ReportWire

Tag: ethereum etf

  • Ethereum's Market Dominance Over Bitcoin Surges Double Digits Amid ETF Approvals

    Ethereum's Market Dominance Over Bitcoin Surges Double Digits Amid ETF Approvals

    Even with significant capital flowing into the recently introduced spot Bitcoin ETFs, the anticipated positive influence on BTC’s price is yet to materialize. Bitcoin experienced a decline of more than 5% following the approvals last week.

    In contrast, Ethereum recorded an almost 8% rise over the same period despite struggling to sustain the $2,600 level. Data suggest that the price dominance of the world’s largest altcoin continues to surge against Bitcoin.

    Ethereum’s Soaring Dominance

    According to on-chain analytic firm Santiment, there has been a significant rise in Ethereum’s market dominance over Bitcoin. Over the past week alone, the figure saw a notable increase of more than 22.4%.

    During this period, an average of 89.4k new Ethereum addresses were generated daily, emphasizing the network’s increasing popularity. Additionally, 96.3K wallets were created on January 16th.

    The planned Ethereum network upgrades, starting with the Dencun hard fork, are one the catalysts driving the appeal for Ether and forming a bullish perspective among investors. These events could potentially present an opportunity for the leading altcoin to further decouple from the rest of the crypto market.

    A recent analysis by QCP Capital revealed that Bitcoin forwards have also plunged deeper than Ether forwards. The 1-month forward rate for Bitcoin dropped from a peak of 32% annually to a minimum of 9%, reflecting a decrease of 23%. Similarly, the 1-month forward rate for Ether decreased from a high of 28% to 12%, marking a reduction of 16%.

    The digital asset trading firm added,

    “ETH forwards still look attractive despite yields coming off, paying 11 – 13% ann. Selling ETH 1m 2200 Puts is also a decent play with yields above 21% ann. and a decent level to buy if there is a dip into the potential ETH spot ETF approvals.”

    Looking ahead, significant upcoming events include the Bitcoin halving scheduled for mid-April and the potential approval of spot Ethereum ETFs starting in May. Meanwhile, broader macroeconomic events may influence the direction of the market in the interim.

    Ether Exchange Supply Near All-Time Low

    The supply of Ether on crypto exchanges has been on a consistent decline. Over the last ten days, Santiment found that the figure has dropped from 8.18% to 8.10%. This supply is currently nearing an all-time low of 8.05%

    Such a trend indicated that Ether holders have increasingly moved their stash from crypto exchanges into long-term storage in anticipation of a price rise.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Chayanika Deka

    Source link

  • After Bitcoin, Will the SEC Greenlight Spot Ethereum (ETH) ETF This Year? (Poll)

    After Bitcoin, Will the SEC Greenlight Spot Ethereum (ETH) ETF This Year? (Poll)

    The US Securities and Exchange Commission finally greenlighted a spot Bitcoin ETF earlier this week, although in a slightly reluctant fashion.

    Now, speculations are starting to arise on when the agency will do the same in terms of an exchange-traded fund tracking the performance of the second-largest cryptocurrency.

    When ETH ETF?

    2023 will go down in history as the year with the most news and developments in terms of ETFs as numerous companies filed for such products for BTC and ETH. Perhaps the trend intensified after BlackRock did so in the middle of the year, and many others followed.

    With already nearly a dozen BTC ETFs trading on US stock markets, the focus has now shifted to other cryptocurrencies, such as Ethereum. Currently, several companies have filed to launch such products, including Grayscale, which is trying to convert its ETH Trust into a spot ETF, as it did with its flagship Trust – GBTC.

    The SEC, though, keeps delaying the decision, with most applications now having to wait until May. History shows that the Commission tends to delay or reject crypto ETFs for years before it finally allows them to reach the markets, but will this be the case now as well?

    The analytics platform Santiment took it to X to check with the community about their opinion on the matter. It turns out that the majority, over 52% in fact, believe the US will have a spot Ethereum ETF by the end of this year. Roughly 10% are even more optimistic, saying it will be greenlighted this month, while 11.3% don’t see it happening ever.

    Price Effects?

