BlackRock’s head of digital assets, Robert Mitchnick, reportedly says that the spot Ethereum (ETH) exchange-traded fund (ETF), launched by the global investment giant earlier this year, has attracted a lower volume of inflows compared to a similar Bitcoin (BTC) product.
Fortune business magazine quotes Mitchnick says inflows into BlackRock’s iShares Ethereum Trust (ETHA) ETF are “disappointing” compared to inflows into the monolith asset manager’s iShares Bitcoin Trust (IBIT) ETF.
According to crypto asset tracking platform SosoValue, cumulative net inflows are coming in IBIT amounts to $21.5 billion as of September 30. From the same period, the cumulative net inflow is in ETHA amounts to 1.15 billion dollars.
However, Mitchnick reportedly says that compared to traditional asset ETFs, the spot Ethereum ETF has proven relatively successful.
“It’s rare to see an ETF reach one billion Assets Under Management (AUM) in seven weeks, as ETHA did. In most cases, it takes several years for a new ETF to never reach a billion.”
The report further quotes BlackRock’s head of Digital Assets saying:
“With ETH, I think the investment story and narrative is a little less easy to digest for a lot of investors, so that’s a big part of why we’re so committed to the education journey that we have with a lot of our clients. And so you don’t expect them to ever be as big in terms of flows and assets under management as their Bitcoin counterparts. But it’s still a pretty good start.”
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Generated image: Midjourney