Striking winner of the Bitcoin ETF seem to be Ethereum and Ethereum Classic

It was quite striking to see that the largest digital currency didn’t really seem to react to the approval of a Bitcoin ETF at the time the SEC announced the news. Even though Bitcoin is now trading at its highest point in almost two years (Bitcoin briefly touched $49k yesterday), it was striking that Ethereum (and other crypto coins from the top 10) in particular rose in value much faster when the news finally became known. And there is a good explanation for that.

Wall Street

I think it will only be within a few days that we will know the first results of the importance of a Bitcoin ETF. If all Wall Street companies that offer such a fund since yesterday will announce their first results, we will know whether all the hype that appeared in the global media was normal or not.

Meanwhile, Ethereum in particular did well this week. According to many analysts, Vitalik Buterin’s coin is the next in line to be offered for an ETF by investment fund Blackrock. Probably within a few months.

Is $ETH next in line? pic.twitter.com/10Lz2lFULC

— Coin Bureau (@coinbureau) January 11, 2024

Since staking Ether can be done in a much ‘greener’ way than mining Bitcoin (due to Ethereum switching to ‘proof of stake’ last year while Bitcoin is still on ‘proof of work’), companies that feel obliged to invest in accordance with ESG rules may be more inclined to invest in Ether rather than invest in Bitcoin in future months and years.

BlackRock doesn’t lose. Looking like August for $ETH ETF. https://t.co/rlJmE3RIRZ pic.twitter.com/G2sbA0Mysl

— fewture (@fewture) January 11, 2024

Crypto investors are already taking a head start on such a decision and have sent Ether sharply higher in recent days.

Ethereum Classic (ETC)

As always, it is remarkable to see that Ethereum Classic, which was created from a hard fork of Ether, rose much faster than Ether itself. Funnily enough, this is usually because new crypto investors think this is a ‘cheaper’ version of Ethereum. Yesterday, Ethereum Classic rose almost 40% at one point.