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Thursday was a day to remember for any crypto enthusiast: U.S. spot bitcoin exchange-traded funds (ETFs) drew a record $107.91 million in net inflows, helping to secure a ninth day of gains for the space—the longest since March. BlackRock’s IBIT led the pack, attracting $89 million and underpinning heightened institutional interest in digital assets. But with bitcoin only depreciating modestly, going down 2.61% to reach $67,642, the appetency of the market for crypto ETFs remains at quantitively high levels, with this appetite carved out between 11 different funds that now post a net inflow totaling over $13.43 billion since January.
The SEC, further supporting the crypto sector, approved applications for eight spot ether ETFs from financial giants like BlackRock and Fidelity. This, therefore, allows more mainstream market exposure to Ethereum once further regulatory approvals come through.
These developments will firmly put cryptocurrencies in the mainstream and allow both retail and institutional investors to interact with the market afresh through regulated avenues. This is likely in line with a growing realization in regulatory circles of the need to develop regulatory frameworks in a manner that allows for sustainable crypto integration into the traditional financial system.
