XRP ETF Hype May Benefit Wall Street More Than Retail: Van Dell

Amid growing speculation around a potential XRP exchange-traded fund (ETF), Van Dell, co-founder of Black Swan Capitalists, cautions investors against joining the celebration too quickly.

Amidst the swirling rumors of a potential XRP exchange-traded fund (ETF), one crypto insider is urging investors to hold up on joining the celebrations just yet.

While the possibility of BlackRock launching an ETF to provide institutional exposure to XRP seems like a momentous step toward mainstream crypto adoption, it may ultimately serve Wall Street’s interests more than those of everyday investors, according to Van Dell, co-founder of Black Swan Capitalists.

“People are discussing the idea of an XRP ETF, especially if it’s backed by BlackRock, but the question is—who benefits most from it?”

suggest investors consider both sides of the story before joining the conversation.

A Calculated Move by Wall Street

As the world’s largest asset manager with over $10 trillion in assets under management, BlackRock’s moves have a huge impact on global finance. Dell argues that their push for an XRP ETF isn’t about democratizing access to digital assets, but rather about controlling and profiting from them.

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

“It’s about taking this disruptive technology like XRP and putting it in a suit and tie that Wall Street understands and dominates,”

He highlighted that while an ETF would make XRP more accessible to traditional investors who prefer not to deal with wallets, private keys, or exchanges, it strips away the token’s actual utility. ETF holders wouldn’t own the asset itself, which means missing out on the advantages of participating in the XRP network directly.

Ownership Without Ownership

According to Dell, owning an XRP ETF doesn’t equate to owning XRP. “An ETF offers price exposure, not true ownership,” He noted. “You can’t send your ETF to another wallet, use it for transactions, or tap into the protocol’s full potential.”

According to him, that comes from holding the actual digital asset, not a financial product that tracks its value, which is more closely aligned with how institutions prefer to engage with crypto.

ETFs Favor Institutions, Not Retail Investors

Dell highlighted several reasons why BlackRock and similar firms would prefer an ETF model over promoting direct XRP ownership:

According to reports, BlackRock’s Bitcoin ETF saw daily inflows of over $356 million as of May 2025. Dell argues that such firms use insider knowledge and media timing to spark price surges and dips, profiting from market volatility while retail investors react emotionally to headlines.

A Broader Perspective

While acknowledging the convenience ETFs offer to traditional investors, Dell warned of their limitations and long-term consequences. “It’s business as usual for them—more control, more profit, and less operational hassle,” he said. “But for retail investors, it means less ownership, less utility, and more exposure to market manipulation.”

He concluded by urging investors to critically examine both sides of the ETF debate. “Don’t get swept up in the hype,” he said. “Understand the macro picture—and remember that true crypto ownership still lies in holding the native token.”