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New spot ETF cash inflows less than 0.1% of bitcoin’s market cap

In two days of trading last week, the new SEC-approved spot bitcoin ETFs attracted approximately $819 million of net new cash inflows.

Crypto stocks suffer after spot bitcoin ETF approvals

Many cryptocurrency stocks fell following approval of the new spot-based bitcoin ETFs in the US, including MicroStrategy and Coinbase.

In her criticism of the approved Bitcoin ETFs, Crenshaw focused on fraudulent information, wash trading, and reasoning by ETF sponsors.

The SEC claimed the fake bitcoin ETF post was not drafted or created by the agency and that a joint investigation with the FBI is underway.

Commissioner Hester Peirce critiqued the SEC’s “begrudging” approval of 11 spot bitcoin ETFs, which provided plenty of fodder for memes.