The crypto market's attention is shifting from the approval of the Bitcoin Exchange Traded Fund (ETF) to the possibility of a similar product for Ethereum (ETH), the second-largest cryptocurrency by market capitalization. This development is underlined by people's search queries.
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Interest in Ethereum ETFs is increasing
According to Google Trends, interest in the highest-scoring search term âEthereum ETFâ in the US has peaked over the past 12 months. Interest in this search term increased by a whopping 455% between January 6th and January 14th. It clearly shows that crypto investors are shifting their attention from Bitcoin to Ethereum ETFs.
An analysis of regional interest shows that Oregon and Alabama are at the top with a popularity score of 100. Nevada ranks third with 94, followed by New Jersey (85) and Washington (81). The surge in interest was fueled in part by statements from BlackRock CEO Larry Fink, who sees value in an Ethereum ETF. BlackRock, the world's largest asset manager and a major player in Bitcoin ETF launches, is also awaiting feedback from the Securities and Exchange Commission (SEC) on a possible Ethereum ETF application.
Ethereum price analysis and outlook
While Bitcoin is in danger of losing the $40,000 support zone, ETH is doing slightly better. Ethereum posted a weekly gain of more than 13% and was trading at around $2,540. It is clear that Ethereum has weathered the recent crash better and has caught up slightly compared to Bitcoin.
The growing interest in an Ethereum ETF in the United States marks a notable shift in the focus of the crypto industry. While Ethereum is gaining momentum, the launch of an Ethereum ETF is far from certain.
A number of large banks, including JPMorgan, do not believe the chances of such an ETF are high. The investment bank believes it will be some time before an Ethereum ETF comes to market.
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