BlackRock Competes for Ethereum Spot ETF in Growing Race

BlackRock Competes for Ethereum Spot ETF in Growing Race

BlackRock Takes The Ethereum (ETH) Spot ETF Leap

BlackRock made a whole lot of move by submitting an app  for an Ethereum (ETH) Spot Exchange Traded Fund (ETF) to the  United States Securities and Exchange Commission (SEC), following its Spot Bitcoin (BTC) ETF filing. The application, dated November 15, is awaiting the SEC’s approval, and BlackRock officially formed the Trust on November 9. The iShares Ethereum (ETH) Trust is designed to support the ownership of Ether through shares’ issuance, enabling investors to own fractional undivided interests in the Trust’s net assets.

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Currently, the United States SEC has not approved any Ethereum (ETH) Spot ETF filing, and plenty of related applications’ review has been delayed. Nonetheless, there’s an anticipation within the cryptocurrency community that the regulatory agency might sooner or later approve pending ETF applications. This comes as good news as it might significantly drive the expansion and development of the cryptocurrency ecological system and the digital currencies involved.

Ethereum (ETH) Price Reacts To Blackrock’s Move

Following BlackRock’s Ethereum (ETH) ETF filing, the price of Ethereum (ETH) surged nearly 2%, reaching $2,080 at one point after the notice. Investors are gearing up for a probable bull run in the event that the United States SEC grants official authorization for Ethereum (ETH) Spot ETFs. In the meantime, Bitcoin’s price is on a steady rise as new corporations apply for Spot Bitcoin (BTC) ETFs. As of now, Bitcoin (BTC) is currently worth $36,408, while Ethereum (ETH) has eased from its initial surge and is currently worth $1,952.

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Cryptocurrency enthusiasts are keeping a close eye on the United States SEC’s ETF filing approvals and the consequent price fluctuations.

Hot Take: BlackRock Makes a Bold Move

BlackRock’s move to apply for an Ethereum (ETH) Spot ETF filing is another whole lot of step towards mainstream adoption of digital currencies. if the United States SEC grants approval, it’s expected to induce a increase in the price of Ethereum (ETH). This app  is another indicator of the growing interest of mainstream financial institutions in the cryptocurrency market.

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Source: Bitcoinist, Tradingview

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Newt Bettec emerges as an intellectual voyager at the intersection of crypto analysis, meticulous research, and editorial mastery. Within the digital labyrinth of cryptocurrencies, Newt’s intellect traverses intricate corridors, resonating with seekers of diverse inclinations. His talent for unraveling complex threads of crypto intricacies seamlessly blends with his editorial finesse, transmuting intricacy into an engaging tapestry of understanding.

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