XRP Whales Dump 70M Coins Ahead of ETF Launch

XRP Whales Offload 70 Million Coins Amid Spot ETF Anticipation

In a significant development, XRP whales have reportedly offloaded around 70 million coins, according to data from Whale Alert. This transaction, valued at approximately $15 million, was divided into multiple transfers, with the largest one being 20 million XRP.

The sale comes amidst growing anticipation for the launch of a spot-based exchange-traded fund (ETF) focused on XRP. The U.S. Securities and Exchange Commission (SEC) has been reviewing applications for such ETFs, with a decision expected in the coming months. The potential approval of an XRP ETF could open up new investment opportunities and increase the cryptocurrency's visibility in the broader financial market.

The recent XRP whale activity has sparked speculation about the motivations behind the large-scale sell-off. Some analysts suggest that the whales may be taking profits ahead of a potential ETF launch, while others believe that the whales could be diversifying their portfolios or reducing their exposure to XRP in anticipation of regulatory changes.

Regardless of the reasons behind the whale activity, the XRP community remains optimistic about the cryptocurrency's prospects. The potential approval of an XRP ETF could provide a significant boost to the cryptocurrency's price and increase its adoption among institutional investors.

In other news, the Monochrome Group, an Australian crypto asset firm, has received approval from the Monetary Authority of Singapore (MAS) for its Ethereum and Bitcoin Exchange-Traded Funds (ETFs). This development marks a crucial move into the Southeast Asia crypto market, as institutional demand for regulated digital asset products surges.

The registration of Monochrome's Bitcoin (IBTC) and Ethereum (IETH) ETFs with the MAS is a key milestone, opening the doors for institutional investors in Singapore and Southeast Asia. The company's long-term goal is to build a solid foundation for digital asset investment, focusing on regulatory compliance and building stronger ties with institutions across the region.

Monochrome's strategic expansion into Southeast Asia is part of a broader trend of crypto asset managers launching regulated digital investment products for institutional investors. This trend reflects the growing demand for exposure to cryptocurrencies among institutional investors, who are increasingly seeking secure, compliant, and stable investment options in the digital asset space.