Bitwise says substantial XRP ETF demand to drive dozens of launches this year

Bitwise Chief Investment Officer Matt Hougan said there’s important request for spot XRP exchange-traded funds.

The comments echo that of analysts astatine JPMorgan who estimated XRP ETFs could draw successful $8 billion implicit their archetypal year.

Other analysts spot those funds lure astir $800 cardinal successful their archetypal period alone.

“XRP has had a sustained assemblage for an highly agelong play of time,” Hougan told CNBC. “It’s an plus that trades importantly connected centralised exchanges. People would emotion to find a mode to clasp it successful a simple, low-cost, easy-to-use ETP structure.”

The hype astir XRP ETFs reached a fever transportation aft the Securities and Exchange Commission acknowledged a smattering of filings earlier successful February.

While the SEC has until mid-October to marque a last decision, Bloomberg Intelligence expert Eric Balchunas said the acknowledgments awesome that the bureau is much unfastened to XRP ETFs.

Previous applications person been told to retreat instantly aft filing.

“The SEC is overmuch much receptive to discussions nether the caller medication than they were successful the past. In the erstwhile medication the doorway would simply beryllium shut,” Hougan said.

‘Dozens of filings’

Bitwise’s filing is 1 of the archetypal XRP ETF applications to beryllium acknowledged. Other applicants include Grayscale and 21Shares.

XRP ETF applications are not the lone crippled successful town. Issuers person besides applied to motorboat spot crypto ETFs for altcoins similar Solana, Doge, and Litecoin.

Part of the crushed could beryllium that organization investors whetted their appetite successful 2024 with Bitcoin and Ethereum ETFs, Hougan said.

Those funds person a combined $91 cardinal successful assets nether management, according to DefiLlama.

“We’re going to get dozens of filings and dozens of launches passim this twelvemonth with each imaginable flavour of fiscal vulnerability you tin deliberation of,” Hougan said.

Beyond ETFs tied to azygous assets, Hougan besides predicted that crypto ETP indices could get arsenic aboriginal arsenic the extremity of this year.

“The slayer app successful this abstraction volition really beryllium an index-based ETF,” Hougan said. “A batch of radical privation to conscionable marque a generalised stake connected crypto, and I’m hopeful we get that astatine the extremity of this twelvemonth arsenic well, truthful number maine arsenic optimistic.”

Andrew Flanagan is simply a Markets Correspondent for DL News. Got a tip? Reach retired to [email protected].