BlackRock, one of the world’s largest asset managers, recently announced that it has no plans to expand its cryptocurrency ETF portfolio to include altcoins other than Bitcoin (BTC) and Ethereum (ETH). According to Robert Mitchnick, the company’s head of digital assets, client demand is largely concentrated in these two coins, and there is little interest in developing products for other cryptocurrencies. He explained that Bitcoin and Ethereum are seen as complementary, not direct competitors, with Bitcoin being preferred as a store of value and Ethereum being focused on diversified applications in the smart contract ecosystem.

This decision by BlackRock contrasts with some other companies, such as Franklin Templeton, which have shown interest in launching ETFs for other cryptocurrencies, such as Solana.

This decision will cause a major collapse in altcoins and memecoins.