The influx of capital into spot Bitcoin ETFs seemingly coincided with a positive price movement for the underlying asset. Bitcoin rose 2.70% in the past 24 hours.
City State Bank’s 13F filing dated July 8, 2024, shows that the bank acquired 33 units of the BlackRock iShares Bitcoin Trust (IBIT).
With the launch of the spot Ethereum ETF trading approval in view, Ethereum price has started kicking off.
Lisa Wade, CEO of DigitalX, believes the launch of their Bitcoin ETF “will attract new entrants into the market and ultimately allow institutions to include Bitcoin and digital assets into strategic asset allocations”.
While the US crypto ETF market recorded impressive daily inflows on Monday, the global sentiment was different. In Hong Kong, Bitcoin spot ETFs saw less than $200 in daily inflows.
The price action of Solana (SOL), the fifth-largest digital asset by market capitalization, jumped more than 7% in the past 24 hours after the news of the filing.
The SEC is yet to acknowledge the Solana ETF filings from both VanEck and 21Shares. ETF analyst Nate Geraci highlighted that when these acknowledgments finally come, the decision clock will begin to tick.
Through BUIDL, BlackRock has strengthened its entry into the digital asset industry.
The decline in Bitcoin followed the movement of a substantial amount of BTC by Mt. Gox, the once-dominant crypto exchange.
CryptoQuant CEO Ki Young Ju stated that Bitcoin ETFs are slowly gaining maturity and currently contribute nearly 25% of the spot trading volumes in BTC.
Bitwise submits the revised version of the S-1 forms as several market analysts have already been predicting the spot Ethereum ETFs to go live for trading this month.
If all these processes go as planned, the anticipated spot Ethereum ETF could start trading three days after the final versions of these S-1 filings.
Bitcoin (BTC) price must defend the support level of around $60K in the coming weeks to avoid further crypto capitulation.
Hashdex submitted an application for the product on June 18, 2024, seeking to be the first to offer a combined spot Bitcoin and Ether ETF in the United States.
According to the Gemini report, if the Ether/Bitcoin ratio returns to its median value from the past three years, Ether could see a rally of almost 20% to 0.067.