BlackRock’s Ethereum application means “nuclear winter” for Ethereum doubters, according to Matrixport analysis.
BlackRock, the world’s largest asset manager, moved yesterday to register an Ethereum Trust and establish a spot Ethereum ETF on Nasdaq.
With this development triggering the market, the Ethereum price increased by 10% and exceeded $ 2,000. Markus Thielen, Director of Crypto Research and Strategy at Matrixport, commented:
“There was a massive short squeeze in Ethereum overnight. The funding rate is higher than ever before, signaling panic for short positions. This means nuclear winter for anyone who doubts Ethereum. Market-neutral crypto hedge funds are profiting off of these funding rates.”
Trading firm QCP Capital also attributes Ethereum’s better performance than Bitcoin to BlackRock’s application. According to the QCP Capital report, a similar situation is expected to occur after BlackRock applied for a spot Bitcoin ETF.