For 13 consecutive days, over $2.9 billion has been "sucked in"! The United States Bitcoin ETF has seen record inflows, and approval for Solana and XRP ETFs is on the horizon?

Question

Gate News bot news, the US Spot Bitcoin exchange-traded fund (ETF) is putting on an astonishing "money-absorbing marathon"! According to the latest data, this batch of ETFs has achieved a net inflow of funds for 13 consecutive trading days, attracting a total of over 2.9 billion dollars, setting a record for the longest continuous inflow period since its launch in December last year. This strong momentum reached a new peak in June, with a single-day inflow of up to 588.6 million dollars on Tuesday, and the inflow for just the first few days of this week has already surpassed the unprecedented threshold of 1.2 billion dollars.

Leaders take the lead, capital flows diversify

The fund flow shows a striking contrast:

BlackRock's IBIT continues to show strong appeal, with a single-day inflow of $163.7 million on Thursday.
Fidelity FBTC followed closely, with an inflow of $32.9 million.
Bitwise BITB performs steadily, with an inflow of 25.2 million dollars.
Major fund inflows for Ark (ARKB) and Invesco (BTCO) are relatively moderate.
Grayscale GBTC and some smaller ETFs have not seen significant capital activity.

Institutional Entry: OTC Trading Becomes Mainstream, Retail Investors Quietly Exit? This ongoing wave of "capital吸金" is widely interpreted as a clear signal of increased demand for exposure to cryptocurrencies from institutional investors.

Peter Chung, Research Director at Presto Labs, analyzed: "The current ETF fund flows are primarily driven by two types of investors: long-term fundamental investors and basis arbitrage traders. However, the attractiveness of basis arbitrage has weakened, and the vast majority of inflows should be attributed to 'long-only' institutional investors who are optimistic about the long-term value of Bitcoin."

Reducing market impact is key: Chung emphasized that "ETF managers are actively using over-the-counter (OTC) channels for large purchases, effectively avoiding the severe price fluctuations that could occur in the public spot market."
On-chain data supports institutional acquisition: Chung pointed out, "Data shows that the number of Bitcoins held by short-term holders, who have held for less than 155 days, has rapidly declined over the past two months, indicating that short-term traders (mainly retail investors) are continuously selling, while institutional funds have become strong buyers."

New Frontier of Crypto ETF: Solana and XRP Approval Probability Soars As Bitcoin ETF surges forward, the next breakout point for cryptocurrency investment products has clearly emerged - diversified crypto spot ETFs.

Active Interaction with Regulators: Bloomberg senior ETF analyst Eric Balchunas noted that recent revised ETF applications for Dogecoin and Aptos, as well as Bitwise's rule change applications, all indicate that the U.S. Securities and Exchange Commission (SEC) has shown a "completely new proactive attitude" that is markedly different from its earlier stance on Bitcoin ETF approvals, with a depth of interaction with issuers far exceeding past interactions.
Extremely High Approval Expectations: Balchunas revealed in his latest comments on Thursday: "All the news we are hearing right now is more optimistic than during the Bitcoin ETF period." He boldly predicts:
- The possibility of Solana (SOL), XRP, and Litecoin (LTC) Spot ETF being approved exceeds 95%.
- The possibility of Dogecoin (DOGE) ETF being approved is as high as 90%.
Market Impact is Far-Reaching: Arjun Vijay, founder of the Indian exchange Giottus, pointed out that the Bitcoin ETF has raised over $40 billion in just 18 months since its launch, profoundly changing the market structure: “A significant feature of this cycle is: retail investors are selling, institutions are buying.”

Controversies and Outlook: Are ETF Inflows Overestimated? Despite the impressive data, there are different voices in the market:

Investment expert Ganesh Mahidhar from Further Ventures believes that the inflow data of ETFs can sometimes be exaggerated, and the true scale of institutional allocation to cryptocurrencies may be much larger, as many purchases are made through corporate financial planning, customized structured products and other non-traditional ETF channels, which often do not fully reflect in the publicly available ETF flow data. This suggests that the depth and breadth of institutional involvement in cryptocurrencies may far exceed the superficial representation shown by current ETF data.

Conclusion The record inflow period of the US Spot Bitcoin ETF is a milestone for the large-scale and sustained entry of institutional capital into the cryptocurrency market. The mature use of over-the-counter trading channels has effectively reduced the impact of institutional entry on the market. Meanwhile, the unprecedented openness shown by regulatory agencies towards non-Bitcoin crypto asset ETFs, especially the approval expectations for mainstream coin ETFs like Solana and XRP exceeding 95%, indicates that cryptocurrency investment tools will usher in a historic diversification expansion. Although there are discussions about the representativeness of ETF flows, it is undeniable that institutional investors are becoming the core force in shaping a new pattern for the cryptocurrency market through ETFs and more diversified channels. The mainstream financialization process of crypto assets is accelerating.