The U.S. spot bitcoin exchange-traded funds (ETFs) market continues to attract substantial investment, with total net inflows reaching $153.91 million on Wednesday. This marks the eighth consecutive day of net inflows for these financial instruments. BlackRock’s IBIT led the surge, recording the largest net inflows at $92 million, followed by Fidelity’s spot bitcoin ETF, which saw $75 million. Meanwhile, Ark Invest and 21Shares’ fund garnered a modest $3 million.
Despite this positive momentum, Grayscale’s GBTC experienced net outflows, with $16 million withdrawn on the same day. Other funds, including those from Bitwise and VanEck, recorded no net flows.
Since their launch in January, U.S. spot bitcoin ETFs have accumulated a significant total net inflow of $13.33 billion. According to The Block’s Data Dashboard, these ETFs have seen over $267 billion in cumulative trading volume, underscoring their growing importance in the financial markets.
Bitcoin ETFs Surge Amid Legislative Breakthrough
The strong inflows into bitcoin ETFs coincided with a notable legislative development. On Wednesday, the U.S. House of Representatives passed the Financial Innovation and Technology for the 21st Century Act (FIT21). This Republican-led bill aims to establish a regulatory framework for the broader digital asset industry. Representative Nancy Pelosi of California acknowledged the bill as a first step towards responsible innovation but emphasized the need for further refinement.
The FIT21 bill proposes to enhance the authority and funding of the Commodity Futures Trading Commission (CFTC) to oversee crypto assets, classifying them as “digital commodities.” However, Securities and Exchange Commission (SEC) Chair Gary Gensler criticized the bill, suggesting it could expose digital asset investors to increased risk.
In another significant development for the U.S. crypto market, the SEC has reportedly asked exchanges to amend and refile their 19b-4 forms for the approval of spot ether ETFs. In response, CboeBZX submitted revised forms for five spot ether ETFs, while Nasdaq amended its form for BlackRock’s spot ether fund.
As the regulatory landscape evolves, the U.S. crypto market remains dynamic, with substantial investor interest in bitcoin ETFs and the potential for new financial products on the horizon.
