The price of ethereum (eth) rose yesterday and today after asset management giant BlackRock revealed plans to launch an ETF containing the cryptocurrency. The news, which broke on Thursday, propelled eth to its highest levels since April, surpassing $2,100 and rising about 3% from pre-announcement levels.
The filing, submitted by BlackRock to Nasdaq, where the ETF hopes to list, signals a deepening commitment to cryptocurrencies by the world’s largest asset manager. While the product still requires regulatory approval, the move was hailed by ethereum supporters as a validation of the blockchain network’s growing widespread acceptance.
“A few thoughts on $eth here: it didn’t get so high that it wouldn’t at least wipe out the yearly highs. It could allow some shorts to accumulate in that area first, albeit to generate liquidity.” commented Cryptoanalyst Pentoshi, who has more than 711,000 followers on Twitter.
“If the $btc etf is approved, eth will most likely rally further as it is next.”
ethereum price surpasses $2,000
Momentum has been building behind a possible approval of a bitcoin ETF by the SEC, so BlackRock’s dive into ethereum reflects a growing institutional appetite for cryptoassets.
As noted According to analytics firm Santiment in a tweet on Thursday, ethereum‘s market value has risen 38% over the past four weeks thanks to expanding usage of the network. The number of addresses holding small amounts of eth (less than 0.1) surpassed 100,000 for the first time, while larger holders are also accumulating.
Overall, ethereum appears poised for additional gains as whales begin buying. according to prominent analyst Ali.
“ethereum has reclaimed the $2,000 threshold and interestingly, all of this is happening before whales have even started buying $eth!” he wrote today. Currently, eth is trading near the $2,100 level.
However, investors should pay close attention in the coming days as traders who took long positions around $1,900 may look for profits if eth breaks above $2,100. Although major whales have yet to accumulate, profit taking by short-term holders could put some pressure on the price in the very short term.
While the overall sentiment remains bullish, traders anticipating new highs can try to sell any parabolic strength to book quick profits. Speculation activity could introduce intermittent volatility and pullbacks as eth faces overall supply on its way to “battle” the next major resistance level at $3,000.
New crypto ICO Spot bitcoin ETF Narrative Leads the Way
As institutional gatekeepers like BlackRock move closer to cryptocurrencies, retail interest will also increase, especially if the SEC approves spot bitcoin ETFs in the coming months.
Anticipating this result, new crypto ICO ethereum-with-potential-etf-filing-accelerating-this-new-crypto-ico-heres-why” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>bitcoin ETF Token (BTCETF) launched this week, offering retail investors early exposure before the ETF-driven mania takes hold.
Some buy BTCETF for as little as $0.005 using eth or stablecoins like USDT, while others buy with cards. Targeting $420,000 in the first stage, BTCETF surpassed its first milestone of $200,000 amid growing pre-sale demand.
Currently $250,000 has already been raised and the price will increase within hours as the project progresses to stage 2 of its ICO, so early participation is recommended.
BTCETF drives the ecosystem, spearheading the btc ETF spot narrative referenced by analysts such as Bloomberg’s James Seyffart. With bitcoin above $37,000 and ethereum at $2,100, the timing is ideal to join the BTCETF movement before approvals spark a frenzy.
The design of the BTCETF aligns with key ETF approval milestones. As each one passes, such as the announcement of the approval date or the first trading launch of an ETF, a portion of the total supply is burned. In total, 25% will be burned, reducing circulation from 2.1 billion to 1.57 billion BTCETF.
This deflationary mechanism increases scarcity and encourages long-term holding. Staking rewards also promote network stability as 25% of the supply is allocated to participants. The current APY is over 1000%, but will decrease as more tokens are staked.
The ICO offers early backers discounted access before the ETF launch increases demand. 40% of the total supply is available, 840 million tokens at $0.005 each. The tier-based structure rewards early followers the most, across 10 stages, each of which increases the price per token.
By taking advantage of impending ETF approvals through pre-sale entry, BTCETF has positioned itself perfectly to capture gains as bitcoin expands through SEC backing.
The project’s deflationary setup and staking rewards give holders multiple avenues to profit from the upcoming ETF launch frenzy. As BlackRock validates institutional appetite, it also opens the door to retail prosperity with BTCETF.
ethereum-with-potential-etf-filing-accelerating-this-new-crypto-ico-heres-why” data-wpel-link=”exclude” target=”_blank” rel=”nofollow noopener noreferrer”>Visit bitcoin ETF Token ICO
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The project in the article above is not related to bitcoin or a bitcoin ETF. It is a completely different token.
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