Rumor validated! The news of this end of crypto year will have been strongly supported by Exchange Traded Funds (ETF) spot Awaiting Approval. A race in which financial giants like BlackRock come to rub shoulders with older actors like Grayscale. And, for the moment this mainly concerns a cash version applied to the emblematic Bitcoin. However, rumors suggested yesterday at the end of the day that a spot Ethereum ETF application had also been filed by BlackRock. Explanations…
BlackRock formalizes its Ethereum spot ETF
The wait is becoming heavy in the case of spot Bitcoin ETFs. And, the forecasts follow one another in order to anticipate an approval from the Securities and Exchange Commission (SEC) of the United States which is struggling to arrive. But, according to a Bloomberg analyst, this matter could find a favorable outcome during next week. Tick, tock…
A procedure during which a BlackRock effect came to shake up the crypto market, there is a little over two weeks. This follows a mention of its iShares Bitcoin Trust (IBTC) on the register of the Depository Trust & Clearing Corporation (DTCC). But, this official mention had no approval value. A short-lived false joy which still allowed BTC to return to the $35,000 level.
And, clearly, history is repeating itself. With the difference that in this case this concerns a Spot ETF applied to Ethereum. With the step taken yesterday as part of this procedure, the official filing of a 19b-4 file made by Nasdaq. A project in which the official custodian would be the Coinbase Custody Trust Company.
New BlackRock effect on Ethereum
An announcement whose main consequence was to cause the price of the cryptocurrency ETH to explode upwards. A movement of +10% over the last 24 hours which allows it to return to the level of around $2100. With this question on everyone’s mind: will it be as durable as for Bitcoin?
A dynamic which also allows to validate a real – and lasting? – bottom on the ETH/BTC pair. With the optimistic prospect of seeing the beginning a sustained upward trend at the end of this year. However, be careful of the possibility of a very probable correction following strong increases of this type.
Could BlackRock, the world’s largest asset manager, be to impose its mark on the cryptocurrency market ? The question is worth asking when we see the effects of even the slightest step taken in the matter of spot ETFs. And, clearly, Ethereum’s arrival in this race promises to be epic.