{"id":14086,"date":"2024-06-05T13:08:59","date_gmt":"2024-06-05T10:08:59","guid":{"rendered":"https:\/\/forklog.com\/en\/ripple-and-galaxy-digital-ceos-identify-spot-etf-contenders\/"},"modified":"2024-06-05T13:08:59","modified_gmt":"2024-06-05T10:08:59","slug":"ripple-and-galaxy-digital-ceos-identify-spot-etf-contenders","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/ripple-and-galaxy-digital-ceos-identify-spot-etf-contenders\/","title":{"rendered":"Ripple and Galaxy Digital CEOs Identify Spot ETF Contenders"},"content":{"rendered":"<p>Ripple&#8217;s CEO, Brad Garlinghouse, told Fox Business that the emergence of spot exchange-traded funds (ETFs) based on XRP is &#8220;inevitable.&#8221;<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/hashtag\/Ripple?src=hash&#038;ref_src=twsrc%5Etfw\">#Ripple<\/a> CEO <a href=\"https:\/\/twitter.com\/bgarlinghouse?ref_src=twsrc%5Etfw\">@bgarlinghouse<\/a> <\/p>\n<p>Brad Garlinghouse: \u201cA <a href=\"https:\/\/twitter.com\/hashtag\/XRP?src=hash&#038;ref_src=twsrc%5Etfw\">#XRP<\/a> ETF is just simply inevitable.\u201d Fox Business <a href=\"https:\/\/t.co\/oJAm5sCrWW\">pic.twitter.com\/oJAm5sCrWW<\/a><\/p>\n<p>\u2014 ????XRP (@BankXRP) <a href=\"https:\/\/twitter.com\/BankXRP\/status\/1798075950586012113?ref_src=twsrc%5Etfw\">June 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cI think we will see them in 2025. People don&#8217;t want to deal with just one commodity,\u201d he added.<\/p>\n<\/blockquote>\n<p>Garlinghouse believes the launch of an Ethereum ETF will pave the way for other cryptocurrencies to enter the stock market. It &#8220;makes sense&#8221; to add more products to broaden investors&#8217; trading opportunities.<\/p>\n<p>On May 23, the U.S. Securities and Exchange Commission (SEC) <a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-spot-ethereum-etfs-key-developments\">approved 19b-4 forms<\/a> in applications from issuers for spot ETH ETFs. Following this, the regulator began discussions on S-1.<\/p>\n<p>The Ripple CEO asserts that after approving funds for the second-largest cryptocurrency by market cap, it will be difficult for the SEC to deny instruments for other assets.<\/p>\n<p>Among other ETF contenders, the top executive mentioned Solana (SOL) and Cardano (ADA).<\/p>\n<p>Galaxy Digital CEO Mike Novogratz highlighted that over the past year, SOL has shown the most impressive results, with the coin rising 700% from $20 to $170.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Two important things in this clip:<br \/>1. Basically an admission that the Solana pump has all been because of FTX. They had to pump it. Too many bodies buried\/government ties there.<br \/>2. He just can&#8217;t bring himself to say XRP<br \/>It&#8217;s not a coincidence that all the usual suspects are\u2026 <a href=\"https:\/\/t.co\/eBimzFtTrB\">pic.twitter.com\/eBimzFtTrB<\/a><\/p>\n<p>\u2014 Digital Asset Investor (@digitalassetbuy) <a href=\"https:\/\/twitter.com\/digitalassetbuy\/status\/1797271284385988672?ref_src=twsrc%5Etfw\">June 2, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Given this, Novogratz believes Solana is next in line for a spot ETF launch.<\/p>\n<p>However, his comments sparked mixed reactions within the community. According to a user named Digital Asset Investor, Novogratz &#8220;essentially admitted that the SOL pump happened due to the collapse of FTX&#8221; and &#8220;numerous government ties,&#8221; as Galaxy &#8220;had to pump it.&#8221;<\/p>\n<p>He also noted the CEO&#8217;s inability to &#8220;say the word XRP.&#8221;<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSolana was and remains another scam like LUNA, how many times has the network completely failed? It is not yet close to &#8216;Enterprise&#8217; readiness,\u201d <a href=\"https:\/\/x.com\/KingBlu01448246\/status\/1797277554904093003\">remarked<\/a> another user.<\/p>\n<\/blockquote>\n<p>The possibility of Solana becoming the next ETF contender was also <a href=\"https:\/\/forklog.com\/en\/news\/matrixport-co-founder-suggests-solana-as-next-etf-candidate\">suggested<\/a> by Matrixport co-founder Daniel Yan. Standard Chartered&#8217;s head of research, Geoffrey Kendrick, also <a href=\"https:\/\/forklog.com\/en\/news\/standard-chartered-identifies-etf-contenders-for-2025\">predicted<\/a> the appearance of ETFs for XRP and SOL in 2025.