The global crypto market is witnessing a surge in ETF applications for XRP, Solana (SOL), and Litecoin (LTC), fueled by the upcoming inauguration of Donald Trump and the resignation of SEC Chairman Gary Gensler. Renowned ETF expert Nate Geraci highlighted the increasing number of applications for crypto-backed exchange-traded products by various asset managers.
Key Details of Recent ETF Applications
In the last 48 hours, institutions like ProShares, VanEck, and Canary have filed for digital asset-backed ETFs. Notable applications include the ProShares Leveraged & Inverse XRP ETF, ProShares XRP Futures ETF, ProShares Solana Futures ETF, and Canary Litecoin ETF. Additional submissions such as the VanEck Onchain Economy ETF, Oasis Capital Digital Asset Debt Strategy ETF, and CoinShares Digital Asset ETF are also making headlines.
The conclusion of Gary Gensler’s tenure as SEC Chairman has shifted market sentiment regarding regulatory uncertainties. Ripple’s Chief Legal Officer, Stuart Alderoty, expressed optimism, stating that Gensler’s departure has created a positive atmosphere for the crypto market.
Market Reactions to ETFs Applications
With Paul Atkins set to take over as the new SEC Chairman under Trump’s administration, crypto market participants remain hopeful about ETF approvals. JPMorgan analysts forecast that SOL and XRP-backed products could attract approximately $15 billion in cash inflows within the next year.
Nate Geraci commented on the industry’s optimism, predicting that XRP and Solana ETFs are likely to gain approval later this year.
Crypto Market Performance
Donald Trump’s imminent return to office is seen as another positive catalyst for cryptocurrencies like XRP, SOL, and LTC. The wave of ETF applications and the market’s response mark a significant step toward recognizing crypto assets as legitimate financial products.
Investors and analysts are closely monitoring how these developments will impact the broader market. The approval of new ETFs and comprehensive regulatory changes could significantly bolster the crypto market’s long-term growth potential.
In summary, the growing interest in financial products tied to crypto assets is laying the groundwork for new opportunities in the industry. Market participants believe these advancements could expand the adoption and use of cryptocurrencies, paving the way for increased institutional investment.
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