Spot BTC ETFs made headlines as the media reported $28 billion in assets under management, but how significant is the figure?

Data disclosed by CC15Capital shows that Bitwise's spot Bitcoin ETF "BITB" achieved a milestone after six days of trading. Its investment management team added $56 million worth of Bitcoin at a cost of 0.01%, bringing its Bitcoin holdings to over 10,000 as of January 20th, with a current asset management scale of $425 million. The total inflow of funds in the first six days was $446 million.

On January 21st, according to Coinglass data, the total assets under management of Bitcoin ETF reached 29.16 billion US dollars.

According to BitMEX Research, on the 6th day of trading for the full Bitcoin spot ETF, it recorded a net inflow of $33.1 million. The total fund inflow situation is currently as follows: BlackRock: net inflow of $1.429 billion, Fidelity: net inflow of $1.283 billion, Bitwise: net inflow of $450 million, Grayscale: net outflow of $2.807 billion.

One train of thought says that SEC approval of spot bitcoin ETF will send the market flying. Here’s how that could play out. In a separate post, we review the bear case, where the market may not react with such optimism.

On January 14th, according to The Block report, TD Cowen investment bank believes that the US SEC is unlikely to approve the Ethereum spot ETF in the short term.<br>Although spot Bitcoin ETFs have recently been approved, TD Cowen expects that the SEC will take a more cautious approach to approving spot Ethereum ETFs. Analysts pointed out that the SEC may wait to gain experience from Bitcoin ETFs before considering approving Ethereum or other cryptocurrency ETFs.<br>The investment bank stated that the approval process may not take as long as 26 months and may occur after the US election.

Matthew Sigel, head of digital asset research at VanEck, said that he expects the spot Bitcoin ETF to be "very strong in the second half of the year." VanEck can compete with larger competitors because large investment advisers will gradually change their attitudes and allow clients to access Bitcoin. Sigel believes that one of the reasons why other Wall Street companies are adopting a slow approach is that they are trying to incorporate Bitcoin into their asset allocation models, which takes time.

Anthony Scaramucci, founder of SkyBridge Capital, stated that part of Bitcoin's decline since the start of trading of Bitcoin spot ETFs is due to the sell-off of Grayscale GBTC. SkyBridge Capital's trading department noticed that when the US SEC approved these ETFs this week, GBTC holders were selling these stocks and turning to lower-cost alternatives.

South Korean Financial Services Commission reiterated its commitment to restrict the issuance of cryptocurrency ETFs by financial institutions. The stability of the financial market and the protection of investors are the reasons for maintaining the current restrictions. Currently, South Korea's Capital Market Act limits the underlying assets of investment contracts, including ETFs, to financial investment tools, currencies, and ordinary commodities, but it does not include cryptocurrencies.

As 13 Bitcoin spot ETFs are waiting for approval from the U.S. Securities and Exchange Commission (SEC), Livio Weng, Chief Operating Officer of HashKey Group, revealed in an interview that about ten fund companies are currently preparing to launch virtual asset spot ETFs in Hong Kong, and seven or eight of them are already in the actual promotion stage.