Last week, the cryptocurrency world was abuzz with news of Ethereum ETFs. Following the approval of eight applications on May 23, Ethereum and Bitcoin saw significant price hikes, with Ethereum peaking near $4,000. Amidst this excitement, BlackRock, the world's largest asset management firm, made headlines by submitting an updated S-1 document for Ethereum ETFs.

BlackRock's move comes after the initial approval by the SEC, signaling a pivotal step towards launching spot Ethereum ETFs in the United States. Known for its influential role during the Bitcoin ETF phase, BlackRock's involvement in Ethereum ETFs is anticipated to have a substantial impact.

While the market awaited further developments, Ethereum's price surged from $3,000 to nearly $4,000 before settling around $3,770 at the time of this writing, reflecting a 2% decline over the past 24 hours. Despite this drop, Ethereum's recent gains have been notable, even as its market capitalization dipped to $452 billion.

The decline in Ethereum's trading volume by 10% to $17 billion within 24 hours indicates a shift in investor sentiment, possibly influenced by recent statements from US officials regarding potential interest rate hikes. These remarks have added a layer of uncertainty to the market, affecting investor confidence in cryptocurrencies.

In conclusion, BlackRock's latest move towards Ethereum ETFs marks a significant development in the crypto investment landscape. As Ethereum's price continues to fluctuate, the market remains attentive to regulatory decisions and economic indicators that could shape its future trajectory.