Financial Insights That Matter
Acting SEC Chair Mark Uyeda, Crypto Task Force Head Hester Peirce, and Commissioner Caroline Crenshaw must vote on an appeal withdrawal. The upcoming Closed Meeting provides an opportunity for a vote. Although unlikely, XRP could face selling pressure if the SEC makes no formal announcement on March 27.
XRP-Spot ETFs: BlackRock Missing from the Pack
An official court filing confirming the withdrawal would open the path for XRP-spot ETF approvals. Currently, issuers such as 21Shares, Bitwise Invest, Canary Funds, Grayscale, and WisdomTree have filed applications for XRP-spot ETFs.
While an XRP-spot ETF market could fuel institutional demand for XRP, BlackRock (BLK) remains notably absent. In the US BTC-spot ETF market, BlackRock’s iShares Bitcoin Trust (IBIT) has reported total net inflows of $39,669 million since launch, offsetting $22,526 million in outflows from Grayscale’s Bitcoin Trust (GBTC).
Importantly, without IBIT’s inflows, the US BTC-spot ETF market would have posted net outflows of $3.6 billion—potentially weighing on Bitcoin demand. This underscores the influence BlackRock could have on an emerging XRP-spot ETF market.
Institutional demand for XRP-spot ETFs will likely be crucial as it has for BTC, which rallied in early 2024 on strong ETF inflows.
A BlackRock filing for an XRP-spot ETF could change the narrative. It is plausible that BlackRock will file once the SEC formally dismisses its appeal.
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