Solana, XRP ETFs may not hit the market, BlackRock doesn’t see possibility

Source Fxstreet
  • 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. 

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. 

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
BNB Price Rebounds as Traders React to CZ’s Pardon — But One Roadblock RemainsBNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
Author  Beincrypto
12 hours ago
BNB is up 4.4% in the past 24 hours, standing out as the only top-10 coin to post positive 30-day gains (+11%). The move follows Trump’s pardon of former Binance CEO Changpeng “CZ” Zhao.
placeholder
WTI Oil steadies above $61.00 as concerns about oversupply easeCrude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
Author  FXStreet
12 hours ago
Crude prices’ pullback from two-week highs at $62.00 witnessed on Thursday remains contained above $61.00 so far, with the commodity on track to its sharpest weekly rally in four months.
placeholder
Gold declines as traders brace for trade talks, US CPI inflation dataGold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
Author  FXStreet
18 hours ago
Gold price (XAU/USD) edges lower below $4,150 during the Asian trading hours on Friday, pressured by the rebound in the US Dollar (USD).
placeholder
US CPI headline inflation set to rise 3.1% YoY in SeptemberThe United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
Author  FXStreet
18 hours ago
The United States (US) Bureau of Labor Statistics (BLS) will publish the all-important Consumer Price Index (CPI) data for September on Friday at 12:30 GMT.
placeholder
WTI falls to near $61.00, downside appears limited due supply concernsWest Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
Author  FXStreet
19 hours ago
West Texas Intermediate (WTI) Oil price depreciates after three days of gains, trading around $61.00 per barrel during the Asian hours on Friday.
goTop
quote