Valkyrie CIO Predicts Ripple and Ethereum ETFs in the Future
Valkyrie Funds Chief Investment Officer Steven McClurg believes that it wouldn’t be surprising to see a Ripple and Ethereum spot exchange-traded fund (ETF) enter the market. He points out that Grayscale has already added XRP to their publicly traded offerings, indicating interest in such products. McClurg also predicts that the US Securities and Exchange Commission (SEC) will approve spot Bitcoin ETFs soon.
Several ETF Applicants Lowering Fees in Anticipation of Approval
There are currently nearly a dozen applicants for spot Bitcoin ETFs who are significantly reducing their management fees to gain a competitive advantage. Fidelity, for example, has lowered its fees from 0.39% to 0.25% and is offering a fee waiver until July 31. Other issuers, including Bitwise and Wisdomtree, have also revised their fee structures or offered temporary waivers in response to feedback from the SEC.
SEC’s X Account Hacked
Earlier today, the SEC’s X account shared a false tweet suggesting the approval of a spot Bitcoin ETF in the US. However, SEC Chair Gary Gensler quickly revealed that the tweet was unauthorized and that the account had been compromised. This incident caused a temporary dip in Bitcoin’s price as the crypto community reacted to the false announcement.
Hot Take: The Future of Crypto ETFs
The potential introduction of Ripple and Ethereum ETFs, along with the anticipation of spot Bitcoin ETF approvals, indicates a growing interest in cryptocurrency investment products. Lowering fees by several applicants further demonstrates their eagerness to attract investors and secure approval from regulatory authorities like the SEC. While there may be occasional setbacks like the recent hacking incident, the overall trend suggests that the market is moving closer to embracing ETFs as a way to gain exposure to digital assets.
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