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BlackRock’s Claims of Low Demand Rain on Ethereum ETF Parade

BlackRock's head of digital assets says clients are choosing Bitcoin over Ethereum

BlackRock, a behemoth in asset management, has seen a clear preference for Bitcoin (BTC) over Ethereum among its clients, according to Robert Mitchnick, the firm's head of digital assets. During a recent fireside chat at the Bitcoin Investor Day conference in New York, Mitchnick revealed: 

“I can say that for our client base, bitcoin is overwhelmingly the number one focus and a little bit Ethereum.” 

Despite the diversity within the crypto market, BlackRock's clientele demonstrates a markedly tepid interest in Ethereum and even lesser interest in other cryptocurrencies. Mitchnick's observations indicate that for BlackRock's investors, Bitcoin remains the primary, if not exclusive, point of interest in the digital asset space. 

This insight into client preferences comes at a time when BlackRock has significantly impacted the digital assets market, notably with the successful launch of the iShares Bitcoin Trust(IBIT), which quickly ascended to become one of the top five ETFs overall in the market.

Setting the record straight on BlackRock's crypto services

Robert Mitchnick, BlackRock's head of digital assets, has clarified misconceptions surrounding the asset management giant's engagement with the cryptocurrency sector, particularly regarding the breadth of services it plans to offer. Amid speculations of BlackRock expanding into a wide array of crypto services, Mitchnick pointed out during the Bitcoin Investor Day conference: 

“There’s a misconception from the crypto industry that the asset manager will have a ‘long tail’ of other services. That’s really not what we’re focused on.”

This statement is a response to the crypto community's queries about BlackRock's potential ventures into various digital assets, including speculative interest in an ETF related to memecoin dogwifhat (WIF). To this, Mitchnick candidly admitted his unfamiliarity with the memecoin, underscoring BlackRock's strategic focus on more established cryptocurrencies, primarily Bitcoin