Asset management titan BlackRock’s head of exchange-traded funds (ETFs) reportedly says that demand for Bitcoin (BTC) and Ethereum (ETH) ETFs is only just beginning to scratch the surface.
According to senior Bloomberg ETF analyst Eric Balchunas, BlackRock executive Jay Jacobs says the asset management titan is now focusing on its BTC and ETH ETFs due to the demand they’re receiving rather than launching altcoin ETFs.
“We’re really just at the tip of the iceberg with Bitcoin and especially Ethereum. Just a tiny fraction of our clients own (IBIT and ETHA) so that’s what we’re focused on (vs launching new altcoin ETFs).”
At time of writing, the data shows that BlackRock’s iShares Bitcoin Trust ETF (IBIT) has $54.38 billion in net assets while the firm’s iShares Ethereum Trust ETF (ETHA) has about $3.84 billion. Both ETFs launched earlier this year, with IBIT making its debut in January while ETHA rolled out in July.
IBIT is trading for $57.80 at time of writing while ETHA is moving for $29.71.
Balchunas also reports that Mike Venuto of the Tidal Financial Group – a leading financial services and ETF investment platform – says that Bitcoin is becoming increasingly intertwined with options strategies.
“We have people coming to us all the time trying to pitch ‘Bitcoin + something else’ ETFs… Every options strategy you can think of is going to be tied to Bitcoin, Nvidia, Tesla and MicroStrategy in ETFs. It’s coming.”
The top crypto asset by market is trading for $101,895 at time of writing, a fractional decrease on the day.
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The post Demand for Bitcoin and Ethereum ETFs Seeing Just Tip of the Iceberg, Says BlackRock Executive: Report appeared first on The Daily Hodl.
This articles is written by : Fady Askharoun Samy Askharoun
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