Blackrock Says Bitcoin Has More Demand Than Ethereum At The Moment

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• BlackRock's head of digital assets, Robert Mitchnick, says spot Bitcoin ETFs draw more investor demand than Ethereum funds.
• His opinion came during a sit-down with Bloomberg's ETF analyst James Seyffart at the Bitcoin 2024 convention in Nashville, where prominent crypto figures like Michael Saylor, Cathie Wood, Robert F. Kennedy Jr, and former President Donald Trump will speak.
• The first batch of spot Ethereum ETFs began trading in the US on Tuesday, garnering over $1 billion in cumulative trading volume and $140 million in inflows. Eight issuers, including BlackRock, have listed their Ether ETFs for trade on Wall Street.
• Spot Bitcoin ETFs meanwhile posted their highest net inflow since March 13th, totaling $526.7 million. The ten Bitcoin-backed investment funds have a market capitalization of over $62 billion, attracting $17.59 billion in net inflow since their debut.

This week has been rather significant for the crypto industry as the US Securities and Exchange Commission (SEC) greenlit the first batch of exchange-traded funds (ETFs) backed by the world's second-largest cryptocurrency by market capitalization - Ethereum (ETH) - for trade on Wall Street.

Spot Ethereum ETFs from eight issuers, including BlackRock, Fidelity, VanEck, 21Shares, Bitwise, Grayscale, Franklin Templeton, and Invesco, began trading on Tuesday and generated over $1 billion in cumulative trading volume and $140 million in inflows.

As per sourced data, the ETFs tracking the price of Ether achieved 79% of the day-one total flows recorded by spot Bitcoin products that were launched in January. The spot Bitcoin ETFs amassed an impressive $4.6 billion in trading volume and $655 million in inflows on their debut.

BlackRock's Digital Assets Head Claims Bitcoin Has More Market Demand Than Ethereum

Meanwhile in Nashville, Tennessee, 20,000 crypto enthusiasts are expected to attend the Bitcoin 2024 convention - the world's largest crypto conference. The event's significance has risen in recent years, thanks to the popularity and demand for crypto assets.