BlackRock, the world's largest asset manager, has filed for options for Spot Ethereum ETFs.
Bitcoin lost more than 17% in value as Monday's market turmoil led to $1 billion in liquidations.
However, a recovery was observed in the market today and the Bitcoin price, which dropped to $ 49,000, is trading at $ 56,600 at the time of writing this article. However, that figure remains well off the all-time high of around $74,000.
Cryptocurrency analysts expect volatility to be high in the coming period due to geopolitical risks and turmoil in the US economy.
*This is not investment advice.