ETHA’s failure at getting inflows for a year, ironically, creates a durable moat for BTC and ETH flows. Large asset managers like Blackrock will get much better ROI by focusing salesforce on BTC and ETH only, rather than diversifying into broader crypto ETFs in the near term.

Had ETHA been a hit with retail investors at time zero, large asset managers would have eagerly launched ETFs for things like SOL. ETHA’s early sluggishness will likely keep these alt crypto ETFs sidelined for now, meaning that liquidity unlocks (401k EO) only go to ETH and BTC.