Ethereum between BlackRock and Solana: A positive week, but some issues remain.
It was definitely there altcoin weekbut also that of Ethereum, which now with some difficulty we manage to include in this macrocategory. AND waking up for another crypto by market capitalization for sure because to important news coming from BlackRock which we will also have to think about in order to try to predict any movements in the next few hours and days.
Ethereum recovers something against Bitcoin, contributes to the return to higher levels normal from domination BTC and is preparing for the new season, which, at least in our opinion, is still being talked about Too little in the main newspapers.
We therefore dedicate the weekly analysis Ethereum – you can also come and talk about it at ours Telegram channel – starting from excellent news coming from the world of classical finance. There are also many figures to pay attention to, and some, at least in the opinion of the writer, are not very instructive, at least for a certain type of storytelling.
Not just BlackRock: Ethereum is recovering from Bitcoin. What is happening?
The theme of the week is as follows: Ethereumas the graph shows, it has recovered significantly compared to Bitcoinalbeit after a very long period of growth domination the king of the market by capitalization.
Pushing Ethereum over the threshold, technical and psychological 2000 dollars it was primarily news about BlackRock submission for the Ethereum Spot ETF, news that generated some enthusiasm about how long the road will be and certainly more uncertain than that of counterpart on BTC.
However, there is a lot more that happened that is worth exploring and to understand the position of Ethereum, among the less exciting assets of a very positive year.
Another notable trade: Grayscale Ethereum Trust
It’s a story they’ve already seen for the other side Bitcoin. Grayscale runs a relatively large private fund on Ethereum, spot, because it has real ETH on hand. This product, just like its BTC counterpart, has reached an important level emptiness between the value of the shares and the equivalent value of Ethereum held in cash.
Such difference value reached more than 20% in the past for a simple reason: fund shares cannot be converted into Ethereum. You also pay very significant commissions and with the potential arrival of other products to invest in $ETH (in all Futures ETFs), many preferred to sell off the stock.
Now that BlackRock has made its proposal, the gap is closing. Once again: this is a phenomenon we’ve already seen on BTC, even on a larger scale.
Ethereum: Where is Layer 2?
Layer 2 promised several miracles, including leaving the Ethereum network relatively uncongested during the most exciting phases of the market.
What happened according to Bitinfocharts data? The average transaction price, despite volumes far from those of the previous bull market, averaged more than 10% per transaction, as the attached chart shows.
For other Ethereum onchain analysis, I refer you to Alex Lavarello’s excellent analysis always on these pages, published a few hours ago.
Our space on the Ethereum Spot ETF on Wednesday
The theme of the week – and the following trading sessions – will remain the theme of the BlackRock ETF, although the S1 form has not yet been sent.
We will have the opportunity to discuss all the most important things about this ETF, as well as the consequences it will have on the price of $ETH. And yes, there are more complex issues that need to be addressed with this product, as much as its approval is still uncertain.