Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
Institutional investors offloaded a significant amount of Bitcoin and Ethereum last week based on the outflows from crypto funds. Meanwhile, XRP and Solana stood out as they were among the few altcoins that recorded net inflows.
Institutions Dump Bitcoin And Ethereum For XRP And Solana
A CoinShares report revealed that Bitcoin and Ethereum funds experienced net outflows of $719 million and $409.4 million, respectively, last week. Meanwhile, XRP and Solana recorded net inflows of $93.1 million and $291 million during the same period, highlighting a notable trend among institutional investors.
The inflows for XRP and Solana increased from last week, when these assets recorded inflows of $69.4 million and $127.3 million, respectively. Notably, the rotation from Bitcoin and Ethereum to XRP and Solana comes just ahead of the potential approval of spot ETFs for these in the U.S.
The SEC is expected to approve the pending XRP and Solana ETF filings, as both altcoins meet the predetermined requirements under the recently approved generic listing standards. Bloomberg analyst Eric Balchunas stated that the approval odds for these funds are now 100% as the generic listing standards leave fund issuers waiting for a green light from the SEC’s Division of Corporation Finance.
The potential approval of the XRP and Solana ETFs is expected to have a positive impact on the XRP and SOL prices, which explains why institutional investors may be looking to gain exposure to these assets ahead of the SEC’s approval. It is worth mentioning that Bitcoin and Ethereum have recorded significant gains since their respective spot ETFs launched in the U.S. last year, which provides a bullish outlook for both XRP and Solana ahead of their ETFs’ launch.
Market experts, such as Nate Geraci, have already suggested that the XRP and Solana ETFs could experience significant demand. He also believes that people are severely underestimating the investor demand for XRP and SOL ETFs.
SOL May Be The First To Gain Approval
Balahunas revealed that the final deadlines for the Solana ETFs come up on October 10, just before the deadline for the XRP ETFs on October 17. As such, the SOL ETFs could get approved before the XRP ETFs, although the SEC may also approve these funds simultaneously.
Meanwhile, Geraci alluded to a report stating that next week could be a realistic timeframe for the approval of Solana ETFs. However, Geraci noted that the U.S. government shutdown could “throw [a] wrench in [the] process.”
The U.S. government has already shut down, which affects the SEC’s operations and could delay a potential approval if the funding bill isn’t passed soon. Bloomberg analyst James Seyffart had also earlier warned about the shutdown and how it could complicate the approval process.
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
Unlock the Secrets of Ethical Hacking!
Ready to dive into the world of offensive security? This course gives you the Black Hat hacker’s perspective, teaching you attack techniques to defend against malicious activity. Learn to hack Android and Windows systems, create undetectable malware and ransomware, and even master spoofing techniques. Start your first hack in just one hour!
Enroll now and gain industry-standard knowledge: Enroll Now!
0 Comments