US BTC-spot ETF Market Sees Demand Surge
Buyer cravings for US BTC-area ETFs grew in the week ending September27 Upbeat UnitedStates financial signs and softer inflation signals sustained expectations of a 50 bps November Fed rate cut and a soft UnitedStates landing.
News of BlackRock’s (BLK) change, needing Coinbase (COIN) to procedure BTC withdrawals within 12 hours, likewise increased inflows.
Before BlackRock’s filing news emerged, the iShares Bitcoin Trust (IBIT) had internet inflows of $6.7 million inbetween September 2 and September21 However, in the week ending September 27, IBIT saw web inflows of $499 million. Notably, need for the morecomprehensive US BTC-area ETF market likewise enhanced. According to Farside Investors,
- ARK 21Shares Bitcoin ETF (ARKB) had internet inflows of $269.5 million in the week ending September27 (Previous week: +$101.9 million).
- Fidelity Wise Origin Bitcoin Fund (FBTC) saw web inflows of $206.1 million (PW: +$137.7 million).
- Bitwise Bitcoin (BITB) reported internet inflows of $82.8 million (PW: +$67.0 million)
- Grayscale Bitcoin Trust (GBTC) saw web outflows of $21.8 million (PW: -$28.9 million).
Overall, the US BTC-area ETF market had internet inflows of $1,106.5 million in the week ending September27 Nine of the eleven providers reported web inflows, fueling BTC need.
Monday, September 23, through Saturday, September 28, BTC was up by 3.58%, reaching $65,864.
SEC Chair Gensler Faced Intense Scrutiny on Capitol Hill
On Wednesday, September 25, all 5 SEC Commissioners offered statement at a US House Committee on Financial Services Committee hearing on Capitol Hill. Committee Chair Patrick McHenry set the tone for the hearing, specifying that the SEC hasactually endedupbeing a rogue company under Chair Gensler.
House bulk whip Tom Emmer referenced the notorious Debt Box case, stating,
“Your lawyers, who no doubt heard your anti-crypto rhetoric, which is not based in law, went out and intentionally lied to a court in order to effectuate the commands from their Chair to prosecute crypto business. Chair Gensler, do you understand of any oth