BlackRock CEO Larry Fink recently expressed a keen interest in an Ethereum ETF (exchange-traded fund).
This announcement comes at a time when cryptocurrency markets are increasingly gaining mainstream acceptance.
Growing Interest In Spot Ethereum ETFs
Fink’s endorsement highlights Ethereum’s growing prominence in the digital finance arena. As the head of the world’s largest asset manager, Fink’s words carry significant weight, signaling a potential shift in investment strategies toward blockchain technologies.
“I see value in having an Ethereum ETF. These are just stepping stones towards tokenization and I really do believe this is where we’re going to be going,” Fink said.
BlackRock’s pivot towards Ethereum ETFs may encourage other major financial institutions to explore similar avenues, further solidifying Ethereum’s position as a leading cryptocurrency.
Read more: How to Buy Ethereum (ETH) and Everything You Need to Know
BlackRock’s iShares Bitcoin Trust (IBIT) is already trading in the US markets. On the first trading day, the spot Bitcoin ETFs achieved a total trading volume of over $3.60 billion.
Since the approval of spot Bitcoin ETF, there has been a smart money inflow into Ethereum.
“Over the last 24 hours, we once again see ETH having the largest smart money inflows. However, it’s important to understand that DEX volumes are still small compared to CEXs, and large price movements in large caps are likely due to volume on centralized exchanges, which we won’t have oversight of,” Nansent analyst Martin Lee told BeInCrypto.
Indeed, the development is reflected in Ethereum’s price action. The screenshot below shows that after the spot Bitcoin ETF got a green flag from the Securities and Exchange Commission (SEC), the price of Ethereum has been up by nearly 15%.
Read more: A Comprehensive Guide on Tracking Smart Money in the Crypto Market
There has been a narrative that prominent fund managers might also file for spot Ethereum ETFs due to the successive approval of Bitcoin ETFs. Speculations have been fueled further by Fink’s recent comments.
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 Conditions, Privacy Policy, and Disclaimers have been updated.
