Today's focus: 1. The U.S. SEC approved the 19b-4 form of 8 Ethereum spot ETFs including BlackRock 2. The market size of Ethereum spot ETFs is expected to reach 75% of Bitcoin spot ETFs 3. Spot Ethereum ETFs may start trading in July or August 4. 2025 may be a "good year" for cryptocurrency policies. The U.S. SEC approved the 19b-4 form of 8 Ethereum spot ETFs including BlackRock According to The Block, the U.S. Securities and Exchange Commission (SEC) has approved the 19b-4 forms of several Ethereum spot ETFs, including BlackRock, Fidelity, Grayscale, Bitwise, VanEck, Ark Invest, Invesco Galaxy and Franklin Templeton. Although the form has been approved, it is still necessary to let the S-1 registration statement take effect before trading can begin. The SEC has just begun discussing the S-1 form with issuers. It is not clear how long this process will take, but some analysts speculate that it may take weeks. BlackRock's Ethereum spot ETF has been listed on the DTCC website with the ticker ETHA. According to Watcher.Guru, BlackRock's Ethereum spot ETF has been listed on the DTCC website with the ticker ETHA. Note: DTCC is a US financial market infrastructure company that provides clearing, settlement and trade reporting services to financial market participants. The Ethereum spot ETF market size is expected to reach 75% of the Bitcoin spot ETF. The US Securities and Exchange Commission (SEC) has officially approved the 19b-4 forms of eight spot Ethereum ETFs, with issuers including BlackRock, Fidelity and Grayscale. Jeffery Ding, chief analyst at HashKeyGroup, believes that Ethereum is following the successful path of Bitcoin ETF and has broad prospects. More attractive is that the Ethereum spot ETF is expected to join the staking mechanism and become an interest-bearing asset. It is expected that in the medium term, the Ethereum spot ETF market size is expected to reach 75% of the Bitcoin spot ETF. In addition, Jeffery Ding believes that if the 21st Century Financial Innovation and Technology Act (FIT21) is passed, it will transfer the regulatory power of digital currencies from the Securities and Exchange Commission (SEC) to the Commodity Futures Trading Commission (CFTC). Since the CFTC is more friendly to cryptocurrencies, other cryptocurrencies may also apply to become spot ETFs in the future, leading the crypto industry to the mainstream. Spot Ethereum ETFs may start trading in July or August The report released by Galaxy Digital predicts that the spot Ethereum ETF will be listed on the exchange in July or August.These funds took several months from potential approval to official launch, in stark contrast to the relatively quick launch of Bitcoin ETFs. Before spot Ethereum ETF shares change hands, regulators must approve two types of documents: 19b-4s (Proposed Rule Change Form) and S-1s (Registration Statement). After the report was released, the U.S. SEC approved the 19b-4 documents of eight spot Ethereum ETFs at the same time, and trading may begin in a few weeks. Approval of Ethereum spot ETF will increase expectations that Solana will be classified as a commodity. Broker Bernstein said in a research report that if the United States approves spot Ethereum exchange-traded funds, this will be seen as a major regulatory relief for the crypto industry and increase expectations that ETH competitor SOL will be classified as a commodity. The analyst added: "Tactically, the approval of the Ethereum ETF will set a precedent for the first non-Bitcoin blockchain asset to be considered a commodity, raising hopes that Ethereum peers (possibly Solana) will follow the same path." Bitcoin spot ETFs had a total net inflow of $154 million on May 22, and continued net inflows for 8 days. According to SoSoValue data, Bitcoin spot ETFs had a total net inflow of $154 million on May 22. Grayscale GBTC had a net outflow of $16.0914 million in a single day, and GBTC currently has a historical net outflow of $17.628 billion. The Bitcoin spot ETF with the largest single-day net inflow is BlackRock IBIT, with a single-day net inflow of $91.9527 million, and IBIT currently has a total historical net inflow of $16.083 billion. The second is Fidelity FBTC, with a single-day net inflow of $74.572 million. Currently, FBTC's total net inflow has reached $8.651 billion. As of May 23, the total net asset value of Bitcoin spot ETFs was $59.196 billion, and the ETF net asset ratio (market value to the total market value of Bitcoin) reached 4.33%, with a historical cumulative net inflow of $13.327 billion. A list of US spot Bitcoin ETF funds on the 23rd According to Farside Investors data, on May 23, FBTC had a net inflow of $19.1 million, ARKB had a net inflow of $2 million, BTCO had a net inflow of $2 million, and HOLD had a net inflow of $9.5 million. It was previously reported that GBTC had a net outflow of $13.7 million and BlackRock IBIT had a net inflow of $100,000. So far, the spot Bitcoin ETF has a net inflow of $18.9 