Today in Markets

ETH Joins the Fun

Ethereum braces for some institutional love
Nov 11, 20231 min read

Ethereum broke above $2,100 on Thursday after BlackRock, America’s largest asset manager, filed for a spot ETH ETF. Approval of spot ETFs for crypto's top two assets is imminent! Still, bull market gains are not being evenly distributed.

Ethereum already received regulatory clarity as a non-security in early October after the approval of ETH futures ETFs, unlocking a clear path toward approval for a spot ETF. Still, approval hype had until now been focused squarely on Bitcoin.

While Ethereum has lagged behind high-flyers like SOL and LINK over the past month, the arrival of a new narrative could help ETH gain strength against the dollar and other crypto assets.

Thursday’s filing helped to breathe a spark of life back into the ETH/BTC ratio, which has been down only since BlackRock first filed for their spot BTC ETF in June. Theoretically, the filing should place the two assets on more level ground going forward.

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