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Is Tron ETF Next? TRX Founder Justin Sun Teases Potential Launch – Crypto News

Published

1 year ago

February 27, 2024

Dripp

The Spot Bitcoin ETFs have been performing exceptionally well while rumors surrounding a potential Ethereum, Shiba Inu, and XRP ETFs swirl down the crypto industry. Amid such speculations, another one has been added to the list, which is a Tron ETF. Recently, Tron Founder Justin Sun teased the potential launch of a Tron ETF in near future.

Is A Tron ETF On The Horizon?

Hinting at the possibility of a Tron ETF launch, Justin Sun took to X and wrote, “TRX ETF?” His post was met with a mixed response from the audience. Moreover, Gabor Gurbacs, an advisor at Bitcoin ETF issuer VanEck, noted that Tron ETFs has already been launched in Europe with 14 countries having access to it.

In addition, the VanEck advisor noted that “maybe someday there will be one in the U.S. too.” Gurbacs highlighted the possibility that the companies engaged in the race for Ethereum ETFs could also apply for a Tron ETF since it is a “free market.” Since VanEck has been a pioneer in introducing Tron ETFs overseas, the crypto community has hopes from the organization for the debut of TRX ETPs in the U.S.

Moreover, with the potential launch of an Ethereum, Shiba Inu, or XRP ETFs, things could be smoother in the crypto ETF arena. However, Justin Sun’s post attracted several negative comments wherein people expressed that an “unregistered” security like Tron doesn’t deserve a place in the ETF race. In addition, fraud allegations were directed at Sun.

Also Read: Shiba Inu Sheds A Zero As Burn Rate Soars 60% Amid SHIB ETF Hype

Spot Bitcoin ETFs Steal The Spotlight

Lately, there has been a remarkable surge in trading activity surrounding Spot Bitcoin ETFs, reaching an unprecedented $3.24 billion. This surge serves as a clear indicator of the growing fascination with Bitcoin ETFs. Moreover, it signals a notable shift in how investors perceive the cryptocurrency market.

The spike in trading volume for Spot Bitcoin ETFs suggests a significant disruption in the Bitcoin market’s supply chain. This disruption occurs when there’s an abrupt shortage of available Bitcoin relative to the demand, resulting in substantial price fluctuations. The influx of funds into Spot Bitcoin ETFs exacerbates this disruption, creating an imbalance in the supply and demand dynamics.

The latest market movements have seen Bitcoin’s value surge past the $57,000 mark after nearly a fortnight, marking a gain of 9.62%. Notably, Bitcoin’s surge occurred independently of the movements in the S&P 500 index, emphasizing its increasing disconnection from traditional equities.

Furthermore, in 2024, Bitcoin surpassed both stocks and gold in performance, reaching its highest ratio against gold in more than two years. The continued accumulation of significant positions by whale investors further solidifies the influence of whale buying in the Bitcoin market.

Also Read: Wall Street Peeks at Bitcoin ETFs on Strong Pre-Market Gains, BTC Price to Hit $60K?