The mempool has started creeping up a bit over the last week. This is pretty typical after a price increase as people move coins to exchanges. Elevated levels of interest I’m sure play a role as well. The ETFs are running the show right now, otherwise I would say we’ll see some consolidation and a return to a falling mempool before another big leg up. We’ll see though. ETFs are back sucking up BTC in 6 more hours.
In case you didn't notice, tomorrow it's D-Day for Blackrock's first Shitcoin Spot ETF at the SEC.
When i watch the BTC/ETH creeping upwards slowly, i guess some speculative folks are trying to get a share of ETH from part of their BTC in anticipation of a stronger move, following whichever statement from the SEC. If the SEC decides against the ETF, which i think is quite likely, those people will lose quite some amount of their BTC stack, when Ether goes down after the (imo, good) news. Some will be waiting for a sell-the-news event in case of positive confirmation etc. you know the story.