Solana, XRP ETFs may not hit the market, BlackRock doesn’t see possibility
- Crypto traders are optimistic that spot Ether ETF approval has paved the way for Solana, XRP, and other assets.
- BlackRock head of digital assets said at the Bitcoin Conference that there is very little interest beyond BTC and Ether.
- Bitcoin sustains above $67,000, and Ethereum hovers above $3,200 on Friday.
Solana added nearly 5% gains on the day, up to $179.
Asset management giant BlackRock does not see much interest among clients in crypto ETFs beyond Bitcoin and Ethereum. While crypto traders consider spot Ethereum ETF approval as the first step towards other crypto assets, the statement from an executive at the asset management firm has caused uncertainty.
Bitcoin and Ethereum hold steady above key support on Friday, Solana gains nearly 5% on the day, and XRP hovers close to psychological support at $0.60.
Spot Bitcoin, Ethereum ETFs capture interest of traders
Robert Mitchnick, BlackRock’s head of digital assets, spoke at The Bitcoin Conference on Thursday. The executive commented on the success of the spot Bitcoin and Ethereum ETFs.
Mitchnick does not see much interest in crypto ETFs beyond the top two assets, per his speech. Mitchnick was quoted as saying:
“Our client base today, their interest overwhelmingly is in Bitcoin first, and then somewhat in ETH… and there’s very little interest today beyond those two. I don’t think we’re gonna see a long list of crypto ETFs”.
The asset management giant launched its spot Bitcoin and Ethereum ETFs in January and July of this year, respectively.
The opinion is, however, limited to BlackRock, while Franklin Templeton’s recent tweet ignited hope among traders for a Solana ETF.
The asset manager has presented an optimistic view on the launch of more crypto ETFs in the US, including a Solana investment product.
Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward. Solana has shown major adoption and continues to mature, overcoming technological growing pains and highlighting the potential of high-throughput,…
— Franklin Templeton Digital Assets (@FTI_DA) July 23, 2024
In its July 23 tweet, the asset manager said:
“Besides Bitcoin and Ethereum, there are other exciting and major developments that we believe will drive the crypto space forward.”
The statements have failed to dampen traders’ enthusiasm. Solana gains 5% on Friday, and Bitcoin and Ethereum sustain above their key support levels.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
