BlackRock, the largest asset management firm in the US, remains inactive regarding ETFs for altcoins while Grayscale and ProShares are competing for leadership with similar applications.
Reasons for BlackRock's Cautious Approach to Altcoins
Analysts have outlined five factors explaining BlackRock's cautious approach to XRP ETFs:
* Insufficient customer demand for crypto assets other than Bitcoin and Ethereum; * Regulatory uncertainty surrounding XRP and other altcoins; * Market saturation due to multiple competing applications; * The difference between rising price expectations and internal data; * The majority of XRP trading volume is concentrated in Asia.
Who Else Has Applied for XRP ETFs
Currently, several asset management firms, including ProShares, Grayscale, and Franklin Templeton, have submitted applications for XRP ETFs in the US. These companies aim to develop the market for crypto assets and attract investor attention.
Analysis of the Current Market Situation for ETFs
The ETF market is characterized by high competition, given the applications from various asset management companies. Meanwhile, BlackRock remains cautious and is not hasty in filing for altcoin ETFs, highlighting the current state of the regulatory environment and demand for crypto assets.
Therefore, BlackRock continues to observe the market and its changes before making a final decision on filing applications for XRP and other altcoin ETFs. It is important to closely monitor the situation and changes in cryptocurrency demand.
