The ETF narrative now seems to occupy first place when it comes to the hypothesis of the next bull run: BlackRock has just filed an application for a spot Ethereum ETF with the Delaware. The world’s largest asset manager had done the same before filing its application with the SEC. That was all it took for the price of Ether to surpass $2,000.
BlackRock propels Ether above $2,000
It now seems clear that the next bull run will depend on, or at least be greatly propelled by, the ETF narrative. Just as the official announcement of the opening of the dialogue between Grayscale and the Securities and Exchange Commission (SEC) blew a wind of hope and sent the price of Bitcoin soaring to almost $38,000 (something that hadn’t happened since May 2022), it’s Ether’s turn.
And the reason is once again to be found on the ETF side: the world’s largest asset manager, BlackRock, has begun the process of filing an Ethereum ETF application with the SEC.
The news was initially shared by the @SummersThings account on X, which spotted the asset manager’s application on the dedicated Delaware site. In all likelihood, BlackRock would have made a similar request a week before formalizing its application to the US regulator for its Bitcoin spot ETF, which is still pending.
The news was quickly confirmed by James Seyffart and Eric Balchunas, 2 analysts specializing in the ETF sector at Bloomberg Intelligence. That’s all it took for the Ether price to take off, topping the $2,050 mark. For your information, this hasn’t happened since last April:
Evolution of the Ether price from February 2023 to the present day
Contacted by various media, BlackRock declined to comment on the news.
It should also be noted that, as of today, the SEC can approve 9 of the 12 BTC spot ETF applications currently under review at any time. This is the first time the regulator has had to rule on this since its legal defeat at the hands of Grayscale, which wishes to convert its GBTC into a spot Bitcoin ETF.
