A day and changes since its historic debut 10 years ago Bitcoin ETF Spot A clear winner has emerged on Wall Street: cryptocurrency. It is Ethereum.
BTC has seen a lot, but up and down Since the Bitcoin ETF was approved on Wednesday, the coin’s rival ETH appears to have enjoyed a steady rise, reaping most of the benefits of the event. ETH hit $2,698 on Friday, approaching $2,700 for the first time since the cryptocurrency bear market began in April 2022.
The token price has since risen to $2,645, still up 18.5% over the past week.
Much of the sprint is due to growing optimism that a spot Ethereum ETF could become a reality. just a few monthsThanks to Bitcoin for paving the way.
For example, on Friday Larry Fink, CEO of Wall Street giant BlackRock, said: CNBC The interviewer said he was investing everything in the Ethereum ETF.
“We believe this is just the beginning,” Fink said this morning. “I see the value of owning an Ethereum ETF.”
Black Rock in November submitted the application We are issuing a spot ETH ETF together with the U.S. Securities and Exchange Commission (SEC). Analysts predicted the application would be successful. legal reality The SEC forced us to do this. reluctantly approve Spot Bitcoin ETFs are likely to apply to Ethereum as well.
Fink’s enthusiasm for the Ethereum ETF appears to be related to his broader goal of incorporating blockchain technology into traditional finance.
“ETFs are the first step in the technological revolution in financial markets,” he said. “Phase 2 will be the tokenization of all financial assets.”
The BlackRock CEO also expressed enthusiasm about the huge success the Bitcoin ETF has enjoyed on its first day on the market, saying he is “very pleased with how things are going.” On the first day alone, the spot Bitcoin ETF posted huge returns. Worth $4.5 billion Trading volume.
Spot Bitcoin ETFs allow traditional financial institutions and investors to gain exposure to BTC without holding the cryptocurrency directly. The spot ETH ETF does the same for Ethereum.
Analysts have estimated that spot Bitcoin ETFs now have exposure to the cryptocurrency. $14 trillion worth Among America’s traditional financial assets
Editor: Andrew Hayward
