BlackRock Doubts Demand for Solana ETFs Despite Ethereum Approval

Cryptodnes2024/07/26 14:22

By:Cryptodnes

The SEC's approval of spot Ethereum ETFs has sparked interest in future crypto ETF launches, with some anticipating Solana ETFs might be next.

However, Robert Mitchnick from BlackRock expresses skepticism about this trend. At the Bitcoin 2024 conference, he mentioned that BlackRock’s clients are primarily interested in Bitcoin and Ethereum , showing little demand for other cryptocurrencies.

BlackRock’s Bitcoin ETF, iShares Bitcoin Trust (IBIT), has become the largest Bitcoin ETF since its January launch, holding over $22 billion. Following this, the firm introduced its iShares Ethereum Trust (ETHA), which has seen strong early inflows.

Despite BlackRock’s cautious stance, other asset managers are pursuing crypto ETFs. VanEck and 21Shares have recently filed for Solana-focused ETFs, and Franklin Templeton has shown interest in Solana as well.

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Mitchnick believes Bitcoin and Ethereum serve different purposes in the market, with Bitcoin as a global monetary alternative and Ethereum supporting diverse applications. He predicts that investors will allocate most of their crypto investments to Bitcoin and a smaller portion to Ethereum.

BlackRock’s success with IBIT suggests that, while other crypto ETFs may face challenges, the firm remains focused on Bitcoin and Ethereum due to current investor preferences.

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