BlackRock applies for Ethereum ETF, how long can ETH continue to rise?
Original - Odaily
Author - Loopy
Yesterday, the crypto marketRapid market changes. Stimulated by the good news that Bitcoin ETF has officially entered the approval window, Bitcoin once exceeded the $38,000 mark. Then the market crashed, and Bitcoin quickly fell to $35,500.
Amid the drastic changes in the market, ETH is the currency that deserves our attention the most. According to documents disclosed by Bloomberg analysts, BlackRock registered an Ethereum Trust in Delaware with the registered entity name ISHARES ETHEREUM TRUST.
Stimulated by this good news, ETH became one of the best-performing mainstream currencies, rising by more than 12% that day. With the price rising rapidly and policies becoming more open, how far can ETH go?
ETH performs strongly, remains firm despite flash crash
After being silent for several months, ETH finally caught up with yesterdays BTCs rise last night, breaking through the $2,000 and $2,100 marks one after another, and did not follow the markets flash crash. It has remained above $2,100 this morning. .
When we observe the ETH/BTC exchange rate trend, the advantage of ETH is particularly prominent. On the small-level chart, the ETH/BTC exchange rate has risen rapidly, and several big positive lines have made extraordinary gains. The exchange rate is currently up 12.1% from yesterdays low. It is rare for mainstream currencies to achieve such a strong increase measured by BTC. As follows:
If you look at the larger level, you can see that the ETH/BTC exchange rate has bottomed out, but whether it can stand firm and continue to rise is still worth waiting to see.
BlackRock enters Ethereum, and the track becomes more crowded
The Form 19 b-4 disclosed yesterday also further explained to the market BlackRock’s ambitions for the crypto market – which is by no means limited to BTC.
Form 19 b-4 is an SEC filing. This form allows financial institutions to submit applications for the listing of certain securities, particularly in connection with exchange-traded products such as exchange-traded funds (ETFs). This form needs to be submitted when a company wishes to list a new product on an exchange. Through this process, the SEC examines the structure and operation of products to determine whether they comply with regulations and protect investor interests.
For example, in June of this year, BlackRock filed for a Bitcoin ETF shortly after the iShares Bitcoin Trust issued a similar notice.
As the worlds largest asset management company, since BlackRock has plans for BTC, it is natural for it to have expectations for ETH as the second pie.
The website of the Delaware Registrar of Corporations shows that BlackRock registered an iShares Ethereum Trust with the registered entity name ISHARES ETHEREUM TRUST. Early this morning, Nasdaq officially submitted BlackRocks proposed spot Ethereum ETF iShares Ethereum Trust application to the U.S. SEC. The ETF will use Coinbase Custody Trust Company as the custodian and use the CME CF Ether-Dollar reference rate.
So far, seven filings have been made to the SEC by players including VanEck, ArkInvest, 21 Shares, Invesco, Hasdex and Grayscale.
It is worth noting that although BlackRock is not the first company to apply for a spot Ethereum ETF, the market has high hopes for BlackRock, a victorious general in the ETF battlefield, and is looking forward to the Ethereum ETF it brings. different.
Crypto analyst Lark Davis revealed Blackrock’s ambitions: “Blackrock will acquire Bitcoin, Ethereum, and eventually Chainlink, Solana and other ETFs. This cycle is a time when institutional funds are pouring in. This also means that this may It’s the final cycle to gain crazy, life-changing, generational wealth.”
Can this 9 trillion asset management giant lead ETH to a different destiny?
Two Pies repeats the Big Pie narrative, how far can ETH go?
From a narrative point of view, the approval of the Ethereum ETF will bring ETH into the sight of mainstream institutions and bring more capital inflows. The narrative of ETFs is not much different between BTC and ETH, and naturally the difficulties they face are not very different.
The SEC has previously delayed existing applications for a proposed Bitcoin spot ETF multiple times. Every time an ETF approval window comes, the market gets a burst of excitement, and then calms down again as the SEC delays it.
It can be a long process from applying for an ETF until final approval. On the tortuous road, ETH may go through all the ETF events that BTC encountered. The implementation of this good news is still quite far away from us.
Although the benefits of ETF are far away, the negative news of Ethereum itself has really troubled the crypto community recently.
At present, Ethereum has been questioned one after another, including the excessive centralization of liquidity staking pools, criticism of Vitalik himself as being too authoritarian, etc. The most serious accusations came from the Ethereum founder’s improper operations and bribery of SEC executives during the Ethereum ICO.
Former Ethereum consultant Steven Nerayoff commented, “It’s clear that Ethereum is the elephant in the room, eclipsing even the FTX case. Joe Lubin and Vitalik Buterin have been front lines for corrupt officials at the highest levels of federal agencies, such as Clayton (former SEC Chairman), Gensler (SEC Chairman), etc.”
For Ethereum’s recent ongoing scandals, please refer toEthereum is in constant turmoil: Vitalik fraud, the true situation of ICO is in doubt, ETHGateOne article.
At present, the temporary events that cause the community more anxiety are probably some trading operations involving giant whales.
According to Spot On Chain monitoring, this afternoon,Justin SunThe address deposited 580 ETH ($1.23 million) into Binance and transferred 30 ETH ($63,700) to the new wallet. In addition, according to Scopescan monitoring,Vitalik.ethAlso sent 50 ETH ($106,000) to Coinbase.
However, judging from on-chain data, the Ethereum network has achieved substantial growth. The number of micro-addresses currently holding less than 0.1 ETH has exceeded 100,000 wallets for the first time. There has also been a significant upward trend in the number of addresses holding 0.1-10 ETH.
As of the time of publication, ETH price is still trading around $2,100. Ouyi OKX market shows that ETH has increased by as much as 12% in 24 hours.
This increase allowed ETH to regain its dominant position in the short-term flash crash market, and people once again turned their enthusiasm and attention to this mainstream currency. Market sentiment is high and the bull market atmosphere is strong. How long can this enthusiasm last?
