Clients of $10 trillion asset management firm BlackRock are reportedly not showing much demand for the leading smart contract platform Ethereum (ETH).
Robert Mitchnick, BlackRock’s head of digital assets, says that the firm’s clients are mostly interested in Bitcoin (BTC), the top crypto asset by market cap, leaving only a “little bit” of demand for the top altcoin, reports Fox Business journalist Eleanor Terrett.
“For our clients, Bitcoin is overwhelmingly the number one priority. And then a little bit Ethereum, and very little everything else.”
Mitchnick also says he acknowledges that the digital asset community wants BlackRock to create a long tail of crypto-focused products. However, he says “that’s just not where we’re focused.”
In January, the U.S. Securities and Exchange Commission (SEC) delayed its decision on whether or not to approve Ethereum-based exchange-traded funds (ETFs) from BlackRock and crypto asset manager Grayscale. At the time, the regulatory agency said it needed more time to consider the proposed rule change.
Earlier this month, SEC Chair Gary Gensler declined to comment on whether or not Ethereum counts as a security due to the fact that the regulatory body is in the midst of deciding the fate of ETH ETF applications.
Ethereum is trading for $3,332 at time of writing, a fractional decrease during the last 24 hours.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
The post BlackRock’s Clients Expressing ‘Little Bit’ of Demand for Ethereum, According to Head of Digital Assets: Report appeared first on The Daily Hodl.
