BlackRock ETH ETF helps price past $2K; community sees BTC ETF as ‘done deal’

The worlds biggest possession supervisor applied for a spot Ether (ETH) exchange-traded fund (ETF) on Nov. 9, four months after declaring an area Bitcoin ETF. BlackRocks filing helped ETH rates soar previous $2,000 for the very first time in over a year.BlackRocks objective to declare an Ether spot ETF had a bullish effect on the crypto market, assisting ETH get past the vital resistance of $2,000 for the first time in six months.ETH cost chart. Source: TradingViewApart from ETH, other altcoins also saw substantial gains before a flash crash, with nearly $1 billion in open interest being eliminated of the market within an hour. Millions in brief and long positions were liquidated due to the abrupt cost fluctuations.BlacRocks ETH ETF filing was validated after its 19b-4 filing with Nasdaq ended up being public. Nasdaq submitted the 19b-4 form on behalf of the worlds asset supervisor with the SEC for a proposed ETF called the “iShares Ethereum Trust.” The move signifies the property supervisors objective to broaden beyond Bitcoin with its ETF goals, invoking numerous reactions from the crypto community.Related: Ethereum futures ETFs garner lukewarm reception on very first day of tradingBitcoin proponent Udi Wertheimer reacted to the news, saying, “There is a second finest,” referring to the popular meme of MicroStrategy CEO Michael Saylor, who believes that Bitcoin (BTC) is the only true possession which there is no second best.BREAKING: BLACKROCK: THERE IS A SECOND BEST pic.twitter.com/SEtoTADf0h— Udi Wertheimer (@udiWertheimer) November 9, 2023

Raoul Pal stated an ETH ETF is the “holy grail for possession managers as they can record the yield and just give price performance to the ETF holders.” Others pointed out that BlackRocks ETH ETF interest suggests that its area Bitcoin ETF is a done deal.ETH ETF filling seems to suggest BTC ETF is a done deal.

Sassal, an independent Ethereum teacher, drew attention to the effect of the ETF on ETH yields, declaring traders are going to “definitely salivate over the genuine yield that a staked spot ETH ETF can provide.” Magazine: Bitcoin ETF: Wall Streets course to crypto

Other Questions People Ask

What impact did the BlackRock ETH ETF have on Ethereum's price?

The BlackRock ETH ETF filing significantly boosted Ethereum's price, helping it surpass the $2,000 mark for the first time in over a year. This bullish momentum was attributed to the market's positive reaction to BlackRock's intentions, which indicated a growing acceptance of Ethereum in traditional finance. The surge also reflected broader optimism in the crypto market, as other altcoins experienced substantial gains alongside ETH.

How does the BlackRock ETH ETF filing relate to the Bitcoin ETF perception?

The filing for the BlackRock ETH ETF has led many in the crypto community to view the Bitcoin ETF as a 'done deal.' Analysts suggest that BlackRock's move to expand its ETF offerings beyond Bitcoin signals confidence in the regulatory approval of its Bitcoin ETF. This perception is bolstered by the belief that successful ETH ETF implementation could pave the way for Bitcoin ETFs, enhancing institutional interest in both cryptocurrencies. This directly relates to BlackRock ETH ETF helps price past $2K; community sees BTC ETF as ‘done deal’ in practical terms.

What are the potential benefits of a staked spot ETH ETF according to experts?

Experts like Sassal highlight that a staked spot ETH ETF could provide significant yields for investors, making it an attractive option for asset managers. The potential for generating real yield from staked ETH is seen as a major draw for institutional investors looking to enhance their portfolios. This could lead to increased demand for Ethereum and further price appreciation as more capital flows into the market.

What reactions did the crypto community have to BlackRock's ETH ETF announcement?

The crypto community reacted with enthusiasm to BlackRock's announcement of its ETH ETF, with notable figures expressing optimism about its implications. Udi Wertheimer humorously referenced the idea of "there is a second best," indicating a shift in focus towards Ethereum as a viable asset. Additionally, Raoul Pal described the ETH ETF as a "holy grail" for asset managers, emphasizing its potential to attract significant investment and reshape market dynamics.

What does BlackRock's move indicate about the future of cryptocurrency ETFs?

BlackRock's application for an ETH ETF suggests a growing trend towards institutional acceptance of cryptocurrency investments. This move may signal that major financial players are increasingly willing to embrace digital assets, potentially leading to more ETF filings in the future. As regulatory frameworks evolve, the success of BlackRock's ETH ETF could encourage other firms to pursue similar offerings, further legitimizing cryptocurrencies in mainstream finance.