Is the Narrative Changing from Bitcoin to Ethereum ETF? ETH Price Implications
As Bitcoin ETFs continue to face setbacks by the United States Securities and Exchange Commission (SEC), Ethereum has become a talking point within the industry.
How does this impact Ethereum, its pricing, and its correlation with Bitcoin?
Ethereum ETF Buzz Surpasses Bitcoin ETF Momentum
During a recent interview, James Seyffert of Bloomberg highlighted that Bitcoin and Ethereum currently outshine all other cryptocurrencies.
“We have Bitcoin up here, Ethereum up here, and then it is every other digital asset.”
“Bitcoin and Ethereum are off on their own side of things here,” he stated.
Ethereum Price Chart 1 Month. Source: BeInCryptoLearn more: How to Buy Ethereum (ETH) and Everything You Need to Know
On November 9, BlackRock filed to launch an Ethereum (ETH) trust. This led to a price jump for Ethereum and also saw Grayscale’s Ethereum fund discount decrease to 14%.
It was only a month before that Ethereum Futures ETFs started trading on the market.
First Week of Ethereum Futures Falls Short of Expectations
Yet, the introduction of Ethereum Futures ETFs during launch week disappointed many in the crypto community who had long anticipated its arrival.
On October 2, nine Ethereum Futures ETFs hit the market, generating just under $2 million in flows upon release.
Despite a pre-launch increase of around 4.5% to reach $1,734, the price dipped to $1,659 on October 2, resulting in a 4% decline.
Investors are actively engaging in the excitement surrounding ETFs, with recent reports indicating that even inaccurate information about BlackRock registering for an XRP ETF in Delaware led to a surge in prices due to anticipation.
However, when the misinformation was debunked later, data reflected a noticeable increase in the selling of XRP.
Learn more: How To Prepare for a Bitcoin ETF: A Step-by-Step Approach
Top crypto platforms in the US | November 2023
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