tl;dr
Ripple CEO Brad Garlinghouse praised the success of US spot Bitcoin exchange-traded funds (ETFs), which have amassed $112.74 billion in assets, outpacing traditional ETFs. He criticized skeptics and highlighted the rapid growth of these ETFs, asserting the significance of cryptocurrencies. Additiona...
Ripple CEO Brad Garlinghouse recently highlighted the success of US spot Bitcoin exchange-traded funds (ETFs), which have accumulated $112.74 billion in assets, outpacing traditional ETFs. He critiqued skeptics and emphasized the rapid growth of these ETFs, underscoring the significance of cryptocurrencies.
Garlinghouse also discussed Ripple's substantial contributions to support pro-crypto political candidates in the recent US elections, totaling $144 million across three firms. This investment supported 29 Republicans and 33 Democrats, with an impressive 85% success rate among the candidates. Garlinghouse emphasized that the focus was on educating voters and lawmakers rather than using fear tactics to sway opinion.
Spot Bitcoin ETFs drew in $376.59 million on December 6, with BlackRock’s iShares Bitcoin Trust (IBIT) dominating at $257 million. Since their approval in January, total inflows into US spot Bitcoin ETFs surpassed $33.43 billion, with IBIT leading at $34.37 billion. Additionally, Grayscale’s GBTC experienced $20.82 billion in outflows, reflecting a market shift towards spot ETFs.
The net assets of all US spot Bitcoin ETFs now sum up to $112.74 billion, representing 5.62% of Bitcoin’s market capitalization. Meanwhile, overall market value for Bitcoin dropped below $2 trillion to $1.96 trillion, according to CoinMarketCap.