Original | Odaily Planet Daily

Author | Loopy

Yesterday, the cryptocurrency market experienced drastic changes. Stimulated by the favorable news of "Bitcoin ETF officially entering the approval window," Bitcoin once broke through the $38,000 mark. However, the market subsequently crashed, and Bitcoin quickly fell to below $35,500.

In the midst of this dramatic market movement, ETH is the most noteworthy currency. According to documents disclosed by Bloomberg analysts, BlackRock (Belad) registered an Ethereum trust in Delaware, with the registered entity named ISHARESETHEREUMTRUST.

Stimulated by this positive news, ETH became one of the best-performing mainstream currencies, rising more than 12% on the day. With the rapid price increase and the trend towards openness in policy, how far can ETH go?

Strong Performance of ETH, Unmoved Amid Market Crash

After remaining quiet for several months, last night ETH finally followed the rising trend of BTC, successively breaking through the $2,000 and $2,100 marks, and also did not decline during the market crash, maintaining above $2,100 this morning.

When we observe the ETH/BTC exchange rate trend, ETH's advantage becomes particularly prominent. On the small-scale chart, the ETH/BTC exchange rate quickly rose, with several large bullish candles showing extraordinary momentum. The exchange rate has already risen by 12.1% from yesterday's low point. Achieving such a strong increase in value when measured against BTC is rare among mainstream currencies. As shown below:

If we shift our focus to a larger scale, we can see that the ETH/BTC exchange rate has broken out from the bottom, but whether it can "stand firm" and continue to rise is still worth watching.

BlackRock Enters the Ethereum Arena, Making the Race More Crowded

The 19b-4 form disclosed yesterday further illustrates BlackRock's ambition in the cryptocurrency market—not stopping at BTC.

The 19b-4 form is a filing with the SEC. Financial institutions can use this form to submit applications for the listing of certain securities, especially those related to exchange-traded products (such as exchange-traded funds ETFs). When a company wishes to list a new product on an exchange, it needs to submit this form. Through this process, the SEC will review the structure and operation of the product to determine whether it complies with regulations and protects the interests of investors.

For example, in June of this year, shortly after BlackRock announced a similar notice for the iShares Bitcoin Trust, it submitted a filing for a Bitcoin ETF.

As the world's largest asset management company, since BlackRock has ambitions for BTC, it is only natural to have expectations for ETH as well.

The website of the Delaware company registry shows that BlackRock has registered an iShares Ethereum trust, with the registered entity named ISHARESETHEREUMTRUST. Early this morning, Nasdaq officially submitted BlackRock's proposed spot Ethereum ETF "iSharesEthereumTrust" application to the U.S. SEC. The ETF will use Coinbase Custody Trust Company as the custodian and utilize the CME CF Ether-Dollar reference rate.

So far, participants including VanEck, ArkInvest, 21Shares, Invesco, Hasdex, and Grayscale have submitted seven applications to the U.S. SEC.

It is worth noting that although BlackRock is not the first company to apply for a spot Ethereum ETF, the market is placing high hopes on BlackRock, a "victorious general" in the ETF arena, and is anticipating that the Ethereum ETF it brings will be different.

Cryptocurrency analyst LarkDavis revealed Blackrock's ambitions: "Blackrock will obtain Bitcoin, Ethereum, and eventually ETFs for Chainlink, Solana, and others. This is a period when institutional funds are pouring in. This also means that this may be the last cycle to obtain crazy, life-changing, multi-generational wealth."

Can this asset management giant with $9 trillion in assets lead ETH to a different destiny?

"Ethereum" Replays the Narrative of "Bitcoin," How Far Can ETH Go?

From a narrative perspective, the approval of an Ethereum ETF will bring ETH into the view of mainstream institutions and attract more capital inflow. The narrative of ETFs on BTC and ETH does not have much difference, and naturally, they face similar challenges.

Previously, the SEC has repeatedly postponed existing applications for proposed Bitcoin spot ETFs. Each arrival of the ETF approval window brings about a stir in the market, followed by calm as the SEC delays the decision.

From applying for an ETF to final approval, this will be a lengthy process. Along the winding road, ETH may experience all the events related to ETFs that BTC has encountered. The realization of this positive news is still quite distant from us.

Although the realization of the ETF's benefits is still a long way off, negative news about Ethereum itself has been troubling the cryptocurrency community recently.

Currently, Ethereum has been repeatedly questioned, including concerns about the excessive centralization of liquidity pools and criticisms of Vitalik's overly autocratic behavior. The most serious accusation, however, comes from allegations that Ethereum's founder engaged in improper conduct and bribed senior SEC officials during the Ethereum ICO.

Former Ethereum advisor Steven Nerayoff commented, "It's obvious that Ethereum is the elephant in the room, even overshadowing the FTX case. Joe Lubin and Vitalik Buterin have been at the forefront of the corruption of federal agency officials, such as Clayton (former SEC chairman) and Gensler (SEC chairman)."

For more on the recent ongoing scandals surrounding Ethereum, see the article "Ethereum Continues to Stir: Vitalik's 'Fraud,' Doubts about ICO, ETHGate".

Currently, the temporary event causing the most anxiety in the community is likely some large whale trading activities.

According to SpotOnChain monitoring, this afternoon, Justin Sun deposited 580 ETH ($1.23 million) into Binance and transferred 30 ETH ($63,700) to a new wallet. In addition, according to Scopescan monitoring, Vitalik.eth also sent 50 ETH ($106,000) to Coinbase.

However, from on-chain data, the Ethereum network has achieved substantial growth. The number of micro addresses holding less than 0.1 ETH has exceeded 100,000 wallets for the first time. The number of addresses holding 0.1-10 ETH has also shown a significant upward trend.

At the time of this writing, the price of ETH is still fluctuating around $2100. OKX quotes show that ETH has surged by 12% in the past 24 hours.

This surge has allowed ETH to regain its dominant position in the briefly "crashing" market, once again drawing enthusiasm and attention to this mainstream currency.Market sentiment is high, and the bullish atmosphere is strong, but how long can this enthusiasm last?

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