Ethereum

Breaking: BlackRock’s ETH ETF Sends Prices Soaring Over $2K; Bitcoin ETF Hype Reaches Fever Pitch!

The World’s Largest Asset Manager Files for Spot Ether ETF, Boosting ETH Price

On November 9, the world’s largest asset manager, BlackRock, filed for a spot Ether (ETH) exchange-traded fund (ETF), just four months after filing for a spot Bitcoin ETF. This news caused ETH prices to surge past $2,000 for the first time in over a year, signaling a bullish effect on the crypto market.

BlackRock’s filing for an Ether spot ETF had a significant impact on the crypto market, allowing ETH to break through the critical resistance of $2,000 for the first time in six months. However, this surge in price was short-lived as a flash crash occurred, wiping out nearly $1 billion in open interest within an hour. The sudden price fluctuations led to the liquidation of millions in long and short positions.

The confirmation of BlackRock’s ETH ETF filing came after the public disclosure of its 19b-4 filing with Nasdaq. Nasdaq filed the 19b-4 form on behalf of BlackRock with the SEC for a proposed ETF called the “iShares Ethereum Trust.” This move indicates BlackRock’s intention to expand its ETF aspirations beyond Bitcoin, eliciting various reactions from the crypto community.

Bitcoin proponent Udi Wertheimer reacted to the news by saying, “There is a second best,” referencing the popular meme of MicroStrategy CEO Michael Saylor, who believes that Bitcoin (BTC) is the only true asset and that there is no second best.

Other crypto enthusiasts celebrated the growing institutional interest in cryptocurrencies beyond Bitcoin. Raoul Pal stated that an ETH ETF is the “holy grail for asset managers as they can capture the yield and only give price performance to the ETF holders.” Additionally, some individuals pointed out that BlackRock’s interest in an ETH ETF suggests that its spot Bitcoin ETF is also likely to be approved.

Overall, the filing for a spot Ether ETF by BlackRock has had a significant impact on the crypto market, with ETH prices soaring and the potential for increased institutional interest in cryptocurrencies beyond Bitcoin. Traders are eagerly awaiting the opportunities that a staked spot ETH ETF can offer in terms of real yield.

Sources: Udi Wertheimer Twitter, Wise Twitter

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