On November 28, 2025, CoinShares submitted a Form RW to the U.S. Securities and Exchange Commission, formally withdrawing its registration statement for a proposed XRP Exchange Traded Fund (ETF). This filing confirms that the firm will not proceed with the product, and no shares were issued under the earlier S-1 filings.
Analyst Perspective and Interpretation
While some market observers have interpreted CoinShares’ withdrawal as a negative development for XRP-related investment products, crypto analyst Ripple Bull Winkle has presented a different perspective. This interpretation focuses on broader industry dynamics rather than the withdrawal itself, suggesting it is not bearish for XRP.
People are freaking out over CoinShares withdrawing their $XRP ETF filing… but they’re missing the entire plot.
This isn’t bearish at ALL.
Small issuers step aside when bigger players are about to dominate a market — and XRP’s ETF lane is filling with heavyweights like…
pic.twitter.com/bVUXizxhDn— Ripple Bull Winkle | Crypto Researcher 🚀🚨 (@RipBullWinkle) November 28, 2025
According to Ripple Bull Winkle, the withdrawal should not be viewed negatively for XRP. He argues that smaller issuers commonly withdraw when major, well-capitalized asset managers are preparing to enter and lead a market. His view is that CoinShares’ exit signifies a strategic shift in competitive positioning rather than any adverse sentiment toward XRP itself.
The analyst highlighted that significant institutions such as 21Shares, WisdomTree, Fidelity, and BlackRock are reportedly preparing their own XRP ETF offerings. This indicates that the XRP ETF market is evolving towards firms possessing the necessary scale and infrastructure to cater to institutional demand.
Ripple Bull Winkle emphasized that this competitive environment tends to naturally phase out participants with lower capacity while strengthening the presence of firms equipped to manage large, liquid exchange-traded products. He assesses that CoinShares’ withdrawal aligns with the typical pattern observed in maturing ETF markets, where consolidation often precedes the launch of products by major issuers.
Further Market Context
The specific wording in CoinShares’ Form RW indicates that the withdrawal is a procedural step related to a transaction that did not materialize. This provides regulatory clarity, while the competitive landscape described by Ripple Bull Winkle offers a contextual understanding of the withdrawal’s potential implications for the XRP ETF market.
If larger issuers are indeed positioning themselves to lead the market, the XRP ETF sector might experience fewer entrants, greater concentration among established ETF operators, enhanced distribution networks, and more robust liquidity support.
Such market consolidation typically influences product pricing, the development of liquidity, and the speed at which new ETFs achieve sustained trading volume. In this scenario, the analyst suggests that the withdrawal represents a strategic realignment in favor of institutions that have the capacity to foster long-term growth in XRP-based investment products.
From a regulatory standpoint, CoinShares’ withdrawal is formally documented and straightforward. However, its broader implications extend beyond administrative procedures. Ripple Bull Winkle frames the decision as a natural progression within the competitive cycle, where smaller entities may step back as larger institutions prepare for market entry.
If this commentary proves accurate, the XRP ETF landscape is transitioning towards a phase dominated by major asset managers capable of supporting substantial capital flows.