After lots of several rumours & reports, BlackRock officially filed an application with the US SEC for its other crypto spot ETF product.
BlackRock is a top fund manager, co-founded by Robert S. Kapito & Larry Fink in 1988. Fink is the current CEO of BlackRock and under his leadership, this firm is very near to getting legal approval from the United States Securities and Exchange Commission (SEC) for its Bitcoin spot ETF product called IBTC.
On 15 Nov 2023, BlackRock filed the S-1 prospectus for its Spot Ethereum ETF with the top American financial regulator SEC. For this product, BlackR chose Nasdaq listed crypto exchange Coinbase as the custodian.
Nearly a week ago, BlackRock registered for iShares Ethereum Trust. At the time, the majority of the reports predicted that it would take a few months for this fund manager to file for Ethereum ETF.
Amid these crypto bull sentiments, the application by BlackRock for Ethereum is giving another big positive reason to enhance the bull sentiments.
According to some veteran traders, the trade price of Ethereum will surge by 10 fold because of such positive news and also it will be better to invest in Ethereum over Bitcoin because the market cap of Ethereum is very small over Bitcoin.
The current trade price of the Ethereum (ETH) coin is $2,045 & this trade price is 67% higher year to date (YTD).
Fear & Greed Index
The current Fear & Greed Index of the crypto market is 70 which means crypto investors are full of confidence in their investment & are expecting a big rally in the crypto asset prices.
According to past Bitcoin halving event patterns, Bitcoin trade price collapsed badly before halving but it will be interesting to see what will happen at this halving (expected Bitcoin halving date April 2024).
If the Bitcoin trade price drops then that will also result in very big negative news for the trade price of other crypto assets because that will bring only negative sentiments but will also bring an opportunity to accumulate some fraction of Bitcoin & Ethereum.