    We saw that BTC skyrocketed in the months ahead of the SEC approvals and even on the first day of trading. However, the trend reversed violently in the following day or so, and the asset slumped by almost $8,000 in 36 hours when the ETFs were already live for trading.

    This has given those in camp “sell-the-news” advantage so far. ETH, on the other hand, has just now started to increase in value, which could be a speculative run as many expect an ETF to arrive soon.

    As such, it would be interesting to follow how ETH’s price will perform in the months prior and after such a product is approved, if ever.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Jordan Lyanchev

    Source link

  • 3 Big Cryptocurrency Things to Watch Out for in 2024

    3 Big Cryptocurrency Things to Watch Out for in 2024

    As the crypto industry expands, the community stays on the lookout for significant events that can affect the growth trajectory of the ecosystem. From the look of things, 2024 happens to be full of them.

    One such event is the creation and implementation of clear crypto regulations in major regions like the European Union. The crypto community is also watching out for the approvals of several Ethereum exchange-traded products and the jail sentencing of the FTX founder and former CEO, Sam Bankman-Fried (SBF), who perpetrated one of the largest financial frauds in modern history.

    Europe’s MiCA Implementation

    Years after the crypto industry’s incessant request for clear policies, the EU unveiled the Market in Cryptoassets (MiCA) regulation. This framework would set stringent rules to prevent the mass collapse of crypto firms, as seen last year.

    The European Commission introduced MiCA in September 2020 following two years of groundwork. The rules seek to govern the issuance and provision of crypto services while protecting the sector from fraudulent activities.

    The EU Parliament voted 517-38 in favor of the MiCA in April, while the EU Council, comprising 27 member states, unanimously approved the new licensing policy in May.

    The regulation will be implemented in two stages: the stablecoin rules will come into effect on June 30, 2024, and the rest will be applied on December 30, 2024. Implementing the new regulations could encourage other regions to set clear laws for the crypto industry.

    Ether ETF Approval

    While the crypto industry anticipates the approvals of several spot Bitcoin exchange-traded funds (ETFs) by January, there is also an expectation of regulatory nods for Ethereum ETFs between February and May.

    Several firms, including Ark Invest/21Shares, VanEck, Hashdex, Invesco/Galaxy Digital, and Grayscale Investments, have submitted applications with the U.S. Securities and Exchange Commission (SEC) to launch spot and mixed ETFs.

    The approval of the products could give investors wider access to the Ethereum ecosystem, giving room for more fund inflows.

    SBF’s Sentencing

    Another big thing to be excited about in 2024 is SBF’s sentencing scheduled for March. After roughly four hours of deliberations, a jury found the disgraced crypto mogul guilty of seven charges, including wire fraud, securities fraud, commodities fraud conspiracy, and money laundering conspiracy.

    SBF commingled user assets and defrauded investors of billions of dollars while marketing his crypto empire as a haven for customers. FTX’s implosion in November 2022 triggered a contagion that dragged other firms to their demise. While the exchange searches for a suitable bankruptcy exit route, SBF faces a maximum of 115 years in prison.

    If you want to see Bitcoin-centered big things to happen next year, please review this article.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Mandy Williams

    Source link

  • New Deadline Date for Invesco Galaxy's Spot Ethereum ETF Revealed as SEC Postpones Decision

    New Deadline Date for Invesco Galaxy's Spot Ethereum ETF Revealed as SEC Postpones Decision

    The US Securities and Exchange Commission (SEC) has extended its decision on whether to approve or disapprove a spot Ethereum exchange-traded fund (ETF) application by investment management company Invesco and crypto financial services firm Galaxy Digital.

    The SEC gave a 45-day extension, allowing itself until February 6, 2024, to make its decision on the product.

    Another Spot Ethereum ETF Delay

    According to a notice published on Dec. 13, 2023, the SEC’s initial decision on the Invesco Galaxy spot Ethereum ETF was supposed to happen on Dec. 23, 2023, which would have been the 45th day after publication of the notice for the product.

    While the extension is coming earlier than expected, the SEC is designating another 45 days to decide if it would approve or disapprove the spot ETH application, with the new date falling on Feb. 4, 2024.

    An excerpt from the notice reads:

    “The Commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.”

