{"id":172542,"date":"2024-10-03T12:40:20","date_gmt":"2024-10-03T12:40:20","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172542"},"modified":"2024-10-03T12:40:26","modified_gmt":"2024-10-03T12:40:26","slug":"bitwise-opts-for-xrp-etp-what-santiments-insights-reveal","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/bitwise-opts-for-xrp-etp-what-santiments-insights-reveal\/","title":{"rendered":"Bitwise Opts for XRP ETP\u2014What Santiment\u2019s Insights Reveal"},"content":{"rendered":"<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">TL;DR<\/span><\/p>\n<ul style=\"text-align: justify\">\n<li><strong><span data-preserver-spaces=\"true\">Bitwise\u2019s Strategic Pivot<\/span><\/strong><span data-preserver-spaces=\"true\">: Bitwise Asset Management has filed for an XRP ETP (Exchange-Traded Product) instead of an ETF, aiming for smoother regulatory approval.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Market Reactions<\/span><\/strong><span data-preserver-spaces=\"true\">: The filing led to a surge in XRP transaction volume and whale activity, indicating strong interest from traders and institutional investors.<\/span><\/li>\n<li><strong><span data-preserver-spaces=\"true\">Social Sentiment and Risks<\/span><\/strong><span data-preserver-spaces=\"true\"><span data-preserver-spaces=\"true\">: Positive social media buzz and increased sentiment were noted, but caution is advised due to potential market corrections and ongoing legal uncertainties with the SEC.<\/span><\/span><br \/>\n<hr \/>\n<\/li>\n<\/ul>\n<p style=\"text-align: justify\"><strong><span data-preserver-spaces=\"true\">Bitwise Asset Management has made headlines with its <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/insights.santiment.net\/read\/bitwise-xrp-etp-filing-can-make-it-the-third-major-asset-with-traditional-finance-exposure-8156?fpr=twitter\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">recent <\/span><\/a><span data-preserver-spaces=\"true\">decision to file for an XRP ETP <\/span><\/strong><span data-preserver-spaces=\"true\">(Exchange-Traded Product) <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/bitwise-submits-first-ever-xrp-etf-proposal-will-it-be-approved\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">instead <\/span><\/a><span data-preserver-spaces=\"true\">of an ETF (Exchange-Traded Fund). This strategic pivot comes amid ongoing regulatory uncertainties surrounding XRP and its classification as a non-security. <\/span><!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">\ud83d\udcfa Bitwise&#39;s XRP ETP filing (not to be confused with an ETF, which would be required if it was a security) has showed a significant on-chain response. Whale activity, social hype, and an 8-month high $2.39B in transaction volume indicates potential bullish momentum\u2014but remember,\u2026 <a href=\"https:\/\/t.co\/yMdbE9G3GS\" target=\"_blank\">pic.twitter.com\/yMdbE9G3GS<\/a><\/p>\n<p>&mdash; Santiment (@santimentfeed) <a href=\"https:\/\/twitter.com\/santimentfeed\/status\/1841669658585297010?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 3, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The move to an ETP offers Bitwise greater flexibility and potentially smoother regulatory approval, which could come as early as late 2024 or early 2025.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Market Reactions and Whale Activity<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">The announcement has sparked significant market activity. <\/span><strong><span data-preserver-spaces=\"true\">According to Santiment<\/span><\/strong><span data-preserver-spaces=\"true\">, a market intelligence platform, <\/span><strong><span data-preserver-spaces=\"true\">there was a notable surge in <\/span><a class=\"editor-rtfLink\" href=\"https:\/\/crypto-economy.com\/ripple\/\" target=\"_blank\" rel=\"noopener\"><span data-preserver-spaces=\"true\">XRP <\/span><\/a><span data-preserver-spaces=\"true\">transaction volume<\/span><\/strong><span data-preserver-spaces=\"true\">, reaching an eight-month high of <\/span><strong><span data-preserver-spaces=\"true\">$2.39 billion<\/span><\/strong><span data-preserver-spaces=\"true\"> shortly after the filing. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">This spike indicates heightened interest and activity among traders and institutional investors alike. Adding to the bullish sentiment, <\/span><strong><span data-preserver-spaces=\"true\">Santiment reported 145 whale transactions exceeding $1 million on October 1<\/span><\/strong><span data-preserver-spaces=\"true\">, marking a six-month high. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Whale activity often signals strategic positioning by large investors, suggesting they see substantial value in XRP at its current price levels.<\/span><\/p>\n<p style=\"text-align: justify\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172543\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/XRP-ETP.jpg\" alt=\"Bitwise Opts for XRP ETP\u2014What Santiment\u2019s Insights Reveal\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/XRP-ETP.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/XRP-ETP-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/XRP-ETP-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Social Sentiment and Potential Risks<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Social media buzz around XRP has also been overwhelmingly positive following the ETP filing. Santiment\u2019s data shows a <\/span><strong><span data-preserver-spaces=\"true\">significant increase in social volume and positive sentiment<\/span><\/strong><span data-preserver-spaces=\"true\">, peaking on October 1. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">However, this optimism comes with a cautionary note. Historically, markets tend to move opposite to crowd expectations, and excessive enthusiasm can lead to short-term corrections.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Insights from Santiment<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Santiment\u2019s on-chain metrics provide further insights into the current market dynamics. The 30-day Market Value to Realized Value (MVRV) ratio for XRP is at -9.2%, the lowest in two months. This negative sentiment and low returns often represent an \u201copportunity zone\u201d for savvy investors looking to accumulate assets at a lower risk.<\/span><\/p>\n<h2 style=\"text-align: left\"><span data-preserver-spaces=\"true\">Future Outlook for XRP ETP<\/span><\/h2>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">While the filing for an XRP ETP has boosted market optimism, traders should remain cautious. <\/span><strong><span data-preserver-spaces=\"true\">The ongoing legal battle between Ripple and the SEC adds a layer of uncertainty<\/span><\/strong><span data-preserver-spaces=\"true\">. Delays in SEC decisions or lower-than-expected adoption could dampen the current enthusiasm. <\/span><\/p>\n<p style=\"text-align: justify\"><span data-preserver-spaces=\"true\">Nonetheless, the shift from an ETF to an ETP may mitigate some regulatory risks, positioning Bitwise favorably for future approval. Bitwise\u2019s move to file for an XRP ETP has generated significant market activity and positive sentiment. However, traders should be mindful of potential risks and market corrections as the situation evolves.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Bitwise\u2019s Strategic Pivot: Bitwise Asset Management has filed for an XRP ETP (Exchange-Traded Product) instead of an ETF, aiming for smoother regulatory approval. Market Reactions: The filing led to a surge in XRP transaction volume and whale activity, indicating strong interest from traders and institutional investors. Social Sentiment and Risks: Positive social media buzz &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Bitwise Opts for XRP ETP\u2014What Santiment\u2019s Insights Reveal\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/bitwise-opts-for-xrp-etp-what-santiments-insights-reveal\/#more-172542\" aria-label=\"More on Bitwise Opts for XRP ETP\u2014What Santiment\u2019s Insights Reveal\">Read more<\/a><\/p>\n","protected":false},"author":32,"featured_media":172544,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[9842,5536,4918],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172542"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172542"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172542\/revisions"}],"predecessor-version":[{"id":172546,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172542\/revisions\/172546"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172544"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}