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Investors are Only Interested in BTC and ETH ETFs!
According to BlackRock’s head of digital assets, there is not much interest among its clients in cryptos beyond Bitcoin and Ethereum.
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BlackRock Expects Limited Interest in ETFs Outside BTC and ETH
ETH ETFs Launched in ‘Weak Market’ and Could Pressure Bitcoin - Analyst
Ethereum and Layer-2 Blockchains See 127% Surge in Onchain Activity
US Senator Withdraws Support for Elizabeth Warren’s Anti-Crypto Bill
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According to BlackRock’s head of digital assets, there is not much interest among its clients in cryptos beyond Bitcoin and Ethereum.
Robert Mitchnick of BlackRock shared at the Bitcoin 2024 conference that their clients overwhelmingly favor Bitcoin and Ethereum, with minimal interest in other digital assets.
Clients see Bitcoin and Ethereum as complementary assets, and use ETH ETFs to enhance their crypto portfolios without replacing Bitcoin.
Mitchnick predicts that investors will allocate about 20% of their crypto holdings to Ethereum, with the majority remaining in Bitcoin.
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A Bitcoin analyst thinks spot Ethereum ETFs may have launched too early.
Charles Edwards of Capriole Investments believes that only having a Bitcoin ETF in 2024 would have been better, as the introduction of Ether ETFs may distract investors.
Edwards argues that institutional Bitcoin ETF holders might diversify into ETH ETFs, which will then create sell pressure on Bitcoin.
He believes that launching an ETH ETF into a somewhat weak market means there is uncertainty about capital allocation.
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A recent Q3 report revealed a 127% surge in the average number of daily active addresses across Ethereum and major layer-2 blockchains in the first half of the year.
According to the report, Linea, Base, and Arbitrum are the top three L2 blockchains, with a combined 1.8 million daily active addresses.
Vitalik Buterin believes this rapid growth reflects a broader trend of L2s becoming central to blockchain activity.
Ethereum's Dencun upgrade, which was implemented in March of 2024, is a major contributor to the increase in activity on these L2 blockchains.
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Republican Senator Roger Marshall has withdrawn as a cosponsor for an anti-crypto bill he co-created with Senator Warren.
On July 24, Senator Marshall withdrew his support as a co-sponsor of the DAAMLA bill, leaving 18 senators still backing the legislation.
Senator Warren introduced the bill with Marshall in December of 2022, and argued that crypto is used by "rogue nations, oligarchs, drug lords, and human traffickers" for money laundering.
The proposed bill has faced a lot of criticism from several crypto fans and organizations who claim it exaggerates crypto's role in illicit activities.
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