million. The transaction volume of 6 Hong Kong virtual asset ETFs on the 23rd was HK$27.69 million. Hong Kong stock market data showed that as of the close of trading, the transaction volume of 6 Hong Kong virtual asset ETFs on the 23rd was HK$27.69 million, including: Huaxia Bitcoin ETF (3042.HK) had a transaction volume of HK$8.56 million, and Huaxia Ethereum ETF (3046.HK) had a transaction volume of HK$8.05 million; Harvest Bitcoin ETF (3439.HK) had a transaction volume of HK$1.27 million, and Harvest Ethereum ETF (3179.HK) had a transaction volume of HK$5.06 million; Bosera HashKey Bitcoin ETF (3008.HK) had a transaction volume of HK$3.24 million, and Bosera HashKey Ethereum ETF (3009.HK) had a transaction volume of HK$1.51 million. US spot Bitcoin ETF holds 850,000 bitcoins. According to HODL15Capital monitoring, the US spot Bitcoin ETF hit a record high and currently holds 850,000 bitcoins. The global ETF's bitcoin holdings are close to 1 million. Grayscale Ethereum Trust (ETHE)'s trading volume on the 21st hit a new high since May 2021, reaching US$680 million. According to The Blcok data, Grayscale Ethereum Trust (ETHE)'s trading volume on the 21st reached US$687 million, a new high since May 21. The previous high was $842 million on May 19, 2021. Biden's deadline for making a final decision on the resolution to repeal SAB 121 has been extended to June 3. Cody Carbone, chief policy officer of The Digital Chamber, said on the X platform that an update on the SAB 121 (crypto accounting policy) process: We received confirmation that the U.S. Congress did not send the resolution to repeal SAB 121, H.J Res 109, to Biden until last night. This changes the 10-day deadline. The U.S. President currently has a window until June 3 to decide whether to veto this resolution (10 days in total, excluding Sunday). The FIT21 bill aims to establish legal rules for the broader digital asset industry. After the U.S. House of Representatives passed FIT21, former U.S. House Speaker Nancy Pelosi said that the Republican-led bill, which aims to establish legal rules for the broader digital asset industry, is the first step towards responsible innovation and must be improved. The bill will give the Commodity Futures Trading Commission more power and funding to regulate crypto assets classified as "digital commodities." In a letter released on Wednesday, SEC Chairman Gensler publicly criticized the bill for putting digital asset investors at risk. 2025 could be a "good year" for cryptocurrency policy. On May 23, Bloomberg senior policy analyst Nathan Dean posted on social media that while he personally tried to remain neutral on crypto regulations, he still felt that this week could be a turning point.Bitcoin spot ETFs have been approved, Ethereum spot ETFs have also been approved, and 71 House Democrats have joined the FIT bill (not to mention SAB 121). 2025 may be a good year for cryptocurrency policy. The Hong Kong Securities and Futures Commission has no implementation timetable for approving ETF issuers to provide Ethereum staking. According to Bloomberg, the Hong Kong Securities and Futures Commission is considering providing Ethereum staking options for issuers of spot Ethereum exchange-traded funds (ETFs), which may allow these issuers to hold ETH and earn passive income. People familiar with the matter said that the Hong Kong Securities and Futures Commission has received proposals and discussed them with relevant parties in recent weeks, but it is still in the discussion stage and there is no specific implementation timetable. HashKey Exchange CEO Weng Xiaoqi (Livio) previously said that if the on-chain staking problem of custodial Ethereum tokens can be solved, it will attract more large institutional investors to choose this "interest-bearing asset", which may be more attractive than Bitcoin spot ETFs. 18 million Americans used or owned cryptocurrencies last year. In the latest annual household survey of the Federal Reserve, the number of American adults who reported owning or using cryptocurrencies last year fell to about 18 million. According to the Household Economic and Decision Making Survey (SHED) released by the Federal Reserve on May 21, 7% of American adults surveyed said they had used cryptocurrency in the 12 months ending October last year, down from 10% in 2022 and 12% in 2021. Only 1% of adults said they used cryptocurrency as a payment method or remittance, down by half from 2022, while 7% of adults bought or held cryptocurrency as an investment. Boyaa Interactive holds 1,956 Bitcoins and 15,222 Ethereums Boyaa Interactive released its first quarter 2024 financial report, which disclosed that it holds 1,956 Bitcoins, with an average cost of approximately $50,805; 15,222 Ethereums, with an average cost of approximately $2,756. In addition, its revenue in the first quarter of 2024 reached 185 million yuan, a year-on-year increase of 14%. 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