The crypto market is showing promising trends with record inflows in Bitcoin ETFs, growing interests in Solana, and legislative changes in stablecoin regulation.
Record Inflows in Bitcoin ETF
Bitwise reported record inflows into its Bitcoin ETFs, reaching $83 million in a week, positioning it as second globally among similar funds. Additionally, ETPs for Ethereum attracted $28 million. The success is attributed to approvals from national accounts at major platforms like Morgan Stanley and Wells Fargo, which have opened access to Bitcoin ETFs. Over the past 2-3 years, Bitwise's assets under management have surged from $1 billion to over $12 billion.
Interest in Solana ETF
CoinShares, VanEck, and Fidelity have filed applications for approval of Solana ETFs. Studies suggest that Solana could be considered a treasury asset, catching the attention of investment companies. However, the SEC typically requires existing regulated futures markets for successful ETF approval, and for Solana, such markets are still developing.
Genius Stablecoin Act Passed
The Genius Stablecoin Act has been passed by the U.S. Senate, marking a significant step in cryptocurrency regulation. The bill has garnered broad support, and it is anticipated that it could lead to significant increases in the adoption of stablecoins. Projections suggest that the stablecoin market could grow from $250 billion to $2.5 trillion.
The cryptocurrency markets are being supported by asset growth, interest in Solana, and legislative initiatives, creating a positive backdrop for further blockchain technology development.
