Ethereum News: BlackRock and NYSE Arca Push for Staked ETH ETFs to Attract Institutional Investors

In a move that could significantly impact the Ethereum ecosystem, major financial firms BlackRock and NYSE Arca are actively promoting the development of ETH ETF staking. This strategy aims to boost returns for investors and attract more institutional participation in the cryptocurrency market.

BlackRock, NYSE Push for Staked ETH ETFs

BlackRock and NYSE Arca are pushing for ETH ETF staking, aiming to boost returns and attract institutional investors. Recent staking data shows increased participation, with Kraken and Blockdaemon leading deposit growth while Coinbase sees outflows. The demand for Ethereum[ETH] staking is rising, fueled by growing institutional interest and regulatory advancements. BlackRock has voiced its support for staked ETH ETFs, emphasizing their potential to enhance returns for investors. Simultaneously, NYSE Arca has submitted a proposal to the U.S. Securities and Exchange Commission (SEC) to allow staking for Bitwise’s Ethereum ETF. With Ethereum staking trends shifting, the landscape of ETH investment products is evolving rapidly.

Ethereum Bullish Signal: Exchange Supply Registers Massive Drop

On-chain data shows the Ethereum Supply on Exchanges has seen a sharp decline recently, falling to its lowest point in almost 10 years according to Santiment. This could be bullish for ETH’s price as a decrease in the supply on exchanges suggests investors are not depositing tokens for selling-related purposes, which typically has a bearish impact on price.

Ethereum Reclaims $2K Threshold

Ethereum (ETH) has reclaimed the $2,000 mark, a key technical and psychological level it struggled to hold since early March. As of March 22, ETH trades at $1,995.69 with a 24-hour trading volume of $9.05 billion and a market cap of $240.7 billion. On-chain data points to a significant shift in investor behavior, with more than 360,000 ETH withdrawn from centralized exchanges in the past 48 hours. Historically, such outflows are associated with bullish sentiment as long-term holders anticipate future gains, reducing available supply and creating upward pressure on price.

A Whale’s $13.8 Million Ethereum Purchase

In the world of cryptocurrency, whale movements can significantly influence market dynamics. A major player in the Ethereum (ETH) market acquired a substantial amount of ETH worth $13.8 million. This whale took several strategic steps to amass 7,074 ETH through a series of transactions that involved the OKX and Aave platforms. Specifically, the whale withdrew 4,511 ETH ($8.81M) from OKX and deposited it into Aave. Then, he borrowed 5M USDT from Aave and deposited it into OKX to buy another 2,563 ETH ($5M). This transaction could have significant implications for Ethereum and the broader crypto market.