In a dramatic shift in the crypto market, Ether and Ethereum-based tokens saw a significant increase in value, fueled by traders’ anticipation of a potential Ether ETF following the expected approval of a Bitcoin ETF in the US.
While the price of Ether surpassed $2,400, Bitcoin suffered a temporary setback as a result of deceptive tweets from the hacked SEC’s X account.
A prominent financial institution, BlackRock, has filed an application with the SEC for an Ether ETF, indicating a growing interest in Ethereum-based investments.
The crypto community is preparing for the possibility of this new investment avenue, which will provide U.S. investors with indirect exposure to Ether.
Among the excitement, Kaminari’s Alex Onufriychuk identified a discernible trend of early investments in Ether ETFs.
Tokens linked to Ethereum, such as Lido’s LDO and RocketPool’s RPL, increased in value, providing attractive staking rewards to users on these networks.
Tokens associated with layer 2 solutions built on the Ethereum network, such as Mantle’s MNT and Optimism’s OP, saw a rise in value as well.
These tokens enable faster and more cost-effective transactions, which contributes to their increased popularity.
However, industry experts warn that the implementation of an Ether ETF is still uncertain. According to Martin Lee of Nansen, Ether has a good chance of becoming the next crypto to have its own ETF.
The outcome of thirteen Bitcoin ETF applications, including major players such as BlackRock and Fidelity, has the potential to shape the landscape for Ether ETFs.