Ethereum price broke past the landmark $2,100 milestone last week, after BlackRock filed an application for spot exchange-traded funds (ETFs). Bitget’s chief research analyst explains how this could impact ETH price action and trading patterns in the coming weeks.

Ethereum price entered a breakout toward the four-month peak of $2,150. Recent changes in ETH trading patterns reveal that investors are showing strong inclination to hold out for future profit opportunities.

BlackRock ETH Spot ETF Approval Will Bring Mainstream Recognition

Ethereum price raced to $2,150 after BlackRock’s proposed application for ETH Spot ETF hit the news on Nov. 9. And since then, the bulls have fiercely defended the vital $1,900 support territory.  

Ryan Lee, the chief research analyst of Bitget crypto exchange, opines that shifts in ETH derivatives trading patterns triggered by BlackRock’s application have contributed to Ethereum’s positive price action over the past week. 

In an exclusive interview with BeInCrypto, Ryan Lee explained that BlackRock’s official application for an ETH ETF, similar to the previous BTC ETF application, is expected to bring mainstream institutional recognition and capital allocation to Ethereum.

Interestingly, after the Nov. 9 announcement, the Ethereum price performance overtook Bitcoin. ETH/BTC exchange rate climbed by 10% within 24 hours. 

“Some institutions may be redirecting funds previously bet on BTC to ETH, seeking potentially greater returns,” said Ryan Lee.

In affirmation of this stance, derivatives trading data from CoinGlass, shows that ETH futures markets have attracted an unusual volume of capital inflows. 

The chart below illustrates how Ethereum open interest rose to 20% to hit $7.8 billion shortly after BlackRock’s application. Notably, the

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Author: Ibrahim Ajibade

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