Spot bitcoin exchange-traded funds (ETFs) in the US continued their upward trend, achieving their 12th consecutive day of net inflows on Wednesday, May 30. This represents the longest streak of inflows since late February, indicating renewed investor interest in these investment vehicles. The total daily net inflow for spot bitcoin ETFs reached $28.32 million, with BlackRock’s iShares Bitcoin Trust (IBIT) leading the way by attracting $24.5 million, solidifying its position as the largest spot bitcoin ETF by net asset value. This comes after IBIT surpassed Grayscale’s Bitcoin Trust (GBTC) on Tuesday.

Grayscale Falls Behind as IBIT Gains Momentum

While IBIT experienced significant inflows, Grayscale’s GBTC saw net outflows of $31 million, widening the gap between these top competitors in the spot bitcoin ETF market. This suggests investors may favor ETFs offering direct bitcoin exposure over GBTC’s trust-based structure.

Fidelity Digital Assets’ Wise Origin Bitcoin Fund (FBTC) also performed well, with $18 million in net inflows, making it the third-largest spot bitcoin ETF. Other notable firms such as Bitwise, Ark Invest, 21Shares, Invesco, Galaxy Digital, and WisdomTree also reported positive inflows, though in smaller amounts.

Overall, the 11 U.S. spot bitcoin ETFs saw net inflows exceeding $2 billion over the past 12 days, bringing the year-to-date total to $13.76 billion, reflecting a significant rise in institutional investment in bitcoin since mid-May.

BlackRock Prepares for Ethereum ETF Launch

In a notable development, BlackRock, the world's largest asset manager, filed an amended registration statement for its proposed Ethereum ETF, the iShares Ethereum Trust (ETHA). This move aligns with the growing trend of firms launching and trading Ethereum-based products.

The amended S-1 filing reveals details about BlackRock’s seed capital investor, who purchased 400,000 shares at $25 each, and confirms the ticker symbol for the ETF as “ETHA”.

Although the US Securities and Exchange Commission (SEC) has begun discussions with issuers about their S-1 forms, the approval timeline remains uncertain. Industry analysts predict the process might take several weeks, with a potential launch date between late June and early July.

Eric Balchunas, a Bloomberg ETF analyst, views BlackRock’s amended S-1 filing positively, considering it a promising sign for the future launch of Ethereum ETFs.