US BTC Spot ETF sees $27 million net inflow on Monday

US BTC Spot ETF sees $27 million net inflow on Monday

The race to offer the first spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States continues to heat up, with various asset managers and exchanges filing applications with the Securities and Exchange Commission (SEC). This fast-paced development has put the spotlight on existing BTC ETFs available in other markets, as investors eagerly await the regulatory green light in the US. Grayscale Bitcoin Trust (GBTC) is one of the most well-known BTC ETFs, offering exposure to the cryptocurrency in a regulated and convenient wrapper. GBTC has been trading over-the-counter (OTC) in the US since 2013 and currently has over $13 billion in assets under management (AUM). However, GBTC's closed-end structure and high fees have drawn criticism from some investors. In recent months, several companies have filed applications with the SEC to launch spot BTC ETFs in the US. These include WisdomTree, VanEck, and Valkyrie Investments. These ETFs would offer a more direct way to gain exposure to BTC's price compared to GBTC, which tracks the net asset value (NAV) of the underlying BTC held in trust. The anticipation surrounding the potential approval of a spot BTC ETF in the US has boosted investor interest in existing BTC ETFs in other markets. The Purpose Bitcoin ETF (BTCC), which trades on the Toronto Stock Exchange, saw its AUM surge to over $1 billion in the months leading up to the SEC's review of BTC ETF applications. It remains to be seen when the SEC will approve a spot BTC ETF in the US. However, the growing interest from asset managers and investors suggests that the launch of such an ETF could be a significant milestone for the cryptocurrency industry.