Key Takeaways:

關鍵要點：

* Superior market liquidity and Teucrium’s recent launch of a 2x leveraged product could position the anticipated spot XRP ETF for SEC approval ahead of competitors Solana (SOL) and Dogecoin (DOGE).

*高級市場流動性和Teucrium最近推出的2倍槓桿產品可以將預期的現貨XRP ETF定位為SEC​​批准，以競爭競爭對手Solana（Sol）和Dogecoin（Doge）。

* According to a report by crypto research and data platform Kaiko regarding spot exchange-traded fund (ETF) approval by the US Securities and Exchange Commission, Ripple Labs’ affiliated token leads all other altcoins by the number of ETF filings. XRP has at least 10 different filings, followed by Solana, which is in second place, with filings by five ETF issuers.

*根據Crypto研究和數據平台Kaiko的一份報告，關於美國證券交易委員會的現貨交易所交易基金（ETF）批准，Ripple Labs的附屬令牌由ETF文件的數量領導所有其他Altcoins。 XRP至少有10種不同的文件，其次是Solana，該文件位於第二位，由五個ETF發行人提交。

* Compared to Bitcoin, whose spot ETF approval by the SEC followed Grayscale’s legal victory, highlighting the regulator’s inconsistency on the futures and spot markets under Gary Gensler’s stewardship, XRP operates in a different way. The Ripple-affiliated token doesn’t run a robust futures market, while its trading volume is mainly offshore.

*與比特幣相比，比特幣在Grayscale的法律勝利之後得到了SEC的現貨ETF批准，強調了監管機構在Gary Gensler的管理下對期貨和現貨市場的不一致之處，XRP以不同的方式運作。漣漪附屬的令牌並不能運行強勁的期貨市場，而其交易量主要是離岸的。

* XRP’s US spot Market Share has recently surged since the SEC’s 2021 lawsuit triggered delistings. On the other hand, SOL’s US market share has slipped to 16% from a 2022 peak of 25–30% over the same period.

* XRP的美國現貨市場份額最近自SEC 2021訴訟引發了脫口秀以來。另一方面，從同一時期的2022年峰值為25–30％的峰值，SOL的美國市場份額已下跌至16％。

* The launch of a 2x XRP ETF by Teucrium, a US asset manager that mainly tracks European ETPs and swap agreements, has further skyrocketed the spot XRP ETF’s chances for SEC approval. The firm aims to deliver twice XRP’s daily returns. Teucrium Investment Advisors launched a 2x leveraged XRP ETF earlier this month.

*美國資產經理Teucrium推出了2x XRP ETF，該資產經理主要跟踪歐洲ETP和交易協議，進一步飆升了XRP ETF的SEC批准機會。該公司的目標是提供兩次XRP的每日回報。 Teucrium Investment Advisors本月初推出了2倍槓桿XRP ETF。

* Onchain data shows that the asset manager garnered over $5 million in volumes on debut day to become the provider’s “most successful launch.” As per the report from Kaiko:

* OnChain數據顯示，首次亮相日，資產經理獲得了超過500萬美元的款項，成為了提供商的“最成功的發布”。根據Kaiko的報告：

“This underlying market’s improving dynamics and the launch of a 2x XRP ETF last week position XRP ahead of other assets when it comes to approval […] although some tokens, such as LTC, which have very similar consensus mechanisms to BTC and share similarities to commodities, could also have a clear path to approval.”

“這個基本市場的改善動態和上週的2x XRP ETF的推出在批准方面的其他資產之前XRP […]領先於其他資產[…]，儘管有些令牌（例如LTC）與BTC具有非常相似的共識機制，並且與BTC具有非常相似的共識機制，並且與商品具有相似之處，也可能有明確的批准途徑。”

* According to the Kaiko analytical report, May 22 is the next important date to watch, as the SEC must respond to Grayscale’s spot XRP filing by then. The report says:

*根據Kaiko Analytical報告，5月22日是下一個重要日期，因為SEC必須在當時對Grayscale的Spot XRP提交。報告說：

“Since [Teucrium’s] leveraged ETF relies on returns from European ETPs and swap agreements to guarantee twice the daily returns of XRP, it’s hard to see how a spot product is more risky and therefore diminishes most arguments for denying these applications.”

“由於[Teucrium的]利用ETF依靠歐洲ETP的回報和交換協議來保證XRP的每日回報的兩倍，因此很難看到現貨產品如何更風險，因此減少了拒絕這些應用程序的大多數論點。”

* Some Cautious Optimism

*一些謹慎的樂觀

Surprisingly, with all the positive factors giving the spot XRP ETF SEC approval an advantage over the competition, Deribit’s options market advises for some cautious optimism, highlighting a bearish sentiment relating to implied volatility for April 18 expirations, signalling demand for downside protection. However, Kaiko’s Adam Morgan McCarthy had this to say:

令人驚訝的是，由於所有積極的因素賦予了XRP ETF SEC批准比競爭優勢，Deribit的期權市場建議對某些謹慎的樂觀情緒，強調了與4月18日到期的隱含波動有關的看跌情緒，這是對下降保護的信號需求。但是，凱科的亞當·摩根·麥卡錫（Adam Morgan McCarthy）說：

“It’s hard to argue against allowing a spot product when there’s already an active ETF like this, which is highly levered and more risky than a vanilla spot ETF.”

“當已經有這樣的活躍的ETF時，很難不允許允許現場產品，而這種ETF比香草斑ETF高度槓桿化，風險更大。”

* Records from the federal agency show that several firms are awaiting approval to launch spot crypto ETFs with the U.S. Securities and Exchange Commission. Among the pending applications, the majority of filings for altcoins are for Ripple Labs’ token, XRP, with at least 10 different firms applying to list spot XRP funds.

*聯邦機構的記錄顯示，幾家公司正在等待批准，以與美國證券交易委員會啟動現場加密ETF。在待處理的申請中，大多數AltCoins的文件都是為Ripple Labs的代幣XRP提供的，其中至少有10家不同的公司申請列表現貨XRP基金。

* The applications for spot XRP ETFs follow other filings for ETPs based on Solana, Litecoin, Cardano, and Dogecoin, among other tokens, reflecting a growing demand for crypto investment products.

* Spot XRP ETF的應用程序遵循基於Solana，Litecoin，Cardano和Dogecoin的ETP的其他文件，以及其他代幣，反映了對加密投資產品的需求不斷增長。

* The Kaiko report predicts that after the XRP ETF, the Solana-based fund would be the most likely candidate to receive the green light. The analysis highlights that both applications from Bitwise and Grayscale for a SOL spot ETF have been pending since August 2022.

* Kaiko報告預測，在XRP ETF之後，基於Solana的基金將是最有可能接收綠光的候選人。該分析強調，自2022年8月以來，來自Bitwise和灰度的應用程序的兩種應用一直待定。