- \n
- Bitcoin and Ethereum ETFs experienced significant outflows on the 1st of October, totaling millions.<\/em><\/li>\n
- U.S. election results could shape the regulatory landscape for XRP and SOL ETFs.<\/em><\/li>\n<\/ul>\n
\u00a0Bitcoin [BTC]<\/a> and Ethereum [ETH]<\/a> exchange-traded funds (ETFs) experienced significant outflows on the 1st of October. <\/span><\/p>\n
BTC ETFs<\/a> saw withdrawals totaling $242.6 million and ETH ETFs<\/a> recorded outflows of $48.6 million.<\/span><\/p>\n
Can Trump boost SOL and XRP ETFs?<\/strong><\/h2>\n
Amidst this fluctuating ETF market, recent discussions have emerged suggesting that the outcome of the upcoming U.S. presidential election could influence the regulatory landscape for crypto ETFs, particularly those involving assets like Ripple [XRP]<\/a> and Solana [SOL]<\/a>. <\/span><\/p>\n
Speculation abounds that a potential victory of Donald Trump might impact these digital asset ETFs\u2019 future approvals and performance.\u00a0<\/span><\/p>\n
In a recent thread on X (formerly Twitter), Bloomberg analyst Eric Balchunas<\/a> highlighted the challenges faced by new cryptocurrency ETFs, such as those for SOL and XRP, under the strict regulatory oversight of SEC Chairman Gary Gensler. <\/span><\/p>\n
Balchunas emphasized that Gensler\u2019s firm stance on the crypto market has complicated the approval process for these ETFs, impacting major industry players like Binance and Coinbase.<\/span><\/p>\n
Reiterating Trump\u2019s pledge to fire Gensler<\/a> upon taking office, Balchunas in a post on the 2nd of October said,<\/p>\n
\n
\u201cYou\u2019ve heard of the Fed Put. This is like the Trump Call.. filings for XRP or Solana or any other alt coins are basically like a cheap call option on a Trump win as Genz will be gone and anything\u2019s poss. Harris wins no way these get approved, and the \u201ccall\u201d expires worthless.\u201d\u00a0<\/span><\/p>\n<\/blockquote>\n
Bitwise\u2019s move to launch XRP ETF<\/strong><\/h2>\n
This comment comes on the heels of Bitwise\u2019s recent move to establish an XRP ETF, which was marked by the registration of a trust entity in Delaware. <\/span><\/p>\n
The timing is significant, as it aligns with the SEC\u2019s impending deadline to appeal Judge Torres\u2019 ruling, which determined that secondary XRP sales on exchanges do not qualify as securities. <\/span><\/p>\n
Execs weighing in\u2026<\/strong><\/h2>\n
Providing further insights on the same, Alex Thorn, Head of Firmwide Research at Galaxy Digital noted,\u00a0<\/span><\/p>\n
![\"Alex](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Alex-Thorn.webp\")
<\/a><\/p>\nSource: Alex Thorn\/X<\/p>\n<\/div>\n
However, there was another X user<\/a> who urged an important question to Balchunas and said,\u00a0<\/span><\/p>\n
\n
\u201cIf there has been no demand for Ethereum ETF, why would there be demand for XRP ETF?\u201d<\/span><\/p>\n<\/blockquote>\n
However, in defense Balchunas noted,\u00a0<\/span><\/p>\n
![\"Eric](\"image\/svg+xml,%3Csvg%20xmlns=\")
![\"Eric](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Balchunas.webp\")
<\/a><\/p>\nSource: Eric Balchunas\/X<\/p>\n<\/div>\n
What\u2019s lies ahead for Trump and Harris?<\/strong><\/h2>\n
Despite the ongoing political shifts reflected in Polymarket data, with Kamala Harris leading Trump in votes by a narrow margin, analysts at VanEck<\/a> remain confident in Bitcoin\u2019s resilience.\u00a0<\/span><\/p>\n
- U.S. election results could shape the regulatory landscape for XRP and SOL ETFs.<\/em><\/li>\n<\/ul>\n
![\"Polymarket\"](\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/10\/Polymarket.webp\")