The tide appears to be turning for cryptocurrency in the United States, with both Bitcoin and Ethereum exchange-traded funds (ETFs) experiencing positive developments. On Thursday, U.S. spot Bitcoin ETFs continued their hot streak, attracting a combined net inflow of $107.91 million, according to SoSoValue. This marks the ninth consecutive day of positive inflows, the longest such stretch since mid-March.
BlackRock’s IBIT led the charge with $89 million, followed by Fidelity’s FBTC at $19 million and VanEck’s offering at $10 million. Ark Invest, 21Shares, Invesco, and Galaxy Digital’s ETFs all saw modest inflows of $2 million each. Grayscale’s GBTC, the converted share version of Bitcoin, experienced a minor outflow of $14 million.
These inflows suggest a continued investor appetite for Bitcoin despite a recent price dip. Since their January launch, these 11 Bitcoin ETFs have collectively attracted over $13.43 billion. However, it’s worth noting that inflows have slowed down from the highs seen in March, coinciding with a 1.40% drop in Bitcoin’s price over the last day, currently sitting around $67,000.
Ethereum ETFs Poised to Join the Party
In a major development for the cryptocurrency industry, the U.S. Securities and Exchange Commission (SEC) approved 19b-4 forms for eight spot Ethereum ETFs on Thursday, May 23rd. This move mirrors the SEC’s approval of spot Bitcoin exchange-traded funds earlier this year.
The green light was given to applications from major players like BlackRock, Fidelity, VanEck, Grayscale, ARK 21Shares, Franklin Templeton, Bitwise, and Invesco Galaxy. These exchange-traded funds are expected to list on prominent exchanges like CBOE, NYSE ARCA, and NASDAQ, significantly increasing accessibility for investors seeking exposure to Ethereum.
It’s important to note that this approval is a preliminary step. While the SEC has cleared the 19b-4 forms, these ETFs cannot begin trading until their S-1 registration statements are approved. Bloomberg analyst James Seyffart predicts this additional process may take a few more weeks.
The approval of these Ethereum ETFs comes as a surprise to some, potentially influenced by recent political pressure. Earlier on the same day, a group of House lawmakers, including Majority Whip Tom Emmer and New Jersey Democrat Josh Gottheimer, sent a letter urging the SEC to approve the ETFs.
Related Reading | Analyst Predicts Polygon Breakout: $0.76 Surge Could Propel MATIC To $0.88
