At the Bitcoin 2024 conference, Robert Mitchnick, head of digital assets at BlackRock, the world’s largest asset management company, said in an interview that despite the launch of the Ethereum spot ETF this week, it is unlikely to open the door for other crypto assets such as Solana (SOL) on the ETF stage. In a conversation with Bloomberg ETF analyst James Seyffart, Robert Mitchnick said:

“I don’t think we’re going to see a long list of crypto ETFs. If you look at Bitcoin, right now it’s about 55% of the market cap. ETH is 18%. The next investable asset is probably only 3% (SOL, BNB). It simply doesn’t have that threshold or track record of maturity, liquidity, etc.”

Current Ethereum spot ETFs have attracted only about 20% to 25% of the inflows of Bitcoin spot ETFs. Bitcoin ETFs have achieved breakout success, especially BlackRock's IBIT Trust, which has performed well in the United States and is the second best performing ETF this year after the S&P 500. This product also represents more than 20% of BlackRock's inflows this year, with only one day of outflows so far.

Robert Mitchnick said: [We don’t think Bitcoin and Ethereum are really competitors. Bitcoin is trying to be an alternative to global currency as a potential global payment system, while Ethereum is more seen as a technology platform for building novel applications. So, they are more complementary than alternatives. ”

Robert Mitchnick added that while regulations are still unclear, the SEC has made it clear that it wants to draw the line somewhere. For example, Robert Mitchnick said the SEC is unlikely to approve an Ethereum spot ETF with staking features.

The value of Bitcoin

Robert Mitchnick said that typical investors in BlackRock's IBIT Trust usually allocate 2% to 3% of their funds because of Bitcoin's growth potential. He emphasized that Bitcoin is a completely different asset type from stocks, fixed income or other traditional assets, with a fundamentally different value proposition, and BlackRock's client base from retail investors to ultra-high net worth clients are beginning to realize this. He added:

“You’re already starting to see this shift where people are looking at Bitcoin as a potential safe haven.”

Mitchnick disagrees with the view that Bitcoin is simply a risk asset, saying that such a definition is "fundamentally inaccurate" and "extremely unhelpful" in the long run.

"Bitcoin itself is a standalone risk asset, right? But those risks involve future adoption, regulation, and an ecosystem that is still in its early stages of development. Those risks are very different from the fears and risk factors that exist in traditional finance, such as banking crises, geopolitical chaos, inflation, deficits, debt, currency debasement, etc."


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