We are experiencing the most important week of the year for cryptocurrency markets. In fact, it could be said to be the most important week of the last few years. The belief that a Spot Bitcoin ETF will be approved has now reached its peak. Insiders had announced that S-1 forms would be uploaded today, and the same sources say that official approval will come on Wednesday. The first leak turned out to be correct. So what will happen when all this excitement is over?
Spot XRP ETF
BlackRock‘s application for XRP Coin was revealed to be speculative. However, Jack The Rippler claims that investment giant Fidelity will soon file an ETF application for Ripple (XRP). Fidelity shared a screenshot showing the AMUN Ripple AXRP ETF on its investment platform, and a crypto commentator named Crypto_Barbie confirmed this.
User XRP Whale suggests that Fidelity could apply for the exchange-traded product by April. Although the lawsuit has not yet been concluded, it has been certified that token sales on the exchange are not securities, but the collective appeal process has not yet begun. In this environment, it may not make sense for Fidelity to expend energy on an ETF with a high probability of rejection.
However, ultimately, this could become a reality in an environment where legal issues are resolved and the collective appeal process is overcome.
Spot Bitcoin ETF
Analysts believe that the approval expected to come on Wednesday could add $1.5 trillion to the BTC market value. In the first quarter, Bitcoin ETFs could see an inflow of $5 billion, and $10 billion in the second quarter.
AllianceBernstein analysts Gautam Chhugani and Mahika Sapra say that this year will be a real breakthrough year with the ETF approval.
Adam Berker from Mercuryo highlights the benefits of accessibility that a spot Bitcoin ETF approval would provide, saying:
“If the spot bitcoin ETF approval happens, it will be a positive decision for the industry. Investing in crypto will become more accessible and will lead to an influx of funds to the market. There is a significant interest in this financial instrument, and it is clearly visible.”
We have now come to the end of the road for BTC, and next, ETH ETFs will occupy the agenda. Perhaps we will see the same process for XRP Coin in the next phase. However, 2024 might be too early for that.
