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For the first time, an Ethereum (CRYPTO: ETH) banner was flown outside the New York Stock Exchange building, symbolizing the world’s second-largest cryptocurrency’s rising importance on Wall Street.
What Happened: In a video posted Thursday by Bitwise President Teddy Fusaro, the banner of Bitwise Ethereum ETF (NYSE:ETHW) went up outside the facade of the iconic trading platform. The ticker of the fund, ETHW, was displayed prominently on the banner.
Reacting to the video, Nate Geraci, president of The ETF Institute, said, "What a moment… The word “Ethereum” hanging from the 120-year-old New York Stock Exchange building. The picture might end up in the history books someday."
Silicon Valley investor Balaji Srinivasan, a notable figure in the tech and cryptocurrency spheres, hailed the event as Ethereum's victory over the Securities and Exchange Commission (SEC.)
It's worth reminding that this is not the first time that a cryptocurrency fund banner has been raised on Wall Street. The banner of Grayscale Bitcoin Trust (NYSE:GBTC) appeared outside the NYSE earlier in February.
Why It Matters: The final approval of spot Ethereum ETFs earlier this week is perceived as a major victory against forces in the SEC who had raised concerns that the cryptocurrency is a security.
The nine new ETFs have recorded trading volumes close to $1 billion on each of the first three days since launch, according to SoSo Value.
Talking about Bitwise Ether ETF, the fund has attracted cumulative net inflows of $250 million since listing.
Price Action: At the time of writing, Ethereum was trading at $3,267.86, up 2.90% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Shutterstock
