Cryptocurrency
Bitcoin ETF applications: Who is filing and when the SEC may decide
The race to list the first spot-traded Bitcoin (BTC) exchange-traded fund (ETF) in the United States has seen the entrance of major financial institutions like BlackRock, Fidelity and VanEck.
While the U.S. Securities and Exchange Commission (SEC) first approved a Bitcoin-linked Futures ETF in October 2021, the current filings are for spot Bitcoin ETFs. Following Grayscale’s recent legal victory against the SEC’s review of its spot Bitcoin ETF proposal, many now believe approval of the investment funds is more likely.
The interest of BlackRock — the world’s largest asset manager with over $8 trillion worth of assets under management — prompted several other institutions to refile for a spot Bitcoin ETF.
Most of these asset managers had to either withdraw their spot Bitcoin ETF filings or face rejection due to the SEC’s reservations concerning a spot-derived ETF. Here are the key Bitcoin ETF applicants:
- BlackRock: BlackRock filed for a spot Bitcoin ETF on June 15, with Coinbase as the crypto custodian and spot market data provider and BNY Mellon as its cash custodian. The filing shocked the crypto and traditional finance world, and the firm’s CEO, Larry Fink, had previously called BTC an index for money laundering. On July 15, the SEC formally accepted BlackRock’s spot Bitcoin ETF application for review.
- WisdomTree: The New York-based asset manager first filed for a spot Bitcoin ETF in the U.S. on Dec. 8, 2021, which was rejected by the SEC in 2022. The agency claimed the ETF fell short in terms of investor protection; however, with BlackRock’s entry in the spot Bitcoin ETF race, WisdomTree refiled with the SEC on July 19.
- Valkyrie Investments: Asset management firm Valkyrie filed its first spot Bitcoin ETF application in January 2021 but faced rejection from the SEC, like many other asset managers. However, with the rejuvenated enthusiasm around a spot Bitcoin ETF, Valkyrie refiled its application on June 21. The ETF would refer to the Chicago Mercantile Exchange’s (CME) reference price for Bitcoin and trade on NYSE Arca, with Xapo as the crypto custodian.
- ARK Invest: ARK filed an application for its ARK 21Shares Bitcoin ETF in June 2021. ARK Invest has partnered with Swiss-based ETF provider 21Shares to offer the fund, and it will launch on the Chicago Board Options Exchange (Cboe) BZX Exchange under the ticker symbol ARKB if approved.
- VanEck: VanEck is one of the earliest Bitcoin ETF applicants, making its first filing in 2018. The asset manager withdrew its application in September 2019 and made a second attempt with the SEC in December 2020, with shares of the trust set to trade on the Cboe BZX Exchange. The firm filed a new application in July 2023.
- Fidelity/Wise Origin: Fidelity Investments first applied for a spot Bitcoin ETF in 2021 and refiled for its Wise Origin Bitcoin Trust on July 19, 2023. The Wise Origin Bitcoin Trust would see Fidelity Service Company serving as the administrator while Fidelity Digital Assets will act as the BTC custodian.
- Invesco Galaxy Bitcoin ETF: Invesco first filed an application for its Invesco Galaxy Bitcoin ETF jointly with Galaxy Digital on Sept. 22, 2021. The joint venture refiled its application in July. The joint Bitcoin ETF would be “physically backed” by Bitcoin, with Invesco Capital Management as the sponsor.
- Bitwise: Bitwise first filed for a spot Bitcoin ETF in October 2021, only to face rejection from the SEC. The asset manager refiled its application in August 2023.
- GlobalX: Fund manager GlobalX joined the ETF race in 2021, along with several other financial giants, when it filed for a spot Bitcoin ETF. The fund manager refiled its application in August 2023, becoming the ninth applicant. The firm named Coinbase as its surveillance-sharing partner.
In light of Grayscale’s recent legal victory and the wave of renewed applications, ETF analysts at Bloomberg have raised their expected approval chances for a spot Bitcoin ETF to 75% from 65%.
NEW: @JSeyff & I are upping our odds to 75% of spot bitcoin ETFs launching this yr (95% by end of ’24). While we factored Grayscale win into our prev 65% odds, the unanimity & decisiveness of ruling was beyond expectations and leaves SEC w “very little wiggle room” via @NYCStein pic.twitter.com/IyEGmWjuHa
— Eric Balchunas (@EricBalchunas) August 30, 2023
As expected, the SEC has delayed its decision on all seven applicants. Analysts had predicted that the SEC may not decide on an ETF until early 2024 when the final deadlines approach (listed below).
