In order to launch Ethereum ETFs on Wall Street, the SEC must approve two crucial elements: the 19b-4 filings and the S-1 registration statements.
There’s an ongoing investigation into Ether’s status as a potential security.
Grayscale’s Bitcoin Investment Trust (GBTC) witnessed the first net inflow of $4.64 million since its conversion in January after it had experienced huge net outflows.
The performance of these Hong Kong-based ETFs has been disappointing compared to the success of the US-based spot ETFs, which hold $55 billion in total value.
Dogecoin founder Billy Markus said that SEC has lost its integrity, and any positive outcomes are unlikely until its integrity is restored.
Lower-than-expected April CPI data (0.3%) boosts markets on hope of Fed rate cuts and increased liquidity.
The influx of funds into the newly launched ETFs shows institutional trust; hence, this could also be the beginning of more large capital flows into the BTC ecosystem.
The new Vanguard CEO said that it is important for the firm to stay consistent with their stand on Bitcoin products. He said that they no plans of coming up with an ETF in the near future.
Although the appointment will not take effect until July 8, it remains to be seen whether Ramji will be able to change Vanguard’s stance on digital assets during his tenure.
The SEC’s approval of spot Ethereum ETF hinges majorly on how the regulators perceives ETH: as a security or a commodity.
With spot Bitcoin ETF purchases slowing down considerably, and even dipping into negative territory on some days, macroeconomic catalysts have gained increased significance recently.
Monday’s outflows immediately marked an over 420% increase from Friday’s outflow of 99.99 BTC.
The United States recorded the highest crypto investment inflows, totaling $135 million.
In a similar manner to the Hong Kong spot Bitcoin ETFs, their US counterparts also experienced a net outflow of $11.29 million on Thursday.
GBTC’s high management fees at 1.5% continue to hurt Grayscale as revenue of the firm remained flat in Q1 amid high redemptions from Bitcoin ETF.