#XRPETF #XRPETF

🔥 【The 'Impossible Triangle' of #XRPETF : The Ultimate Test of Law, Liquidity, and Ecological Game】

💡 In-Depth Perspective: If the XRP spot ETF is approved, it will face three unique challenges that far exceed the complexity of BTC/ETH ETFs:

1️⃣ Custody Dilemma:

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

- Referring to the Grayscale GBTC model, the XRP ETF may need to commit to regularly destroying custody 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 price spread on Binance's order book is three times that of BTC), ETF market makers may face high slippage costs, leading to management fees soaring to over 1.5% (compared to IBIT's 0.25%).

- After US trading platforms delisted XRP due to litigation, liquidity has become highly concentrated in the Asian market, and time zone differences may trigger significant fluctuations in the ETF's net asset value.