BlackRock Executives Interpret the Outlook for the Digital Asset Market

In a deep dialogue, Samara Cohen, head of ETFs and index investing at BlackRock, shared her unique insights on digital asset ETFs, the modernization of the market, and the integration of blockchain technology with traditional finance. As a seasoned expert managing $6.6 trillion in assets, Samara revealed the critical transformation phase that the financial markets are currently undergoing.

Promote Market Modernization

Samara positions herself as a "market modernization facilitator," dedicated to enhancing market resilience, increasing transparency, and expanding investor participation. She believes that ETFs themselves are a disruptive technology, aligned with the goals of blockchain technology: to drive market modernization and achieve innovation and transformation in financial markets.

The Integration of Blockchain and Traditional Finance

The current stage is the integration of blockchain assets with traditional financial markets. The launch of the Bitcoin ETP in the United States marks an important watershed moment, creating a bridge between the crypto world and the traditional financial world. This integration currently involves only a few digital assets and relies on traditional financial infrastructure. The ideal direction for development is to create bridges and draw on the best practices from all sides, rather than completely overturning the existing system.

Technological Evolution and Market Transformation

Samara likens the transition from dial-up internet to broadband internet to the current development of digital assets. She raises a crucial question: is the vision of complete decentralization really the best fit for the current market and investors? She suggests leveraging cryptographic technology to improve trust mechanisms, rather than completely replacing intermediaries.

Development of the Options Market

BlackRock has established an options ecosystem for Bitcoin ETFs and Ethereum ETPs by collaborating with market institutions. The development of the options market has brought new trading mechanisms to cryptocurrency ETFs, achieving the standardization of funding input methods, the measurability of volatility trends, and real-time monitoring of trading conditions.

Education is the best marketing

From BlackRock's perspective, education is the best marketing approach for Bitcoin. This education mainly revolves around risk management, how to leverage risk to achieve portfolio diversification, and studying the interactions between different portfolios.

Metrics for Measuring ETF Success

The primary criterion for judging the success of an ETF is whether it can achieve its intended goals. Key indicators include tracking accuracy and market quality. From these standards, both the Bitcoin ETF and Ethereum ETF are considered successful products.

ETF Development Trends

Key observation points for the future development of ETFs include:

• Research on Bitcoin in portfolio construction continues to deepen.
• The launch of Bitcoin ETP options and its impact
• The importance of strengthening investor education

Future Outlook

BlackRock's outlook for 2025 focuses on three core areas:

• Establishment of Basic Definitions
• Clear delineation of jurisdiction
• Establishment of collaboration mechanisms between public and private sectors

The industry is entering a possible "golden age", thanks mainly to lower costs of block space, a more convenient development environment, and a clearer regulatory outlook.