ETH sees price gains as Blackrock moves toward spot Ethereum ETF filing

• Ethereum (ETH) joins the spot ETH league as Blackrock makes the first move towards its application
• The coin’s price has rallied in the market ever since the news started circulating on crypto Twitter

Ethereum (ETH), the second-largest cryptocurrency in the market, has seen significant gains in the past hour. The rise comes right when crypto Twitter is abuzz over a possible spot Ethereum ETF application from Blackrock – the investment management giant. The notion stems from the firm’s move to register its iShares Ethereum Trust in Delaware.

Source: Delaware Department of State Division of Corporations

Blackrock moves ETH’s market

According to a Twitter user, Summers, who first noticed the filing, “BlackRock’s iShares Bitcoin Trust was registered in a similar manner 7 days before they filed the ETF application with the SEC. Details below.” The investment management giant reignited the crypto market’s dream of seeing an approved spot Bitcoin ETH by filing for an application back in June 2023. And since then, many other key financial players have joined the race with subsequent filings.

BlackRock has made first step towards filing for a spot Ether ETF. I just confirmed on the website myself. Nice catch by @SummersThings https://t.co/mLKIhKdiI6

— Eric Balchunas (@EricBalchunas) November 9, 2023

Amidst this news, the second-largest crypto by market cap has breached a key price level. According to CoinMarketCap, at press time, ETH was trading at $2,040 with a market cap of $245.09 billion. The coin registered a growth of over 4 percent in the past hour and over 8 percent in the past day. Meanwhile, the 7-day chart indicated a price gain of over 12 percent, while the past 24-hour trade volume stood at $15.82 billion.

The story is still developing…