BlackRock’s recently launched Ethereum ETF has seen far less volume and inflows than its Bitcoin ETF, and Robert Mitchnick, the firm’s head of digital assets, doesn’t expect that to change anytime soon.
At the Messari Mainnet Conference in New York, Mitchnick admitted that BlackRock’s Ethereum ETF’s performance so far has been “less impressive” compared to the Bitcoin ETF. But he urged the audience to compare ETHA to ETFs overall: “It’s very rare for an ETF like Ethereum to reach $1 billion in AUM in seven weeks. In most cases, it takes many years for a new ETF to reach that size.”
“I think the investment narrative for Ethereum is not easy to digest for many investors, which is a big reason why we’re so committed to the educational journey with many of our clients,” Mitchnick said. “So you wouldn’t expect them to be as big as Bitcoin in terms of flow and AUM. But it’s still a great start.” (Fortune)