BlackRock Ethereum ETF starts a Bull Market?
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The announcement that BlackRock Inc. has initiated the process for an Ethereum-based exchange-traded fund (ETF) has sparked a significant rally in Ether's price.
With the registration of the iShares Ethereum Trust in Delaware, BlackRock continues to extend its crypto ETF ventures following its Bitcoin spot fund filed in June, which also boosted digital asset markets. Ether's value increased by 8.6% on this news, reaching over $2,000, its highest since April.
This development is particularly notable as, presently, there are no ETFs in the US that directly hold Bitcoin or Ether, despite multiple attempts and filings by various financial entities. The crypto community views the potential approval of such ETFs as a victory, potentially broadening investor participation due to ETFs' generally lower management fees.
Regulators, who have historically been hesitant, show signs of warming up to the idea, as seen in the SEC's recent loss to Grayscale Investments in a case regarding the conversion of a Bitcoin trust into an ETF. BlackRock's reputation for successfully launching ETFs has fueled optimism for the approval of spot-crypto funds.
Bloomberg text on ETH ETF: https://www.bloomberg.com/news/articles/2023-11-09/blackrock-blk-filing-spurs-ether-eth-rally-as-etf-bets-fire-up-crypto
Nothing here is financial advice, purely educational content.
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