The crypto market is once again showing optimism, with clear signals of growing interest in Bitcoin (BTC) Spot exchange-traded funds (ETFs) in America. According to Wu Blockchain, these funds have experienced net inflows for eight consecutive days. On May 22 alone, these inflows exceeded $150 million, indicating that institutional investors are active again.
Asset manager BlackRock’s fund had the largest inflow on May 22, with an amount of $92 million. Fidelity also saw significant inflows of $75 million with its fund, Wise Origin Bitcoin ETF.
Since being approved by the US Securities and Exchange Commission (SEC) and launched on January 11, Bitcoin ETFs have had a significant impact on the crypto market. This led, among other things, to a new all-time high (ATH) of approximately $73,700 in March.
Ethereum ETF launch
The recent inflows are partly due to the expected approval of an Ethereum (ETH) Spot ETF. This news already saw Ethereum’s value rise by 29% in the week leading up to the approval.
However, the actual launch of the ETFs still depends on the approval of an S-1 document. Analysts expect this procedure could take several weeks to months. A new price movement is only expected upon the actual launch.
Which ETFs are next?
Following the approval of Spot Ethereum ETFs by the SEC, rumors are swirling about possible ETF launches for other cryptocurrencies. Geoffrey Kendrick, an analyst at Standard Chartered Bank, predicts that the SEC could approve ETFs for Solana (SOL) and Ripple (XRP) by 2025.
Kendrick believes in the arrival of Solana and XRP ETFs, but does not expect approval in 2024 due to the complexity of the process. His predictions are not out of the blue; earlier this year he correctly predicted the launch of the Ethereum ETF. Kendrick emphasizes that the approval of the ETH Spot ETF implies that the SEC does not consider Ethereum to be a security, paving the way for ETFs of other cryptocurrencies.
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Source: https://newsbit.nl/optimisme-in-de-cryptomarkt-miljoenen-instroom-voor-bitcoin-etfs/