John Glover, chief investment officer at crypto lending platform Ledn, told Cointelegraph that the ARK 21Shares “verdict slated for Jan. 10 will be the first real indicator as to whether the SEC is ready to start approving these types of applications. The final deadline is up at that point, and a decision will need to be made one way or another.”
Why has the SEC rejected spot Bitcoin ETFs in the past?
In its earlier rejection of VanEck’s spot Bitcoin ETF, the SEC claimed that the Bitcoin market is not big or mature enough to sustain ETF market demand. The commission also said the price volatility and inadequate level of trading surveillance could potentially leave the market prone to fraud and manipulation.
However, with the entrance of BlackRock, market pundits have started to believe that the chances of a spot Bitcoin ETF being approved are good.
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One of the major factors preventing a spot ETF from getting approved is the nature of the fund.
A futures ETF is based on futures contracts rather than the digital asset itself, which is an important distinction. The futures markets are already heavily regulated to prevent market manipulation, thus making it easier for the SEC to approve such ETFs.
At the heart of these spot ETF rejections is the issuer’s requirement to incorporate a “surveillance-sharing agreement” with a sufficiently large and regulated Bitcoin-related market. Such agreements are integral in ensuring that the SEC can conduct exhaustive investigations in the event of any market irregularities.
A Bitfinex Alpha analyst told Cointelegraph that one of the vital concerns behind the rejection of spot Bitcoin ETFs is the regulator’s ability to track and continuously ensure asset safety and custody. However, for that to happen, the U.S. needs more regulatory and legal infrastructure before the “SEC or other involved parties would be comfortable in allowing an ETF provider to handle it.”
“If not, then the entire purpose of an ETF (which is to circumvent dealing with digital asset wallets or crypto exchanges) is defeated. Thus, it would not be fair to say that spot Bitcoin ETFs do not propose manipulation concerns in the SEC’s eyes. The ProShares Bitcoin ETF disapproval dated back to 2018 clarifies this very point. Another concern with regard to the document’s literature was the ability of the Bitcoin market to handle the volume that would be brought in via the introduction of a spot ETF,” the analyst added.
The SEC is mainly concerned about the robustness of the trading venues. The regulator oversees futures exchanges like the CME and the Cboe, and any futures ETFs will be restricted to only trading on those regulated venues. Whereas there are no SEC-regulated spot exchanges.
However, not everyone agrees with the SEC’s assumptions about the vulnerabilities of the spot crypto ETF market. James Koutoulas, the founder of a futures-focused hedge fund Typhon, told Cointelegraph:
“I can attest that the crypto futures are far inferior to the spot in terms of tracking error. The concept that a U.S. regulator can provide adequate ‘surveillance’ against market manipulation on a global 12-figure market is delusional. So, honestly, it probably comes down to passing the buck to the CFTC rather than retaining accountability. Given the SEC has an ‘investor protection’ mandate.”
He added that by continuing to reject the simplest products like a BTC ETF, the ”SEC keeps pushing demand for crypto offshore and unregulated players. While a BTC ETF may not be perfect, it is much safer than buying BTC with Gensler’s family friend SBF [Sam Bankman-Fried] at FTX.”
Richard Gardener, CEO of tech infrastructure firm Modulus, believes futures ETFs have long been seen as more palatable for regulators and that the decision over a spot ETF is a matter of when not if.
He told Cointelegraph that a spot BTC ETF is “coming, sooner rather than later, and the heavy investment from major players like BlackRock and Fidelity signal this. As long as the major players are in the hunt, the industry is seen as viable in the long term, despite any short-term setbacks. If the SEC continues to refuse to act, politicians will be forced to act and develop their own answer to the crypto dilemma.”
Ether futures ETF have more chances of approval
While crypto enthusiasts would prefer to see spot ETFs, which would legitimize crypto as an asset class, U.S. regulators seem more likely to support futures ETFs.
Bloomberg analysts have predicted that the chances of approval for an Ether (ETH) futures-derived ETF are over 90%, with nearly a dozen institutions lined up for approval.
