From a crop of record-shattering Bitcoin ETFs to more accommodating regulators, swelling political donations and a rising presidential contender in crypto backer Donald Trump, signs of a US revival are suddenly everywhere.
On the legislative front, the odds of the Financial Innovation and Technology for the 21st Century Act passing into law in 2025 are rising, according to Bloomberg Intelligence analysts. The bill would enshrine a new regulatory framework for cryptocurrencies in the US, something the industry has long clamored for.
The share of cumulative Bitcoin trading volume occurring in the hour before US markets close has increased to 7.2% this year from 4.9% during the 2021 crypto bull run, according to Kaiko. That is likely due to the Bitcoin ETFs, which calculate their net asset value against benchmarks at that time, “encouraging arbitrage and price discovery,” Kaiko said.
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Grayscale Bitcoin trust sees first inflows since US ETFs were approvedThe ETF has experienced net outflows of approximately $17.4bn since its conversion from a trust.
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