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No other cryptocurrency ETFs in the near future: BlackRock

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According to a senior executive at BlackRock’s exchange-traded fund, Bitcoin and Ethereum will be the only two cryptocurrencies traded through ETFs for the foreseeable future.

Talking with BloombergTVSamara Cohen, head of ETF and index investing at BlackRock, said that while Bitcoin and Ethereum have met the investment giant’s minimum expectations for ETFs, no other digital asset comes close.

Cohen also said that, beyond the technical difficulties in bringing new ETFs to market, the interest in other currency ETFs, particularly Solana, simply wasn’t there yet.

“We really look at investability to see what meets the criteria, what meets the requirements to be delivered into an ETF,” Cohen said in the interview. “For us, both in terms of investability and what we’re hearing from our clients, Bitcoin and Ethereum certainly meet that requirement, but it’s going to be a while before we see anything else.”

After the successful launch of Ethereum ETFs Last Weekwhich led to weekly trading volumes for crypto funds hitting their highest level since May, surpassing $14.8 billion, speculation has been swirling about what might happen next.

Solana has been proposed as the most likely candidate and, in fact, two separate applications for Solana ETFs have been filed in the United States by both VanEck and 21 stocks.

Many are bullish on this asset because it is considered a faster and cheaper alternative to Ethereum.

However, there are no CME Solana futures like there are Bitcoin and Ethereum, and this is seen as a major obstacle to the SEC’s ability to approve a Solana ETF.

The case that it will be next was further strengthened when fund manager Franklin Templeton described Solana as an “exciting and important development that we believe will drive the cryptocurrency industry forward.”

Solana represents about 3% of the overall cryptocurrency market value with a market cap of $82 billion, CoinGecko data Shows.

By Sebastian Sinclair

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