🪽BlackRock ETF Speculation Sends ETH Flying

GM Defiers!

Ethereum is consistently trading above $2,000 for the second time this year after investors spotted that BlackRock has registered a business entity called iShare Ethereum Trust. The registration suggests BlackRock plans to follow up on the proposal for its iShares spot Bitcoin ETF.

Eric Balchunas, senior ETF analyst at Bloomberg, said nothing is standing in the way of the U.S. Securities and Exchange Commission approving an Ether ETF. Balchunas said arbitrarily rejecting the asset class could open the SEC up to legal action.

Scroll, the recently launched Ethereum Layer 2, has stormed the L2 rankings after on-chain activity increased 138% in one week. The network now ranks third among Layer 2s by throughput.

BLUR, the token from the leading NFT marketplace, has doubled in value over the past month. However, the project's current airdrop campaign will end in a little over one week.

Lightspeed Faction has launched its debut $285M fund to support early-stage web3 projects. The Lightspeed Venture Partners joint venture boasts alumni of Coinbase, Amber Group, and Blockchain.com

Plus, Avalanche's on-chain activity continues to trend down, with up to one-third of users exiting the network last quarter.

✍️ In today’s newsletter:

• BlackRock eyes ETH exchange-traded fund
• Eric Balchunas says SEC likely to approve spot Ether ETF
• Scroll storms L2 rankings
• BLUR rallies 150% in one month
• Lightspeed Faction introduces $285M fund
• Active Avalanche users trends down

🙏Sponsored

• Creating and Launching DeFi Made Easy with UNCX
• dYdX Doubles Down on Decentralization