#XRPETF 1️⃣ Custody Dilemma:

- Ripple Labs holds over 50 billion XRP (accounting for 50% of total supply), traditional ETFs require strict separation between issuers and asset issuers, how to prove 'decentralization' becomes the biggest compliance obstacle.

- Referring to Grayscale's GBTC model, the XRP ETF may need to commit to regularly destroying custodial tokens, but Ripple's locking mechanism has not yet clearly supported this operation.

2️⃣ Liquidity Layering Risk:

- The XRP spot market lacks depth (the current Binance order book spread is 3 times that of BTC), ETF market makers may face high slippage costs, resulting in management fees soaring above 1.5% (compared to IBIT's 0.25%).

- After U.S. trading platforms delisted XRP due to litigation, liquidity has become highly concentrated in the Asian market, and time zone differences may cause significant fluctuations in ETF net value.

3️⃣ Ecological Reflexivity Trap:

- Inflows into the ETF may strengthen Ripple's control over XRP supply (e.g., through custodial unlocking of tokens), creating a 'centralization paradox' that undermines the long-term value narrative.