"It's true that everyone loves BTC, it's the mother of all cryptocurrencies."
BlackRock, the giant asset management firm revealed that its clients have little interest in the cryptocurrency Ethereum (ETH) compared to Bitcoin (BTC), said Robert Mitchnick who is the Head of Digital Assets.
While at the Bitcoin Investor Day conference in New York on Friday, Mitchnick said his user base is focused number one on BTC and very little on ETH then very little on other digital assets.
Asked whether or not Blackrock will launch a memecoin dogwifhat (WIF) related ETF in the near future, Mitchnick insisted that there is a misconception of the crypto and that's not really what they want to focus on.
BlackRock managed to spark confidence in the crypto market in January 2024 shortly after the firm received approval to offer a spot BTC ETF called Bitcoin Fund (IBIT) to investors.
In less than two months of trading, BlackRock became one of the top five ETFs as the fund attracted $15 billion in assets, far more than any of the other nine funds.
Back to Mitchnick, he thinks part of the reason why BlackRock was against BTC before then decided to launch BTC ETC is because its customers consistently show interest in BTC regardless of bull or bear market.
He added that he was also very disappointed about how difficult it was to get exposure to digital assets.
