Robert Mitchnick, BlackRock’s head of digital assets, noted that Bitcoin ETFs are currently attracting more investor interest than Ethereum funds. At the Bitcoin 2024 conference in Nashville, expected to draw 20,000 crypto enthusiasts, discussions highlighted the popularity of exchange-traded funds offering exposure to major cryptocurrencies like Bitcoin and Ethereum.
Spot Ethereum ETFs are the latest market entrants, but spot Bitcoin ETFs, trading since January, have already amassed over $60 billion in assets under management, according to SoSoValue. Mitchnick emphasized that it’s still early to determine if investors will shift capital from Bitcoin to Ethereum ETFs. Despite initial strong flows into spot Ether ETFs, Grayscale outflows reduced this to 16%, leading to a price slump in Ethereum.
A similar pattern was observed when spot Bitcoin ETFs launched in January, causing investors to move away from Grayscale’s GBTC. If this trend continues, markets may experience further Grayscale outflows, but total flows could turn positive if spot Ethereum ETFs capture Wall Street interest.
The crypto industry believes that Bitcoin and Ethereum ETFs could pave the way for more U.S. crypto funds. Companies like VanEck have already filed for a Solana Trust, mirroring existing spot ETFs. However, Mitchnick told Bloomberg’s James Seyffart that BlackRock currently sees demand only for Bitcoin and Ethereum crypto ETFs.
Powered by Crypto Expert BD
Follow us on Twitter: https://x.com/CryptoExpert_BD
Join our Telegram channel: https://t.me/CryptoExpert_BD
