Institutional Bitcoin war chests grew as the recent US SEC-approved Bitcoin ETFs collectively netted $1.1 billion in inflows last week, with total inflows into spot Bitcoin ETF products now amounting to $2.8 billion. Bitcoin’s recent inflows have contributed towards pulling the entire market back up to a capitalization of nearly $2 trillion, with the US accounting for virtually all of the $1.1 billion inflows.
Last week, institutional Bitcoin holdings saw significant growth, with the recent US SEC-approved Bitcoin ETFs bringing in $1.1 billion in inflows. Overall, there has been a resurgence in the cryptocurrency market, with Bitcoin’s price rising to over $50,000 and gaining 13.2% in the last seven days. Other cryptocurrencies such as Ethereum, Cardano, and Solana also saw notable appreciation. The US accounted for almost all of the $1.1 billion inflows, with Switzerland coming in second place. While Wall Street is paying more attention to crypto, the US is behind Canada and Europe in trading crypto spot ETF products due to regulatory clarity issues. The next potential milestone for the crypto market is the approval of Ethereum ETFs, with the SEC expected to give a verdict on May 23. However, there are uncertainties around whether the SEC views Ethereum as a security, which could pose hurdles for ETF approval.
Regulatory Impact on Crypto Market:
What impact does the lack of regulatory clarity from the US SEC have on the global crypto market, and what are the potential implications of securing approvals for Ethereum ETFs?
SEC’s Perspective on Ethereum:
How will the SEC’s view of Ethereum as a security or non-security influence the future of crypto ETF approvals, and what are the potential hurdles in obtaining approval for Ethereum ETFs?
Institutional Influence on Crypto Market:
What is the significance of institutional hoarding of Bitcoin and its impact on the overall cryptocurrency market, and how might this trend evolve in the coming months?
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