The Rising Price of Ether in Relation to BlackRock’s Ethereum Trust Registration
The price of Ether (ETH), the cryptocurrency that powers the Ethereum blockchain, is experiencing significant growth amidst recent news. US asset management giant, BlackRock, has registered the iShares Ethereum Trust in Delaware. This move mirrors BlackRock’s previous registration of its iShares Bitcoin Trust before filing for its spot Bitcoin ETF application in June. The registration of the iShares Ethereum Trust has sparked anticipation that BlackRock is preparing to file a spot Ether ETF application, which could potentially trigger a wave of similar applications from other major asset managers.
The Impact on Ether’s Price
As a result of this news, the price of Ether has surged. It is currently trading around $2,040, the highest level since April. This upward trend suggests that investors have become increasingly optimistic about the potential growth of Ether. Comparatively, Bitcoin also experienced a price surge, reaching its highest levels of the year near $38,000 on Thursday. The rise in Bitcoin’s price has mainly been fueled by the expectation that the US Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs.
Analysts are thus anticipating that BlackRock is likewise on the verge of filing a new spot Ether ETF application and that this could kickstart a wave of applications from other major asset managers.
Considering Ether’s current growth rate and its position below its earlier yearly highs, there is a possibility for it to catch up to Bitcoin’s recent surge. A “catch-up” rally could push Ether’s price beyond its previous yearly high of just under $2,150. Therefore, it wouldn’t be surprising if Ether continues to rise and surpass its previous peak.
The Potential for Ether ETF Applications
If BlackRock does file for a spot Ether ETF application, it may pave the way for other major asset managers to follow suit. The registration of the iShares Ethereum Trust indicates increasing interest and confidence in the future of Ethereum and its cryptocurrency. Moreover, the approval of a spot Ether ETF by the SEC could attract more institutional investment and potentially bring added legitimacy to the cryptocurrency market.
Overall, the registration of the iShares Ethereum Trust by BlackRock has sparked excitement and speculation in the cryptocurrency community. The growing interest in Ether and the potential for an Ether ETF could further propel the adoption and mainstream recognition of Ethereum as a leading blockchain platform.
