From 10 historical first time by day and change Place Bitcoin ETFs One clear crypto winner has emerged on Wall Street: Ethereum.
Although BTC has seen a lot Oops And Downloads Since the Bitcoin ETF was approved on Wednesday, the coin's rival ETH, which seems to have benefited the most from the event, has been running steadily higher. ETH hit $2,698 on Friday, bringing it close to $2,700 for the first time since the crypto bear market began in April 2022.
The token has since reached $2,645 as of writing—still up 18.5% over the past week.
Much of that momentum can be attributed to growing optimism that the Ethereum ETF space could become a reality. Only monthsThanks to Bitcoin for facilitating the way.
For example, on Friday, Wall Street Goliath BlackRock CEO Larry Fink b CNBC Interviewer that he is all in the Ethereum ETF.
“We believe this is just the beginning,” Fink said this morning. “I see the value of having an Ethereum ETF.”
In November, Blackrock You have submitted an application. Place ETH with the Securities and Exchange Commission (SEC) to issue an ETF. Analysts have predicted that the application will be successful, as Legal facts The SEC forced it. They approved it with regret A Bitcoin ETF for Ethereum could be the same.
Fink's enthusiasm for an Ethereum ETF seems related to his broader goal of bringing blockchain technology into traditional finance.
“ETFs are one step in the technological revolution in financial markets,” he said. “Level two will be the tokenization of each financial asset.”
BlackRock's CEO expressed his enthusiasm for the great success of Bitcoin ETFs on their first day on the market, saying, “I'm very happy with the flows.” In just the first day, Bitcoin ETFs have cleared something of a spot. Price 4.5 billion dollars Transaction volume.
Spot Bitcoin ETFs allow traditional financial institutions and investors to gain exposure to BTC without having to hold any privacy. An ETH ETF does the same thing for Ethereum.
Bitcoin ETFs have now exposed the cryptocurrency, according to analysts It is worth 14 trillion dollars American traditional financial assets.
Edited by Andrew Hayward.
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