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BlackRock’s head of digital assets, Robert Mitchnick, said Bitcoin ETFs currently draw more investor demand than Ethereum funds.
The Bitcoin 2024 conference in Nashville, which is <a href="https://www.youtube.com/live/kzw9M3WsjUk" target="_blank" rel="noopener noreferrer nofollow">expected</a> to attract 20,000 crypto enthusiasts, comes as exchange-traded funds now offer exposure to the largest cryptocurrencies: Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) and Ethereum (<a href="https://crypto.news/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>).
Spot ETH ETFs are the new market entrants, but <a href="https://crypto.news/btc-etf-inflows-reached-533m-ahead-of-eth-etf-launch/" rel="noopener noreferrer nofollow">spot BTC ETFs</a> have traded since January and amassed over $60 billion in assets under management, per SoSoValue. Mitchnick remarked that it’s still early, and flows have yet to indicate whether investors will reallocate capital from Bitcoin funds into Ethereum ETFs.&nbsp;
Spot Ether ETFs achieved 79% of day one total flows recorded by spot Bitcoin products. Data including Grayscale outflows slashed that number to 16% as investors flocked out of the firm’s ETHE vehicle.&nbsp;Ethereum responded with a <a href="https://crypto.news/spot-ethereum-etfs-saw-133m-outflow-on-second-trading-day/" rel="noopener noreferrer nofollow">price slump</a> and was down up to 7% on July 25.
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You might also like: <a href="https://crypto.news/ethereum-etf-inflows-could-surpass/" rel="noopener noreferrer nofollow"> Alluvial CEO: Ethereum ETF inflows could surpass $20b </a>
Similar flows occurred in January when spot BTC ETFs launched. Investors also pivoted away from Grayscale converted GBTC at the time.&nbsp;If the pattern continues to repeat, markets may see days or even weeks of Grayscale outflows. Sell fatigue might then set in, and total flows could flip positive if spot ETH ETFs capture Wall Street demand.&nbsp;
Nevertheless, many within the crypto industry opine that ETFs for Bitcoin and Ethereum incentivize more U.S. crypto funds to launch soon. Issuers like <a href="https://crypto.news/solana-price-franklin-templeton-spot-etf/" rel="noopener noreferrer nofollow">VanEck have filed</a> for a Solana (<a href="https://crypto.news/price/solana/" target="_blank" rel="noopener noreferrer nofollow">SOL</a>) Trust designed similarly to existing spot ETFs.&nbsp;
Speaking with Bloomberg’s James Seyffart, Mitchnick said BlackRock does not currently see demand for crypto ETFs beyond Bitcoin and Ethereum.&nbsp;
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 BTC vs ETH ETFs Day 1 Comparison: Total ETH flows ($108M) were 16% of BTC flows ($655M), but 79% if you exclude the outflows from ETHE ($484M)/GBTC ($95M) conversions. ETHE outflows likely larger because it was already trading at NAV on conversion, while GBTC was still at… <a href="https://t.co/7E4iGKA7Vr" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/7E4iGKA7Vr</a>— Juan Leon (@singularity7x) <a href="https://twitter.com/singularity7x/status/1816122445524299794?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">July 24, 2024</a>
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Read more: <a href="https://crypto.news/ethereum-etfs-bring-substantial-benefits-yet-challenges-remain-opinion/" rel="noopener noreferrer nofollow"> Ethereum ETFs bring substantial benefits, yet challenges remain | Opinion </a>

BlackRock at Bitcoin 2024: More demand for BTC than ETH for now

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