Bitcoin fell 1.3% in the hour leading up to 9:30 p.m. in Hong Kong, to trade at US$27,369 following the U.S. jobs report<\/a> release. The world\u2019s largest economy added 336,000 new jobs in September, far exceeding preliminary expectations of 170,000 and fueling concerns that interest rates will remain high over a longer period of time.<\/p>\n Bitcoin has been trading under US$30,000 since July after surging past the mark behind the series of Bitcoin spot exchange-traded fund applications from some of the world\u2019s largest asset managers, including BlackRock<\/a> and Fidelity<\/a>.\u00a0<\/p>\n Hopes that the U.S. Securities and Exchange Commission would greenlight a spot Bitcoin ETF have been further boosted by Grayscale Invesment\u2019s<\/a> legal victory in August. The court sided with the firm in challenging the SEC\u2019s rejection of the fund manager\u2019s application to convert its Bitcoin fund into an ETF.<\/p>\n But this week, Ethereum-based financial products stole the show.\u00a0<\/p>\n Bitwise\u2019s Ether Futures ETFs<\/a> launched on Monday, along with seven other Ether ETFs from companies including Valkyrie, VanEck, ProShares and VolShares. Ether<\/a> briefly rose to a weekly high of US$1,736 on Monday, before losing the US$1,700 psychological mark on the same day. The world\u2019s second largest cryptocurrency was trading at US$1,621 as of 9:30 p.m. in Hong Kong, down 0.8% in the hour following the U.S. jobs report.<\/p>\n See related article:<\/em><\/strong> Valkyrie CIO expects US spot Bitcoin ETF approval in Q2 2024<\/a><\/p>\n \u201cApproval of the recent Ether ETFs formally signals that Ether, like Bitcoin, is not a security under U.S. laws. This non-security classification will help drive increased institutional and retail investment flows,\u201d Collin Woodward, a Web3 lawyer and president of Web3 software firm StealthTest, told Forkast.<\/em><\/p>\n \u201cThe first spot Bitcoin ETF [in the U.S.] is inevitable. It\u2019s just a matter of when, and that approval actually paves the way for more Ether ETFs, including an eventual spot Ether ETF,\u201c added Woodward.\u00a0<\/p>\n Bitcoin also rose to a near five-week high of US$28,434 on Monday following the launch of the Ether ETFs, gaining 4.12% before falling to the US$27,500 mark on Tuesday.<\/p>\n![\"vdd0At](\"https:\/\/lh5.googleusercontent.com\/vdd0At_Q4LPX5NxtSPUCD5tgEzQ7ahPpU_jarsO6EBbbicPgbsIxDG5Xu7JZunLVW3uDK0HnRFJXdC-uV3U1DKLgqwrjup7LHaFlfReN-V-SBfq59DmYpM6hyEX3zllIoZ8FWh8hhwXDtFcDLwsYkJY\" "\\"Weekly")