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Eric Balchunas, a Bloomberg ETF analyst, is optimistic about BlackRock’s amended S-1 filing, considering it a positive sign for the future launch of Ethereum ETFs.
Spot bitcoin exchange-traded funds (ETFs) in the US maintained their upward trend, marking their 12th consecutive day of net inflows on Wednesday, May 30. This is the longest streak of inflows since late February, indicating a renewed investor interest in these investment vehicles.
Photo: SoSoValue
The total daily net inflow for spot bitcoin ETFs was $28.32 million, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way. According to SoSoValue data, IBIT attracted $24.5 million, reinforcing its status as the largest spot bitcoin ETF by net asset value. This follows IBIT surpassing Grayscale’s Bitcoin Trust (GBTC) on Tuesday.
Grayscale Loses Ground as IBIT Soars
While IBIT saw significant inflows, Grayscale’s GBTC had net outflows of $31 million, widening the gap between the two top competitors in the spot bitcoin ETF market. These contrasting inflows suggest investors may prefer ETFs that offer direct bitcoin exposure over GBTC’s trust-based structure.
Fidelity Digital Assets’ Wise Origin Bitcoin Fund (FBTC) also performed well, with $18 million in net inflows, securing its place as the third-largest spot bitcoin ETF. Other notable firms, such as Bitwise, Ark Invest, 21Shares, Invesco, Galaxy Digital, and WisdomTree, also reported positive inflows, though in smaller amounts.
In total, the 11 U.S. spot bitcoin ETFs saw net inflows surpassing $2 billion in the past 12 days. This brings the year-to-date total to $13.76 billion, showing a substantial rise in institutional investment in bitcoin since mid-May.
BlackRock Gears Up for Ethereum ETF Launch
In another significant development, BlackRock, the largest asset manager in the world, has filed an amended registration statement for its proposed Ethereum ETF, the iShares Ethereum Trust (ETHA). This move follows the growing trend of firms aiming to launch and trade Ethereum-based products.
The amended S-1 filing discloses information about BlackRock’s seed capital investor, who purchased 400,000 shares at a price of $25 each. The filing also confirms the ticker symbol for the ETF as “ETHA”.
While the US Securities and Exchange Commission (SEC) has started discussions with issuers about their S-1 forms, the approval timeline is still uncertain. Industry analysts predict that the process might take several weeks, with a potential launch date between late June and early July.
Eric Balchunas, a Bloomberg ETF analyst, is optimistic about BlackRock’s amended S-1 filing, considering it a positive sign for the future launch of Ethereum ETFs.
