Exchange-traded funds (ETFs) based on digital assets continue to gain popularity among investors. According to MicroStrategy founder Michael Saylor, 32 such funds have accumulated over 1 Nakamoto (about $70 billion) under management, which is approximately 5% of the total Bitcoin emission.

Market Leaders and Inflow Dynamics

The largest players in the Bitcoin ETF market remain American funds, which account for 855,619 BTC. The leader in terms of assets under management (AUM) is Grayscale’s GBTC with $20 billion. Interestingly, GBTC demonstrates daily outflows, while IBIT, on the contrary, attracts new funds. Over the last trading day, GBTC lost about $13 million, while IBIT increased its AUM by $182 million.

American funds as a whole recorded an inflow for the tenth consecutive day, adding a total of $251 million. A smaller portion of assets is concentrated in structures in Europe, Hong Kong, Switzerland, and other countries. For example, seven recently launched Bitcoin ETFs in Hong Kong hold a total of 5,789 BTC (about $395 million) but have not yet attracted significant investor attention, despite initial optimism.

Prospects for New Crypto ETFs

The cryptocurrency exchange-traded fund market is expected to continue developing. On May 23, the SEC approved applications from issuers of spot ETFs based on Ethereum, which JPMorgan analysts called a political decision in the run-up to the US presidential election.

Standard Chartered’s head of research, Jeffrey Kendrick, anticipates a new stage for crypto ETFs in 2025. In his opinion, the next contenders for the launch of exchange-traded funds are Solana (SOL) and XRP. Matrixport co-founder Daniel Yan also named Solana as a new contender, although JPMorgan doubted this development scenario.

Bitcoin ETFs continue to attract investor attention, accumulating over $70 billion under management. Although American funds lead the market, investors are awaiting new opportunities associated with the launch of ETFs based on other cryptocurrencies, such as Ethereum, Solana, and XRP. Further development of this segment will depend on regulatory decisions and demand from institutional and retail investors.

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