Blackrock, ETH spot ETF corporate registration page and Nasdaq registration
Interpretation of “Blackrock’s de facto move to apply for ETH spot ETF”
Leading the rise of altcoins such as ETH and ETC, driving the bull market again
On the 9th, BlackRock created an uproar in the market by registering 'iShares Ethereum Trust', an Ethereum spot ETF, on the Delaware corporate registration website. A few hours later, an Ethereum spot ETF appeared to be registered on Nasdaq.
When the Ethereum spot ETF was registered on BlackRock's main corporate registration page and Nasdaq, both inside and outside the market interpreted this as BlackRock's application for the Ethereum spot ETF. there is. This is because BlackRock made the same move before officially applying for a Bitcoin (BTC) spot ETF to the U.S. Securities and Exchange Commission (SEC).
As Ethereum rose, Ethereum Classic (ETC), which is closely related to Ethereum, also showed a significant rise, and other altcoins also rose, continuing the typical bull market atmosphere.
Bitcoin (BTC) also continued to rise on expectations that a Bitcoin spot ETF would soon be launched in the market following the news that Grayscale had begun negotiations for a spot ETF with the U.S. Securities and Exchange Commission (SEC).
Ripple (XRP), which was expected to rise significantly due to its initial public offering (IPO), ended up putting the big rise behind it and going into correction after Ripple CEO Brad Garlinghouse did not leave a comment related to the IPO at the annual event 'Swell 2023' held in Dubai. entered.
◇Bitcoin = As of 4:30 p.m. on the 10th, the price of Bitcoin (BTC) as of Upbit is recording 49.25 million won. Bitcoin market share (dominance) was 52.33%.
At a time when Bitcoin is rising day after day due to expectations of the approval of a Bitcoin spot ETF, it was also assessed that the expectations were somewhat excessive.
JP Morgan assessed that Bitcoin's rally caused by the Bitcoin spot ETF is now approaching its limit. JP Morgan stated in its own report on the 9th, “Market expectations surrounding the approval of the Bitcoin spot ETF are excessive,” and “It is unlikely that new funds will flow into the market with the approval of the Bitcoin spot ETF.”
◇ Rising coin = The cryptocurrency that rose most steeply on the 9th based on Upbit was GAS, which rose by about 36%.
GAS is NEO’s ‘satellite’ coin and the native token of the NEO blockchain. Neo is called the ‘Chinese version of Ethereum’ and is a coin that has a ‘DeFi platform’ that can perform smart contracts etc. Every block in the Neo blockchain generates a certain amount of gas, and this gas is used as a fee for the implementation and operation of the Neo smart contract.
◇Fear and Greed Index = The cryptocurrency fear-greed index provided by Alternative is 70 points, entering the ‘Greed’ stage. The greed stage is the stage where price volatility and trading volume increase, and is the stage where prices rise. There is a high possibility of a short-term peak forming, so one must be cautious when selling.
Reporter Seungwon Kwon ksw@
