BlackRock’s public backing of the exchange comes after more than two years of high political frictions between the firm and state officials.

The flow numbers make it clear that spot bitcoin ETFs “have brought fresh capital into the category,” the report said.

“Unless the SEC wants to damage its reputation even more and suffer yet another humiliating loss [in court], it should again cut its losses and let the ethereum ETPs trade promptly and without fanfare,” Professor James Angel wrote in a letter.

Moderator Eric Balchunas began a panel on spot bitcoin ETFs by asking for a round of applause for panelist David LaValle, global head of ETFs at Grayscale Investments.

In a long-anticipated move, the Securities and Exchange Commission on Wednesday approved applications for 11 spot bitcoin ETFs, one day after it was forced to knock down a false report on its hacked X/Twitter social media account claiming such products were approved.

In ETF land, 2024 could kick off with a bang if, as expected, spot bitcoin exchange-traded funds win Securities and Exchange Commission approval this month.