BlackRock CEO Optimistic About Potential Ethereum ETFs
Ethereum ETFs: BlackRock CEO Sees Potential
Larry Fink, CEO of BlackRock, sees value in Ethereum ETFs. In a recent CNBC interview, he expressed a positive outlook on the prospects for Ethereum, particularly following the approval of the Bitcoin Spot ETF.
BlackRock and the Prospects for Ethereum ETFs
Fink emphasized the value of an Ethereum ETF in his interview. BlackRock itself has already received approval for a Bitcoin Spot ETF. On the first trading day, it recorded a significant volume of around $4.6 billion.
The possibility for institutions to pursue an Ethereum Spot ETF is reinforced by the absence of regulatory issues between Ethereum and the SEC. Unlike certain exchanges and cryptocurrencies that have clashed with the SEC in the past, Ethereum has no such problems. Moreover, Ethereum has the second-largest market capitalization according to CoinMarketCap, making it attractive for institutions to offer it as an ETF.
Ethereum Price Following ETF Approval
An examination of Ethereum’s daily chart showed a significant increase leading up to the approval of the Bitcoin Spot ETF. The positive trend continued on the first trading day of the ETF, approaching the overbought zone. However, this upward trend was interrupted on January 12, marked by a decline of over 3%. Originally ready to break the $2,700 price range, Ethereum fell back to around $2,500. At the time of publication, Ethereum’s trading price is around $2,540, representing a slight increase of over 1%.
Ethereum’s Dominance in Crypto Discussion
An examination of Ethereum’s social dominance on Santiment showed its dominance in discussions within the crypto space. On January 10, social dominance rose to over 9.4%. This means that Ethereum accounted for more than 9% of the total discussion in the space. At the time of publication, however, dominance has dropped to about 7%.
The chart showed a notable correlation between the increase in Ethereum’s social dominance and its price increase. Furthermore, Ethereum played a key role in leading the broader altcoin rally, further underscoring its importance within the crypto space.
Sources:
CNBC, CoinMarketCap, Santiment, Trading View.
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