Ethereum and XRP Potential Post Bitcoin ETF Approval: Valkyrie

In the wake of the Securities and Exchange Commission (SEC) potentially paving the way for the first spot Bitcoin Exchange-Traded Funds (ETFs) in the United States, the cryptocurrency investment landscape is abuzz with speculation and anticipation. While the spotlight has been on Bitcoin, attention is now shifting toward other prominent digital assets, particularly Ethereum and XRP.

The SEC’s review of several applications for spot Ethereum ETFs hints at a potential diversification in the crypto investment sector. However, the situation differs significantly for XRP ETFs, with no applications filed thus far.

Steven McClurg, Chief Investment Officer at Valkyrie Investments, a key player among the 11 applicants awaiting approval for a spot Bitcoin ETF, recently shared insights into the rapidly evolving market. McClurg’s optimism about an imminent approval of a spot Bitcoin ETF and its subsequent trading launch signals a watershed moment in the crypto investment arena.

During a Bloomberg Crypto TV appearance, McClurg hinted at the possibility of a surge in filings for Ethereum and XRP spot ETFs. Referencing Grayscale’s inclusion of Ripple in one of its publicly traded trusts, McClurg noted the potential for Ripple or Ethereum spot ETFs to emerge, echoing a sentiment prevalent in the industry post the SEC’s green light for Bitcoin ETFs.

McClurg’s remarks underscore the evolving industry sentiment and a shift in focus towards alternative cryptocurrencies following the Bitcoin ETF breakthrough. However, he remains cautious about Valkyrie’s strategic decisions, acknowledging the market’s unpredictable nature: “I really don’t know if we’re going to do that or not. I think those are more retail plays and people have other ways to access them. But given that in this market anything could happen, anything could happen.”

The crypto community’s intensified interest in an XRP ETF became evident as “XRP ETF” trended recently, fueled partly by Grayscale Investments’ reintegration of the cryptocurrency into its Grayscale Digital Large Cap (GDLC) Fund. Misinformation also circulated regarding Fidelity Investments’ purported introduction of an XRP Exchange-Traded Product (ETP), which was clarified as untrue. However, Fidelity’s platform does feature 21Shares’ XRP ETP, listed on the Swiss Exchange SIX, emphasizing its non-registration in the United States.

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