    The SEC further stated:

    “Accordingly, the Commission, pursuant to Section 19(b)(2) of the Act, designates February 6, 2024, as the date by which the Commission shall either approve or disapprove, or institute proceedings to determine whether to disapprove, the proposed rule change.”

    The latest delay comes shortly after the American regulator recently extended its decision on another spot Ethereum ETF proposed by crypto asset manager Grayscale Investments, with the new deadline falling on Jan. 25, 2024.

    So far, there are seven spot ETH ETF filings before the SEC. In addition to Grayscale Investments and Invesco/Galaxy, Fidelity, BlackRock, VanEck, Hashdex, and Ark Invest/21 Shares filed similar applications with the Commission.

    The US Still Awaiting a Spot Crypto ETF

    Apart from delaying spot ETFs focused on Ethereum, the SEC has also designated longer periods to spot Bitcoin ETFs, which have more applicants.

    Meanwhile, there were recent reports that the conversations about spot Bitcoin ETFs with the Commission were reportedly in advanced stages, sparking hope about the potential approval of applications.

    The race for the launch of a spot BTC ETF intensified in mid-2023, with heavyweights such as BlackRock, Franklin Templeton, and Fidelity looking to launch a spot Bitcoin ETF.

    Digital asset manager Hashdex, which is also seeking approval for its spot BTC ETF filing, predicted that US investors could get access to such a product by the second quarter of 2024, followed by a spot Ether ETF.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Anthonia Isichei

    Source link

  • Bloomberg Experts Forecast Timeline For Ethereum ETF Approval

    Bloomberg Experts Forecast Timeline For Ethereum ETF Approval

    The journey towards the approval of an Ethereum ETF in the United States has seen a new development yesterday as the US Securities and Exchange Commission (SEC) has announced a delay in the decision for Grayscale’s Ethereum trust conversion into a spot Exchange Traded Fund (ETF). The SEC has stated the need for an extended period to evaluate the proposed rule change, pushing the new deadline Grayscale to January 25, 2024.

    In its reasoning, the SEC has reiterated, “The commission finds it appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and the issues raised therein.” Notably, the delay comes at a time where the US agency is working with now 13 spot Bitcoin ETF applicants on presumably the final amendments before a January 10 approval.

    Timeline For A Spot Ethereum ETF Approval

    Despite the latest delay, the crypto community remains optimistic about the future of spot Ethereum ETFs. Bloomberg ETF analyst James Seyffart has suggested that delays are par for the course, tweeting, “Update: As expected Grayscale’s Ethereum trust filing just got delayed. It was due by 12/6/23 so this is completely normal.”

    Seyffart also shared a table of all seven spot Ethereum ETF applicants: VanEck, 21Shares & ARK, Hashdex, Grayscale, Invesco & Galaxy, BlackRock, Fidelity and their deadlines. He further hinted at potential approvals by mid-2024, responding to criticisms from Adam Back, CEO of Blockstream, with “Unfortunately I think you’re gonna be really upset by June of next year.”

    Spot Ethereum ETF timeline | Source: X @JSeyff

    In response to queries about the probability of an Ethereum ETF approval following a Bitcoin ETF, Eric Balchunas of Bloomberg has indicated that the first filers, Ark and VanEck, have strong odds of approval by their final deadline on May 23, 2024, as they are expected to use the same mechanics as spot Bitcoin ETFs, and due to the fact that Ether futures have already received the green light from the US SEC.

    Queried about for the odd of a spot Ethereum ETF approval, he remarked, “Not formally yet, but final deadline for the first filers Ark and VanEck is May 23rd so strong odds they approved by then given they’d be using same design as btc etfs and ether futures were Ok’d.”

    The Next Deadlines

    The table by Seyffart shows that the next Ethereum ETF deadlines are from December 23 to 26 for VanEck, Ark Invest and Invesco & Galaxy, followed by Hashdex on January 1. Since a spot Bitcoin ETF is very unlikely to be approved by then, delays by the SEC are more than likely for this batch of filings.

    Both iShares by BlackRock and the Fidelity Ethereum Fund have their next deadlines on January 25 and January 21, 2024 respectively. These dates are crucial as they could involve either an extension, a request for more information, or a final decision.

