Following the likely approval of Bitcoin Spot ETFs, Ripple and Ethereum Spot ETFs could also come to market, according to Valkyrie Funds CIO. XRP, the digital asset of Ripple, is the only one with regulatory clarity from US courts, and its relisting by major exchanges is a significant step. The Ethereum price rallied with the false announcement of the Bitcoin Spot ETF by the SEC, while the BTC price suffered as traders “sold the news.”
Eleanor Terret of Fox Business shared the views of crypto industry leaders on why Ripple XRP and Ethereum Spot ETFs could soon be approved by the US Securities and Exchange Commission (SEC), following the highly probable greenlight for Bitcoin Spot ETFs. XRP bulls and Valkyrie Funds’ CIO, Steven McClurg, are positive that XRP and Ethereum Spot ETFs will receive the regulator’s seal of approval.
The SEC could approve a single-product XRP Spot ETF, according to Fox Business’s Eleanor Terret. She shared her conversation with crypto market participants, bulls and bears, and Valkyrie Fund CIO, Steven McClurg. They offer different sets of views on the likelihood of SEC’s approval on a single-product XRP Spot ETF.
The bullish case is based on the fact that XRP is the only cryptocurrency that has received regulatory clarity from the US District Court. This refers to Judge Analisa Torres’ XRP ruling from July 13 that states that XRP was not a security in its “secondary sales” on exchange platforms. This clarity ushered XRP’s re-listing on major crypto exchange platforms like Coinbase and Kraken.
Grayscale’s Digital Large Cap Fund recently relisted XRP and this is considered a positive sign that the altcoin will be included in future funds by the crypto asset management giant. Steven McClurg says that it wouldn’t surprise him if he sees XRP and Ethereum ETFs come to market after the SEC comes close to approving the Bitcoin Spot ETF product.
The bearish case is that the SEC Commissioner Gary Gensler and his views on cryptocurrencies other than Bitcoin could negatively affect an Ethereum or XRP Spot ETF bid without Congressional intervention on crypto regulation. Terret argues that a change of administration to one that has a “crypto-positive” outlook is likely needed for the same.
It is also likely that once Bitcoin Spot ETFs are approved, BTC will stand distinctly from other cryptocurrencies and this difference could be followed by rejections of Spot ETFs for other assets like XRP and Ethereum.
Vetle Lunde, Senior Analyst at K33 Research, elaborated on the capped BTC price gains following Bitcoin Spot ETF approval in his recent tweet. Lunde sheds light on the possibility that the news of ETF approval is likely a “sell the news” trade for Bitcoin traders.
Interestingly, Ethereum price rallied and crypto analysts noted that capital is likely to rotate from BTC to ETH and fuel gains in the latter. Scott Melker, crypto analyst, notes that the outcome of the series of events on Tuesday could act as a roadmap when the Bitcoin Spot ETF decision is released by the SEC.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | Analisa Torres, Steven McClurg, Eleanor Terret, Gary Gensler, Scott Melker |
| Companies | US Securities and Exchange Commission, Kraken, Grayscale’s Digital Large Cap Fund, K33 Research, Fox Business, Valkyrie Funds, FXStreet, Coinbase |
| Currencies | XRP, Bitcoin, Ethereum |
| Securities | None |
