The battle for crypto ETF dominance is getting intense, with Chainlink (LINK) and XRP leading the charge.
Bitwise Bets Big on Chainlink
Asset manager Bitwise just filed paperwork with the SEC to launch a Chainlink ETF. This would let investors easily buy into LINK without dealing with cryptocurrency exchanges directly.
The ETF will hold LINK directly. Investors can trade shares for LINK tokens or cash, making it pretty straightforward. This “in-kind” trading is a relatively new thing the SEC is allowing for crypto ETFs. While we don’t know the ticker symbol or exchange yet, Coinbase will be the custodian for the LINK tokens.
LINK’s price jumped after the news, climbing above $23. Traders are hoping it can hit $30 if this ETF momentum continues.
XRP Still in the Running
While Chainlink is making headlines, XRP isn’t far behind. Bitwise has also filed (and amended) paperwork for an XRP ETF, with a potential SEC decision expected around October.
Depending on how the SEC handles things (looking at how Ethereum and Bitcoin ETF approvals went), XRP could start trading very quickly after approval – maybe even within days.
With Bitwise pushing both LINK and XRP ETFs, both cryptocurrencies are in the spotlight, soon to potentially compete as regulated investment options. XRP’s price is currently around $3.22, holding steady while it waits for the ETF decision. Traders are hoping for another price surge as the ETF review progresses.