Bitcoin exchange-traded funds (ETFs) posted over $237 million in inflows on Monday as BTC crossed the $70,000 mark on growing interest from investors.
According to some crypto traders, the recent BTC rally came amid market anticipation that the US Securities and Exchange Commission (SEC) would approve the spot for Ethereum exchange-traded funds (ETFs).
The recent rally mirrors the performance of the asset earlier this year as the markets eagerly awaited the launch of the first spot crypto ETF in the US.
Bitcoin ETF Inflows Soar, Triggering BTC Rally
Data from Farside shows that on May 20, Bitcoin ETF inflows increased to $237 million. The Monday data slightly increased from the $221 million worth of flows reported last Friday.
BlackRock recorded $66 million worth of Bitcoin ETF inflows on Monday, while Fidelity Investments came in second with $64 million. On the other hand, ARK Invest took the giant share of the ETF flows with $68 million.
Flows into Bitcoin ETFs started recovering late last week after an extended period of dull investments. Nevertheless, the recent Q1 disclosures by leading Wall Street giants have demonstrated that more institutions have flocked to Bitcoin.
Millennium Management, one of the largest asset managers, filed a 13F report showing that it holds nearly $2 billion worth of Bitcoin ETFs. These holdings account for around 3% of the total fund on the platform, which is worth $64 billion.
The recent price performance has raised investor sentiment that the token could continue rallying and create a new all-time high (ATH). According to one analysis by CryptoCon, Bitcoin will likely rally to $149,000 by the end of the year.
Bitcoin’s recent gains have resulted in $93 million worth of shorts being liquidated in the last 24 hours, according to data from Coinglass.
Odds For Ethereum ETF Approval Increase To 75%
Ethereum has been among the leading gainers in the last 24 hours after analysts raised the odds that the SEC would approve a spot for ETH ETF. ETH has gained more than 17%, trading at $3,660 as of 05:30 EST.
According to Bloomberg ETF analyst Eric Balchunas, the odds for a spot Ether ETF have increased to 75%. Previously, he gave a 25% chance of approval.
“Hearing chatter this afternoon that SEC could be doing a 180 on this (increasingly political issue), so now everyone scrambling (like us, everyone else assumed they’d be denied),” Balchunas said.
The SEC faces the first deadline to approve a spot Ether ETF this week. The increased odds of approval come after the SEC asked the applicants to update their 19b-4 filings on an accelerated basis, which could signal potential trading for the products as early as next week.
