South Korea Enters the Spot Bitcoin ETF Market
According to reports from South Korea, Lee Eok-hyun, the head of the Financial Supervisory Service (FSS), stated on Monday that he plans to continue discussions with the U.S. Securities and Exchange Commission (SEC), focusing on spot Bitcoin exchange-traded funds (ETFs).
Lee told the media, "I met with SEC Chairman Gary Gensler earlier this year, and we will focus on areas such as virtual asset issues and spot Bitcoin ETFs." It was reported last December that Lee planned to meet with Gensler for the first time to discuss cryptocurrency regulation matters.
The January meeting aimed to coordinate schedules and was described at the time by the FSS as "strengthening cooperation between the two institutions." After a decade-long effort in the financial sector, the U.S. approved spot Bitcoin ETFs for the first time in January, prompting global regulatory agencies to consider whether similar measures should be adopted.
Continuous Growth in the U.S. Spot Bitcoin ETF Market
The spot Bitcoin ETF approved in early January currently has over $28.1 billion in managed assets. On January 11, the spot Bitcoin ETF recorded inflows of over $628 million. Subsequently, net outflows increased due to withdrawals from Grayscale's spot Bitcoin ETF, but BlackRock and Fidelity Bitcoin ETFs continue to attract significant interest.
On February 2, BlackRock's spot Bitcoin ETF attracted inflows of $105 million, while Fidelity's Bitcoin ETF attracted inflows of $78 million. On the other hand, Grayscale continued to experience outflows, recording $144 million in outflows.
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