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BlackRock, the world’s largest asset manager, has opted not to file for a U.S. spot XRP ETF in 2025 despite the SEC reclassifying XRP as a digital commodity and settling its lawsuit with Ripple.
The decision comes as competitors such as Grayscale, Bitwise, and 21Shares aggressively pursue XRP ETF approvals, with market analysts projecting inflows between $4.3 billion and $8.4 billion by year-end.
Instead, BlackRock remains focused on its dominant Bitcoin and Ethereum ETF products, citing limited institutional demand for altcoins. While the firm stresses caution, critics warn that hesitation could cost BlackRock market share as rival funds attract institutional investors seeking diversified crypto exposure.
Meanwhile, Cardano (ADA) is becoming one of the hottest altcoin stories of September. Grayscale filed an updated S-1 with the SEC for its proposed Cardano ETF, boosting approval odds on prediction market Polymarket to 87%, up from 63-75%.
The proposed fund would trade on NYSE Arca, holding ADA directly with Coinbase Custody providing security. Analysts believe an approval could propel ADA’s price well above $1.00, with potential gains of 40-55% if institutional inflows materialize.
Beyond ETF speculation, Cardano continues to build fundamentals with ecosystem upgrades such as smart contract enhancements and the Midnight privacy protocol.
Polkadot (DOT) and Chainlink (LINK) have also captured investor attention amid ETF buzz and ecosystem progress. DOT, trading around $3.76, has been resilient, with analysts forecasting steady growth toward $4.20 this year and $6.99-$8.45 in 2026 as adoption of its cross-chain technology expands.
Chainlink, on the other hand, surged past $23 in late August after the U.S. Department of Commerce announced it would publish official economic data on-chain using Chainlink’s oracle network.
Bitwise also filed for a Chainlink spot ETF, further fueling bullish sentiment. Analysts see potential for LINK to retest highs near $30 if momentum holds.
With ETF speculation filling the market, BlackRock’s conservative stance on XRP contrasts sharply with the aggressive push by rivals into Cardano, Polkadot, and Chainlink. As SEC decisions approach this fall, the outcome could redefine institutional participation in the broader crypto market.
Cover image from ChatGPT, ADAUSD chart from Tradingview
