BlackRock is getting very little demand for Ethereum (ETH)

On Mar 24, 2024

Robert Mitchnick indirectly confirmed that they are not going to give their strong efforts for Ethereum or other crypto spot ETF products.

BlackRock is the top fund manager in the world. In mid-2023, this fund manager filed for a Bitcoin spot ETF application with the United States Securities and Exchange Commission (SEC) & finally secured regulatory approval in Jan 2024. The SEC body approved a total of 11 Bitcoin spot ETF products at once and currently, 9 of them are trading on the stock exchanges with strong dominance.

Recently Robert Mitchnick, the head of digital assets at BlackRock, talked about the company’s inclination toward Ethereum (ETH) & Solana (Sol) spot ETF plans.

Mitchnick said that the company filed for a Bitcoin spot ETF application in the last year because of the very high interest of clients. Many clients requested the fund manager to launch the Bitcoin spot ETF product in the last bull & bear phase.

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On the Ethereum spot ETF, the BlackRock executive said that demand for ETH ETF was very little over Bitcoin and for other crypto ETFs was very very little.

When Mitchnick was asked if BlackRock will soon be introducing an exchange-traded fund (ETF) based on one of the hottest Solana meme coins at the moment, Dogewifhat (WIF). Mitchnick responded & said that he didn’t know what it was. In this way, the BlackRock executive indirectly dismissed all kinds of speculations around the company’s other crypto spot ETF applications.

Ethereum spot ETF vs SEC

In Nov 2023, BlackRock filed for an Ethereum spot ETF product and so far no decision has come to light by the SEC body.
According to ETF experts, there are huge chance that the decision on ETH ETF applications by the SEC body will come somewhere in May of this year.
Some experts said that the decision on ETH ETF will remain uncertain under the current situation, even though BlackRock has a better relationship with the SEC body and also there are huge chances that the SEC may order BlackRock to withdraw its application.