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BlackRock registers Ethereum trust, is it finally spring for the ETH ecosystem?

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With the successful registration of the BlackRock iShares Ethereum Trust in Delaware, the Ethereum ecosystem is starting to stir.

Contents:

· BlackRock lays out Ethereum ETF

· Multi-currency liquidation, Ethereum seeks stability and progress

· Tether issues 1 billion USDT on Ethereum network

BlackRock lays out Ethereum ETF

On November 9th, BlackRock iShares Ethereum Trust successfully registered in Delaware, which means that BlackRock has taken the first step towards applying for an Ethereum spot ETF. Recently, the development of the Bitcoin ecosystem has been rapid, mainly due to the expectation that Bitcoin spot ETF will soon be approved in the United States.

Related reading: "How will spot ETFs kick off Bitcoin's next bull market?"

The US wealth management industry may be the most accessible and direct market for BTC ETFs, so approved Bitcoin ETFs will have the most net new accessibility from it. As of October 2023, the total assets managed by US traditional broker-dealers ($27 trillion), banks ($11 trillion), and RIAs ($9 trillion) were $48.3 trillion.

Galaxy estimates the growth rate of various channels in the industry entering Bitcoin spot ETFs. If it is assumed that 10% of the available assets in each wealth channel adopt Bitcoin, with an average allocation of 1%, that is, a final conversion of 1‰. The final conclusion is that nearly $80 billion in funds will flow into Bitcoin spot ETFs in three years.

And now, with this important step taken by BlackRock, the Ethereum ecosystem has once again become active.

On the one hand, Nasdaq has submitted an application for a spot Ethereum ETF to the SEC, which will use Coinbase Custody Trust as the custodian and the CME CF Ether-Dollar Reference Rate as the reference rate. On the other hand, Ethereum has also broken through $2100, with a quoted price of $2120.82 at the time of writing and a 24-hour increase of 10.58%.

Currently, other asset management companies such as Grayscale, Ark Invest, ProShares, and Valkyrie have submitted applications for Ethereum spot ETFs. The US SEC acknowledged Grayscale's Ethereum spot ETF filing on October 24th, which means ETHE will be converted into an ETF.

Multi-currency liquidation, Ethereum seeks stability and progress

At the same time, Ethereum rose, and several previously leading currencies fell more than 10% overnight. Justin Sun posted on social media to solicit opinions from social media users on "Inscription Online on the Tron Network," causing turmoil in the Bitcoin ecosystem once again.

After breaking through the $37,000 mark, Bitcoin experienced a pullback, falling below $36,000. Although there was an upward trend afterwards, the ETH/BTC exchange rate also gradually increased, rising to 0.05778 at the time of writing, with a 24-hour increase of 9.43%. Click here for more information.

According to BlockBeats statistics, in the past 24 hours, the total liquidation amount across the network has risen to 491 million US dollars, with long positions liquidated at 219 million US dollars and short positions liquidated at 273 million US dollars. ETH was less affected by the liquidation.

Related reading: "What market signals did the extreme market situation reflect last night after the sharp rise and subsequent decline?"

In addition, Badger, which focuses on bringing Bitcoin into Ethereum, has seen a 24-hour increase of 90.6%.

Related reading: "Bitcoin derivatives concept leads the way, BADGER surges 90% overnight"

According to Nansen 2 data, about $2.1 million flowed into BADGER in the Smart Money 24-hour Ethereum network fund inflow tracking list. On November 9th, Binance officially announced that it would launch BADGER 1-50x U perpetual contract at 20:30 (GMT+8) on the same day. Since the announcement, BADGER has been rising due to the impact of the contract being listed on Binance.

除币价之外，以太坊生态项目也开始活跃。

Apart from the price of the currency, Ethereum's ecosystem projects have also become active.

The trading volume of Ethereum NFTs has surpassed 10,000 ETH, reaching a new high in nearly three months. The EVM-compatible chain Evmos in the Cosmos ecosystem plans to stop supporting Cosmos transactions and focus on Ethereum-based transactions. Its core network will only support wallets and tools based on Ethereum, rather than designing wallets and tools for Cosmos.

Regarding financing, on November 8th, Ethereum scaling startup Stackr Labs announced the completion of a $5.5 million seed round of financing, with Archetype leading the investment and a16z Crypto Startup School, Lemniscap, Scalar Capital and others participating.

On November 9th, the NEAR Foundation announced the launch of a new project called "NEAR DA", which aims to provide an alternative venue for Ethereum and its L2 network to handle the rapidly growing data volume. On the same day, Laser Digital, a digital asset subsidiary of Nomura Securities, announced the launch of the Ethereum Adoption Fund for institutional investors, which will invest in Ethereum spot long positions and generate returns through Ethereum staking.

Tether issued 1 billion USDT on the Ethereum network

BlackRock's success with Ethereum Trust and the active Ethereum ecosystem have prompted Tether to get involved.

BlockBeats Message, on November 10th, according to Whale Alert monitoring, stablecoin issuer Tether increased the issuance of 1 billion USDT on the Ethereum network 5 hours ago.

Tether's Chief Technology Officer, Paolo Ardoino, added that this is an authorized but unissued transaction, meaning that the proceeds from this issuance will be used for the next issuance request and inventory for chain exchanges.