BlackRock CEO Larry Fink has expressed his belief in the value of an Ethereum exchange-traded fund (ETF), sparking speculation that a spot ETH ETF could be the next to trade following the successful launch of spot Bitcoin ETFs. Fink shared his views during an interview on CNBC.
Following the approval of a spot Bitcoin ETF, traders are now predicting that spot ETFs for other cryptocurrencies will soon follow. On Polymarket, over 58% of bets are favoring the approval of an Ethereum ETF by the end of May.
Several prominent asset managers, including BlackRock, Van Eck, Ark Invest & 21Shares, Fidelity, and Galaxy Research, have filed for ETH exchange-traded products. Van Eck is expected to receive a response from the SEC first, with a deadline set for May 23. BlackRock, on the other hand, has a deadline set for early August.
Fink’s comments were made in the wake of record-breaking volumes for spot Bitcoin ETFs on their first day of trading. After a relatively quiet 2023, Ethereum has had a promising start to 2024, rallying 13% in the past two weeks. This is in contrast to Bitcoin’s 3.7% increase over the same period. As per Coingecko, ETH is currently trading at $2,967, marking a 2% increase on the day.
Fink also expressed his belief that all securities will eventually be tokenized. He described the current developments as “stepping stones towards tokenization” and stated that the technology to tokenize everything already exists. He concluded by countering the views of high-profile politicians and bankers in the U.S., arguing that a tokenized system would “eliminate all corruption.”
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Larry Fink |
| Companies | SEC (Securities and Exchange Commission), Polymarket, Van Eck, Fidelity, Coingecko, BlackRock, CNBC, Ark Invest & 21Shares, Galaxy Research |
| Currencies | Bitcoin, Ethereum |
| Securities | None |
