The head of digital assets at BlackRock, Robert Mitchnick, is reportedly saying that the spot Ethereum (ETH) exchange-traded fund (ETF) launched earlier this year by the global investment giant has attracted a lower volume of inflows relative to a similar Bitcoin (BTC) product.

The business publication Fortune cites Mitchnick saying that inflows into BlackRock’s iShares Ethereum Trust (ETHA) ETF are “underwhelming” relative to inflows into the monolith asset manager’s iShares Bitcoin Trust (IBIT) ETF.

According to the crypto assets tracking platform SosoValue, the cumulative net inflows into IBIT is $21.5 billion as of September 30th. As of the same period, the cumulative net inflows into ETHA is $1.15 billion.

Mitchnick, however, reportedly says that compared to the ETFs of traditional assets, the spot Ethereum ETF has proved to be relatively successful.

“It’s very rare that you see an ETF get to a billion Assets Under Management (AUM) in seven weeks, as ETHA did. In most cases, it takes multiple years to never for a new ETF to get to a billion.”

The report cites BlackRock’s head of digital assets further saying,

“With ETH, I think the investment story and narrative is a bit less easy for a lot of investors to digest, so that’s a big part of why we’re so committed to the education journey that we’re on with a lot of our clients. And so, you don’t expect them to ever be quite as large in terms of flows and AUM as their Bitcoin counterparts are. But it’s still a pretty good start.”

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