Ethereum price has prodded above $2,500 on Jan. 15, further stretching its post-ETF approval lead over BTC, on-chain data trends provide vital insights into the underlying drivers. 

‘Buy-the-rumor, sell-the-news’ is a popular trading strategy where speculators make acquisitions ahead of a material news event in hopes of selling at a profit when news is confirmed. BTC speculators capitalized on this trading strategy to earn historic gains in the build-up to the spot Bitcoin ETF approval verdict. Vital on-chain data trends now reveal that Ethereum (ETH) has also begun to show early signs of a similar phenomenon. 

BTC speculators earned 97% profits in build-up to ETF approval 

The Bitcoin spot ETF approval quest suffered multiple setbacks recently, with the U.S. Securities and Exchange Commission (SEC) citing market manipulation, oversight, and liquidity concerns. 

However, on June 15, 2023, things turned positive when BlackRock (NASDAQ: BLK) officially filed for a spot Bitcoin ETF with the SEC. With over $13 trillion in assets under management (AUM), BlackRock is one of the largest asset management firms in the world. 

BlackRock’s entry into the fray raised optimism about Bitcoin derivatives and effectively spun the rumor mill. 

As of June 15, Blackrock’s official filing date, Bitcoin price was trading around $24,800. Within the first two weeks, speculators who aped-in early on the rumor sent Bitcoin price rallying 25% to hit $30,000 for the first time in 12 months, dating back to June 2022.

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Author: Ibrahim Ajibade

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