Sure, the Spot Ethereum ETF hopeful has been in the spotlight since Monday, but Bitcoin ETFs that are already trading are also gaining momentum from the excitement.
According to Coinglass, $306 million worth of funds were deposited into Bitcoin ETFs yesterday. This is the largest single-day inflow into this category of funds since the beginning of this month.
The distribution across Bitcoin ETFs yesterday was not entirely even.
BlackRock's iShares Bitcoin Trust (IBIT) saw inflows worth $290 million, while Fidelity Wise Origin Bitcoin Fund (FBTC) saw inflows worth $26 million. . This was offset by Bitcoin Bitcoin ETF (BITB) and VanEck Bitcoin Trust (HODL) recording withdrawals worth $4 million and $6 million, respectively.
Additionally, the Grayscale Bitcoin Trust (GBTC), which saw $72.5 million worth of net inflows from May 15 to May 20, was flat as of Tuesday, according to data from Coinglass.
As a side note, the gap between GBTC and IBIT has now narrowed to $736 million. That's about half what it was less than a month ago. It remains to be seen whether Grayscale's incoming CEO Peter Mintzberg will make any changes to the company's flagship Bitcoin fund.
But why would a Bitcoin ETF bolster expectations for an Ethereum ETF? It could be because some analysts, like Standard Chartered Bank, predict that if an Ethereum ETF gets approval from the Securities and Exchange Commission, both assets, BTC and ETH, could reach new all-time highs.
Global market capitalization came close to this in mid-March, when the price of Bitcoin skyrocketed to what is now an all-time high of $73,737.94.
For Ethereum, that means chasing a price of $4,878.26. This price was last recorded on November 10, 2021. That's when prices skyrocketed and the global cryptocurrency market cap exceeded $3 trillion for the first time in history.
And many traders are turning to derivatives hoping to do just that: Ethereum open balances grew 30% in the past day to an all-time high of $11 billion, according to Kaiko.
As of this morning, the Depository Trust and Clearing Corporation has added the VanEck Ethereum ETF to its active and pre-launch list. However, we don't know if this is a sign that approval is imminent.
The Bitcoin ETF ticker appeared on a list of clearinghouses and payment companies in October, months before the SEC approved the transaction, and then disappeared.
