Bitcoin ETFs See $630M Inflows as US Signals Progress on Crypto Rules

U.S. crypto markets saw a renewed burst of 'institutional demand' on Thursday, as spot Bitcoin (BTC) and Ethereum (ETH) ETFs posted sizable daily inflows, while regulators and lawmakers signaled potential progress on long-awaited market structure reforms—from crypto 'perpetual futures' to clearer rules for digital-asset oversight.

According to data cited by Odaily from SoSoValue, U.S. spot Bitcoin ETFs recorded a combined net inflow of $630 million on May 1 (U.S. Eastern Time). BlackRock’s iShares Bitcoin Trust ($IBIT) led the pack with $284 million in net inflows, followed by Fidelity’s Wise Origin Bitcoin Fund ($FBTC) with $213 million.

SoSoValue data showed cumulative net inflows reaching $32.7 billion for $IBIT and $11.08 billion for $FBTC. Total net assets across U.S. spot Bitcoin ETFs were reported at $103.79 billion, representing about 6.66% of Bitcoin’s total market capitalization, with cumulative net inflows at $58.72 billion.

Spot Ethereum ETFs also attracted fresh allocations. On May 1 ET, the category recorded $101 million in net inflows, led by Fidelity’s Ethereum Fund ($FETH) with $49.39 million. BlackRock’s iShares Ethereum Trust ($ETHA) followed with $43.16 million. Total net assets in U.S. spot Ethereum ETFs stood at $13.60 billion, or roughly 4.93% of Ethereum’s market cap, with cumulative net inflows at $12.02 billion, according to figures cited by Odaily.

Beyond ETF flows, derivatives regulation emerged as a key catalyst. Michael Selig, a commissioner at the U.S. Commodity Futures Trading Commission (CFTC), said in an interview with Anthony Pompliano that 'true crypto perpetual futures' could be legalized in the U.S. within weeks, depending on how the agency finalizes the products’ regulatory classification. Perpetual futures—highly liquid, leveraged contracts without an expiry date—are a cornerstone of offshore crypto trading but have remained constrained in the U.S. due to regulatory uncertainty.

Selig argued the move would replace long-running workarounds with a more formal framework, describing the initiative as a win for both the industry and the U.S. public if properly regulated. Market participants have long viewed onshore availability of regulated perpetuals as a potential boost to 'liquidity inflow' and risk-managed access—though critics warn that broader leverage in retail-facing venues could amplify volatility if guardrails are insufficient.

On the legislative front, White House correspondent Pete Rizzo reported on X that the Bitcoin industry and major U.S. banks have reached a compromise around the CLARITY Act, potentially allowing a broader market structure bill to advance into the congressional markup stage. Markup is the formal process where legislators review and amend bill text, often serving as a key inflection point before committee and floor votes.

Internationally, Taiwan entered the growing conversation around sovereign Bitcoin reserves. WuBlockchain reported that Taiwanese legislator Ko Ju-chun submitted a report to the Executive Yuan and Taiwan’s central bank proposing the use of foreign exchange reserves to establish a Bitcoin reserve. The Bitcoin Policy Institute was cited as pointing to the report as evidence Taiwan could consider Bitcoin as part of its reserve framework, though there was no confirmation that the government or central bank has initiated an official policy review.

Stablecoins drew fresh attention on both issuance and forecasting. Circle minted an additional 250 million USDC on the Solana (SOL) network, according to PANews citing on-chain data—an action typically associated with meeting anticipated settlement and trading demand, though not necessarily a direct signal of immediate market buying pressure.

Separately, JPMorgan projected that stablecoin market capitalization could reach $500 billion to $600 billion by 2028, cautioning against expectations of a near-term $1 trillion market. The bank attributed its conservative view to rising stablecoin 'velocity'—the idea that greater payments usage can increase transaction throughput without requiring proportional growth in total supply outstanding.

In Washington’s regulatory arena, Anchorage Digital said it submitted a comment letter to the Office of the Comptroller of the Currency (OCC) regarding proposed rules tied to the GENIUS Act framework. The firm said it has partnered on three stablecoins—USAT (with Tether), USDGO (with OSL Group), and USDtb (with Ethena)—and plans to co-issue a fourth stablecoin, UDSPT, with Western Union. Anchorage Digital said it expects to become a formally licensed issuer of payment stablecoins once the GENIUS Act regime is implemented.

Geopolitical compliance risks also moved back into focus. The U.S. Treasury’s Office of Foreign Assets Control (OFAC) warned that paying Iran so-called Strait of Hormuz passage fees—whether in fiat currency, digital assets, barter arrangements, in-kind transfers, or donations routed through certain Iranian-linked entities—could constitute a violation of U.S. sanctions and may be treated as support for the Iranian government or the Islamic Revolutionary Guard Corps (IRGC). OFAC emphasized that U.S. persons and U.S.-controlled foreign entities are generally prohibited from transactions involving Iranian government actors, the IRGC, and Iranian digital asset exchanges, while non-U.S. entities could face secondary sanctions and civil or criminal exposure for facilitating restricted activity.

Adding to these concerns, Reuters reported allegations that Nobitex—described as Iran’s largest crypto exchange—may have helped facilitate sanctions evasion by processing transactions linked to Iran’s central bank and the IRGC. Reuters cited blockchain analytics firm Elliptic as estimating that roughly $500 million in crypto moved through Iran’s central bank wallets between November 2024 and June 2025, with about $347 million flowing into Nobitex in the first half of 2025. The report also noted Nobitex’s sizable flows with offshore exchanges, including Binance, and alleged continued service for some whitelisted users during periods of wartime internet restrictions.

The day’s developments underscored a market increasingly shaped by policy—where ETF flows reflect mainstream access, stablecoins power settlement rails, and regulatory decisions on leverage and market structure could determine how much activity migrates onshore. With Washington weighing framework bills and the CFTC signaling movement on perpetuals, traders are watching for whether clearer rules translate into deeper U.S.-based liquidity—or simply reprice risk across global venues.