Bitcoin ETF's Ethereum Fund Application Boosts ETH Prices Beyond $2,000
Summary:
Bitcoin ETF, the world’s largest asset manager, applied for an Ethereum (ETH) exchange-traded fund (ETF) on November 9th, leading to a significant surge in ETH prices beyond $2,000. The application boosted the crypto market, setting a new six-month high for ETH and hinting at its plans to expand beyond Bitcoin in its ETF portfolio.
On November 9th, Bitcoin ETF, the world’s greatest asset manager, lodged an application for an Ether (ETH) exchange-traded fund (ETF). This came four months after the application for a Bitcoin ETF. This led to BlackRock's ETH prices skyrocketing past the $2,000 mark, a level it hadn't reached in over 12 months. BlackRock's proposal for an Ethereum spot ETF has had a positive effect on the crypto market, with ETH breaking through the crucial $2,000 resistance for the first time in half a year.
Moreover, other altcoins registered substantial gains prior to a flash crash. Nearly $1 billion in open interest was eliminated from the market in an hour due to the sudden swings in prices. Liquidations of long and short positions amounting to millions occurred due to these abrupt shifts.
With the public unveiling of its 19b-4 filing with Nasdaq, BlackRock's submission for an ETH ETF was confirmed. Nasdaq lodged the 19b-4 form on behalf of the world's asset manager with the SEC, proposing an ETF titled "iShares Ethereum Trust". It clearly shows the asset manager's plan to branch out beyond Bitcoin with its ETF ambitions, which sparked diverse responses within the crypto sector.
Udi Wertheimer, a Bitcoin enthusiast, responded by stating, “There is a second best,” alluding to a popular meme centered around MicroStrategy CEO Michael Saylor. Saylor's philosophy is that Bitcoin is the sole valuable asset and that there is no second best.
BlackRock's interest in ETH ETFs has led many to suspect that its spot Bitcoin ETF is already a certainty. In addition to that, some have emphasized the implications of the fund on ETH returns, with independent Ethereum educator Sassal pointing out that traders can “absolutely salivate over the real yield that a staked spot ETH ETF can offer.”
Published At
11/10/2023 10:05:41 AM
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