BlackRock Sets XRP ETF Aside, Here’s What’s Happening

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As a seasoned analyst with over two decades of experience in the financial markets, I must say that the recent developments regarding BlackRock and XRP have caught my attention. While it’s always exciting to see new players entering the cryptocurrency space, especially a behemoth like BlackRock, it seems we will have to wait a bit longer for a potential XRP ETF. However, let’s not forget that the regulatory landscape is ever-evolving, and what seems impossible today could become reality tomorrow.

Based on various reports circulating on the popular social media site, known previously as Twitter, it appears that BlackRock, a leading wealth management firm, has no immediate plans to introduce a new Exchange Traded Fund (ETF) tied to XRP or any other digital currency.

No XRP ETF from BlackRock coming soon

According to Chinese cryptocurrency journalist Colin Wu, Bloomberg ETF analyst Erich Balchunas recently shared information that was initially disclosed by the head of BlackRock’s ETF department with both the global financial industry and the crypto community.

As reported by Jay Jacobs from the prominent wealth management firm, currently, Bitcoin and Ethereum Exchange-Traded Funds (ETFs) are their primary focus as they have only reached a small number of their clients. Consequently, BlackRock plans to prioritize expanding the reach of these two ETFs rather than launching any new ETFs based on alternative cryptocurrencies at this time.

According to Jay Jacobs, leader at BlackRock’s ETF division, Bitcoin and Ethereum ETFs are only accessible to a limited number of individuals right now. Instead of developing new ETFs for other digital currencies (altcoins), BlackRock plans to broaden the reach of these two types of ETFs. At present, it’s anticipated that more people will be able to access these ETFs as they become more widely available.

— Wu Blockchain (@WuBlockchain) December 13, 2024

Wu reminded the community that United States regulators, and the SEC in particular, are expected to pass ETFs, like SOL and XRP, by the end of next year. On Nov. 13, a false filing reportedly from BlackRock to the SEC emerged with a request for permission to launch and trade an XRP exchange-traded fund – an iShares XRP Trust.

However, BlackRock was quick to refute those rumors and the fake filing made on its behalf.

According to U.Today’s report, at the end of November, asset manager WisdomTree filed paperwork for a XRP spot exchange-traded fund (ETF). Similarly, other financial managers such as Bitwise, 21Shares, and Canary Capital have submitted filings for their own ETFs this year.

Ripple moves 99 million after shoveling 580 million XRP

Today, it’s been reported by Whale Alert crypto tracker, a large and significant transaction of 99 million XRP occurred anonymously. This massive sum moved from one unidentified digital wallet to another. At the time of the transfer, the equivalent value in traditional currency was approximately $234.45 million.

⚠️ ⚠️ ⚠️ ⚠️ ⚠️ ⚠️ ⚠️ ⚠️ ⚠️ ⚠️ A massive amount of approximately 99,999,980 XRP (equivalent to around 234,448,405 USD) was moved from an unidentified source wallet to another unidentified destination wallet.

— Whale Alert (@whale_alert) December 12, 2024

According to findings from Bithomp, it appears that the 99 million XRP originated from a wallet linked to Ripple’s influential blockchain network. The recipient of these digital assets was the American cryptocurrency exchange and institutional custodian service, Bitgo.

Yesterday, it was reported that Ripple transferred significant quantities of XRP: one transaction moved 380 million XRP (approximately $1.5 billion in traditional currency) and another moved 200 million XRP.

Over the past week, XRP has gained roughly 22.8% and is currently trading at $2.36.

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2024-12-13 16:48