Share this article
First Mover Americas: Ether Surges on BlackRock’s ETF Plans
The latest price moves in crypto markets in context for Nov. 10, 2023.
Updated Nov 10, 2023, 4:11 p.m. Published Nov 10, 2023, 1:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
Latest Prices
STORY CONTINUES BELOW
Não perca outra história.Inscreva-se na Newsletter Crypto Daybook Americas hoje. Ver Todas as Newsletters
Top Stories
BlackRock wants to create an ETF that holds Ethereum's ether , a plan that deepens the world's largest asset manager's commitment to cryptocurrencies. Following the news, the ETH price surged to the highest level of the day (Thursday), nearing $2,100 and up about 3% compared with just before the filing came out. It later gave back about half that gain, though it remains about 9% higher than 24 hours before. The company's plan was revealed in a filing by Nasdaq, the U.S. exchange where BlackRock will seek to list the product, which will need regulatory approval. Earlier on Thursday, it emerged that the corporate entity "iShares Ethereum Trust" had been registered in the state of Delaware; iShares is the name of BlackRock's ETF division.
Publicidade
Ether's BlackRock (BLK)-prompted surge past $2,000 on Thursday stole the spotlight from bitcoin (BTC), which is down slightly on the day, at around $36,500, while ether is now around $2,100.According to David Lo, head of financial products at Bybit, ether could push further. “Historically, ETH often makes significant gains following a peak in Bitcoin's value, a pattern that may repeat here giving us a price target of around $2500,” said Lo. “After that, there may be a final rotation of profits into lower-cap coins before a cooling-off period, which may involve an overall 10-30% correction.”
Swiss bank UBS' wealthy clients can now take on exposure to three crypto exchange-traded funds (ETFs) through the lender's Hong Kong platform, according to a Bloomberg report citing a person familiar with the matter. The ETFs, Samsung Bitcoin Futures Active, CSOP Bitcoin Futures and CSOP Ether Futures ETFs, are all authorized by Hong Kong's securities regulator, the Securities and Futures Commission (SFC). Together, they boast assets worth around $72 million. Significantly, the news comes a day after HSBC, one of the world's largest banks, said it plans to start a digital assets custody service for institutional clients.
Chart of the Day
- The chart shows an annualized three-month basis in ether futures listed on Binance.
- The basis has risen to 9.2%, the highest since at least early 2022, indicating renewed bullish sentiment in the market.
- A positive basis means futures are trading at a premium to spot prices.
- Source: Velo Data
Publicidade
- Omkar Godbole
Trending Posts
Mais para você
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
O que saber:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
Mais para você
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
O que saber:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
