BlackRock Launches Ethereum ETF as Ripple Eyes XRP ETF Approval Amid Crypto Market Shifts

BlackRock, the asset management giant known for its significant impact on traditional and crypto markets, is preparing to launch an Ethereum ETF under the ticker ETHA. This move follows the success of its Bitcoin ETF and involves a $10 million investment in Ether to back the fund. The ETF will be managed with the Bank of New York Mellon as custodian and Coinbase as the holder of the underlying Ether, with an expected launch by the end of June, according to Bloomberg analyst Eric Balchunas.

Meanwhile, Ripple's CEO Brad Garlinghouse announced at the Consensus 2024 conference that the approval of an XRP ETF is seen as inevitable despite current regulatory challenges. Standard Chartered also predicts an XRP ETF could launch by 2025. While XRP is currently trading below $0.549, optimism around ETF approval and ongoing regulatory clarity, especially Ripple's legal battles with the SEC, could accelerate institutional adoption.

In parallel, Binance founder Changpeng Zhao has been incarcerated for four months following money laundering charges linked to his platform, marking a significant event in the crypto sector. Zhao acknowledged the need for regulatory compliance, signaling a potential turning point for Binance, which now faces uncertainty under new leadership.

On the market front, large institutional investors seem to be following a Bitcoin accumulation strategy reminiscent of the pre-bull run period of 2020. CryptoQuant CEO Ki Young Ju notes transaction volumes exceeding a billion dollars daily, suggesting possible bullish momentum building despite moderate volatility.

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