Robert Mitchnick, the head of digital assets at BlackRock, has reportedly commented on the lower volume of inflows into the spot Ethereum (ETH) exchange-traded fund (ETF) compared to a similar Bitcoin (BTC) product launched by the global investment giant earlier this year.
According to Fortune, Mitchnick stated that inflows into BlackRock’s iShares Ethereum Trust (ETHA) ETF have been “underwhelming” in comparison to the inflows into the iShares Bitcoin Trust (IBIT) ETF.
As per data from the crypto assets tracking platform SosoValue, the cumulative net inflows into IBIT stand at $21.5 billion as of September 30th, while the cumulative net inflows into ETHA amount to $1.15 billion for the same period.
Mitchnick acknowledged that the spot Ethereum ETF has seen relative success when compared to traditional asset ETFs. He mentioned, “It’s very rare that you see an ETF reach a billion Assets Under Management (AUM) in seven weeks, as ETHA did. In most cases, it takes multiple years or never for a new ETF to achieve that milestone.”
The report quoted Mitchnick emphasizing the educational journey with clients regarding the investment story and narrative of Ethereum. He stated, “You don’t expect them to ever be quite as large in terms of flows and AUM as their Bitcoin counterparts are. But it’s still a pretty good start.”
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