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Speaking at Bitcoin 2024, Robert Mitchnick of BlackRock revealed that client interest in crypto ETFs is mainly focused on Bitcoin and Ethereum.
Client Interest Overwhelmingly in Bitcoin and Ethereum
At the Bitcoin2024 conference on July 25 in Nashville, Tennessee, BlackRock's head of digital assets, Robert Mitchnick, stated that the asset manager's clients show "very little interest" in cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH). He also predicted that there won't be many crypto ETFs besides these two main digital assets.
"I would say that our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two," Mitchnick said at a session titled From Strategy to Innovation: BlackRock's Bitcoin Journey.
Few New Crypto ETFs Expected
"I don't believe we'll see a long list of crypto ETFs," Mitchnick stated. In January, Blackrock introduced its iShares Bitcoin Trust (IBIT), and in July, it introduced its iShares Ethereum Trust ETF (ETHA), two of its first crypto exchange-traded funds.
Cointelegraph shares that not every asset manager agrees. Even though they already provide Bitcoin and Ethereum exchange-traded funds (ETFs), Franklin Templeton is bullish on the prospect of new cryptocurrency ETFs, such as a Solana offering.
In an X post from July 23, Templeton stated:
According to Mitchnick, the majority of Blackrock's clients view BTC and ETH as complementary assets rather than rivals. Instead of selling their Bitcoin, Mitchnick said, customers who purchase Ethereum exchange-traded funds (ETFs) typically increase their crypto holdings. He did warn that there is a lack of data on the movements of investors into Ethereum exchange-traded funds (ETFs), which began trading on July 23.
Ethereum as a Complementary Asset
“ETH is trying to do a bunch of different applications that for the most part, Bitcoin is not trying to do,” according to him. "So, really, they're more complements than they are competitors or substitutes."
If history is any indication, Mitchnick thinks that 20% of crypto assets will be allocated to Ethereum and the rest to Bitcoin.
