Crypto
- The success of spot BTC ETFs should shut down Bitcoin critics, said Ripple CEO.
- Garlinghouse said that US spot BTC ETFs raked in more assets faster than any ETF.
- US Spot BTC ETFs have total net assets worth $112.74 billion.
Brad Garlinghouse, CEO of Ripple, emphasized the remarkable success of U.S. spot Bitcoin exchange-traded funds (ETFs), describing them as the most successful ETFs in the nation’s history. He criticized skeptics who doubted the potential of digital assets. Meanwhile, Bitcoin’s price dipped below the $100,000 mark in the past 24 hours.
In a 60 Minutes interview, Garlinghouse noted that spot Bitcoin ETFs accumulated assets faster than any previous ETF in the U.S. Garlinghouse addressed long-standing skepticism toward blockchain technology, saying it is common for new industries to face doubt. However, the rapid success of spot Bitcoin ETFs shows cryptocurrencies are more than a passing trend.
Spot Bitcoin ETFs Draw Billions, Backed by BlackRock’s Big Moves
Data from SoSoValue reveals that on December 6, spot Bitcoin ETFs raked in $376.59 million, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for $257 million. Since their approval in January, total inflows into U.S. spot Bitcoin ETFs reached a staggering $33.43 billion, with IBIT leading the pack at $34.37 billion.
Read also: Ripple CTO Slams FDIC’s Crypto Roadblocks Amid Coinbase Court Revelations
At the same time, Grayscale’s GBTC saw $20.82 billion in outflows, reflecting a market shift toward spot ETFs. Currently, the net assets of all U.S. spot Bitcoin ETFs amount to $112.74 billion, representing 5.62% of Bitcoin’s market capitalization.
Meanwhile, Bitcoin’s overall market value dropped below $2 trillion and stands at $1.96 trillion, according to CoinMarketCap.
Ripple’s Crypto Advocacy in U.S. Elections
Ripple and two other firms poured $144 million into super PACs backing pro-crypto candidates from both major political parties. These contributions accounted for a third of all corporate funding in the recent elections, supporting 29 Republicans and 33 Democrats. An impressive 85% of these candidates won their races.
When asked about the industry’s influence on lawmakers, Garlinghouse denied that crypto uses fear tactics to gain favor. He explained that Ripple’s efforts were focused on educating voters and lawmakers, urging the U.S. to embrace innovation instead of stifling it.
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