BlackRock’s Ethereum ETF Filing Drives ETH Price, Altcoin Season Soon?

BlackRock files for Ethereum ETF, ETH surges, reaching 7-month high.
Ethereum’s 10% surge post-ETF filing hints at market dominance.
BlackRock’s move suggests a maturing crypto landscape and broader accessibility.

In a groundbreaking move, BlackRock, the trillion-dollar giant, has submitted a 19b-4 form to the SEC, officially declaring its intent to introduce a Spot Ethereum ETF. This monumental step prompted a surge in ETH’s price, reaching a 7-month high, and boosted market sentiments, with Bitcoin also experiencing gains.

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BlackRock’s plan to launch a Spot Ethereum ETF was unveiled through a filing with the Nasdaq exchange, where it intends to list the Ethereum-focused product. This development follows the registration of the corporate entity “iShares Ethereum Trust” in Delaware, signifying BlackRock’s impending Ethereum ETF filing.

The company joins a league of financial institutions eyeing cryptocurrency-backed ETFs. Bloomberg ETF analyst James Seyffart highlighted that besides BlackRock, at least five other firms, including VanEck, ARK 21Shares, Invesco, Grayscale, and Hashdex, are seeking SEC approval for Spot Ethereum ETFs.

The impact on the cryptocurrency market was immediate, with Ether surging by 10.1% in a 24-hour window, hitting $2,080, marking an 8.9% surge post-BlackRock’s Nasdaq filing. This surge allowed ETH to regain market dominance against Bitcoin, reaching a 17% market share, up by 1.3 percentage points.

BlackRock’s foray into the crypto realm extends to a planned Spot Bitcoin ETF, anticipated to secure SEC approval by January 2024. While the timeline for reviewing the Ethereum ETF remains uncertain, it signifies a crucial step toward mainstream investor access to cryptocurrencies.

The surge in Ether’s value, surpassing Bitcoin momentarily, underscores the burgeoning anticipation for cryptocurrency-based ETFs. Regulatory discussions at the SEC remain active regarding the approval of such funds.

The emergence of ETFs could represent a significant milestone in broadening access to digital assets. While hurdles persist, institutional interest from giants like BlackRock signals the continuing evolution and maturation of the crypto landscape.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.