The world’s largest asset manager applied for a spot Ethereum (ETH) exchange-traded fund (ETF) on November 9, four months after applying for a spot Bitcoin ETF. BlackRock’s filing helped ETH prices surge above $2,000 for the first time in more than a year.
BlackRock’s interest in applying for an Ethereum spot ETF has had a bullish impact on the cryptocurrency market, helping ETH break through the key resistance level of $2,000 for the first time in six months.
In addition to ETH, other altcoins also saw significant gains before the flash crash, with nearly $1 billion in open interest wiped from the market within an hour. Millions of long and short positions were liquidated due to sudden price swings.
BlacRock’s ETH ETF filing was confirmed after its 19b-4 filing with Nasdaq became public.Nasdaq submit Represented a global asset manager in filing Form 19b-4 with the SEC proposing a proposed ETF called “iShares Ethereum Trust.” The move showed the asset manager’s intention to expand its ETF business beyond Bitcoin, sparking mixed reactions from the cryptocurrency community.
related: Ethereum futures ETF receives lukewarm response on first day of trading
Bitcoin supporter Udi Wertheimer reacted to the news, saying: “There is a second best option,” referring to the popular Bitcoin. memes MicroStrategy CEO Michale Saylor believes that Bitcoin is the only real asset and there is no second best asset.
Breaking News: BlackRock: There’s a second best pic.twitter.com/SEtoTADf0h
— Udi Wertheimer (@udiWertheimer) November 9, 2023
Other cryptocurrency proponents are pleased with the growing institutional interest beyond Bitcoin.Raoulpal explain ETH ETFs are “the holy grail for asset managers because they can earn income and provide price performance only to ETF holders.”
Others pointed out that BlackRock’s interest in an ETH ETF suggests that its spot Bitcoin ETF is a foregone conclusion.
The filling of the ETH ETF seems to indicate that the BTC ETF is complete.
(Start at bottom of page 12) pic.twitter.com/Jymn3ltzie
— Wise (@wise_eth) November 9, 2023
Sassal, an independent Ethereum educator, drew attention Talking about the impact of ETFs on ETH yields, the claim is that traders will be “absolutely salivating over the real yields that staking spot ETH ETFs can provide.”
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