    But things only get really tense towards the final deadlines for all Ethereum ETF filers, as outlined by both Bloomberg ETF experts. With VanEck poised for May 23, 2024, and ARK Invest for May 24, 2024 and other notable filers like Hashdex Nasdaq Ethereum ETF and Grayscale’s Ethereum Trust Conversion (ETHE) scheduled for decisions by May 30, 2024, and June 18, 2024, respectively, the timeline for potential approvals is taking shape.

    At press time, ETH traded at $2,271.

    Ethereum price
    ETH price targets the 0.382 Fib, 1-week chart | Source: ETHUSD on TradingView.com

    Featured image from Shutterstock, chart from TradingView.com

    Jake Simmons

    Source link

  • Fidelity Joins the Race: Files for Ethereum ETF Approval Amid Growing Competition

    Fidelity Joins the Race: Files for Ethereum ETF Approval Amid Growing Competition

    BlackRock’s competition has heightened as Fidelity – a renowned financial giant with $4.5 trillion in assets under management – has filed for a spot Ethereum exchange-traded fund (ETF).

    Fidelity Goes for Ethereum ETF

    In a filing submitted to the United States Securities and Exchange Commission (SEC) on November 17, Fidelity outlined its plans to list and trade shares of the Fidelity Ethereum Fund on the Cboe BZX Exchange. According to the Registration Statement, each Share will represent a fractional undivided beneficial interest in the Trust’s net assets, which will consist of ETH held by the Custodian on behalf of the Trust.

    There are now seven entrants in the list of filers for a spot Ethereum ETF, which include BlackRock, Hashdex, Grayscale, and VanEck.

    The development comes after BlackRock filed for a spot ETH ETF – the iShares Ethereum Trust. Interestingly, Fidelity filed for a spot Bitcoin ETF in June after BlackRock entered the game.

    The Need for Exchange-Traded Vehicles for Crypto

    Fidelity emphasized the absence of a low-risk avenue for US citizens to expose themselves to ETH and digital assets, citing the lack of such US-regulated exchange-traded vehicles. It compared the situation with Europe, stating that European investors have access to products trading on regulated exchanges, offering exposure to a broad range of spot crypto assets.

    According to the firm, this contrast underscores the need for a similar avenue for US investors.

    “To this point, approval of a Spot ETH ETP would represent a major win for the protection of US investors in the crypto asset space.”

    Fidelity’s proposal seeks to address these challenges by tackling fraudulent and manipulative practices. Referencing Section 6(b) of the Act, particularly Section 6(b)(5), the firm is committed to safeguarding investors, promoting a free and open market, and serving the public interest.

    The document also referenced the court ruling involving Grayscale, where the court questioned the SEC’s rationale for rejecting spot crypto ETFs while allowing futures-based products.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Jose Oramas

    Source link

  • Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

    Ethereum ETF Race: BlackRock Wants An Ether Spot ETF

    BlackRock has joined the Ethereum Spot ETF race as the asset management company has officially applied to the US SEC and is currently waiting for approval. 

    BlackRock Files For An Ethereum Spot ETF

    Following its Spot Bitcoin ETF filing, BlackRock, an American investment company has taken the proactive step by filing an Ethereum Spot Exchange Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). 

    The asset management company submitted the application on November 15, however, BlackRock has stated it formed the Trust as early as November 9. 

    According to BlackRock, the iShares Ethereum Trust would be used to facilitate the ownership of Ether through the issuance of shares, allowing investors to own a fractional undivided beneficial interest in the net assets of the Trust.

    “The Trust was formed as a Delaware statutory trust on November 9, 2023. The purpose of the Trust is to own ether transferred to the Trust in exchange for Shares issued by the Trust. Each Share represents a fractional undivided beneficial interest in the net assets of the Trust. The assets of the Trust consist primarily of ether held by the Ether Custodian on behalf of the Trust,” BlackRock said in its filing. 

    Presently, the US SEC has not approved any Ethereum Spot ETF filing as well as Spot Bitcoin ETF applications. The regulatory body has delayed multiple applications to be reviewed from January 2024. 

    The crypto community has remained enthusiastic that the regulatory agency would eventually approve the pending ETF applications, as this could significantly push the growth and development of the crypto ecosystem as well as the cryptocurrencies involved. 

