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The U.S. spot Bitcoin exchange-traded fund (ETF) market is experiencing a bullish run, recording net inflows for eight consecutive days as of May 20, 2024. This positive trend aligns with growing anticipation for spot Ether ETFs, potentially opening the door for similar products focused on other cryptocurrencies like Solana (SOL).
Data from SoSo Values reveals that spot Bitcoin ETFs attracted a combined $153.91 million on Wednesday. BlackRock’s iShares Bitcoin Trust (IBIT) emerged as the frontrunner, attracting $92 million in inflows. Fidelity Digital Assets’ Wise Origin Bitcoin ETF followed closely with $75 million, while Ark Invest and 21Shares Bitcoin ETF secured $3 million each.
However, Grayscale’s industry-leading Bitcoin Investment Trust (GBTC) witnessed a minor setback with net outflows of $16 million on Wednesday. Additionally, seven other spot Bitcoin ETFs from Bitwise, VanEck, and others maintained neutral positions with zero net flows.
Despite Grayscale’s outflows, the overall sentiment for spot Bitcoin ETFs remains optimistic. Since their launch in January 2024, these funds have garnered a staggering $13.33 billion in net inflows, reflecting investor confidence in this burgeoning asset class. Furthermore, the cumulative trading volume surpasses $267 billion for spot Bitcoin ETFs, signifying a highly liquid market.
Crypto Bill Impacts Bitcoin ETFs Sentiment
The positive sentiment surrounding spot Bitcoin ETFs coincides with the recent passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives. This Republican-backed bill aims to establish a legal framework for the digital asset industry, empowering the Commodity Futures Trading Commission (CFTC) with greater oversight of crypto assets as “digital commodities.”
While FIT21 marks a significant step towards crypto regulation, it has drawn criticism from both sides of the aisle. Concerns surround the lack of robust consumer protection measures in the current version of the bill. Representative Nancy Pelosi (D-CA) and SEC Chair Gary Gensler have urged further refinement to safeguard investors.
The U.S. crypto market now eagerly anticipates the potential approval of spot Ether ETFs. Earlier this week, the SEC reportedly requested amendments and refilings of 19b-4 forms from exchanges, often seen as a precursor to approval. Cboe BZX submitted revised forms for five spot Ether ETFs, while Nasdaq filed the amended form for BlackRock’s offering.
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