TechFlow reports that Katalin Tischhauser, Head of Investment Research at Sygnum Bank, recently stated that the chances of spot ETFs for crypto assets such as Solana and Cardano being approved in the U.S. are slim, and even if approved, they may struggle to attract investor interest.
Tischhauser pointed out that the lack of SEC-recognized market surveillance mechanisms is a major obstacle to the approval of other crypto ETFs. She believes that even if such ETFs were approved, cryptocurrencies beyond Bitcoin and Ethereum would find it difficult to generate significant demand.
Sygnum Bank: ETFs for Solana and other altcoins unlikely to emerge
TechFlow reports that Katalin Tischhauser, Head of Investment Research at Sygnum Bank, recently stated that the chances of spot ETFs for crypto assets such as Solana and Cardano being approved in the U.S. are slim, and even if approved, they may struggle to attract investor interest. Tischhauser pointed out that a major obstacle for the approval of other crypto ETFs is the lack of regulated market exchanges recognized by the U.S. Securities and Exchange Commission (SEC). The SEC requires assurance that markets are protected from abuse, fraud, and manipulation, and currently only monitors the underlying markets of Bitcoin and Ethereum through regulated venues like the Chicago Mercantile Exchange (CME). Tischhauser believes that even if approvals are granted, crypto ETFs beyond Bitcoin and Ethereum are unlikely to generate significant demand. Since their launch in January, spot Bitcoin ETFs have drawn $17.7 billion in inflows, while spot Ethereum ETFs have had a slower start. Tischhauser noted that the high premium of Grayscale’s Solana Trust (GSOL) indicates some level of demand, but its assets under management stand at just $78.6 million—far below those of its Bitcoin and Ethereum trusts—suggesting limited overall interest. However, not everyone shares this pessimistic view on other cryptocurrency ETFs. Matthew Sigel, Head of Digital Asset Research at VanEck, said they disagree with the notion that only Bitcoin and Ethereum qualify for ETFs, and revealed that VanEck has already filed an application with the SEC for a Solana ETF on June 27. GPT-4o with web access
