Over the 78 days since January 11, Grayscale’s spot Bitcoin exchange-traded fund (ETF) has experienced an average daily outflow of approximately $218 million. In the process, GBTC contributed to a total net outflow of $17.5 billion, deepening the downward trend in the Bitcoin market. However, a reversal occurred on May 3, with the first inflow of $63 million into GBTC recorded. This positive development led to a net investment of $378.3 million in the total spot Bitcoin ETF market, following a seven-day net outflow in the previous week.

When the market reopened the following week, GBTC recorded a second inflow of $3.9 million on May 6, bringing its total inflows to $66.9 million. These developments show that investors’ interest in crypto assets continues despite the uncertainty in the Bitcoin market.

Overall, the total spot Bitcoin ETF in the US paints a positive picture despite GBTC’s net outflow of $17.4 billion. BlackRock’s iShares Bitcoin Trust (IBIT) fund was the fund that attracted the highest investment, with a net investment of $15.5 billion. Fidelity Investments’ Fidelity Wise Origin Bitcoin Fund (FBTC) follows with a net investment of $8.1 billion, Cathie Wood’s ARK 21Shares Bitcoin ETF has a net investment of $2.1 billion, and Bitwise Bitcoin ETF Trust (BITB) has a net investment of $1.7 billion. followed.

As of writing, total investment in the spot Bitcoin ETF market in the US has reached approximately $11.8 billion. This amount is an important indicator that investors’ interest in crypto assets continues, especially Bitcoin is still the center of attraction.

However, despite the optimistic mood in the Bitcoin market, the US Securities and Exchange Commission (SEC) postponed its decision to approve or reject spot Ether ETF applications, increasing uncertainty for the upcoming period of the crypto market. Ether ETF applications from several providers, including BlackRock, Grayscale and Invesco Galaxy, have been postponed until July.

The SEC explained its postponement decision in its filings as follows: “The Commission finds that in order to have sufficient time to review the proposed rule change and address the issues contained therein, it is appropriate to establish a longer period for issuing an order approving or denying the proposed rule change. ”

This decision, which is in line with analysts’ expectations, reveals that the SEC is cautious about the entry of spot Ether ETFs into the US market. The SEC has delayed filings from all potential Ether ETF issuers, including Fidelity, Franklin Templeton, Hashdex, and Ark 21Shares.

As a result, the recent movement of Bitcoin investors can be considered a positive development. However, the approach of US regulatory authorities towards crypto assets and the approval process of spot Ether ETFs stand out as important factors that will affect the course of the Bitcoin market in the coming period.