Goldman Sachs' global head of digital assets, Mathew McDermott, hailed the success of the bitcoin ETF at the Coindesk Consensus crypto conference in Austin, Texas, describing it as a significant milestone with profound psychological implications. Since the approval of several spot bitcoin ETFs in January, the price of bitcoin has surged by 60%. Additionally, the recent SEC approval of a few spot ethereum ETFs has caught the attention of traders.

McDermott expressed optimism about the possibility of ethereum being approved for ETF trading but suggested it might not pave the way for other cryptocurrencies like solana or XRP. He noted that clients primarily focus on bitcoin and ethereum due to their tradable futures on the CME, indicating a positive outlook for ethereum ETFs. However, he cautioned that it's premature to predict the fate of other cryptocurrencies in ETFs.

Furthermore, McDermott highlighted the significance of bitcoin and ethereum ETFs as the initial phase in BlackRock's vision for the digitization of financial markets. He emphasized the transformative potential of regulatory clarity in attracting more participants to the market and expanding into other asset classes such as real estate and green debt issuance.