A filing by Nasdaq on Thursday confirms BlackRock’s Ethereum ETF plan, a move that would increase their commitment to cryptocurrencies. Nasdaq, as the exchange where BlackRock would list the product, confirmed the asset management’s intention. In June, BlackRock had already filed an application to list a spot bitcoin ETF. The SEC will decide whether to approve it in the coming months. On the other hand, Grayscale Investment’s BTC ETF application received a big boost recently. If those application were to be confirmed, that would greatly broaden access to crypto for everyday investors.
Once the ETH ETF plan was made public, Ether immediately surged in price briefly over $2,100. It then started to give back some of the gains, but still remained up versus its price from 24h before. This brief rally reflects bitcoin’s in June, as well as in recent weeks after rumours spread of SEC approval of Grayscale’s ETF application. It is likely that after one or two weeks of excitement, ETH’s price will also plateau to some degree. However, if other spot Ether applications are filed in the near future, the currency could receive a long-term boost. As Forbes points out however, an asset manager of BlackRock’s size and importance would not file such an application without an expectation of success. Another positive for ether is that its “realised volatility on a monthly basis is the lowest it has been in almost five years.”
Staying on topic, On Tuesday Hong Kong’s securities regulator moved towards allowing retail investors to buy spot crypto ETFs. In a statement by the Securities and Futures Commission (SFC), the institution implied that “the policy is updated in light of the latest market developments seeking to further expand retail access through intermediaries and to allow investors to directly deposit and withdraw virtual assets.” The SFC CEO added that the policy would boost efficiency and customer experience. This development, just as Nasdaq confirms BlackRock’s Ethereum ETF plan, is a welcome sign for crypto investors and enthusiasts.
