According to DefiLlama, Ethereum TVL reached 21.80 million ETH, up 11% from the previous month and the highest level since October 2022. Although Ethereum still dominates in terms of total locked value, however, ETH holders may not benefit much directly from Ethereum's total locked value growth unless network fees pick up significantly. For Ethereum holders, the primary catalyst driving Ethereum's breakout of $3,000 remains the potential approval of staking consolidations in spot Ethereum exchange traded funds (ETFs) that are currently under review by the Securities Exchange Commission (SEC). Some analysts believe that demand for these ETFs is limited due to the lack of pledged returns, which could hinder the inflow of institutional funds.