Ether Jumps Over $2.4K as Traders Bet on Possible Ether ETF Next

BlackRock had previously filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF).

AccessTimeIconJan 10, 2024 at 9:46 a.m. UTC
Updated Mar 8, 2024 at 7:37 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Ether (ETH) and native tokens of applications built on Ethereum surged in the past 24 hours as traders bet on the likelihood of the possible proposal of an ether exchange-traded fund (ETF) following the expected approval of a bitcoin ETF in the U.S.

Ether exchanged hands over $2,400 in early European hours Wednesday, up 5% in 24 hours. Bitcoin was down 2.2% in the same period as a series of fake tweets from the temporarily hacked U.S. Securities and Exchange Commission's X account, which created significant volatility in bitcoin trading.

BlackRock had previously filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for its iShares Ethereum Trust, a spot ether exchange-traded fund (ETF).

Sentiment in the crypto community suggests traders are positioning themselves for an eventual ether-focused product – which could be the first time professional investors in the U.S. gain spot exposure to the blockchain’s token without having to own it.

“There’s a noticeable trend towards frontrunning the ether ETF,” Alex Onufriychuk, the CEO of Kaminari, said in a Telegram message.

Lido’s LDO and RocketPool’s RPL gained as much as 17% before retreating. Both protocols allow users to stake ether on their platforms and earn around 4.5% in annualized staking rewards.

Elsewhere, tokens of layer 2 networks such as Mantle’s MNT and Optimism’s OP gained as much as 9%. These networks are built atop Ethereum but operate as independent blockchains, allowing users to transact cheaply and much faster than the main blockchain.

However, market observers cautioned that an ether ETF remained a probability rather than a possibility as of Wednesday.

"The main idea is that ETH, being the second largest cryptocurrency, would have the highest probability of being the next ETF after BTC,” Martin Lee, analyst at on-chain data firm Nansen, told CoinDesk in a Telegram message.

But some stated that select tokens could gain in the coming days. "Tokens in the ETH ecosystem like LIDO, ENS, and MKR experienced sharp up moves which should continue to take the attention away from BTC as traders now must position for the possibility of an ETH ETF," said Jack Tan co-founder of crypto exchange WOO X, in a Telegram message.

Thirteen issuers, including traditional finance giants BlackRock and Fidelity, are currently in line for a spot bitcoin ETF whose approval is widely anticipated later on Wednesday.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

Read more about