    Ethereum Price Surges

    The price of Ethereum is on the rise following BlackRock’s Ethereum ETF filing. The cryptocurrency’s price climbed almost 2% moving to $2,080 at some point following the announcement of the filing.

    The sharp reaction has caused a stir in the cryptocurrency community, as investors gear up for a potential bull run if the US SEC gives its official authorization of Ethereum Spot ETFs. 

    The price of Bitcoin has also been growing steadily as new companies apply for Spot Bitcoin ETFs. Currently, Bitcoin’s price is trading at $36,408, while ETH is down from its initial surge and trading at $1,952.

    The crypto ecosystem is presently watching closely for more updates on the US SEC’s ETF filing approvals and the price changes that follow them.

    ETH price falls to $1,945 | Source: ETHUSD on Tradingview.com

    Featured image from Bitcoin News, chart from Tradingview.com

    Scott Matherson

    Source link

  • An ETF is More Important to Bitcoin Than to Ethereum, Says Bitwise

    An ETF is More Important to Bitcoin Than to Ethereum, Says Bitwise

    With U.S. spot Ethereum (ETH) ETFs now a realistic prospect, some experts are questioning whether their approval will impact the market as much as a Bitcoin (BTC) equivalent.

    Bitwise – the world’s largest crypto index fund manager – says they won’t be. In conversation with CryptoPotato, the firm’s analyst Juan Leon explained why.

    Ignorance Of Ethereum

    According to Leon, while many institutional investors have grown more informed and receptive to BTC as an investment asset, most still don’t understand what makes its flashier younger sibling any different.

    “Even investors who can differentiate between both have a hard time thinking about their place in a portfolio,” wrote Leon in an email to CryptoPotato. “Advisors find it helpful when we explain that BTC can be contemplated as an allocation similar to gold and ETH as an allocation similar to a high-growth tech stock.”

    Bitwise chief investment officer Matt Hougan named this as one of two reasons that ETFs will influence the price of Bitcoin more strongly than Ether. “BTC is likely to be first and suck up most of the oxygen,” he wrote to X on Thursday.

    Hougan added that Bitcoin’s utility is also better aligned with what an ETF actually offers.

    “Bitcoin’s killer app today is a way to store wealth outside of the fiat system,” he said. “Ethereum’s killer app is its functionality, and the ETF doesn’t impact that.”

    Ethereum is widely viewed as more programmable than Bitcoin, allowing the network to host more complex applications such as decentralized exchanges and lending services. ETH has often been called the “digital oil” that powers that network since the asset is required to execute transactions.

    Ethereum’s Long Term Interest

    To the degree that financial advisors do understand ETH, Leon claims they see its merits – particularly for staking, which gives it “dividend-like” cash flows that BTC doesn’t have.

    “They’re also beginning to understand BTC’s main role as a store of value vs ETH’s role as a smart-contract platform powering the most robust “decentralized app store,” he said.

    While acknowledging the lackluster inflows to Ethereum-based funds this year, the analyst believes institutional interest in ETH will grow in the long run, and that the quiet surrounding it right now is only temporary.

    Low inflows to October’s Ethereum futures ETFs, for example, were due to historically low crypto volumes across the board at the time of launch, combined with how mainstream media was distracted by Sam Bankman-Fried’s trial at the time.

    “Until recently, most investors I’d spoken to this year had no idea crypto had rebounded and BTC is the best-performing asset in the world year-to-date,” said Leon. “Keep in mind, most advisors are still not allocated to crypto (waiting for an ETF) so they don’t get paid to follow what’s going on in crypto (yet)”

    Bitwise is one of roughly a dozen asset managers including BlackRock and Fidelity racing to have a Bitcoin spot ETF approved by regulators.

    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Andrew Throuvalas

    Source link

  • BlackRock Officially Files for Spot Ethereum ETF, ETH Price Eyes $2.1K

    BlackRock Officially Files for Spot Ethereum ETF, ETH Price Eyes $2.1K

    After a few weeks of speculation following the registration of the iShares Ethereum Trust in Delaware, BlackRock has filed the S-1 prospectus for the product with the SEC.

