Bitcoin and Ethereum ETFs saw significant outflows on the 1st of October, with BTC ETFs experiencing withdrawals totaling $242.6 million and ETH ETFs recording outflows of $48.6 million. This trend in the ETF market has sparked discussions about how the upcoming U.S. election results could shape the regulatory landscape for XRP and SOL ETFs.
Speculation has arisen that the outcome of the U.S. presidential election could influence the regulatory environment for crypto ETFs, particularly those involving assets like Ripple (XRP) and Solana (SOL). There are talks that a potential victory for Donald Trump might impact the future approvals and performance of these digital asset ETFs. Analysts are closely monitoring the regulatory oversight of SEC Chairman Gary Gensler, as his stance on the crypto market has complicated the approval process for new cryptocurrency ETFs, affecting major industry players like Binance and Coinbase.
In a recent thread on social media platform X, Bloomberg analyst Eric Balchunas highlighted the challenges faced by XRP and SOL ETFs under Gensler’s strict regulatory oversight. Balchunas suggested that Trump’s pledge to replace Gensler could potentially boost the approval chances of these ETFs. He referred to filings for XRP or Solana ETFs as a “cheap call option on a Trump win,” indicating that a victory for Harris would likely result in these ETFs not getting approved.
Bitwise recently made a move to launch an XRP ETF, registering a trust entity in Delaware. This decision aligns with the SEC’s upcoming deadline to appeal Judge Torres’ ruling, which determined that secondary XRP sales on exchanges do not qualify as securities.
Alex Thorn, Head of Firmwide Research at Galaxy Digital, provided insights on the developments in the ETF market. However, there are differing opinions within the community, with some questioning the demand for XRP ETFs compared to Ethereum ETFs. Balchunas defended the move, emphasizing the potential impact of a Trump win on the approval of these ETFs.
As the U.S. election draws closer, analysts at VanEck remain confident in Bitcoin’s resilience regardless of the outcome. Mathew Sigel believes that Bitcoin will remain largely unaffected by the election, but a Kamala Harris administration could offer more favorable conditions for Bitcoin’s growth compared to a Trump presidency. With only 33 days left until the election, the crypto sector is bracing for potential changes based on the election results. The world of technology is constantly evolving, with new developments and innovations being introduced almost daily. One of the most exciting areas of technological advancement is artificial intelligence (AI), which is revolutionizing the way we live and work.
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