- BlackRock has filed an application for a spot Ether (ETH) exchange-traded fund (ETF), four months after applying for a spot Bitcoin ETF.
- The application for BlackRock’s Ethereum spot ETF created a bullish impact in the crypto market, helping ETH surpass the critical resistance level of $2,000.
- Nasdaq, on behalf of the world’s largest asset manager, publicly disclosed a proposed ETF named “iShares Ethereum Trust” by filing a 19b-4 form with the SEC.
BlackRock, the world’s largest asset manager, filed with the SEC along with NASDAQ to launch a spot Ethereum ETF!
BlackRock Applies for Ethereum ETF
The world’s largest asset manager, BlackRock, has applied for a spot Ether (ETH) exchange-traded fund (ETF), four months after applying for a spot Bitcoin ETF. BlackRock’s application has contributed to ETH prices exceeding $2,000 for the first time in over a year.
BlackRock’s Ethereum spot ETF application created a bullish impact in the crypto market, helping ETH surpass the critical resistance level of $2,000, marking a situation that had not occurred in six months.
Alongside ETH, other altcoins experienced significant gains before a sudden downturn, wiping out nearly $1 billion in open positions within an hour. Millions of long and short positions were liquidated due to sudden price fluctuations.
BlackRock’s ETH ETF application was approved following the sharing of 19b-4 applications with Nasdaq. Nasdaq, on behalf of the world’s largest asset manager, publicly disclosed a proposed ETF named “iShares Ethereum Trust” by filing a 19b-4 form with the SEC. This move indicates the asset manager’s intention to expand its ETF goals beyond Bitcoin and has garnered various reactions from the crypto community.
Bitcoin advocate Udi Wertheimer reacted to the news, referencing Michael Saylor’s popular meme that believes in Bitcoin as the only true asset, stating, “There is no second best” by saying, “There is no second best.”
Raoul Pal’s Comment
Other crypto advocates welcomed the increase in institutional interest beyond Bitcoin. Raoul Pal stated that an ETH ETF is the “holy grail for asset managers because it can capture the yield and offer ETF holders only price performance.”
Others mentioned that BlackRock’s interest in an ETH ETF indicates that a spot Bitcoin ETF is a definite deal. Sassal, an independent Ethereum educator, highlighted the impact of the ETF on ETH returns and claimed that traders would undoubtedly be excited about the real returns a fractional spot ETH ETF could offer.
