U.S.-approved spot bitcoin ETFs recorded $407.8 million in inflows on Wednesday when bitcoin, the world-leading cryptocurrency, moved from around $105,200 to $109,600 within a few hours. At press time, bitcoin has soared and found a standing above the $110,000 mark.
Notably, the massive inflow occurred directly after a $342 million bearish business day, which followed a 15-day streak of inflows.
$407.8 Million Inflows
Notably, BlackRock’s IBIT, which has made its name for having the most bitcoin ETF inflows, was not a part of Wednesday’s green as it recorded a dormant business day, leaving Fidelity’s FBTC to lead the pack. FBTC recorded $184 million in intake, marking its best business day since May 19.
Ark 21Shares ARKB and Bitwise BITB took in $83.0 million and $64.9 million, respectively, leaving the others to account for the remaining portions of the bullish day. Impressively, none of the bitcoin ETFs sold a single share on Wednesday.
SOL Staking ETF Goes Live
On the same day, Rex Shares and Osprey Funds collaborated to launch the first-ever U.S. Solana (SOL) staking ETF. It was named the REX-Osprey SOL + Staking ETF, with the ticker symbol SSK. As investors and traders interacted with SSK, it reached $8 million in trading volume within its first twenty minutes of trading. By the close of day, it had reached $20 million in trading volume.
Remarkably, SOL also surged following the listing. It moved from around $145 – $156. Meanwhile, the U.S. financial agency has yet to approve many applications for a spot Solana ETF from various intending issuers and asset managers.
Simplified ETF Approval Incoming
According to former Fox Business journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has revealed plans to simplify the approval process for token-based ETFs.
If implemented, issuers may skip the 19b-4 process and submit an S-1 application only if the intended token meets specific criteria set by the SEC. Thereafter, they expect a final SEC decision within 75 days. Notably, this will reduce the load of ETF applications piling up on the SEC desk.
Meanwhile, asset manager Bitwise has submitted an updated version of its Dogecoin and Aptos ETF application.
