The ETH/BTC ratio has hit its lowest point since May 2021, signaling a decline in Ethereum’s value against Bitcoin. This drop coincides with rising market expectations for the launch of a spot exchange-traded fund (ETF) in the United States. It’s also been a consistent trend since Ethereum transitioned to a proof-of-stake network in September 2022, according to data from Kaiko, a crypto intelligence platform based in Paris.
The crypto industry is eagerly watching the US SEC’s stance on Bitcoin ETFs. Valkyrie’s Steven McClurg has even suggested that approvals for Ethereum and XRP ETFs might follow.
Excited to know the prospects? Come, let’s find out.
Steven McClurg’s views are rooted in Ethereum’s status as the second-largest digital asset, currently priced at $2,272.26, even after a recent decline of 3.67%. Given Ethereum’s market influence, it’s seen as a strong candidate for an ETF.
The SEC’s positive attitude towards Bitcoin ETFs, combined with proactive efforts from Gary Gensler, has given hope to many in the crypto community. Notable firms, including BlackRock Inc., Fidelity Investments, and Valkyrie, are awaiting the SEC’s decision on their ETF proposals.
Also Read: SEC Postpones Ruling on Ethereum ETFs, Opens Door for Public Input
This week, the SEC may decide on Spot Bitcoin ETFs. Time is running out for pending applications. Multiple companies have applied for Spot Ethereum ETFs, but none have announced a Ripple XRP ETF. XRP ETF would make cryptocurrencies easier to use in regular banking, and other major cryptocurrencies may follow suit.
A green signal for Bitcoin ETFs might pave the way for the introduction of an Ethereum ETF in the future. This positive decision for Bitcoin ETFs could set a precedent for Ethereum and potentially other cryptocurrency-based ETFs to enter the market.
There’s a growing buzz about a potential XRP ETF, signaling a possible boost for XRP’s ecosystem. While past attempts at an XRP ETF triggered short-lived price swings, McClurg’s recent hint rekindles hope, especially when XRP trails behind other cryptocurrencies in value. Presently, there are no active Ripple XRP ETF applications, but Grayscale might consider adding XRP to its traded trusts. XRP’s current value stands at $0.5738, down 1% from 24 hours ago.
An anticipated Ripple XRP Spot ETF filing could significantly spike XRP’s price. Notably, an influential figure in the XRP community, “XRP whale,” suggests an ETF application might emerge by April, with the ETF potentially launching before 2024 ends. Despite this optimism, no official announcements have come from potential issuers regarding an XRP ETF.
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