Ethereum Rallies as BlackRock CEO Targets ETH ETF Post Bitcoin Debut
In the day since the historic launch of eleven spot Bitcoin ETFs on Wall Street, a clear winner in the crypto realm has emerged: Ethereum (ETH).
While Bitcoin experienced fluctuations since the approval of Bitcoin ETFs on Wednesday, its rival, Ethereum, seems to be reaping most of the benefits, steadily surging. On Friday, ETH reached $2,698, nearing $2,700 for the first time since the crypto bear market began in April 2022.
This upward trend is largely attributed to growing optimism regarding the potential approval of a spot Ethereum ETF in the coming months, inspired by the precedent set by Bitcoin.
On Friday, Larry Fink, the CEO of BlackRock, a Wall Street giant, expressed full support for an Ethereum ETF in an interview with CNBC. Fink stated, “We believe this is just the beginning. I see value in having an Ethereum ETF.” BlackRock filed an application with the SEC in November for a spot ETH ETF, and analysts anticipate its success based on the legal considerations that led to the approval of a spot Bitcoin ETF.
Fink’s enthusiasm for an Ethereum ETF aligns with his broader vision of integrating blockchain technology into traditional finance. He emphasized that ETFs represent the first step in the technological revolution in financial markets, with the second step being the tokenization of every financial asset.
Expressing satisfaction with the success of Bitcoin ETFs on their first day, Fink mentioned being “very happy with the flows.” Spot Bitcoin ETFs cleared an impressive $4.5 billion in trading volume on their debut day. These ETFs allow traditional institutions and investors to gain exposure to BTC without directly holding the cryptocurrency. A potential spot ETH ETF would offer similar opportunities for Ethereum.
Analysts estimate that spot Bitcoin ETFs have exposed the cryptocurrency to approximately $14 trillion worth of traditional American financial assets.
