{"id":270261,"date":"2024-03-23T10:30:21","date_gmt":"2024-03-23T05:00:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=270261"},"modified":"2024-03-23T11:21:55","modified_gmt":"2024-03-23T05:51:55","slug":"blackrock-might-backtrack-on-ethereum-etf-application-amid-very-little-demand-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/blackrock-might-backtrack-on-ethereum-etf-application-amid-very-little-demand-crypto-news\/","title":{"rendered":"BlackRock Might Backtrack on Ethereum ETF Application Amid \u2018Very Little\u2019 Demand – Crypto News"},"content":{"rendered":"

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After its successful launch of the spot Bitcoin ETF in January 2024, the world\u2019s largest asset manager BlackRock has been pushing ahead for a spot Ethereum ETF application. However, chances are that the asset manager might reconsider its efforts citing \u201clittle\u201d demand from clients for Ethereum, in comparison to Bitcoin.<\/p>\n

Will BlackRock Continue the Push for spot Ethereum ETF?<\/h3>\n

During a fireside chat at the Friday Bitcoin Investor Day conference in New York, Robert Mitchnick, BlackRock\u2019s head of digital assets, emphasized the firm\u2019s client base\u2019s primary focus on Bitcoin. He noted, \u201cI can say that for our client base, bitcoin is overwhelmingly the number one focus and a little bit Ethereum\u201d. He also mentioned that the demand for every other crypto asset is \u201cvery, very little.\u201d<\/p>\n

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However, he didn\u2019t comment anything for now on whether BlackRock will continue or not on its pursuit of Ethereum ETF approval. Last week, BlackRock got Digital Assets Product Strategist Matt Kunk<\/a> on board to lead the company\u2019s efforts on iShares digital assets ETFs. Ethereum proponents have come in defense of the asset class.<\/p>\n

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2 possibilities here:<\/p>\n

\u2013 BlackRock rep downplaying how much demand there is for ETH because they don’t have a product to sell yet (the ETH ETFs)<\/p>\n

<\/p>\n

\u2013 The demand for ETH is actually small right now which means there is a lot of room for growth<\/p>\n

Either way, bullish \u2013 send it higher https:\/\/t.co\/NwK3wKHuws<\/a><\/p>\n

\u2014 sassal.eth\/acc \ud83e\udd87\ud83d\udd0a (@sassal0x) March 23, 2024<\/a><\/p>\n<\/blockquote>\n

For now, the US SEC has delayed BlackRock\u2019s Ethereum ETF application to May 2024. There have been ongoing discussions that BlackRock will also pursue ETFs for other digital assets. Mitchnick clarified that there\u2019s a misconception within the crypto industry regarding the asset manager\u2019s intentions to offer a wide array of other services. \u201cThat\u2019s not our primary focus,\u201d he emphasized.<\/p>\n

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On the other hand, BlackRock continues to explore the industry. The asset manager recently announced the launch of its BUIDL stablecoin<\/a> on Ethereum blockchain, as part of its tokenization efforts.<\/p>\n

Will the US SEC Wage A War Against Ethereum?<\/h3>\n

There are strong discussions in the industry that the US SEC is considering putting a \u2018security tag\u2019 for Ethereum just like they did with XRP. This might further reduce the chances of the Ethereum ETF approval<\/a> by the securities regulator.<\/p>\n

According to Alex Thorn, head of firmwide research at Galaxy Digital, if the SEC is inquiring about crypto firms\u2019 interactions with the Ethereum Foundation<\/a>, it could indicate scrutiny over whether the original Ethereum initial coin offering (ICO) in 2014 was an unregistered securities offering, rather than just categorizing the current secondary trading of ETH as securities trading.<\/p>\n

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Thorn speculated that while the SEC might distinguish between the ICO and the present secondary trading of ETH, taking any enforcement action against the Ethereum Foundation nearly a decade later would be \u201chighly unusual.\u201d<\/p>\n

However, crypto industry players like Coinbase<\/a> have come in support of Ethereum stating that CFTC and the SEC cannot have different takes on the asset class.<\/p>\n

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\u2713 Share:<\/p>\n

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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After its successful launch of the spot Bitcoin ETF in January 2024, the world\u2019s largest asset manager BlackRock has been pushing ahead for a spot Ethereum ETF application. However, chances are that the asset manager might reconsider its efforts citing \u201clittle\u201d demand from clients for Ethereum, in comparison to Bitcoin. Will BlackRock Continue the Push […]<\/p>\n","protected":false},"author":2,"featured_media":250724,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,1],"tags":[192,29,198,194,195,199,196,193,197,200],"class_list":["post-270261","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-nft","tag-blockchain-business","tag-business","tag-coins","tag-crypto-business","tag-cryptocurrency-business","tag-fiat","tag-metaverse-business","tag-nft-business","tag-token","tag-token-business"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270261","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=270261"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270261\/revisions"}],"predecessor-version":[{"id":270268,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/270261\/revisions\/270268"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/250724"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=270261"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=270261"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=270261"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}