Ethereum co-founder Vitalik Buterin experienced a remarkable increase in the value of his cryptocurrency holdings, with a surge of over $57 million in just one day, according to data from blockchain analytics platform Arkham Intelligence.
Arkham Intelligence reported that the assets held in Buterin’s publicly known addresses rose from $468 million on November 9 to $525 million on November 10, representing a growth of over 12% within a 24-hour period.
Out of Buterin’s total holdings of $525 million, $518 million is in Ethereum (ETH), which means that the majority of the one-day growth can be attributed to the appreciation of ETH.
This surge in Ethereum’s value is likely to have been influenced by significant ETF news from BlackRock, a leading asset management company. On November 9, filings were made indicating that BlackRock is preparing the groundwork for a potential spot Ethereum ETF.
The filings, which were posted on the Delaware Department of State’s website, suggest that BlackRock is considering proposing an Ethereum ETF to the U.S. Securities and Exchange Commission (SEC), allowing investors to trade an ETF that directly holds Ether.
In June, BlackRock already filed for a spot Bitcoin ETF and the timing of this latest Ethereum filing coincides with Ether’s price reaching around $2,030, representing an increase of over 8% within 24 hours.
Other major financial firms such as Ark Invest, 21Shares, VanEck, and Grayscale have also been seeking approval for similar Ethereum ETF products. However, due to BlackRock’s massive size, an ETF from the asset manager could potentially bring a significant influx of new institutional investment.