Update: @JSeyff and I are increasing our odds of spot Ether ETF approval to 75% (up from 25%), hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us everyone else assumed they'd be denied). See Nate's tweet below for probably order of events (but again we capping at 75% until we see more, eg filing updates)
There was more than $1 billion in net inflows to the bitcoin spot ETFs yesterday.
The network only produced $65 million of new bitcoin for circulation.
That is 15x more demand than new supply.
Price has to go up to accommodate everyone.