Market participants expect an increase in approved US Crypto ETFs this year, following the approval of Spot Bitcoin ETF and Spot Ether ETF in 2021. Possible new additions could include XRP ETF and Solana ETF, as many applications were filed by issuers last November. With Donald Trump gearing up for his presidential inauguration, a fresh wave of crypto ETFs is anticipated to appear on the scene.
Next Wave for US Crypto ETFs
Based on a Reuters report, approximately 16 proposals have been submitted by entities such as VaEck, Canary Capital, and 21Shares. These groups aim to secure authorization for exchange-traded instruments that would mirror cryptocurrency indexes or digital tokens like XRP and SOL.
The upcoming wave of U.S. Crypto ETFs, potentially incorporating Litecoin ETF and HBAR ETF, arises from two primary reasons. Firstly, the nomination of Paul Atkins as a possible replacement for Gary Gensler as SEC Chair, who has been viewed as an opponent of cryptocurrency. Secondly, the less stringent regulations are due to Donald Trump’s pledge to create crypto-friendly policies and guidelines that would foster both the cryptocurrency market and technology sector.
SOL And XRP Price
The upcoming wave of crypto ETFs in the U.S. has brought a blend of effects on Solana (SOL) and Ripple‘s XRP. Currently, SOL is trading at $191.04, marking an increase of 0.88% over the past 24 hours. Interestingly, there’s been a significant rise in its market capitalization, despite a decrease in the 24-hour trading volume, which stands at a loss of 5.29%. The sentiment around SOL is somewhat bearish, as Open Interest has dropped by 2.15%.
The price change for XRP is fairly steady; currently, it’s at $2.32, an increase of 0.76% over the past day. In that timeframe, its market cap has risen by 0.80%, but its 24-hour trading volume has dropped by 31.08%. The general feeling about XRP is neutral as investors wait for the next round of US Crypto ETFs. Open Interest has gone up by 0.39% in this period.
Flows for Current Crypto ETFs
On January 08, 2025, while excitement built around potential ETFs for XRP, Litecoin, HBAR, and SOL, there were significant withdrawals from Spot Bitcoin ETFs and Spot Ether ETFs. Specifically, the Spot Bitcoin ETFs experienced a withdrawal of approximately $568.8 million, with Fidelity’s FBTC topping the list at a withdrawal of $258.7 million. This was followed by Ark’s ARKB, which recorded an outflow of $148.3 million.
It’s worth noting that Fidelity’s FETH was the largest contributor to outflows among Spot Ether ETFs, with a total of $147.7 million exiting the fund. Additionally, Grayscale’s ETHE and ETH saw outflows of $8.3 million and $3.4 million respectively.
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2025-01-10 15:03