BlackRock Doubles Down on BTC and ETH ETFs, Says It's 'Just at the Tip of the Iceberg'

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

World’s largest asset management firm BlackRock is doubling down on its US spot Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) rather than launching any new investment products focused on altcoins.

Currently, only a small portion of BlackRock’s clients hold these crypto ETFs, and the firm is looking to onboard more users to these products before launching anything new, according to a Bloomberg report.

In a post on X (formerly Twitter), Bloomberg ETF analyst Eric Balchunas shared his notes from covering the rising popularity and demand for crypto ETFs, including quotes from representatives of different digital asset management firms.

With recent discussions on XRP and Solana ETFs and the overall market hitting new highs, we can expect more capital inflows.

Jay Jacobs, head of thematic and active ETFs at BlackRock, said that the asset management firm is “just at the tip of the iceberg with Bitcoin and especially Ethereum.”

Since only a “tiny fraction” of the firm’s clients own shares of IBIT and ETHA, BlackRock is concentrating on getting more investment into these products rather than 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 option 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

Bitcoin has struggled to stay above $100,000 in the past few days, making several attempts to reach a new all-time high, according to CoinMarketCap.

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 direction of the line suggests a correction is happening before Bitcoin sees higher prices.

The abovementioned data, topics, and people have been derived from an AI language model and should be treated as a single entity. This article does not present any financial or other advice and serves solely for informational and educational purposes to the best of our knowledge.