Samara Cohen, Chief Investment Officer for ETF and Index Investments at BlackRock, has indicated that Bitcoin and Ethereum are poised to be the sole cryptocurrencies traded via exchange-traded funds (ETFs) in the near future. In a recent Bloomberg TV interview, Cohen elaborated that these two digital assets meet BlackRock’s rigorous criteria for ETF inclusion, while other cryptocurrencies do not currently align with the firm’s standards.
“We assess the investability of cryptocurrencies to determine if they meet the necessary criteria for ETF inclusion,” Cohen explained. “Bitcoin and Ethereum clearly meet this benchmark. However, it will take some time before we see other cryptocurrencies reaching this level of viability.”
Cohen further noted that technical obstacles in launching new ETFs and insufficient demand for other digital assets, such as Solana, are significant barriers. Despite speculation about Solana being a potential ETF candidate, Cohen highlighted that market demand remains insufficient.
This focus on Bitcoin and Ethereum follows the recent successful launch of Ethereum ETFs, which resulted in a notable increase in crypto funds’ weekly trading volume, reaching $14.8 billion—the highest since May. The success has intensified discussions about potential future ETFs, with Solana often cited as a potential contender.
Solana, recognized for its faster and more cost-effective transactions compared to Ethereum, has seen two ETF filings in the U.S. by VanEck and 21Shares. However, the lack of Solana CME futures, unlike Bitcoin and Ethereum, poses a substantial challenge to gaining SEC approval for a Solana ETF.
Despite these hurdles, some fund managers are optimistic about Solana’s prospects. Franklin Templeton recently referred to Solana as a significant development likely to advance the crypto sector. Currently, Solana holds approximately 3% of the total crypto market value, with a market capitalization of $82 billion, according to CoinGecko.
In contrast, Bitcoin continues to attract significant investment, exemplified by the substantial inflows into BlackRock’s iShares Bitcoin Trust (NASDAQ: IBIT). On July 22, IBIT saw inflows of $526.7 million, marking the highest single-day amount since March. This surge in investment is notable when compared to the $6.9 million collective inflow across the remaining ten Bitcoin ETFs, as reported by Farside Investors. This increase coincides with Bitcoin trading near $68,000, just 8% below its all-time high of $73,000.
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