Spot Bitcoin ETF Saw Two-Month High Of $948M Net Inflows Last Week

Week 19 of spot Bitcoin ETF trading saw a net inflow of $948 million with a trading volume of $8.5 billion.

What Happened: This marks a positive weekly inflow compared to the past eight weeks, with the weekly Bitcoin BTC/USD candle closing above the middle line of the current correction phase.

Week 19 Spot Bitcoin ETF
Net flow: $+948 million
Trading Volume: $8.5 billion

Key Facts
– Weekly inflow gets positive comparing to passed 8 weeks.
– Volume is descent as weekly candle closed above middle (dotted) line of current correction.
– Intrinsically, #Bitcoin is still in… https://t.co/sQBK7Ythus pic.twitter.com/bPXjwFynbu

— Trader T (@pivfund2100) May 20, 2024

Despite this, Bitcoin still in a correction phase, suggesting that the price might not see significant highs in the near term.

Key Developments In The ETF Space

ETF Store President Nate Geraci tweeted on Monday that the U.S. Securities and Exchange Commission (SEC) will make a decision on Ethereum spot ETF applications this week.

This decision could be pivotal for the mainstream adoption of Ethereum ETH/USD, the second-largest cryptocurrency by market capitalization.

Geraci highlighted that the SEC’s decision process involves the approval of both a 19b-4 application, which pertains to changes in trading rules, and an S-1 registration statement.

While it is technically possible for the SEC to approve the 19b-4 applications, they might delay the approval of the S-1 registration statements, especially given the reported lack of participation and engagement from some stakeholders.

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Bitcoin Spot ETFs Witness Substantial Inflows

This anticipated decision on the Ethereum spot ETF comes at a time when Bitcoin spot ETFs are experiencing substantial inflows.

On May 17, the total net inflow for Bitcoin spot ETFs reached $222 million, according to data from SoSo Value.

The most notable inflows were:

• $31.6116 million into the Grayscale Bitcoin Trust GBTC.
• $99.4283 million into the Fidelity Wise Origin Bitcoin Fund FBTC.
• $38.0829 million into the iShares Bitcoin Trust IBIT.

The total net asset value of Bitcoin spot ETFs now stands at $56.263 billion.

This growing interest in Bitcoin ETFs underscores the increasing institutional adoption of cryptocurrencies.

These developments in the Bitcoin ETF market could also positively impact the Ethereum market if the SEC approves the Ethereum spot ETF.

Such an approval would likely attract significant investment, further legitimizing Ethereum as a mainstream financial asset.

Future Insights At Benzinga’s Digital Assets Event

For more in-depth insights into these regulatory developments and their implications for the broader digital asset landscape, industry leaders, investors, and policymakers will gather at Benzinga’s Future of Digital Assets event on Nov. 19.

The event promises to provide valuable discussions on the evolving role of digital assets in the global financial system.

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