ethereum co-founder Vitalik Buterin saw the value of his cryptocurrency holdings increase by more than $57 million in a single day, according to data collected from blockchain analytics platform Arkham Intelligence.
The platform reported that assets held at Buterin’s publicly known addresses increased from $468 million on Nov. 9 to $525 million on Nov. 10, an increase of more than 12% in 24 hours.
<img decoding="async" width="1024" height="177" src="https://crypto.news/app/uploads/2023/11/image-9-1024×177.png” alt=”ethereum Co-Founder Vitalik Buterin Makes $57 Million in One Day on ETF News – 1″/>
Of Buterin’s $525 million in holdings, $518 million is in ethereum (eth). This means that the one-day growth is almost entirely attributed to the appreciation of eth.
This ethereum rally was presumably fueled by major ETF news from asset management giant BlackRock. On November 9, filings revealed that BlackRock is laying the groundwork for a potential ethereum spot ETF.
The filings, posted on the Delaware Department of State website, indicate that BlackRock is considering proposing an ethereum ETF to the US Securities and Exchange Commission (SEC). This would allow investors to trade an ETF that directly contains Ether.
BlackRock, which oversees $9 trillion in assets, already filed for a spot bitcoin ETF in June. The timing of this latest ethereum filing coincides with Ether reaching around $2,030, an increase of over 8% in 24 hours.
Other major financial firms such as Ark Invest, 21Shares, VanEck, and Grayscale have been seeking approval for similar ethereum ETF products. But BlackRock’s enormous size means that an ETF from the asset manager could generate significant new institutional investments.
