According to WuSaid, Robert Mitchnick, head of digital assets at BlackRock, said at the Bitcoin 2024 conference that despite the launch of a spot Ethereum ETF this week, it is unlikely to open the door to funds for other crypto assets such as Solana’s SOL or Polygon’s MATIC.
He pointed out that Bitcoin accounts for about 55% of the market value, while Ethereum accounts for 18%, and other potential investment assets account for only 3%, which is far from reaching thresholds such as maturity and liquidity.
Mitchnick emphasized that Bitcoin and Ethereum are complementary, with Bitcoin being seen as a potential global payment system and Ethereum being a technology platform for building new applications.