After the trading of the BTC ETF began we all witnessed a new all-time high for Bitcoin. The Proshares BTC ETF made new records and saw huge trading volume from the first day itself. And this has shown us how popular ETFs are. Therefore, a former SEC official says an Ethereum ETF could be the next step from here. And if that happens we could also see a big jump in the price of Ethereum and it breaking the previous ATH.
Bitcoin’s price movement
The price of Bitcoin managed to break its ATH and move to $67,000 before retracing back and correcting. The previous all-time high of the coin didn’t provide any support to the price action. And this is why the price of Bitcoin dropped below $60k for some time before recovering again. This drop was very subtle and showed how much support the level holds. The price was struggling to get up but it did.
Now we all should note that the price movement of Bitcoin is not solely due to the launch of the ETF but also the inflation. All other tokens and coins also saw a good rise in the price as BTC moved up.
Grayscale ETF
The largest and oldest Bitcoin trust, Grayscale also plans to convert into an ETF. Their ETF will not be for futures but spot Bitcoin which will make it all the more powerful. It will help them properly match the price of their shares with BTC which has always been an issue for them. The trust isn’t doing well and its gap from the price of BTC continues to widen as people move away from GBTC. This is why the BTC ETF from them will be a lifesaver.
At the same time, it will also be great if they launch another ETF, especially for Ethereum. If the BTC ETFs can get allowed, so will Ethereum’s. And this will help the price of the coin reach new heights and also see much more adoption than what’s happening right now.
What are your thoughts on the statement made by the former SEC official? Do you think that an Ethereum ETF could be the next step? Let us know in the comments below. Also, if you found our content informative do like and share it with your friends.
Also Read: Youtuber Tim Pool thinks 1 BTC will be worth $1 million