<\/p>\n<h2 class=\"wp-block-heading\">Current State of Existing ETFs<\/h2>\n<p>Amid Bitcoin&#8217;s breakthrough of the $70,000 level at the close of the trading session on June 4, spot ETFs based on the first cryptocurrency in the U.S. attracted a net $886 million, according to <a href=\"https:\/\/sosovalue.xyz\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-eu.googleusercontent.com\/docsz\/AD_4nXc5ynhXAYMAmasQ7mTs-S7bMQNIaijZZrSckbwCqlCE96ZR4CzZlQkuUV5L4Sbtitjjq72A8L1FBA4RjULt5B0qSsuiZGj2YPKM_HF43yEAmw1GgmdYyoJatbY18gWrnEUsE2Ei39yy9Dd3PXptkcs-TI4?key=x8D1P4RfKpXE2r8cGRRaig\" alt=\"Ripple and Galaxy Digital CEOs Identify Spot ETF Contenders\"\/><figcaption class=\"wp-element-caption\">Spot Bitcoin ETF Dynamics. Data: SoSoValue.<\/figcaption><\/figure>\n<p>This day marked the second-largest daily inflow after a record $1.05 billion recorded on March 12. Spot products based on digital gold have shown positive dynamics for 16 consecutive sessions.<\/p>\n<p>The largest inflow was demonstrated by Fidelity&#8217;s FBTC (+$379 million), followed by BlackRock&#8217;s IBIT (+$274 million). Even Grayscale&#8217;s GBTC, which usually sees outflows, added $26 million.<\/p>\n<p>Bloomberg exchange analyst Eric Balchunas noted the positive figures.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Fidelity not messing around, big-time flows all around today for The Ten, nearly $1b in total. Second best day ever, since Mid-March. $3.3b in past 4wks, net YTD at $15b (which was top end of our 12mo est). The &#8216;third wave&#8217; is turning into tidal wave. <a href=\"https:\/\/t.co\/S9yeSHaNbV\">https:\/\/t.co\/S9yeSHaNbV<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1798156058487382232?ref_src=twsrc%5Etfw\">June 5, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cSecond best day since mid-March. $3.3 billion over the past four weeks, net inflows year-to-date reached $15 billion (this was the upper end of our 12-month estimate). The &#8216;third wave&#8217; [of investments] is turning into a tidal wave,\u201d he wrote.<\/p>\n<\/blockquote>\n<p>Balchunas also noted the launch of the first leveraged Ethereum futures funds with x2 leverage \u2014 <a href=\"https:\/\/www.volatilityshares.com\/ethu\">ETHU<\/a> from &#8220;independent developers.&#8221; According to him, on the first day, the trading volume of the instrument exceeded $5 million.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">The first 2x Ether Futures ETF <a href=\"https:\/\/twitter.com\/search?q=%24ETHU&#038;src=ctag&#038;ref_src=twsrc%5Etfw\">$ETHU<\/a> launched today and did over $5m in volume, which is great for a new launch AND more than all the Ether futures ETFs did combined on their first day BUT still pretty microscopic vs anything bitcoin <a href=\"https:\/\/t.co\/uAkJ6Z3gLT\">pic.twitter.com\/uAkJ6Z3gLT<\/a><\/p>\n<p>\u2014 Eric Balchunas (@EricBalchunas) <a href=\"https:\/\/twitter.com\/EricBalchunas\/status\/1798105143822753852?ref_src=twsrc%5Etfw\">June 4, 2024<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A similar product from ProShares will be launched this week, the analyst added.<\/p>\n<p>Earlier, K33 Research suggested that in the first five months after trading begins, net inflows into spot Ethereum ETFs will range from $3.1 billion to $4.8 billion.<\/p>\n<p>Back on June 4, trading began for Bitcoin ETFs from Monochrome Asset Management on the <span data-descr=\"Chicago Board Options Exchange\" class=\"old_tooltip\">CBOE<\/span> Australia.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ripple&#8217;s CEO, Brad Garlinghouse, told Fox Business that the emergence of spot exchange-traded funds (ETFs) based on XRP is &#8220;inevitable.&#8221; #Ripple CEO @bgarlinghouse Brad Garlinghouse: \u201cA #XRP ETF is just simply inevitable.\u201d Fox Business pic.twitter.com\/oJAm5sCrWW \u2014 ????XRP (@BankXRP) June 4, 2024 \u201cI think we will see them in 2025. People don&#8217;t want to deal with [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14085,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1274,569,1303,1150,112,1159],"class_list":["post-14086","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-brad-garlinghouse","tag-etf","tag-mike-novogratz","tag-news-plus","tag-ripple","tag-solana-sol"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14086","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=14086"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/14086\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/14085"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=14086"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=14086"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=14086"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}