BlackRock ETH ETF helps value past $2K. Society sees the BTC ETF as a ‘done deal’
The world's largest asset manager filed for a Space Ether (ETH) exchange-traded fund (ETF) on November 9, four months after it filed for a Space Bitcoin ETF. BlackRock's filing helped the price of ETH rise above $2,000 for the first time in over a year.
BlackRock's intention to file for the Ether Spot ETF has had a significant impact on the crypto market, helping ETH to break through critical $2,000 resistance for the first time in six months.
In addition to ETH, other altcoins also saw significant gains before the flash crash, with nearly $1 billion in open interest wiped off the market in an hour. Millions of people lost their long and short positions due to sudden price fluctuations.
The listing of BlackRock's ETH ETF was confirmed after the 19b-4 announcement of its listing on Nasdaq. Nasdaq, on behalf of the global asset manager, filed a Form 19b-4 with the SEC for the proposed ETF “iShares Ethereum Trust.” The move shows the asset manager's desire to expand beyond Bitcoin with its ETF ambitions, prompting mixed reactions from the crypto community.
Related: Ethereum futures ETFs get warm welcome on first day of trading
Bitcoin fan Udi Wertheimer responded to the news, saying, “There is a second best,” citing the famous memory of MicroStrategy CEO Michael Saylor who believes that Bitcoin (BTC) is the only real asset and there is no second best.
Breaking: Blackrock: There's a second best pic.twitter.com/SEtoTADf0h
— Udi Wertheimer (@udiWertheimer) November 9, 2023
Other crypto proponents are excited by growing institutional interest beyond Bitcoin. Raoul Pal says the ETH ETF is the holy grail because “wealth managers capture the best and can deliver price performance only to ETF owners.”
Others have suggested that interest in the BlackRock ETF suggests that the space Bitcoin ETF is a done deal.
The ETH ETF fill seems to suggest that the BTC ETF is complete.
(Continued from page 12 below) pic.twitter.com/Jymn3ltzie
— Wise (@wise_eth) November 9, 2023
Independent Ethereum tutor Sasal drew attention to the impact of ETFs on ETH products, saying that traders “completely dilute the true yield that a single split ETH ETF can provide.”
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