The post Spot ETFs On A Tear For 8 Straight Days appeared on BitcoinEthereumNews.com.

The floodgates have opened for Bitcoin in the US, with spot Bitcoin exchange-traded funds (ETFs) experiencing a record-breaking eight days of consecutive net inflows. This surge in investor appetite, totaling more than $150 million on a single day, signifies a new era for cryptocurrency accessibility and traditional market acceptance. Ethereum Enters The Arena The positive sentiment surrounding Bitcoin ETFs extends to its Ethereum counterpart. The US Securities and Exchange Commission (SEC) recently requested amendments and refilings of applications for spot Ether ETFs. This move, often seen as a precursor to approval, has sent ripples of excitement through the cryptocurrency community. Cboe BZX submitted revised forms for five spot Ether ETFs, while Nasdaq filed the amended form for BlackRock’s offering. The potential approval of spot Ether ETFs could further fuel the digital asset market. Ethereum, the world’s second-largest cryptocurrency by market capitalization, boasts a vibrant ecosystem of decentralized applications (dApps) and smart contracts. Investor interest in gaining exposure to this rapidly evolving space is undeniable. Total crypto market cap currently at $2.4 trillion. Chart: TradingView Bitcoin: Regulation Paves The Way, BlackRock Leads The Charge This bullish run coincides with the recent passing of the Financial Innovation and Technology for the 21st Century Act (FIT21) by the U.S. House of Representatives. The act aims to establish a long-awaited legal framework for the digital asset industry, empowering the Commodity Futures Trading Commission (CFTC) with greater oversight of crypto assets as “digital commodities.” While the FIT21 Act marks a significant step towards crypto regulation, it’s not without its critics. Concerns surround the lack of robust consumer protection measures in the current version of the bill. However, the act’s passage signifies a willingness from lawmakers to embrace the future of finance, and further refinements are expected to address consumer safety concerns. According to SoSoValue, the…

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Filed under: News - @ May 25, 2024 7:22 pm