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markets regulator.The spot bitcoin ETF approvals also buoyed ether(ETH)traders, who are betting the token that powers the Ethereum networkcould be next in line.

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“The largest smart money inflows” were directed toward the Ethereum ecosystem in the past 24 hours, Nansen analyst Martin Lee said in a Telegram message.

Nansen defines smart money as wallets that trade or invest in a way that is considered experienced or well informed and are usually profitable.Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe.

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