Spot bitcoin ETFs maintain positive momentum as FIT21 bill passes House vote

Spot bitcoin exchange-traded funds in the U.S. reported total net inflows of $153.91 million on Wednesday, logging their eighth consecutive day of net inflows. 

BlackRock’s IBIT recorded the largest net inflows of $92 million among the 11 ETFs, according to data from SoSoValue. Fidelity’s spot bitcoin ETF followed with inflows of $75 million, while Ark Invest and 21Shares’ fund drew in $3 million on Wednesday.

Meanwhile, Grayscale’s GBTC has returned to net outflows on Wednesday, with $16 million pouring out. Seven other funds from Bitwise, VanEck and others, recorded zero flows.

Since their debut in January, the U.S. spot bitcoin ETFs have accumulated a total net inflow of $13.33 billion. According to The Block's Data Dashboard, more than $267 billion in cumulative volume has been recorded.

On Wednesday, the U.S. House of Representatives passed FIT21, or the Financial Innovation and Technology for the 21st Century Act. The Republican-led bill, which aims to set legal rules for the broader digital asset industry, is a first step towards responsible innovation that must be improved, said Rep. Nancy Pelosi of California.

The bill is set to give more power and funding to the Commodity Futures Trading Commission to oversee crypto assets under the classification of “digital commodities.” In a letter released on Wednesday, Securities and Exchange Chair Gary Gensler openly criticized the bill for putting digital asset investors at risk.

The U.S. crypto space is also anticipating the approval of spot ether ETFs, after the SEC reportedly requested exchanges to amend and refile 19b-4 forms earlier this week. CboeBZX filed the revamped forms for five spot ether ETFs, while Nasdaq filed the amended form for BlackRock’s spot ether fund.