The crypto market is experiencing what could be its most significant week in years, with rising belief that a spot Bitcoin ETF might be approved. Insider sources hinted at the submission of S-1 forms and anticipate official approval by Wednesday. The first leak has proven accurate, raising questions about the post-excitement outcomes.
Speculations about BlackRock’s application for an XRP Coin ETF were confirmed by Jack The Rippler, who also suggested an impending ETF application for Ripple (XRP) by investment giant Fidelity. A screenshot showing AMUN Ripple AXRP ETF on Fidelity’s investment platform was shared and confirmed by crypto commentator Crypto_Barbie.
User XRP Whale suggests Fidelity could apply for an exchange-traded product by April, despite unresolved legal proceedings. The token sales on the exchange have been certified as not securities, but the collective appeal process is yet to begin, making Fidelity’s pursuit of a high-risk ETF seem illogical at this time.
However, the legal issues could eventually be resolved, and the collective appeal process overcome, making the ETF a reality.
Analysts predict the expected Wednesday approval of a Bitcoin ETF could add $1.5 trillion to BTC’s market value. The ETF could see inflows of $5 billion in the first quarter and $10 billion in the second. AllianceBernstein analysts believe this year could be a breakthrough due to the ETF approval, while Adam Berker from Mercuryo highlights the accessibility benefits of a spot Bitcoin ETF approval. The focus may soon shift to ETH ETFs, and possibly XRP Coin ETFs, though 2024 might be too soon for the latter.