BlackRock’s ETF Chief Believes it is ‘Still Early Days’ for Bitcoin and Ethereum
BlackRock’s head of equity ETFs in the U.S., Jay Jacobs, recently spoke about the current state of cryptocurrency ETFs, emphasizing that despite significant inflows, this market is still in its early stages as many financial advisors are just gaining access to it.
Jacobs mentioned that investors are just beginning to learn about Bitcoin and its role in a portfolio. A notable development is the increased access financial advisors now have to crypto, particularly the iShares Bitcoin Trust ETF. This expanded access has drawn a broader audience of potential investors interested in cryptocurrencies.
BlackRock’s focus is not only on facilitating investment but also on educating investors on how cryptocurrencies can coexist with traditional assets like stocks and bonds within a diversified portfolio. While the iShares Bitcoin Trust ETF has seen substantial growth in assets under management since its launch less than two years ago, Jacobs highlighted that this is only the beginning of the adoption process for both retail and institutional investors.
Todd Rosenbluth, director of research at VettaFi, pointed out that despite price volatility in 2025, ETF-wrapped crypto investments have shown resilience. IBIT, although ending the year down, still attracted considerable assets. This trend indicates that investors entering the crypto market through ETFs are committed to the product and are more focused on long-term trends than short-term price fluctuations. This contrasts with direct crypto holders who tend to trade actively rather than holding long-term positions.
The narrative of institutional adoption has been a significant driver of crypto market rallies in recent years. However, Jacobs’s comments suggest that the flow of advisor and institutional capital into this market is still increasing. As more platforms approve crypto trading and compliance processes evolve, the bulk of advisor adoption may still be on the horizon.
If Jacobs’ assessment that crypto ETFs are in their “very early days” is accurate, this implies that significant inflows could continue for years as more advisors conduct due diligence and allocate client funds to this asset class. This ongoing interest could provide a stable base for crypto markets, making them less susceptible to short-term price fluctuations.
On the flip side, if education efforts do not succeed or advisors determine that the volatility associated with cryptocurrencies does not align with client risk profiles, adoption of crypto ETFs could stagnate. The perseverance observed by Rosenbluth in 2025 during times of market volatility will face further challenges in the future.
In conclusion, the continuous growth of the cryptocurrency ETF market indicates a strong interest from investors and advisors alike. Despite the uncertainties surrounding this emerging asset class, the long-term potential of cryptocurrencies remains a focal point for many financial professionals moving forward.
