The BlackRock filing for a bitcoin spot ETF has triggered a rush of inflows into bitcoin ETFs.

A spate of positive news appears to have the bitcoin bulls up and running again. The plausible trigger is the innovative spot bitcoin ETF filing from BlackRock (NYSE: BLK) that the crypto market is hoping would get a green signal from the SEC. Enthusiastic bulls expect that to be a seminal event that could finally draw the curtains on the “crypto winter” that commenced in November 2021.

First up, ProShare’s Bitcoin Strategy ETF (NYSEARCA: BITO), recently recorded its highest weekly inflow (in twelve months), aggregating about $65 million. Unsurprisingly, BITO’s AUM surged above $1 billion.

BlackRock’s filing has also led to fresh applications by a number of spot BTC ETF hopefuls. These included a resubmission on June 20 by WisdomTree after two failed attempts. Next to throw its hat in the ring was Invesco which seeks permission for the Invesco Galaxy Bitcoin ETF it first filed for in September 2021. On June 21, fund manager Valkyrie too applied for a similar fund.

There are rumors that Fidelity would soon follow with its own filing.

Furthermore, on June 20 came news of the launch of EDX Markets, a new crypto exchange backed by major financial institutions that offers liquidity, competitive quotes, and a unique non-custodial model to mitigate conflicts of interest. (Businesswire)

EDX is backed by top-drawer investors including Miami International Holdings, DV Crypto, GTS, GSR Markets LTD, HRT Technology, Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial.

The new exchange has introduced a retail-only quote to provide better pricing for retail-originated orders. The traded products include Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Moreover, EDX Clearing is expected to provide a competitive advantage and operational efficiency to EDX through a single settlement process.

Meanwhile, a few days after the BlackRock ETF filing, on Friday June 23, the SEC approved the first leveraged bitcoin futures ETF. The Volatility Shares 2x Bitcoin Strategy ETF (BITX) is scheduled to launch on the Chicago Board Options (CBOE) BZX Exchange on Tuesday, June 27.

BITX seeks investment results that correspond to two times (2x) the return of the Chicago Mercantile Exchange (CME) Bitcoin Futures Daily Roll Index.

Analysts have derided the SEC’s stand on approving a leveraged bitcoin ETF while stubbornly rejecting applications for a straightforward spot bitcoin ETF.

Related Story:  BlackRock Files For Spot Bitcoin ETF

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