Bitcoin Spot ETFs Extend Inflow Streak, 'Very Low Fee' Is By Design, Says Cathie Wood

Zinger Key Points
  • Bitcoin spot ETFs saw a net inflow of $28.3224 million on May 29, reflecting ongoing investor interest.
  • Cathie Wood highlighted cryptocurrency's growing importance in U.S. politics during her appearance at Consensus 2024.

Bitcoin spot exchange-traded funds (ETFs) experienced a total of $28.32 million in positive net inflows on May 29.

This positive sentiment comes despite a single-day outflow of $31.07 million from the Grayscale Bitcoin Trust GBTC, according to data from SoSo Value.

Fund Movements Highlight Market Trends

Grayscale’s GBTC faced a significant single-day outflow of $31.065 million, indicating a shift in investor sentiment or strategy.

In contrast, BlackRock‘s iShares Bitcoin Trust IBIT saw a strong inflow of $24.5639 million, and Fidelity‘s Fidelity Wise Origin Bitcoin Fund FBTC recorded an inflow of $17.6766 million.

These movements underscore the differing investor perspectives and strategies within the cryptocurrency ETF landscape.

Cathie Wood’s Insights on Crypto as a U.S. Election Issue

ARK Invest CEO Cathie Wood meanwhile highlighted the growing significance of cryptocurrency in U.S. political discourse during her appearance at Consensus 2024.

Wood noted that the sudden and unexpected approval of key documents for proposed ether exchange-traded funds (ETFs) was influenced by the political climate.

“The read was it was not going to be approved. It was absolutely not going to be approved,” Wood stated, emphasizing the surprising nature of the approval process.

Wood attributed the evolving sentiment to the Financial Innovation and Technology for the 21st Century Act (FIT21), which recently passed in the House with bipartisan support.

This act underscores the increasing recognition of cryptocurrency as an important issue in the upcoming election.

Additionally, former President Donald Trump's openness to accepting campaign donations in crypto has further heightened political interest in the sector.

Also Read: EXCLUSIVE: Can BRETT Become The Shiba Inu Of The Base Blockchain?

ARK Invest’s Commitment To Bitcoin As A Public Good

Wood also reiterated ARK Invest’s stance on Bitcoin, describing it as a public good.

She mentioned that the ARK 21Shares Bitcoin ETF, which was approved in January, charges a minimal fee of 0.21% to maximize accessibility.

“We should make [the ETF] as accessible as possible to as many people as possible, so keep the fee very low,” Wood said.

Furthermore, Wood announced that ARK will allocate a portion of its private fund revenues to support Bitcoin BTC/USD developers.

This initiative aims to provide consistent financial backing to developers, ensuring the continued growth and security of the Bitcoin network, regardless of the ETF’s profitability.

Looking Ahead

These developments in the Bitcoin ETF market and the broader cryptocurrency landscape will be key topics at Benzinga’s Future of Digital Assets event on Nov. 19.

Industry leaders will gather to discuss the latest trends, regulatory impacts, and future directions in digital asset investments, providing valuable insights into this rapidly evolving sector.

Read Next: Gemini To Return $2.18B To Earn Program Users

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