Chair

Bitcoin

Gary

Spot

<h2 id="key-points">Key Points</h2>
<ul>
 <li>U.S. spot Bitcoin ETFs report a total net inflow of $153.91 million, marking the eighth day of consecutive net inflows.</li>
 <li>The FIT21 bill, aimed at setting legal rules for the digital asset industry, has been passed by the U.S. House of Representatives.</li>
</ul>
<p>Spot Bitcoin exchange-traded funds (ETFs) in the U.S. have demonstrated positive momentum, with a total net inflow of $153.91 million reported on Wednesday. This marks the eighth day in a row of net inflows.</p>
<h2 id="performance-of-bitcoin-etfs">Performance of Bitcoin ETFs</h2>
<p>BlackRock’s IBIT recorded the largest net inflow among the 11 ETFs, with $92 million. This was closely followed by Fidelity’s spot Bitcoin ETF, which saw inflows of $75 million. Other funds like Ark Invest and 21Shares’ fund also saw an influx of $3 million.</p>
<p>On the other hand, Grayscale’s GBTC reported a return to net outflows, with a total of $16 million leaving the fund. Seven other funds, including those from Bitwise and VanEck, reported no flows. Since their launch in January, the spot Bitcoin ETFs in the U.S. have accumulated a total net inflow of $13.33 billion, with more than $267 billion in cumulative volume recorded.</p>
<h2 id="passing-of-fit21-bill">Passing of FIT21 Bill</h2>
<p>In recent developments, the U.S. House of Representatives passed the FIT21 bill, also known as the Financial Innovation and Technology for the 21st Century Act. This Republican-led bill is designed to establish legal guidelines for the wider digital asset industry. Representative Nancy Pelosi of California stated that the bill is a first step towards responsible innovation that requires further refinement.</p>
<p>The bill is expected to provide the Commodity Futures Trading Commission with increased power and funding to oversee crypto assets under the classification of “digital commodities”. However, Gary Gensler, Chair of the Securities and Exchange, criticized the bill in a letter released on Wednesday, stating that it puts digital asset investors at risk.</p>
<p>In addition to this, the U.S. crypto market is also awaiting the approval of spot <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> ETFs. This comes after the SEC reportedly asked exchanges to amend and refile 19b-4 forms earlier this week. CboeBZX has filed the revamped forms for five spot Ethereum ETFs, while Nasdaq has filed the amended form for BlackRock’s spot Ethereum fund.</p>

Bitcoin ETFs Surge Ahead as House Approves FIT21 bill

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