Ethereum’s Price Soars Amidst BlackRock’s ETF Filing and Growing Network Sentiments
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Ethereum (ETH) price experienced one of its best performing days on Thursday as Bitcoin (BTC) price teased $38k for the first time since the crypto capitulation induced by Terra Luna UST implosion. As of Friday during the early Asian market, Ethereum price has been hovering around $2,120, after an impressive 10 percent rally in the past 24 hours. Consequently, Ethereum investors have seen their portfolios grow by about 65 percent year-to-date (YTD).
Ethereum ETF at the Horizon
Amid the heightened altcoin speculations in the past few weeks, the recent Ethereum rally was triggered by the revelation that $9 trillion asset manager BlackRock filed to offer an Ethereum exchange-traded fund (ETF). It is worth noting that BlackRock CEO Larry Fink had previously stated he is bullish on crypto as investors flee to quality smart products. The diversification into Ethereum indicates rising demand for the leading intelligent contracts and DeFi ecosystem that will unlock more investments from traditional fund managers, including retirement accounts, in the coming years.
Rising Network Sentiments
#Ethereum's market value has jumped +38% in 4 weeks, powered by high network growth. Particularly micro addresses (<0.1 $ETH), which recently surpassed over 100K wallets for the first time. Even the 0.1-10 $ETH and 10K+ $ETH tiers are finally rising. https://t.co/O8kQXJkMxG pic.twitter.com/hvKBepNnDJ
— Santiment (@santimentfeed) November 10, 2023
According to market intelligence platform Santiment, the Ethereum ecosystem has recorded a notable spike in network growth in the past few weeks. Specifically, Ether’s micro addresses holding less than 0.1 ETH reached an all-time high (ATH) of around 103k wallets. Similarly, Ethereum addresses holding between 0.1 and 10 ETH jumped by about 12.5k in the past two weeks. As for whale addresses, the Ethereum network added two more large investors with more than 10k ETH balances in their accounts.
