Bullish! Spot Bitcoin ETFs Record $518M Inflows as BTC Reclaims $114k

According to data from Farside, a U.S.-based crypto investment funds tracker, yesterday was a bullish business day for U.S.-approved bitcoin (BTC) exchange-traded funds (ETFs). The current record shows that these funds have amassed $518 million, signaling a rekindled interest from investors. Notably, this sharply contrasts with the previous business week, when the ETFs shed approximately $900 million, driven by BTC’s sharp plunge below the $110,000 mark.

Meanwhile, the crypto market was also on the bullish side on Monday, as BTC moved from the $111,500 region to $114,500.

$518M in Inflows

Leading the ETFs’ bullish day was Fidelity’s FBTC, which took in $298.7 million to record its second-largest business day of the month. ARKB recorded $62.2 million in inflows, trailing behind FBTC as the second most bought bitcoin ETF of the day. Bitwise’s BITB and Grayscale’s Mini Trust, BTC, ended the business day with $47.2 million and $47.1 million inflows.

On the other hand, BlackRock’s IBIT, which has established itself as the leading bitcoin ETF with the most inflows, experienced a red day. The fund lost about $46.6 million and was the only ETF to record an outflow on Monday. Others, including VanEck’s HODL and Grayscale’s GBTC, contributed to the massive $518 million collective inflows.

Meanwhile, Monday was also bullish for spot Ethereum (ETH) ETFs, as they amassed $546.9 million to surpass the inflows of bitcoin ETFs. Leading the day on the Ether side were Fidelity’s FETH, BlackRock’s ETHA, and Grayscale’s Mini Trust (ETH).

U.S. to Welcome More Crypto ETFs Soon

Amid the massive success of crypto ETFs, the U.S. financial agency has approved the Generic Listing Standard to ease the listing process of forthcoming crypto ETFs. With this new standard, there will be no need for intending issuers to submit 19b-4 applications before gaining approval.

On Monday, the agency requested that issuers withdraw their 19b-4 applications to confirm the effectiveness of the new standard. Thus, the crypto market is set to welcome ETFs tied to various crypto assets. This includes XRP, ADA, DOGE, and other high-market-cap cryptocurrencies in the coming weeks. In fact, Bloomberg analyst Eric Balchunas has noted that there’s a 100% chance of a SOL ETF being listed for trading in a few days.  

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