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Reports in financial media suggested a high possibility of the SEC approving an Ether futures-based ETF as soon as October.
This not surprising to us, we had said they would approve Ether Futures early on in race. Nice to be validated. Now what does it mean for spot? Hard to say beyond it shows that their views/policy/tolerance can change. https://t.co/JXCxNUpj2U
— Eric Balchunas (@EricBalchunas) August 17, 2023
Ken Timsit, managing director at blockchain startup accelerator Cronos Labs, told Cointelegraph that the “thesis in favor of futures is that futures would enable investors to send signals about the price evolutions expected by the market, which in turn would help to dampen the volatility of Bitcoin and Ethereum price and counterbalance the large price swings that we have seen recently.”
Doug Schwenk, CEO of Digital Asset Research, told Cointelegraph that the “near-term psychological impact would most likely give a boost to crypto markets as another proof point that regulators remain open to evolving the listed space and continued hope for the elusive spot ETF.”
The last few weeks have been quite turbulent for XRP and the company behind it. In this article, we will check the latest updates involving the two and analyze the token’s price dynamics.
Has the Ripple/SEC Battle Concluded?
The major developments in the legal battle between Ripple and the US Securities and Exchange Commission (SEC), more specifically, the company’s court wins, have left some with the expectation that the tussle is over.
Just recently, the American lawyer Bill Morgan said the regulator has not withdrawn its appeal yet. He emphasized that the Commission faces no formal deadline to do so, though it is required to submit a status update to the appeal court by August 15.
The legal contest refers to a court decision in 2023. Back then, Judge Analisa Torres ruled that Ripple’s sales of XRP tokens on secondary markets are not securities. The SEC appealed the ruling, while the company filed a cross-appeal, which was later withdrawn.
Earlier this year, the two parties jointly requested that the appeals be paused to allow time for a potential settlement. The court respected their wish but required the regulator to file a status report by mid-August. Many believe that if the SEC agrees to withdraw its appeal, it could mark the final resolution of the case.
To the uninitiated, it all started in December 2020 when the Commission filed a lawsuit against Ripple, accusing it of conducting an unregistered securities offering by selling XRP tokens. Initially, it sought a whopping fine of $2 billion, while years later, Judge Torres ruled a penalty of $125 million. Moreover, the SEC and Ripple shook hands on an even smaller sum of $50 million.
RLUSD Keeps Progressing
One trending asset within Ripple’s ecosystem is the USD-pegged stablecoin, RLUSD. The product, which officially debuted in December of last year, recently saw its market capitalization soar past $500 million and caught the eye of some major financial players.
As CryptoPotato reported, the asset was recognized by the Dubai Financial Services Authority (DFSA) as a crypto token within the Dubai International Financial Center (DIFC), while the oldest US bank, BNY Mellon, agreed to serve as a custodian for RLUSD.
Meanwhile, the stablecoin’s market cap continued to grow in the following weeks and currently stands at approximately $577.6 million.
Spot XRP ETF Incoming?
Several XRP exchange-traded funds have popped up in the United States over the past several months. However, all of them are futures-based, and you can check the details here.
The XRP army has been eagerly awaiting the launch of a spot XRP ETF, which is expected to have a more significant impact on the price of the underlying token.
Some of the well-known firms willing to launch such a product include Bitwise, Grayscale, Franklin Templeton, WisdomTree, and more. According to Polymarket, the approval odds before the end of the year stand at around 87%.
XRP Price Outlook
Ripple’s native token exploded to a new all-time high of $3.65 in mid-July, but since then, it has been on a downtrend, currently trading at around $3.08 (per CoinGecko’s data).
However, some important factors suggest this could be a temporary correction, followed by another rally. Large investors, for instance, have acquired 60 million XRP tokens in the last 24 hours. This shows strong confidence in the asset and could encourage other smaller players to jump on the bandwagon, too.
The amount of tokens stored on exchanges has been declining lately, suggesting that holders might have moved their funds into cold storage. This, in turn, reduces the immediate selling pressure.
Last but not least, the number of XRP wallets keeps growing, hinting at solid user engagement and rising interest in the network. The figure reached a peak of 7.2 million on July 21 and is currently inching towards 7.3 million.
