After a little over fifty days of activity, it is time to take stock of Bitcoin ETFs. Although the timing may not seem ideal, the recent decrease in outflows at Grayscale has not gone unnoticed. What about the turn of events?
Bitcoin ETFs: a meteoric rise
Since the U.S. Securities and Exchange Commission's approval of Bitcoin Spot Exchange Traded Funds (ETFs) from BlackRock, Fidelity, VanEck, Grayscale, and others, 54 days have passed. Highlights for the crypto community include Larry Fink's company's enthusiasm for acquiring Bitcoin and the large outflows from Grayscale's GBTC. The cryptocurrency market is deeply impacted.
Since January 10, the nine new spot bitcoin exchange traded funds have accumulated more than 500,000 bitcoins, or 2.54% of the total bitcoin supply – 21 million. Their success is not waning, with a recent influx day where they collected $287.7 million in bitcoins, highlights Cointelegraph.
According to Farside Investors, the current value of bitcoins held by these nine ETFs stands at $35 billion, in just 54 days of trading. With Grayscale included, US bitcoin spot funds now control 835,000 BTCrepresenting nearly 4% of the overall supply. This rise in power in the world of cryptocurrencies leaves no one indifferent, arousing the interest and attention of investors around the world.
Massive influx into Bitcoin ETFs after tumultuous period
After several weeks of fund outflows, Bitcoin ETFs are regaining color with entries valued at $845 million this week. A notable turnaround in the situation since March 18.
On March 28, a total inflow of $183 million was recorded, BlackRock stands out with $95 million in inflows for its IBIT fund.
Fidelity and Bitwise also benefited from this trend, with similar inflows of around $67 million each. Ark 21Shares, meanwhile, saw an influx of $27.6 million after a massive $200 million inflow on Wednesday.
However, Grayscale was not so lucky, recording cash outflows of $105 million in its GBTCits lowest level since March 12.
Ethereum Spot ETFs under high tension: Uncertainties and hopes
ETF analyst Eric Balchunas expresses pessimism as for theapproval of ETH ETFs in May, giving only 25% chance, or even less. With seven weeks to go before the deadline, the silence from the SEC is worrying.
Yet, according to My Betting Edge, the outlook is radically different, with an estimate of 85% Chance of Approval for Ethereum Spot ETFs by the SEC in May.
This possible approval would mark a crucial moment for Ethereum and the entire cryptocurrency market, with stakes high and hopes swinging.
Noting that Bitwise, hoping to put pressure on the SEC, filed an S-1 filing for its Ethereum Spot ETF on March 28, further boosting cryptocurrency market momentum.
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