XRP News: $418B IMC-Chicago Boosts Bullish Positions & Holdings in XRP ETFs

IMC-Chicago, a proprietary trading firm and market maker with $418 billion AUM, has disclosed massive holdings in XRP ETFs. The trading giant also revealed millions in options positions, increasing its bullish calls on multiple XRP ETF positions.

IMC-Chicago Bullish on XRP as it Boosts Exposure in ETFs

Chicago-based market maker IMC-Chicago disclosed significant exposure to multiple XRP ETFs in its Q2 filing with the US SEC. The firm has boosted its total portfolio value by almost 50% this quarter amid rising interest in crypto and other areas.

IMC-Chicago opened key positions in multiple spot and leveraged XRP exchange-traded funds, along with direct holdings. The trading firm purchased 28,237 shares in Bitwise XRP ETF, 12,207 shares in Teucrium 2x Long Daily XRP ETF (XXRP), and 10,531 shares in Volatility Shares 2x XRP ETF (XRPT).

In addition, the firm opened new call bets in Bitwise XRP ETF and XXRP. IMC-Chicago also held call positions in Canary XRP ETF, XXRP, XRPT, and ProShares Ultra XRP ETF. This indicates the firm has turned more bullish on XRP amid Ripple and XRPL’s tokenization push.

Meanwhile, the presence of 135,900 put options on the leveraged Teucrium ETF XXRP indicates hedging activity. This comes as crypto market uncertainty remained high amid the US-Iran war.

The disclosure comes as institutional interest in XRP continues to grow. As CoinGape reported earlier, $3.6 billion AUM EverSource Wealth Advisors disclosed significant holdings in multiple XRP funds. Also, Bank of America (BofA) holds 13,000 shares of the Volatility Shares XRP exchange-traded fund.

Will XRP Price Bounce amid Growing Institutional Interest?

XRP price has rebounded nearly 2% after falling, following Senate Majority Leader John Thune promised Clarity Act vote first in September. The price is still trading in the red at $1.03, with a 24-hour low and high of $1.02 and $1.05, respectively.

The latest rebound comes amid a consistent rise in trading volume over the last 24 hours, while Ripple announces XRPL 3.3.0 upgrade. Institutional interest also helped resist further fall. Notably, Grayscale’s GDLC ETF increased XRP weight in the fund and growing institutional interest in XRP.

However, the derivatives market shows mixed activity today, as per CoinGlass data. The total XRP futures open interest held near $2.35 billion amid whale buying and XRP ETF inflows. The cumulative inflows in XRP exchange-traded funds have reached above $1.51 billion, as funds saw $3.45 million in inflows on Thursday.

As per the latest XRP price prediction, XRP price has immediate resistance at $1.08. A breakout may trigger the price to $1.12 and then to $1.18. However, failure to stay above $1.00 may expose XRP to $0.96 and $0.92 support levels.

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