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TL;DR
- Analysts point to certain indicators that suggest SOL could be poised for a rally in the near future. Some of the biggest optimists believe the price could soar to a new all-time high of $400.
- SOL’s RSI hovers just above 30, signaling oversold conditions. Combined with increased token withdrawals from crypto exchanges, this could reduce sell pressure and hint at a possible short-term recovery.
Buying Opportunity?
Solana’s SOL has declined by over 10% in the past week, currently valued at around $177 (according to CoinGecko’s data). However, the X user, Ali Martinez, estimated that the TD Sequential indicator has flashed a buy signal.
Buy the Solana $SOL dip, says the Tom DeMark Sequential indicator! pic.twitter.com/cyE5MR45DY
— Ali (@ali_charts) July 30, 2025
The analyst isn’t the only one with a bullish stance following the price drop. One X user claimed SOL “is setting the pace,” predicting a pump to as high as $400.
“Ignore the noise. This isn’t hype, it’s a shift in momentum. Smart money isn’t chasing later – it’s positioning now. Solana season is real,” they added.
BitBull thinks SOL’s current price performance resembles that of 2023, which was followed by a major breakout. The analyst argued that the activity in the Solana network is still strong, while institutional inflows “are coming.”
“All it needs now is a weekly close above $230, and SOL parabolic run will start,” the X user suggested.
AlejandroBTC stands in the opposite corner, claiming there’s no real momentum, while exit liquidity is “getting thinner by the day.” The analyst forecasted that SOL’s price could continue to plunge, warning investors that the altcoins are not in a bull market.
Observing Other Metrics
Over the past several months, the shift of SOL tokens from crypto exchanges toward self-custody methods has been more than evident. This results in reduced immediate selling pressure.
Solana’s Relative Strength Index is the next technical analysis tool we will touch upon. It tracks the speed and magnitude of recent price changes and helps traders identify overbought or oversold conditions. The metric varies from 0 to 100, and ratios around or below 30 suggest SOL could be headed for a rebound, while anything above 70 is considered bearish territory. Currently, the RSI stands at just over 30.
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Ethereum’s 10th anniversary is proving to be more than symbolic. As the network celebrates a decade since mining its genesis block on July 30, data shows a record-breaking surge in institutional demand.
Spot Ethereum ETFs recorded $5.41 billion in net inflows in July alone, surpassing the combined capital entries of the previous 11 months, which stood at $4.21 billion as of June 2025.
Institutional Investment Pushes ETH Into a New Phase
Data from SoSoValue shows that ETH ETFs have had $9.62 billion in cumulative fund deposits since their launch in July 2024. However, the inflows haven’t been consistent.
After a rocky start, with $483 million in outflows in their first month, the ETFs saw steady growth. They hit 10 figures for the first time in November 2024, when $1.05 billion came into the funds, followed by an even more impressive $2.08 billion the following month.
The first quarter of 2025 was more muted. January and February saw a combined $161.23 million in new capital before a poor showing in March led to more than $403 million flowing out of the ETFs.
Since then, the products have been on a tear, with investment activity growing exponentially month after month, to finally hit $5.41 billion in July. The explosion suggests a shift from institutional caution to aggressive accumulation, with ETH emerging as the clear beneficiary of this sentiment shift.
Data from SoSoValue shows that BlackRock’s ETHA alone now holds $11.39 billion in assets, while Grayscale’s ETHE remains in recovery after $4.31 billion in cumulative withdrawals. Together, these movements have pushed Ethereum ETF assets to $21.61 billion, which is about 4.75% of ETH’s market cap.
Price Momentum Builds as ETH Nears $4K
The price of ETH has also seen a fair amount of growth recently. At the time of writing, it was trading at $3,786, up 3.1% over the past week and 19.6% in the last fortnight despite a 2.4% dip in the previous 24 hours amid profit-taking.
It has also climbed 53.3% across 30 days, moving from around $2,470 to approach the $3,900 range, even briefly touching $3,933 before retracing.
QCP Capital has cautioned that derivatives positioning and overheated funding rates may create near-term resistance around $4,000, yet the structural tailwinds from ETF demand remain intact. If these fund flows persist, Ethereum could not only challenge its November 2021 all-time high of $4,878 but also cement itself as the centerpiece of a potential altcoin-led market cycle.
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