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- Bitcoin spot ETFs saw a $73 million inflow on June 28, with varying activity across different funds.
- Grayscale ETF GBTC had a $27 million outflow, while BlackRock ETF IBIT saw an $82 million inflow.
- The US government transferred 3,940 Bitcoin to Coinbase Prime on June 26, flagged by Arkham Intelligence.
- The SEC is cautiously approving Bitcoin and Ether ETFs but remains uncertain about other tokens like Solana.
Bitcoin spot ETFs have witnessed a notable inflow of $73.0454 million on June 28. Breaking down the numbers, the Grayscale Bitcoin Trust (GBTC) saw a substantial single-day outflow of $27.1553 million.
In stark contrast, BlackRock’s Bitcoin ETF (IBIT) experienced a robust single-day inflow of $82.4255 million. Ark Invest and 21Shares’ joint venture, ARKB, also reported a solid inflow of $42.800 million on the same day.
The approval of Bitcoin funds came after a court reversal in 2023. While Bitcoin is considered a commodity, the SEC, under Chair Gary Gensler, views most other tokens as unregistered securities that should be regulated.
Gensler has been somewhat ambiguous about Ether’s classification as a security. Other cryptocurrencies, like Solana, face scrutiny from the SEC.
The agency has singled out more than a dozen coins, including Solana, in various lawsuits as unregistered securities. This regulatory scrutiny raises questions about the future of Solana ETFs and whether the SEC will grant approval for such products.
In its filing for a Solana spot ETF, ARK 21Shares stated that it somewhat expects SOL to be ruled as a security in the future. If that happens, the ETF would be terminated.
Meanwhile, on June 26, the US government transferred 3,940 Bitcoin to Coinbase Prime, Coinbase’s institutional trading platform. This transaction was flagged by Arkham Intelligence, a blockchain analytics firm.
These Bitcoins were originally seized from Banmeet Singh, a convicted drug trafficker, earlier in 2024. Singh was arrested in London in 2019 on distribution charges and was extradited to the United States in 2023.
As part of his conviction, Singh forfeited over 8,100 Bitcoin to US authorities, worth around $150 million at the time. This recent transfer of nearly 4,000 Bitcoin is just a portion of the government’s total Bitcoin holdings.
Current data shows that the US government holds around 214,000 Bitcoin, valued at over $13 billion, making it the largest national holder of Bitcoin globally.
Jai Hamid
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Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Jai Hamid
Jai Hamid has been covering crypto, stock markets, technology, the global economy, and the geopolitical events that affect markets for the past 6 years. She has worked with blockchain-focused publications including AMB Crypto, Coin Edition, and CryptoTale on market analyses, major companies, regulation, and macroeconomic trends. She has attended London School of Journalism and thrice shared crypto market insights on one of Africa’s top TV networks.
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