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US and Hong Kong Spot Crypto ETFs Show Mixed Results After SEC Approval

2 mins
Updated by Lynn Wang
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In Brief

  • US spot Bitcoin ETFs saw ten days of positive inflows totaling $251.94 million as of May 24.
  • BlackRock’s and Fidelity’s funds led the inflows, while Grayscale saw no new investments.
  • Hong Kong's spot crypto ETFs showed limited performance, with small Ethereum inflows.
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The recent development of spot Ethereum (ETH) exchange-traded funds (ETFs) by the US Securities and Exchange Commission (SEC) has significantly influenced the crypto investment environment.

Following the SEC’s preliminary approval for spot Ethereum ETFs, Bitcoin (BTC) counterparts continue to record positive inflows.

US Spot Crypto ETFs Surge Amid Renewed Optimism

SoSo Value data reveals that as of May 24, US spot Bitcoin ETFs had a total net inflow of $251.94 million. This marks ten consecutive days of inflows. On the same day, BlackRock’s iShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) received inflows of $182 million and $44 million, respectively.

Meanwhile, Grayscale Bitcoin Trust ETF (GBTC) received no flows on the same day. This is noteworthy considering the negative flow streak for US spot Bitcoin ETFs from late April until early May.

Read more: Crypto ETN vs. Crypto ETF: What Is the Difference?

US Spot Bitcoin ETFs Daily Flows.
US Spot Bitcoin ETFs Daily Flows. Source: SoSo Value

Indeed, the spot Ethereum ETFs have infused the crypto market with renewed optimism. BeInCrypto reported that Ethereum and some tokens in its ecosystem have shown impressive performance since Monday.

However, it is important to note that the spot Ethereum ETFs have yet to be officially launched, and SEC approval for the S-1 filings is awaiting. James Seyffart, an ETF analyst at Bloomberg Intelligence, expects that the spot Ethereum ETFs will ” take a couple of weeks but could take longer” to trade in the market.

“Typically, this process takes months. Like up to 5 months in some examples, but Eric Balchunas and I think this will be at least somewhat accelerated. Bitcoin ETFs were at least 90 days. Will know more soon,” he explained.

Nonetheless, experts remain optimistic. Another ETF analyst, Eric Balchunas, predicts that spot Ethereum ETFs could acquire “10% to 15% of the assets of the spot Bitcoin ETFs.”

Despite renewed interest in the US market, spot crypto ETFs in Hong Kong saw a relatively muted performance. Data shows that from May 20 to May 23, Hong Kong’s spot Bitcoin ETFs recorded no flows for two consecutive days. Meanwhile, their Ethereum counterparts only recorded an inflow of 62.80 ETH on May 22.

Read more: Why do Hong Kong Spot Crypto ETFs Matter?

Hong Kong Spot Bitcoin ETFs Daily Flows.
Hong Kong Spot Bitcoin ETFs Daily Flows. Source: SoSo Value

However, a recent report mentioned that Hong Kong’s regulator is considering including staking for spot Ethereum ETFs. This is particularly interesting since potential issuers in the US have removed staking from their filings. By including staking rewards, Hong Kong’s spot Ethereum ETFs could provide a competitive edge, offering extra yield for investors.

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Lynn Wang
Lynn Wang is a seasoned journalist and content creator with over eight years of experience in digital marketing and cryptocurrency journalism. Her expertise lies in SEO strategy, blockchain technology, and Web3, where she has consistently delivered impactful content initiatives and engaged audiences effectively. Since January 2022, Lynn has been at the forefront of content and community efforts for BeInCrypto Indonesia. Under her leadership, the platform has witnessed remarkable growth,...