After spot Bitcoin and Ethereum ETFs were approved in the USA, all eyes turned to alternative assets.
At this point, the strongest candidates are altcoins such as Solana (SOL), XRP and Cardano (ADA), while some companies think that other ETFs will eventually come, BlackRock thinks that the possibility of another ETF other than BTC and ETH is low.
While there is no consensus on ETF in the market, Katalin Tischhauser, head of investment research at Sygnum Bank, made similar statements to BlackRock.
Katalin Tischhauser expressed doubts that there will be other spot crypto ETFs in the US other than BTC and ETH.
At this point, Tischhauser Solana pointed out that the chances of other cryptocurrencies such as Cardano being approved as spot ETFs in the USA are very low, and said that these ETFs may have difficulty attracting investors.
A Sygnum Bank executive said the biggest obstacle to approval of other cryptocurrency ETFs in the U.S. is the lack of trading platforms that the SEC deems acceptable for market oversight.
“I think it is unlikely that other ETFs will be approved other than Bitcoin and Ethereum.
We do not think ETFs other than Bitcoin and Ethereum will meet the demand. Ethereum's name recognition is only half that of Bitcoin, and other tokens (like Solana) have little name recognition outside the crypto market.
The only obstacle to this is the small number of platforms approved by the SEC.
The SEC currently views cryptocurrency exchanges as unregulated securities exchanges.
“If these issues are resolved and the SEC recognizes cryptocurrency exchanges like Coinbase as custodial markets, this could lead to the creation of more crypto ETFs.”
*This is not investment advice.
