TechFlow news — Robert Mitchnick, Head of Digital Assets at BlackRock, the world's largest asset management firm, said at the Bitcoin 2024 conference that despite the recent launch of spot Ethereum ETFs, it remains difficult for other crypto assets such as Solana’s SOL or Polygon’s MATIC to achieve similar ETF approvals.
Mitchnick noted that Bitcoin currently accounts for 55% of the market cap, Ethereum for 18%, while the next investable assets each make up only about 3%, falling short of the maturity and liquidity thresholds. The capital inflows into spot Ethereum ETFs are approximately 20% to 25% of those seen in Bitcoin ETFs. BlackRock’s IBIT trust is the second-best-performing ETF this year, trailing only the fund tracking the S&P 500 index.
Mitchnick emphasized that Bitcoin and Ethereum are not competitors but rather complementary. He added that the SEC is unlikely to approve a spot Ethereum ETF with a staking component.
