Benzinga - by Murtuza Merchant, Benzinga Staff Writer.
Bitcoin (CRYPTO: BTC) continued their ongoing inflow streak lasting almost almost two weeks, as Ethereum ETF trading moved one step closer.
What Happened: On May 30 alone, Bitcoin spot ETFs experienced a total net inflow of $48.706 million, marking the thirteenth consecutive day of positive net inflows, according to data from SoSo Value.
Notably, the Grayscale Bitcoin Trust (OTC:GBTC) reported no outflows for the day, while the Fidelity Wise Origin Bitcoin Fund (BATS:FBTC) saw an impressive single-day inflow of $119 million.
Historically, the net inflow of Bitcoin spot ETFs has now accumulated to $13.809 billion.
Meanwhile, following the approval of the 19b-4 forms on May 23, the final step required before trading of spot Ethereum (CRYPTO: ETH) can commence is the activation of the S-1 forms.
However, due to a last-minute change in direction by the SEC, these forms were not prepared in advance. Progress is being made, nonetheless.
The SEC has requested that issuers submit their draft S-1 filings by Friday, according to sources familiar with the matter.
The SEC will then provide its initial comments, leading to necessary amendments.
Also Read: EXCLUSIVE: How Blockchains Are Echoes Of The Early Internet—But With Built-In Value
VanEck acted swiftly by submitting an amended version of its S-1 form on the very day the ETFs were approved. BlackRock followed on May 30, stating that its ETF would begin with a $10 million seed investment.
According to a source cited by The Block, while the inclusion of seed investment details is relatively straightforward, other aspects of the forms may take longer to finalize.
It is anticipated that the S-1 forms will require at least two more rounds of drafts before they are ready.
Analysts predict that the review process for the S-1 forms will take a few weeks, though it could extend to several months if delays occur. Some traders view this potential delay as beneficial.
What’s Next: For those interested in the future of digital assets and their regulatory environment, the Benzinga Future of Digital Assets event on Nov. 19 is an excellent opportunity to delve deeper into these developments and gain insights from industry experts.
Read Next: ‘Crypto Mom’ Hester Peirce Proposes US-UK ‘Digital Securities Sandbox’ For Blockchain Innovation
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