Bigger than
#XRP and
#SOL products to be launched into traditional markets through banking giant JPMorgan's exchange-traded funds.
Exchange-traded funds (ETFs), which provide the ability to buy Bitcoin outside of the point, especially connected to any cryptocurrency exchange in the traditional market, especially Wall Street, had entered the market with the transition to 2023. As it will be remembered, spot Bitcoin ETFs approved by the US Securities and Exchange Commission (SEC) later witnessed the entry of market liquidity.
Spot Bitcoin ETFs collected $ 108 billion
In the intervening year, the value of Bitcoins collected through spot Bitcoin ETFs approached approximately 108 billion. The spot Bitcoin ETF product launched in the US by the world's largest asset management company BlackRock held 542 thousand BTC alone (news summary approximately worth approximately $ 51.5 billion). BlackRock thus rose to become the largest ETF issuer in the US market with a 47.9 percent share.
US institutions SEC approved spot Bitcoin and spot Ether exchange-traded funds towards the end of last year. Now, the eyes are on XRP, the world's third largest cryptocurrency in terms of market value, and Solana blockchain's cryptocurrency SOL.
According to the information note shared by JPMorgan with Cointelegraph, the bank stated that I expect to receive approval for both XRP and SOL-based exchange-traded funds this year and shared its financial projections.
Solana attracts $6 billion, XRP attracts $8 billion”
In the press information note dated January 13, it was stated that ETFs where SOL can be purchased in the new year can enter the entry phase between approximately $3 and $6 billion, while XRP is expected to continue its net assets between $4 and $8 billion.
Indeed, it is known that many companies are waiting at the door for Solana ETFs. Currently, many major asset managers, including VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital, have filed applications for Solana ETFs.
The U.S. Securities and Exchange Commission is expected to make a preliminary decision on these applications before the end of January. Grayscale’s use will end on January 23, while other applicants are awaiting a decision by January 25.
Alejo Pinto, founder of Solana layer-2 network Lumio, said that the ETF split will significantly increase the price flexibility of Solana (SOL).
“The approval decision will have a positive impact on the SOL price”
“Since the uncertainty still continues, an ETF variation that will come out of the U.S. is unlikely and therefore not yet priced, so it will have a positive impact on the SOL price.”
On the other hand, there are developments on the XRP side. According to the SEC, ETF issuers include giant companies such as WisdomTree, Bitwise, Canary Capital, 21Shares, and Grayscale. However, no response has yet been given to the applications from the SEC.
Beyond the optimistic views around both XRP and SOL exchange-traded funds, there are crypto-friendly proposals from the newly elected US President Donald Trump. Indeed, crypto was one of the pillars of Trump's election campaign, promising very ambitious promises for both Bitcoin and the crypto sector in general. After Trump, who declared Bitcoin as a reserve and included pro-crypto names, was elected as the 47th US president, BTC reached all-time highs.
#JPMorgan #AltcoinBoom #BTCMove