How Trump’s Presidency Revolutionized XRP and Solana ETFs: A Deep Dive

Key Points

• Bitcoin and Ethereum ETFs saw significant outflows on October 1st.
• US election results could influence the regulatory landscape for XRP and SOL ETFs.

BTC ETFs experienced withdrawals totaling $242.6 million, and ETH ETFs recorded outflows of $48.6 million.

Impact of US Elections on Crypto ETFs

With the fluctuating ETF market, recent discussions suggest that the outcome of the upcoming U.S. presidential election could shape the regulatory landscape for crypto ETFs, especially those involving assets like Ripple (XRP) and Solana (SOL).

There is speculation that a potential victory for Donald Trump could impact the future approvals and performance of these digital asset ETFs.

Challenges for New Crypto ETFs

In a recent thread on a social platform, Bloomberg analyst Eric Balchunas 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.

This discussion follows Bitwise’s recent move to establish an XRP ETF, marked by the registration of a trust entity in Delaware.

The timing aligns with the SEC’s impending deadline to appeal Judge Torres’ ruling, which determined that secondary XRP sales on exchanges do not qualify as securities.

Despite ongoing political shifts seen in Polymarket data, with Kamala Harris leading Trump in votes by a narrow margin, analysts at VanEck remain confident in Bitcoin’s resilience.

Mathew Sigel believes that, regardless of the 2024 U.S. elections outcome, Bitcoin will remain largely unaffected.

However, he noted that a Kamala Harris administration could potentially offer more favorable conditions for Bitcoin’s growth compared to a Trump presidency.

With only 33 days remaining until the election, the impact of the outcome on the crypto sector is awaited.