專家表示，Solana 和 Cardano 等山寨幣在美國被批准為現貨 ETF 的'機會很小”

在接受 Cointelegraph 採訪時，Sygnum 銀行投資研究主管 Katalin Tischhauser 加入了最近一系列表達懷疑的評論者行列

Solana、Cardano 等主要加密資產在美國被批准為現貨交易所交易基金 (ETF) 的機會很小，並且可能更難吸引投資者。

Sygnum 銀行投資研究主管 Katalin Tischhauser 在接受 Cointelegraph 採訪時，與最近的一系列評論員一樣，對其他山寨幣能否效仿以太坊 (ETH) 和比特幣 (BTC) 作為美國的現貨加密 ETF 表示懷疑。

以太坊

$2,476

BTC

$55,669

Tischhauser said the main obstacle to approving other crypto ETFs in the US is the lack of trading venues that the Securities and Exchange Commission (SEC) considers acceptable for market surveillance.

The SEC has a duty to ensure that they protect against market abuse, fraud and market manipulation, so for products that it approves, it surveils the underlying market by looking at regulated market venues, such as the Chicago Mercantile Exchange (CME), to ascertain that the trading practices are fair, transparent and free from manipulation, Tischhauser explained.

The SEC requires regulated market venues to assess market integrity but currently views crypto exchanges as “unregulated securities exchanges.”

If these issues are resolved and the SEC accepts crypto exchanges such as Coinbase as surveillance markets, it could lead to the creation of more crypto ETFs.

Demand even tougher

Even if approved, Tischhauser believes that there wouldn’t be much demand for altcoin ETFs.

Since their launch in January, spot Bitcoin ETFs have generated an aggregate of $17.7 billion in inflows, indicating clear demand for the asset class, with the new ETFs outperforming other major asset funds.

Spot Ether ETFs have had a slower start, with aggregate outflows dominating the first week of trading. However, this was largely expected due to the exodus from the Grayscale Ethereum Trust.

Tischhauser suggested the market could look very different for cryptocurrencies outside of Bitcoin and Ether ETFs.

Tischhauser noted the high premium on Grayscale’s Solana Trust (GSOL) indicates some demand but also stressed that its assets under management are significantly smaller compared to its Bitcoin and Ethereum trusts, suggesting limited overall interest.

The GSOL fund currently has just $78.6 million in assets under management, which is around 1.2% of its Ethereum Trust (ETHE), which still has $6.3 billion in AUM despite the ongoing exodus.

This lack of demand for altcoin ETFs was also expressed by BlackRock’s investment chief for ETF and index investments, Samara Cohen, as well as the asset manager’s head of digital assets, Robert Mitchnick, in July.

Cohen noted that there is unlikely to be a spot ETF for altcoins such as Solana’s in the near term, while Mitchnick said, “I don’t think we’re gonna see a long list of crypto ETFs.”

VanEck’s head of crypto research disagrees

Not all are as bearish about other altcoin ETFs.

In a July 31 interview, VanEck’s head of digital assets research, Matthew Sigel, said: “We disagree with the notion that Bitcoin and Ethereum will be the only ETFs. The market in Europe already boasts a variety of crypto ETPs, including single coin and basket options.”

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