Crypto Macro Weekly: Ether (ETH) Pumps 11% Above $2,100 as BlackRock Files For Spot Ethereum ETF as Broader Market Rally Continues
Ether (ETH), the cryptocurrency that powers the smart contract-enabled Ethereum blockchain that remains the dominant chain in the DeFi, NFT and broader web3 industries, stole the spotlight from its bigger rival Bitcoin (BTC) this week, and was last up close to 11% since Sunday after BlackRock filed to set up a US spot Ethereum ETF with Nasdaq.
Ether (ETH) eclipsed $2,100 for the first time since April on Thursday and came close to hitting new highs for the year as BlackRock revealed via its Nasdaq filing that it will soon apply to set up a spot Ethereum ETF with the SEC, just as it applied to set up a spot Bitcoin ETF with the SEC back in June.
BlackRock’s June application to set up a spot Bitcoin ETF was quickly followed by a dozen similar applications from rival asset managers and was undoubtedly an important turning point for the Bitcoin market it 2023.
Indeed, the Bitcoin price is up around 45% since the start of June after hitting fresh highs for the year above $38,000 this week as investors bet that spot Bitcoin ETFs will soon gain approval and this will spur significant institutional inflows into the cryptocurrency.
As per sources cited by Fox Business journalist Charles Gasparino in a tweet on Thursday, BlackRock is growing increasingly confident its spot Bitcoin ETF will be approved by January
Thursday’s announcement of its spot Ethereum ETF plans by BlackRock could be an important turning point for the crypto market.
Since June, Bitcoin has increased its market dominance, outperforming by a significant margin, with the ETH/BTC ratio dropping over 24% at one point.
However, in light of ETH’s latest spot ETF optimism-fuelled pump, the tide could be starting to turn.
Could we be about to transition from a Bitcoin-led bull
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