Kraken's subsidiary, CF Benchmarks, is in talks with 50 firms seeking its services for spot Bitcoin exchange-traded fund (ETF) pricing. This development follows the recent approval of 11 spot Bitcoin ETF applications by the US Securities and Exchange Commission (SEC).

According to a report by the Financial News, CF Benchmarks is providing data to major players like BlackRock and Franklin Templeton. Currently, six out of the eleven approved spot Bitcoin ETF providers leverage CF Benchmarks' index to track pricing data from various exchanges that meet stringent criteria. While roughly half of the firms in talks with CF Benchmarks are from the US, the increasing interest from Europe and Asia signals a global shift as regulatory developments in the US prompt a ripple effect worldwide.

Global Interest and Regulatory Dynamics

As the regulatory landscape evolves, asset managers and banks are at the forefront of the wave, exploring spot Bitcoin ETF pricing to capitalize on the growing crypto market.

The recent approval from the SEC has set off a frenzy among investors. On January 11 and 12, trading volumes for spot Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term ETFs soared to $7.7 billion, reflecting a remarkable start for this financial instrument. CF Benchmarks' CEO, Sui Chung, as quoted by the Financial News, has acknowledged the initial success but emphasized the need for realistic expectations.

Chung foresees a gradual rise in inflows as more distribution channels open up in the coming months and years. He has revealed a strategic expansion for CF Benchmarks, with the team set to grow by approximately 50%. This expansion will span technology, index designing, and product management.

US Spot Bitcoin ETF Debut

Meanwhile, the highly anticipated launch of spot Bitcoin ETFs in the US recently led to a significant correction in the price of Bitcoin, plummeting to around 10%. The crypto market, fueled by widespread anticipation, expected these ETFs to democratize access for retail and institutional investors. However, within the initial 48 hours, the reality was starkly different, as the market witnessed a lukewarm response with only $1.4 billion in new funds flowing into the ETFs, Finance Magnates reported.

The 11 newly introduced spot Bitcoin ETFs attracted a mere $1.4 billion in new funds. However, the Grayscale Bitcoin ETF, converted from the Grayscale Bitcoin Trust, experienced a substantial outflow of $579 million, highlighting an unexpected turn of events.