- BlackRock sees little client interest in crypto assets beyond Bitcoin and Ethereum
- The firm’s ETF for Bitcoin has already accumulated nearly $20 billion
- European investors show significant interest in a broader range of crypto assets
BlackRock has put the brakes on the crypto market. Its clients aren’t showing much interest beyond Bitcoin and Ethereum. But there’s more to the story.
Some are pushing forward, like VanEck and 21Shares, asking for the green light for a Solana Spot ETF, while others are taking a step back. This time, it’s BlackRock that’s cooling things down. Robert Mitchnick, the head of the digital assets division at the asset management giant, has left many crypto enthusiasts feeling disappointed.
Mitchnick says that most traditional investors aren’t that interested in crypto assets other than Bitcoin and Ethereum. And without a clear interest from those investors, it’s tough for BlackRock or other big players to make a move.
BlackRock isn’t the only player in this market, and they don’t need to back every industry effort. But as one of the world’s biggest asset managers, it’s worth taking their opinion into account.
Low Interest in Other Cryptos from Clients
Bitcoin is quite interesting to BlackRock’s clients, with their ETF already amassing nearly $20 billion. Ethereum, while not as captivating, is still considered worthy of an ETF and has the potential to bring in substantial numbers.
But when it comes to other crypto assets, it’s a different story, at least for BlackRock’s clients. They don’t represent the whole universe, but they’re still a pretty big group.
“Right now, our clients are mostly interested in Bitcoin, then a bit in Ethereum. They’re not really into the rest,” says Robert Mitchnick, head of BlackRock’s digital assets division. He doesn’t think we’ll see a long list of crypto ETFs.
This opinion is important, but it’s specific to BlackRock’s clients (not the whole world) and it’s based on today’s market. Other asset managers might have different views – and so might European investors.
If we take a look at what’s been selling well in the EU for a while now, we see a very different picture.
