Bitcoin ETFs Gain Momentum & Grayscale GBTC Outflows Slow

Bitcoin ETFs Gain Momentum, Grayscale GBTC Outflows Slow

This week, Spot Bitcoin ETFs witnessed a shift to positive flows, marking a significant turnaround from earlier outflows. Fidelity’s FBTC ETF led the charge with substantial inflows, as Grayscale’s GBTC fund experienced a deceleration in outflows. The positive trend was highlighted by a net addition of $113.5 million, surpassing the initial outflows recorded at the start of the week. 

This change in dynamics comes amid a broader discussion on the competitive fee structures of Bitcoin ETFs, with Grayscale’s GBTC facing scrutiny over its higher fees compared to its counterparts. The overall landscape for Bitcoin ETFs is evolving, with trading volumes and asset management figures reflecting the growing investor interest and market adjustments.

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SEC Opens Comment Period for Proposed Spot Ethereum ETFs

The U.S. SEC has initiated comment periods for proposed Spot Ethereum ETF applications by Grayscale, Fidelity, and Bitwise. This three-week period aims to gather feedback from the public on these proposals. Despite the SEC’s approval of spot Bitcoin ETFs earlier in the year, skepticism remains regarding the approval of ETH ETFs due to ongoing debates over Ethereum’s classification as a security. 

SEC Chair Gary Gensler emphasized that Bitcoin’s approval does not extend to other cryptocurrencies. The decision on these ETH ETF applications is expected by May 23, marking a critical juncture for Ethereum’s investment landscape.

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Binance Clarifies Detained Executive’s Role Amid Nigerian Crisis

Binance has publicly defended Tigran Gambaryan, a senior executive detained in Nigeria, clarifying that he lacks decision-making power within the company. This statement comes amid a broad investigation into Binance’s operations, leading to Gambaryan’s and his colleague Nadeem Anjarwalla’s arrests on money laundering charges. 

Binance refutes claims of their responsibility for the company’s operations in Nigeria, emphasizing ongoing discussions with Nigerian officials. The controversy stems from allegations of market manipulation and tax evasion, with Nigerian authorities demanding detailed customer and transaction information from Binance. 

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Bitcoin Cash completes second-ever halving

Bitcoin Cash experienced a price fluctuation amid its second halving event, following a significant 147.85% increase over the last three months. The cryptocurrency, designed as a faster, cheaper alternative to Bitcoin, saw a brief dip in price just before the halving, which reduces mining rewards by half. 

Despite a 9.94% drop to $572.21 before the event, it rebounded to $604 post-halving. This price movement led to $3.9 million in liquidations, mainly affecting long positions. The event also saw a surge in open interest for Bitcoin Cash futures, reaching new highs, amidst a backdrop of miners transitioning to Bitcoin and a decline in hash rates. 

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Other breaking news

• Morgan Stanley Aims to Outpace UBS in Bitcoin ETF Race
• Galaxy Digital to Raise $100M for Crypto Venture Fund
• OneCoin’s Legal Chief Gets 4-Year Sentence for Crypto Scam
• Pendle Yield Platform Hits $4B TVL, $10B Trading Volume
• Google Files Lawsuit Against Alleged Chinese Crypto App Racketeers

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