Ethereum (ETH) surged 7% on the 10th, outperforming Bitcoin (BTC) and helping drive a broad market rally across the cryptocurrency sector.
The primary catalyst behind the rise is BlackRock’s application for an Ethereum staking ETF. The proposed ETF, called the iShares Staked Ethereum Trust, has been filed with the U.S. Securities and Exchange Commission (SEC) and is expected to trade under the ticker ETHB once approved and listed.
ETHB will trade separately from BlackRock’s existing spot Ethereum ETF, ETHA. Since the new ETF allows investors to earn staking rewards through the product, significant inflows into ETHB are expected following regulatory approval.
Multiple issuers of spot ETFs for Ethereum, Solana (SOL), and other assets have recently filed for staking ETF products. Additional positive sentiment has come from Vanguard lifting restrictions on crypto ETF trading and large financial institutions adding crypto ETFs to their portfolios.
Spot Ethereum ETFs have also seen notable inflows. On the 9th, ETHA recorded net inflows of approximately $36 million (¥5.6 billion). Despite broader weakness in the crypto market—particularly among Bitcoin—Ethereum appears to be attracting increased institutional interest amid the growing focus on staking ETFs.
Ethereum also received a boost from the implementation of its major upgrade, Fusaka, on December 4.
This upgrade introduced improvements aimed at increasing transaction speed and reducing fees on Layer 2 networks, thereby enhancing the overall scalability of Ethereum.
In addition, continued growth in demand for stablecoins and DeFi (decentralized finance) remains a positive driver. Many of these services rely on the Ethereum network, and the sustained demand is expected to support Ethereum’s price going forward.
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