Bitcoin and Ethereum ETFs Are Attracting Great Interest
Since January, Bitcoin Exchange Traded Fund (ETF) has received net inflows of almost $900 million. Institutional investors' interest in crypto assets continues to increase rapidly. Ethereum (ETH) based ETFs are similarly followed with interest, and these trends give positive signals for the future of the market. These developments in the cryptocurrency ETF market have led other ETF providers to quickly enter the race to offer new products.
Canary recently applied for an ETF for Solana (SOL) Coin, while 21Shares applied for an ETF for Ripple's XRP Coin. Ripple has been fighting the US Securities and Exchange Commission (SEC) for years and has achieved a partial victory in the litigation process. The process is progressing very positively because the opinion that XRP is not a security is not appealed according to the statements of Ripple officials.
Using the advantage of applying early, 21Shares wants to take advantage of this opportunity if it is approved and take a strategic position in the market. Ripple also plans to continue to strengthen its network through agreements with financial institutions and corporate companies. The functions of XRP, which is XRP's Blockchain network, are also being increased in this process.
