Head of exchange-traded funds (ETFs) at asset management giant BlackRock, Bitcoin (BTC) $102,189.6 and Ethereum (ETH) 
$3,863.6 He noted that demand for his ETFs is still in its infancy. According to Bloomberg ETF analyst Eric Balchunas, BlackRock executive Jay Jacobs said they are focusing on BTC and ETH ETFs rather than alternative cryptocurrency ETFs.
BlackRock’s Focus
“With Bitcoin and especially Ethereum, we are really just at the tip of the iceberg,” Jacobs said. “A very small portion of our clients own (IBIT and ETHA), so we are focusing on those rather than launching new altcoin ETFs.” he said. Only a small portion of the relevant ETFs are currently included in customer portfolios.
BlackRock’s iShares Bitcoin Trust ETF (IBIT) net assets stood at $54.38 billion, while the iShares Ethereum Trust ETF (ETHA) reached approximately $3.84 billion. IBIT was launched in January, while ETHA was launched in July. Currently, IBIT is trading at $57.80 and ETHA is trading at $29.71.
Market Developments
Balchunas quoted Tidal Financial Group’s Mike Venuto as reporting that Bitcoin is increasingly intertwined with options strategies. “Any options strategy comes with Bitcoin, Nvidia, Tesla, and MicroStrategy tied to ETFs,” Venuto said. he said.
“We are really just at the tip of the iceberg with Bitcoin and especially Ethereum,” said Jay Jacobs, BlackRock executive. he said.
Mike Venuto, Tidal Financial Group, “Any options strategy is coming to be tied to ETFs with Bitcoin, Nvidia, Tesla, and MicroStrategy.” he said.
Bitcoin, the largest crypto asset in the market, has fallen slightly on the day and is trading at $101,895.
BlackRock’s focus on BTC and ETH ETFs reflects growing demand in the cryptocurrency market. The performance and market strategies of ETFs provide important indicators for the future developments of the sector. For investors, these trends can be useful in shaping their strategies for crypto assets.
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
