The endless back-and-forth on whether an XRP ETF would ever matter seems to have finally met a full stop. Nate Geraci, who has built a reputation as one of the most expert ETF watchers, went straight to the point this week: Demand for a spot XRP fund is being badly misread.
To him, it feels the same way people shrugged off Bitcoin and Ethereum ETFs at first, only to watch billions pour in once the doors opened.
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Geraci’s latest comment lands right at the time as the SEC’s table is overflowing: 92 crypto ETF filings are waiting. Out of those, the familiar Bitcoin and Ethereum get a few more products, but the real action has shifted. Solana has eight filings on record, XRP sits at seven, and the queue keeps growing.
You heard it here first…
People are severely underestimating investor demand for spot xrp & sol ETFs.
Just like they did w/ spot btc & eth ETFs.
— Nate Geraci (@NateGeraci) September 1, 2025
These all are not just random startups either. Names like WisdomTree, whose XRP ETF decision was pushed back on Aug. 25, and several heavyweight managers are filing amendments with October deadlines. A calendar for fall on the crypto market now feels like a set of alarms.
Was XRP ‘next Bitcoin’ whole time?
At the same time, a few signals have already been dropped on the institutional side. Thus, Canary Capital called XRP the only asset, besides Bitcoin, that actually resonates with Wall Street pros. Amplify is testing a different spin altogether, pitching an ETF that generates income from XRP options.
Hard to argue, fund managers wouldn’t be filing without at least some expectation of approval.
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And Geraci isn’t guessing from the sidelines. He was early on Bitcoin ETFs, and he was early on Ethereum too. Both times the market thought small, both times it was wrong. His call on XRP fits the same pattern.
If the SEC finally waves approval through, the speculation will end once and for all.