BlackRock files for an Ethereum ETF, sending prices for the second-largest token skyward.
Bitcoin was little changed Friday, holding steady at elevated levels after a recent rally as traders remain bullish. The real star of the show was the second-largest crypto after asset manager BlackRock filed for an Ether exchange-traded fund.
“One reason for this strong bullish momentum could be the low circulating supply of Bitcoin on the market. 90% of Bitcoins in circulation have stayed the same for over three months … leaving any new entrant chasing the remaining 10%, pushing the price even more,” said Rachel Lin, CEO of trading platform SyFutures.
Much of Bitcoin’s outperformance has come amid crypto-native catalysts, namely hopes that regulators will approve the first spot Bitcoin exchange-traded fund , expected to usher in a fresh wave of investor interest in cryptos. Traders have grown more confident that approval is a matter of time since the summer, when BlackRock and other traditional financial giants filed for their own spot Bitcoin ETFs.
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