- BlackRock is not focused on altcoin ETFs right now, said an executive at the firm.
- Just a “tiny fraction” of BlackRock users own IBIT and ETHA.
- Tidal CIO Michael Venuto believes Bitcoin will be tied to “every options strategy.”
BlackRock, the world’s largest asset management firm, is doubling down on its United States spot Bitcoin and Ethereum exchange-traded funds (ETFs), IBIT and ETHA, instead of launching investment products focused on altcoins. Currently, only a small portion of the firm’s customers hold these crypto ETFs, and BlackRock wants to onboard more users.
In a post on X (formerly Twitter), Bloomberg ETF analyst Eric Balchunas discussed the rising popularity and demand for crypto ETFs, referencing quotes from representatives of different digital asset management firms. With recent discussions about XRP and Solana ETFs and the overall market reaching new highs, we can expect more capital inflow.
Read also: Cryptocurrency Alert: Ethereum and Solana Edge Closer to Key Price Breakouts
Jay Jacobs, the Head of Thematic and Active ETFs at BlackRock, stated that the asset management firm is “just at the tip of the iceberg with Bitcoin and especially Ethereum.” Because only a “tiny fraction” of the firm’s clients own IBIT and ETHA shares, BlackRock is concentrating on attracting more investment to these products instead of creating new altcoin ETFs.
Michael Venuto, co-founder and CIO of Tidal, noted that people have approached the firm to propose “Bitcoin + something else” ETFs. He also predicted that soon, “every options strategy you can think of” will be linked to Bitcoin, Nvidia, Tesla, and MicroStrategy in ETFs. “It’s coming,” he added.
Bitcoin’s Price Action
According to CoinMarketCap data, Bitcoin has struggled to stay above $100,000 in the past few days, despite several attempts to reach a new all-time high. At the time of writing, BTC is trading at $99,789.95 after reaching a daily high of $102,524.91. The cryptocurrency is down 3.99% from its all-time high of $103,900.47.
The Relative Strength Index (RSI) for BTC shows a value of 60.71, which generally means that the bulls control the cryptocurrency’s price action. The line’s direction suggests a correction is happening before Bitcoin sees higher prices.
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