The co-founder of the American company Tether expects that the greed of large American financial conglomerates will ensure the emergence of new cryptocurrency spot exchange-traded funds on the market. First of all, ETFs based on Cardano and Solana coins.

William Quigley is confident that the stock market loves hot new products, but after interest wanes, it quickly switches to other trending products:

“Every time Wall Street launches a new tool to sell to people and it’s a success, you can be sure there will be copycats. If Bitcoin funds failed, there would be no other crypto ETFs. And they will appear soon.”

The market will watch the launch of new ETFs until there is a significant pullback, at which point some of the funds will close as demand for their shares falls. William Quigley worries that Wall Street’s aggressive marketing of cryptocurrency products could lead to significant risks, especially if institutional investors pull out of the market during a downturn.

Regarding the price of Bitcoin, the businessman is confident that the first cryptocurrency will continue to be within the existing range, and its quotes will not rise, since there are currently no catalysts for growth.

Earlier, Bloomberg Intelligence senior analyst Eric Balchunas said that the launch of spot ETFs on ether will occur on July 2, shortly after the US Securities and Exchange Commission (SEC) approves the companies’ Form S-1 filings.