Valkyrie Funds Chief Investment Officer Steven McClurg has expressed that the introduction of a Ripple and Ethereum spot exchange-traded fund (ETF) to the market wouldn’t be surprising. During an interview with Bloomberg TV, McClurg stated, “It wouldn’t surprise me if we saw Ripple or Ethereum spot ETFs out there,” highlighting Grayscale’s recent addition of XRP to their publicly traded offerings as an indication of existing interest.
Additionally, McClurg shared his anticipation that the U.S. Securities and Exchange Commission (SEC) would approve spot Bitcoin ETFs on Wednesday, stating, “The SEC will deem the ETFs effective at close of business Wednesday and the trading to begin on Thursday morning.” This reflects his optimism regarding the regulatory approval for Bitcoin ETFs in the near future.
Dozen Applications in Pipeline
There is a notable trend among nearly a dozen hopefuls for spot Bitcoin ETFs, as they strategically lower their management fees in a competitive effort, signaling a potential anticipation of imminent approval.
Bloomberg Intelligence ETF analyst James Seyffart reports that Fidelity has reduced its fees from 0.39% to 0.25% and has additionally offered a fee waiver, effectively bringing the cost down to 0% until July 31.
In response to feedback received from the U.S. Securities and Exchange Commission on January 8, a total of 5 out of the 11 issuers, including Fidelity, have adjusted their fee structures or implemented temporary waivers. Bitwise, with the previous lowest fee at 0.24%, has further reduced it to 0.20%, coupled with a waiver to 0% for a duration of 6 months or until reaching 1 billion. Similarly, Wisdomtree has lowered its fee from 0.50% to 0.30%, accompanied by a waiver to 0% for 6 months or until reaching 1 billion.
SEC’s X Account Hacked
Earlier today, the crypto community experienced a brief surge of excitement when the SEC’s X account shared a false tweet, falsely indicating the approval of a spot Bitcoin (BTC) ETF in the United States. However, the enthusiasm was short-lived as SEC Chair Gary Gensler promptly disclosed that the SEC’s X account had been compromised, and the tweet was unauthorized.
In the aftermath of the misleading SEC announcement, the cryptocurrency market demonstrated heightened sensitivity to regulatory actions. Bitcoin’s price notably dipped to $46,000, reflecting a nearly 1.50% decrease on Wednesday. The incident underscored the impact of regulatory-related information on market dynamics and highlighted the need for vigilance in interpreting official communications in the crypto space.
