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Valkyrie CIO Says Market May See Ripple, Ethereum ETFs Next

Ethereum Ripple

Journalist

Tanzeel Akhtar

Journalist

Tanzeel Akhtar

About Author

Tanzeel Akhtar is a seasoned journalist who has been reporting on cryptocurrency and blockchain technology since 2015. Her work has appeared in leading publications including The Wall Street Journal,...

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Last updated:

January 10, 2024

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Valkyrie Funds Chief Investment Officer Steven McClurg says it wouldn’t be surprising if a Ripple and Ethereum spot exchange-traded fund (ETF) came to the market speaking in an interview with Bloomberg TV.

“It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there,” said McClurg. The CIO went on to add that Grayscale recently added XRP to their publicly traded which in turn shows that there is interest.

McClurg believes that the US Securities and Exchange Commission will approve spot Bitcoin ETFs on Wednesday.

“The SEC will deem the ETFs effective at close of business Wednesday and the trading to begin on Thursday morning,” McClurg said in an interview.

Dozen Applications in Pipeline

So far, there are nearly a dozen spot Bitcoin ETF hopefuls who are significantly dropping their management fees in hopes of beating out their competitors, yet another sign of imminent approval.

According to Bloomberg Intelligence ETF analyst James Seyffart, Fidelity lowered their fees to 0.25% from the previous 0.39% and has offered a fee waiver to 0% through July 31.

Including Fidelity, 5 out of the 11 issuers have revised their fee structures or offered temporary waivers after they received feedback from the U.S. Securities and Exchange Commission on Jan. 8.

With the previously lowest fee of 0.24% offered already, Bitwise reduced it to 0.20% with a waiver to 0% for 6 months or 1 billion; Wisdomtree lowered its fee of 0.50% to 0.30% also with a waiver to 0% for 6 months or 1 billion.

SEC’s X Account Hacked

Earlier today, when the SEC’s X account shared a false tweet suggesting the approval of spot Bitcoin (BTC) ETF in the US. The excitement in the crypto community was short-lived as Chair Gary Gensler quickly revealed that the SEC’s X account had been compromised, and the tweet was unauthorized. Following the false SEC announcement, the cryptocurrency market was marked by heightened sensitivity to regulatory actions, Bitcoin’s price experienced a notable dip to $46,000, reflecting nearly 1.50% decrease on Wednesday.