Spot bitcoin exchange-traded funds are on a hot streak amid Ethereum ETF hype

Spot bitcoin exchange-traded funds in the United States registered their seventh consecutive day of net inflows on Tuesday.

According to data from multiple sources, $305.72 million flowed into the products, with BlackRock's iShares Bitcoin Trust bringing in the lion's share of $290 million.

The Fidelity Wise Origin Bitcoin Fund was the only other ETF to record net inflows, bringing in $26 million.

Grayscale's converted Bitcoin Trust — which has seen cumulative net outflows of $18 billion — recorded no flows yesterday.

No inflows or outflows were recorded from the other spot bitcoin ETFs, except for the Bitwise Bitcoin ETF and VanEck Bitcoin Trust, which saw respective net outflows of $4 million and $6 million.

Since listing on exchanges in the United States, spot bitcoin ETFs have proven exceptionally popular — bringing in a cumulative total net inflow of $13.17 billion. According to The Block's Data Dashboard, more than $265 billion in cumulative volume has been recorded.

After the success of spot bitcoin ETFs, attention in the cryptocurrency industry and wider financial markets has now turned to spot ether ETFs after the U.S. Securities and Exchange Commission reportedly asked exchanges to amend their 19b-4s earlier this week.

CboeBZX did just that, filing amended forms late yesterday for the Franklin Ethereum Trust, Fidelity Ethereum Fund, VanEck Ethereum Trust, Invesco Galaxy Ethereum ETF and the ARK 21Shares Ethereum ETF.

The requested amendments were primarily related to the removal of ether staking and associated language, based on Grayscale Investment's removal of such language in its spot ether ETF proposal. Fidelity did the same.

While spot ether ETFs weren't expected to gain approval in the immediate future, the odds shifted dramatically after reports that the SEC made such requests — with many suggesting a political shift is occurring ahead of U.S. elections in November.