Bitcoin vs. Ethereum: BlackRock Alum Sees New Rails, Bitwise Warns of Selling Pressure
A recent podcast discussion between Joseph Chalom, a former BlackRock executive, and a crypto asset manager from Bitwise has sparked debate about the roles of Bitcoin (BTC) and Ethereum (ETH) in the financial system.
Chalom described Bitcoin as an 'exit asset' and Ethereum as 'the new rails' for a new financial system that integrates stablecoins, tokenized funds, bonds, decentralized finance (DeFi), and AI-powered financial agents. He believes this shift could put approximately $4 trillion of financial-services fees at risk over the next decade.
However, Bitwise's research found that institutions hold Ethereum as a speculative investment, viewing it more like Solana (SOL) than Bitcoin. In fact, all 15 institutions in their study maintained or increased their allocations to crypto during its 50% decline between October 2025 and April 2026.
ETF data from September 21-25 shows that while overall inflows favor Bitwise's position, Ethereum outperformed Bitcoin over the past month. But Ethereum has fallen more over the past year, down 33.4%, compared to Bitcoin's 23.5% decline.