The recent filing by BlackRock for an Ethereum (ETH) ETF has caused a surge in ETH prices, with the cryptocurrency reaching $2,100. This move follows similar filings by other companies such as VanEck, ArkInvest/21Shares, Hashdex, and Invesco/Galaxy. Grayscale has also filed for the conversion of its Ethereum Trust into an ETF.
The filing by BlackRock presents a compelling argument for approval, citing the recent Grayscale court ruling and the approval of Ethereum futures ETFs by the SEC. This has raised hopes for the approval of an ETH ETF.
In the past week, ETH has seen a 10.14% increase, reaching $2,086. However, on Friday, it experienced a slight decline. The progress towards an ETH ETF will depend on the success or failure of BTC ETF applications.
Speaking of BTC, the SEC has opened a window for the approval of 12 BTC ETF applications. Analysts predict a 90% chance of approval by January 10, 2024. This news has driven BTC prices to a new high of $38,020.