Clients of $10 trillion asset management firm BlackRock are reportedly not showing much demand for Ethereum (ETH), the leading smart contract platform.
Robert Mitchnick, Head of Digital Assets at BlackRock, said: To tell The company's customers are primarily interested in Bitcoin (BTC), the top crypto asset by market capitalization, with “only a small amount” of demand remaining for the top altcoin, according to Fox Business journalist Eleanor. Reported by Terret.
“Bitcoin is by far the top priority for our clients, then a little bit of Ethereum, and pretty much everything else.”
Mitchnick also acknowledged that the digital asset community wants BlackRock to develop a long tail of crypto-focused products. But, he says, “that's not our focus.”
In January, the U.S. Securities and Exchange Commission (SEC) postponed a decision on whether to approve an Ethereum-based exchange-traded fund (ETF) from BlackRock and crypto asset manager Grayscale. At the time, regulators said they needed more time to consider the proposed rule changes.
Earlier this month, SEC Chairman Gary Gensler declined to comment on whether Ethereum would count as a security, citing the fact that regulators are still deciding the fate of the ETH ETF application.
At the time of writing, Ethereum is trading at $3,332, with a slight decline over the past 24 hours.
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