum's price has remained stable, maintaining its sideways trend. However, the increase in implied volatility across ETH options suggests a growing interest in the cryptocurrency. Ethereum has surpassed Bitcoin in a key derivatives metric, indicating a shift in investor sentiment.

The launch of the 2x Ether ETF (ETHU) is a significant milestone, as it is the first leveraged Ethereum ETF in the US. Approved by the Security and Exchange Commission (SEC), ETHU will track twice the price performance of futures ETH. This development is expected to pave the way for the approval of spot ETH ETFs in the near future.

Volatility Shares, one of the largest holders of Bitcoin futures contracts at the Chicago Mercantile Exchange (CME), has launched a Bitcoin 2x fund in June 2023. The success of this fund has led to speculation that the SEC will likely approve spot ETH ETFs S-1 registration statements in the coming weeks.

The launch of leveraged ETH ETFs and the anticipated approval of spot ETH ETFs are expected to attract significant investments into the cryptocurrency market. Ethereum's price is expected to surge, reaching new heights, and investors are eagerly awaiting the opportunity to capitalize on this growth.

In conclusion, the launch of leveraged Ethereum ETFs marks a significant development in the cryptocurrency market. With growing investor interest and anticipated approvals, Ethereum is poised for substantial growth, and investors are positioning themselves to benefit from this potential upsurge.