The Breakdown
Markets Surge as BlackRock Files ETH Spot ETF
Nov 11, 2023
BlackRock, a prominent institutional investor, files a spot Ethereum ETF. The podcast discusses the likelihood of approval, market surveillance agreements with Coinbase, and the impact on the crypto market. It explores the implications for detecting fraud, the rise of Ethereum's price, Bitcoin liquidations, and the rise of CME as a trading venue. Discussion on the current state of the Bitcoin market and potential impact of a Bitcoin ETF approval is also included.
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Quick takeaways
- BlackRock has filed to launch a spot Ethereum ETF, which has the potential to be approved based on their successful track record with ETF applications.
- The announcement of BlackRock's Ethereum ETF filing caused the price of Ethereum to surge by 8% and had a ripple effect on the cryptocurrency market, influencing declines in other coins and driving up the performance of Ethereum staking ecosystem tokens.
Deep dives
BlackRock's Ethereum ETF filing
BlackRock has filed to launch a spot Ethereum ETF, which stands a good chance of being approved due to their track record of successful ETF applications. The legality of a spot Ethereum ETF is supported by the court's decision on spot Bitcoin ETFs and the increase in Ethereum futures markets. BlackRock's application highlights the surveillance agreements with Coinbase and the CME Ethereum futures market as measures to prevent manipulation.
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