A court of appeals ruled in line with Grayscale vs. the SEC in its Bitcoin ETF application.
Not 100% sure what the implications of this ruling are and if it clears the way for a BTC ETF or if there are further hurdles.
It’s going to be interesting to watch how much BTC reacts to that news as it signals an important step in further institutional adoption.
Yeah moves in BTC are often drastic. Let’s see if this is going to be the case here as well.
SEC approves Bitcoin ETFs.
This is how Bitcoin ETF volume is looking
The trading volume is more than what is normal too, according to a Blomberg ETF analyst,
Only halfway through trading day and New Nine bitcoin ETFs have already broken their all time daily volume record w/ $2.6b. We got 4 btc ETFs in Top 20. $IBIT is #4 overall, it’s gonna trade more today than in its first two wks combined. This is officially a craze.
https://twitter.com/EricBalchunas/status/1762893396379627921
And the number of trades of ETFs is even greater than SPX and QQQ ETFs.
Probably a huge retail activity there.
For context:
All 10 Spot BTC ETFs = $44B in assets and no options
SPY = $497B in assets and the most active options (and 0DTE options) on any options exchange.
QQQ = $253B is Assets and the most active options (and 0DTE options) on any options exchange.
Interesting insights. Do you have charts how AUM in Spot BTC ETFs developed so far?
I think it makes sense to observe inflows and trading activity for a while.
Apparently, they are tracking all activity here: Bitcoin ETF Overview , Bitcoin ETF Tracker , Grayscale Bitcoin Trust (GBTC) ,ETF ,Bitcoin ETFs vs Traditional ETFs | CoinGlass
Current AUM of all ETFs: ~49B
This is a 132% increase since the last time I reported it on March 2024.
Research from Kaiko, reveals while ETFs has been an important source of demand during strong rallies, the overall weekly correlation between the two remains rather low, but positive (0.32).
The fifth-largest since their launch in January 2024.
Wow AUM of 42% of Gold ETFs (based on numbers from 15 days ago) is quite substantial. Good to put this into perspective. Seen together with the 132% increase from March 2024 obvs. a potential indicator that the market could have gotten ahead of itself with too much speculative inflows.
Ethereum-based products also faced heavy withdrawals, losing $335.35 million, the worst since July 2024.
