See More

Is the Narrative Changing from Bitcoin to Ethereum ETF? ETH Price Implications

1 min
Updated by Kyle Baird
Join our Trading Community on Telegram

In Brief

  • Ethereum gains prominence amid Bitcoin ETF setbacks; James Seyffert notes their dominance in the crypto realm.
  • BlackRock's Ethereum trust filing on November 9 triggers an Ethereum price jump, reducing Grayscale's fund discount to 14%.
  • Market speculation surrounding ETFs intensifies, as even false news about registering an XRP ETF leads to price surges.
  • promo

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 added.

Ethereum Price Chart 1 Month. Source: BeInCrypto
Ethereum Price Chart 1 Month. Source: BeInCrypto

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.

Learn more: How to Buy Ethereum (ETH) and Everything You Need to Know

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 projects in the US | April 2024

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

ciaran-lyons-avatar.png
Ciaran Lyons
Ciaran is a cryptocurrency journalist based in Sydney, Australia. He particularly enjoys writing about CBDC developments and the practical implementations of cryptocurrency in real-world scenarios. He has also appeared across major television networks in Australia including Channel Ten, Channel Nine and SBS TV. Prior to his foray into cryptocurrency, Ciaran worked as a presenter on national radio station Triple J.
READ FULL BIO
Sponsored
Sponsored