Spot Bitcoin ETFs have seen significant inflows this week, with around $1.24 billion invested as markets recover.
On July 19 alone, $384 million flowed in, led by Fidelity with $140 million.
The Chicago Board Options Exchange has announced that five Ethereum ETFs will launch on July 23, pending regulatory approval. These include funds from 21Shares, Fidelity, Invesco Galaxy, VanEck, and Franklin. Most issuers plan to waive or discount fees initially to attract investors, creating a competitive landscape.
Grayscale also plans to spin off a portion of its Bitcoin Trust into a new, more competitively priced ETF, the Grayscale Bitcoin Mini Trust.
This strategy will extend to its Ethereum product, with a new Grayscale Ethereum Mini Trust launching on July 31. Existing shareholders of ETHE will receive a proportional distribution of shares in the new mini trust, effectively diversifying their investment.
Bloomberg ETF analyst James Seyffart noted that the spinoffs would result in a distribution of value, with $1,000 in ETHE or GBTC translating to $900 in the original fund and $100 in the new mini ETFs.
This move is seen as a strategic effort to enhance market appeal and investor returns by offering more flexible investment options with potentially lower fees.
Justin Sun, founder of Tron and a prominent figure in the cryptocurrency world, has voiced strong criticisms of Coinbase’s Bitcoin counterpart, cbBTC.
Coinbase CEO Brian Armstrong has addressed concerns raised by the cryptocurrency community regarding the company’s handling of Bitcoin ETFs.
Recent data from Arkham Intelligence reveals that SpaceX, the aerospace company founded by tech billionaire Elon Musk, holds a substantial amount of Bitcoin.
Robert Kiyosaki, the author renowned for Rich Dad Poor Dad, has voiced serious concerns about the U.S.’s escalating national debt, which currently stands at a staggering $35 trillion.