BlackRock, America’s largest asset manager, has taken the first step towards filing for a spot ETH ETF! Ethereum broke above $2k on the news and is up nearly 7% on the day.
The past month may have been brutal for the ETH/BTC ratio, which persistently declined as traders positioned themselves for the likely approval of a spot BTC ETF, but today’s news has managed to breathe a spark of life back into the ratio and was enough to birth a +6.6% candle.
With Ethereum having received regulatory parity with Bitcoin as a non-security in early October thanks to the approval of ETH futures ETFs, it only makes sense that BlackRock would want to capitalize on the opportunity and file to launch a spot ETH ETF!
Given BlackRock's close ties with the US government and impeccable ETF approval track record, it's safe to assume spot Ether ETFs will be approved!
Keep in mind, however, that the mere creation of an ETH investment vehicle is no guarantee that external capital will be showing up to ape your bag.