BlackRock Executive: Ethereum ETF Demand is Just the "Tip of the Iceberg"

2024-12-17 11:06:03

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ChainCatcher news, according to Cryptonews, BlackRock's Head of Thematic Investing and Active Equity ETFs in the U.S., Jay Jacobs, stated in an interview with Bloomberg ETF analyst Eric Balchunas that the demand for Ethereum ETFs is only showing "the tip of the iceberg," with currently only a small portion of clients holding their Bitcoin (IBIT) and Ethereum (ETHA) ETF products. He added that BlackRock remains focused on bringing new clients to these ETFs rather than launching new ETFs related to other cryptocurrencies.

Against the backdrop of the Federal Reserve possibly announcing an interest rate cut this week and market expectations that the Trump administration may establish a Bitcoin strategic reserve in 2025, analysts expect ETH to potentially break the $5,000 historical high by the end of the year. The ETH price broke through $4,100 this morning, reaching a new high for the year, while Bitcoin surpassed $107,000 during the same period. Historically, Ethereum tends to experience a new round of increases 1-2 months after Bitcoin breaks a new high.

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