    This is the second cryptocurrency-related exchange-traded fund that the company wants to launch after its spot Bitcoin ETF application.

    • CryptoPotato reported last week when the largest asset manager registered a corporation named the “iShares Ethereum Trust” in Delaware, indicating its intentions to file for a spot ETF tracking the performance of the second-biggest cryptocurrency.
    • Earlier today, the financial behemoth officially filed the S-1 prospectus with the United States’ securities regulator.
    • As with the Bitcoin application, which was filed in June this year, BlackRock has named Coinbase as the Custodian for the underlying ETH.
    • The filing doesn’t mention whether the Trust will actively be staking ETH and distributing dividends to shareholders from the yield.
    • Recall that the iShares Ethereum Trust registration from last week had an instant impact on ETH’s price, which soared by $200 in hours. Now, though, the largest altcoin sits quietly at under $2,100 after a market-wide recovery within the past 24 hours.
    • It’s also worth noting that while BlackRock had indeed filed for spot ETFs tracking BTC and ETH, the company refuted recent rumors that it had such intentions for a spot Ripple (XRP) ETF.
    • This came amid reports that BlackRock had registered an XRP Trust in Delaware. The case was recently handed over to the local authorities.
    SPECIAL OFFER (Sponsored)

    Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

    Jordan Lyanchev

    Source link

  • $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

    $9 Trillion BlackRock Files Ethereum Spot ETF, What’s So Special About It?

    Following BlackRock’s official filing of Spot Ethereum with Nasdaq, reports have confirmed that BlackRock’s Ether ETF plan has been confirmed by Nasdaq and is on its way to the US SEC to gain final approval. 

    BlackRock Ethereum Spot ETF Confirmed

    American multinational investment company, BlackRock has been making waves in the crypto space after news spread of NASDAQ listing the investment firm’s Ethereum Spot ETF, iShares Ether Trust in Delaware.

    “BlackRock’s Ethereum ETF confirmed. They just submitted a 19b-4 filing with Nasdaq,” Bloomberg Research Analyst, Jeff Seyffart stated. 

    While BlackRock’s Spot Bitcoin ETF proposal remains to be approved by the United States Securities and Exchange Commission (SEC), the $9 trillion asset management company has placed its focus on Ethereum Spot ETFs while it waits for the SEC’s final decision on Spot Bitcoin ETFs. 

    The news of the Nasdaq Ethereum ETF filing comes as a major development for BlackRock’s move into the ETF world. Although the investment company remains tight-lipped on the ETH ETF reports flowing through the space, the possibility of an Ether Spot ETF approval could be a sign of the SEC’s approval of Spot Bitcoin ETFs in the future. 

    Many crypto enthusiasts have predicted that the US SEC may continue its efforts to stop the growth of Spot Bitcoin ETFs by declining BlackRock’s Ether Spot ETF filing. 

    However, in the case the regulatory body does approve the asset management company’s Ethereum Spot ETF, the SEC could be faced with potential contradictions in its decision-making processes. The acceptance of ETH Spot ETFs would stand in stark contrast to the previous disapproval of Spot Bitcoin ETFs.

    Presently, the crypto community has been largely positive, as market metrics signal a potential rally for altcoins following BlackRock’s Ethereum Spot ETF confirmation. 

    A crypto member has stated that the asset management company’s move into Ether Spot ETFs indicates strategic confidence in securing approval for Spot Bitcoin ETF in the future. 

    ETH Price Skyrockets

    Following the news of NASDAQ registering BlackRock’s Ethereum Spot ETF, the price of ETH has increased by over 9% and is currently trading at $2,086.92 according to CoinMarketCap.

    Reports of the Ethereum Spot ETF filing have sparked a rally in the cryptocurrency, topping over $2,000 for the first time since April this year. ETH’s market volume has also increased by 171.53%.

    Many crypto investors are looking forward to more positive developments in the cryptocurrency regarding Ethereum Spot ETFs as an official approval may indicate a potential long-term bull run for ETH.

    ETH bulls retest $2,100 | Source: ETHUSD on Tradingview.com

    Featured image from BlockWorks, chart from Tradingview.com

    Scott Matherson

    Source link