Bitcoin BTC/USD spot exchange-traded funds (ETFs) continue to attract significant investor interest, despite ongoing delays from the Securities and Exchange Commission (SEC) on approving Ethereum spot ETFs.
What Happened: Data from SoSoValues reveals that total net inflows into Bitcoin spot ETFs on May 6 reached $217 million.
This positive sentiment was driven by individual inflows into various Bitcoin spot ETF products.
Grayscale’s GBTC, recorded an inflow of $3.937 million, while Fidelity‘s FBTC ETF saw a more considerable inflow of $99.1936 million.
Notably, the joint ETF from Ark Invest and 21Shares, ARKB, also reported impressive inflows totaling $75.6412 million in just a single day.
These figures highlight the increasing trust and interest from both retail and institutional investors towards Bitcoin as a digital asset.
Why It Matters: Concurrently, the regulatory landscape continues to evolve, with the U.S. Securities and Exchange Commission (SEC) delaying its decision on the Invesco Galaxy's Ethereum spot ETF to July 5, 2024.
The SEC has exhibited similar caution with other proposals, extending timelines for major financial entities like Grayscale, Franklin Templeton, VanEck, and BlackRock.
Also Read: Only 10% Of Stablecoin Transaction Volumes In April Originated From ‘Organic Payments Activity’
These postponements reflect the regulatory challenges and scrutiny digital assets face even as they gain mainstream traction.
In contrast to the robust U.S. market, the trading volumes for Bitcoin and Ethereum spot ETFs in Hong Kong registered outflows.
On May 6, the total trading volume for six such ETFs amounted to just $7.72 million, dwarfed by the $1.88 billion traded across 11 Bitcoin spot ETFs in the United States the previous day.
This disparity underscores the United States’ dominance in the cryptocurrency ETF market, accounting for a trading volume 268 times that of Hong Kong.
What’s Next: As the digital asset sector continues to mature, events like Benzinga’s Future of Digital Assets on Nov. 19 provide critical platforms for dialogue and insight.
Read Next: Why Solana Has Been ‘An Almost Obvious Play,’ According To This Crypto VC
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