Publicly traded crypto funds around the world absorbed over $61 million in new capital on Monday, most of which went into Bitcoin funds. This influx of capital comes as investors eagerly anticipate the approval of a spot Bitcoin ETF in the U.S. market. Germany and Canada have already launched spot Bitcoin ETFs, which have seen a combined $35.2 million in inflows. However, U.S. investors only have access to products that do not directly track the price of Bitcoin, and there has been virtually no flows into these products. Grayscale and 21Shares are both competing to launch a spot Bitcoin ETF, and the SEC is reviewing Grayscale’s previously denied application. Additionally, the SEC is required to either approve or deny the Ark/21Shares Bitcoin ETF application by January 10. This influx of capital is a stark contrast to the previous week, in which Bitcoin funds only absorbed $55.3 million.
You can read more about this topic here: Decrypt: Bitcoin Funds Gain $57 Million in Fresh Cash Amid ETF Mania