Ethereum Spikes on BlackRock ETF Filing, “Heavily Institutional” Buying Sends Bitcoin Soaring
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Bitcoin prices have exploded higher overnight, nearing $38,000, with the renewed bullish tone attributed to a combination of factors, including resurgent institutional interest, growing adoption, and a favourable macroeconomic climate.
![](http://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfmEA47.jpg?itok=AxTHOy_H)
Shortly after Bitcoin’s huge surge overnight, Ethereum started to spike, reversing recent weakness vs Bitcoin and extended that surge after the cash equity close…
![](http://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm1056.jpg?itok=Qw1eKl-Z)
The surge takes Ethereum to its highest since April, almost $2100…
![](http://assets.zerohedge.com/s3fs-public/styles/inline_image_mobile/public/inline-images/bfm935D.jpg?itok=JX4ARwiP)
With market participants pointing to BlackRock’s filing for an Ethereum Trust ETF…
💥💥💥 JUST IN: BlackRock iShares Ethereum Trust registered in Delaware!
— Crypto News Alerts 🔥🎙 (@CryptoNewsYes) November 9, 2023
"An ETH ETF will create an interesting arbitrage between proof-of-work (BTC) & proof-of-stake (ETH). Properly managed ETH ETF short positions will perpetually generate profits to roll into the BTC… pic.twitter.com/oJwELb8JIr
And later confirmation…
Key language in Nasdaq/iShares spot ether ETF filing…
— Nate Geraci (@NateGeraci) November 9, 2023
Grayscale court win + SEC approval of ether futures ETFs should = spot ether ETF approval https://t.co/IUO0wixNCR pic.twitter.com/TclQyOfWjx