World famous fund manager BlackRock aimed to remain focussed on Ether & Bitcoin spot ETFs products only.
BlackRock, a leading investment company which entered in the crypto sector with the launch of Bitcoin spot ETF products in January of this year, has announced it is not planning to launch a Solana spot ETF product. Instead, BlackRock is predicting that Ether ETFs will see strong investment inflows around 2025.
As per report, BlackRock’s clients show more interest in Bitcoin and Ethereum ETFs, leading to this strategic decision, but it doesn’t mean that BlackRock will never think about Solana crypto ETF.
Impact on Solana
This announcement by BlackRock has led to concerns among Solana cryptocurrency investors. Without a Solana ETF from BlackRock, the cryptocurrency might face a downturn in market sentiment and price. The absence of a Solana ETF could hinder its growth and adoption compared to Ethereum, which is set to benefit from BlackRock’s focus.
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Many crypto enthusiasts noted that while BlackRock’s decision not to pursue a Solana ETF is disappointing for Solana enthusiasts but company’s confidence in Ether ETFs signals a promising future for Ethereum. Investors will need to closely monitor these developments and adjust their strategies accordingly.
Market Sentiments and Price Movement
The news has already affected Solana’s market position. Investors are worried about the lack of institutional support, which could lead to a decline in Solana’s price. On the other hand, Ethereum is expected to see a boost in its market value due to the anticipated strong inflows into its ETFs.
The current trading price of SOL, the native token of the Solana network, is $180. The trade price of SOL crashed nearly 2% following this bad news for Solana.
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BlackRock Not Interested in Solana ETF, Predicts Strong Inflows to Ether ETFs by 2025
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