- ETF buzz focuses on Ethereum and Bitcoin, with BlackRock challenging Grayscale’s dominance.
- Bitcoin’s price has fluctuated amid ETF excitement, with analysts eyeing potential market shifts.
ETFs seem to have become the talk of the town, amid the long-awaited approval of Ethereum [ETH] spot exchange traded funds.
Interestingly, on May 22, Bitcoin [BTC] spot ETFs saw net inflows of $154 million, marking the eighth straight day of net inflows, according to data from Farside Investors.
BlackRock overpowers shades of gray
The ETF that attracted a lot of attention was Grayscale’s GBTC, which saw outflows of $16.09 million.
In contrast, BlackRock’s IBIT recorded inflows of $91.95 million in one day, while Fidelity’s FBTC saw inflows of $74.57 million on the same day.
Source: Farside Investor
This has raised an important question among investors: Is BlackRock about to overtake GBTC as the largest Bitcoin ETF with the most assets under management?
BlackRock goes a step further in approving Ether ETFs
Amid such speculation, BlackRock has made a major move into ETH ETFs. The SEC recently requested public comments on spot Ethereum ETF filings.
In response, BlackRock and others filed amended 19b-4 forms on May 22, removing ether cessation provisions that posed regulatory challenges.
He shares his comments on this, an X user said,
“BlackRock is closing the deal for me. They have only lost ONCE trying to get an ETF approved. The Ethereum spot ETF is coming!!”
This underlines the strong confidence in BlackRock’s ability, given its impressive track record in ETF approvals.
Commenting on the impressive performance of BTC ETFs: HODL15Capital went to X and noted:
“Bitcoin ETFs hit an all-time high of 850,000 BTC today. Global ETFs Approaching 1 Million Bitcoin Owned.”
From the US to Great Britain
The ETF craze is not limited to the US. On May 22, WisdomTree announced that it has received approval from the UK Financial Conduct Authority (FCA) to introduce Bitcoin and Ethereum Exchange-Traded Products (ETPs) on the London Stock Exchange (LSE).
Despite the impressive performance of Bitcoin ETFs, the leading cryptocurrency bounced back from the $70K level this week.