• The firm, which manages assets worth around $1.5 trillion, filed for a spot Ethereum ETF.
• If ETH staking, revenue, and TVL continue to increase, the price might hit $3,500 soon.

Franklin Templeton, one of the world’s largest asset management firms, has joined the race for an Ethereum [ETH] spot ETF. The move means Franklin Templeton has joined others including Grayscale, ARKInvest, Fidelity, VanEck, and a few others who have also filed the same application.

Franklin Templeton just joined the spot #Ethereum ETF race. pic.twitter.com/zJvk9seXe3

— James Seyffart (@JSeyff) February 12, 2024

The firm’s application for an Ethereum ETF might not come as a surprise to many. This was because Franklin Templeton was one of the 11 firms that got the U.S. SEC nod for a Bitcoin [BTC] spot ETF.

Despite that, the $1.5 trillion asset management firm has not gotten a high volume when compared to BlackRock and Fidelity.

All things are working together for ETH’s good

However, the latest development could be a good move for Ethereum’s price. This is because optimism about the launch of the ETF might drive demand for the altcoin. But beyond that, other metrics were supporting a significant price increase.

Previously, AMBCrypto reported how 25% of the total ETH supply had been staked. In the article, we also discussed how the development could spark a rally f

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Author: Victor Olanrewaju

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