Cryptocurrency ETF Weekly Report | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $253 million; the net inflow for Ethereum spot ETFs in the U.S. was $326 million
SBI Holdings has applied in Japan to launch ETF products for investing in XRP and Bitcoin.整理：Jerry，ChainCatcher
Last Week's Performance of Crypto Spot ETFs
U.S. Bitcoin Spot ETF Net Inflow of $253 Million
Last week, the U.S. Bitcoin spot ETFs saw a net inflow over three days, totaling $253 million, with total assets under management reaching $15.07 billion.
Three ETFs experienced net inflows last week, primarily from IBIT, BITB, and BTC, with inflows of $188 million, $62.3 million, and $30.6 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $326 Million
Last week, the U.S. Ethereum spot ETFs had a net inflow for four consecutive days, totaling $326 million, with total assets under management reaching $2.338 billion.
The inflow last week mainly came from Fidelity's FETH, with a net inflow of $109 million. All nine Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
No Fund Inflows for Hong Kong Bitcoin Spot ETFs
Last week, Hong Kong's Bitcoin spot ETFs had no fund inflows, with total assets under management reaching $49.7 million. The holdings of the issuer, Harvest Bitcoin, decreased to 292.92 BTC, while Huaxia's holdings fell to 2,290 BTC.
The Hong Kong Ethereum spot ETFs saw a net inflow of 403.88 ETH, with total assets under management at $9.452 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of August 8, the total nominal trading volume of U.S. Bitcoin spot ETF options was $1.69 billion, with a total nominal long-short ratio of 2.09.
As of August 7, the total nominal open interest of U.S. Bitcoin spot ETF options reached $26.84 billion, with a total nominal long-short ratio of 1.71.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 40.97%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
Harvard University Holds $117 Million in Bitcoin ETFs, Exceeds Holdings in Google's Parent Company
According to The Block, as of the end of Q2, Harvard University's portfolio held $117 million in BlackRock's Bitcoin ETF (IBIT), ranking fifth in holdings, surpassing its $114 million in Alphabet stock.
Data shows that BlackRock's Bitcoin ETF currently has an asset management scale of $84 billion. The Michigan Retirement System disclosed holdings of $11 million in ARK 21Shares Bitcoin ETF during the same period.
SBI Holdings Denies Reports of Applying for Bitcoin-XRP Dual ETF
According to Cointelegraph, Japanese financial services giant SBI Holdings denied media reports that it had submitted applications for crypto asset ETFs. Previously, there were reports that the company planned to apply for a "dual gold + crypto ETF" and a "dual Bitcoin + XRP ETF," but SBI stated that it is currently only in the planning stage and has not formally submitted applications to regulators.
SBI mentioned that Japan's Financial Services Agency (FSA) proposed in June to include specific crypto assets under the Financial Instruments and Exchange Act (FIEA) regulatory framework, so ETF applications will wait until relevant legal revisions are completed, with no timeline determined. Future applications will be handled by SBI Global Asset Management, targeting individual investors to promote the popularization of alternative investments.
ProShares Launches ETF Tracking Circle Stock "ProShares Ultra CRCL"
According to Businesswire, exchange-traded fund provider ProShares announced the launch of an ETF tracking Circle stock called "ProShares Ultra CRCL," reportedly the first ETF product launched by ProShares that tracks a single stock.
Data shows that since its listing on the New York Stock Exchange in June, Circle's market capitalization has grown nearly fivefold.
According to Cointelegraph, Hong Kong asset management company Trivest Advisors disclosed that it holds over $90 million in BlackRock's Bitcoin spot ETF (IBIT) shares.
CBOE Submits Application to Allow VanEck Ethereum ETF to Stake
According to official information from the Chicago Board Options Exchange (CBOE), Cboe BZX has submitted a 19b-4 filing to the U.S. Securities and Exchange Commission, requesting permission for the VanEck Ethereum ETF to stake ETH through trusted staking providers to earn rewards as income.
SBI Holdings Applies to Launch XRP and Bitcoin Investment ETF Products in Japan
According to BeInCrypto, Japanese financial services company SBI Holdings has submitted two applications for cryptocurrency-related exchange-traded funds (ETFs) to the FSA.
The first fund is a crypto asset ETF that will directly invest in XRP and Bitcoin, providing investors with pure crypto asset exposure. The second fund is a digital gold crypto ETF, combining gold-backed securities with digital currencies, with over 50% of the funds allocated to gold ETFs, aiming to balance the growth potential of crypto assets with the stability of gold.
If approved, these two ETFs are intended to be listed on the Tokyo Stock Exchange. This move reflects SBI's long-term confidence in XRP and Bitcoin and may promote institutional adoption and regulatory recognition of crypto assets in Japan.
According to a disclosed SEC filing, as of June 30, the Michigan pension fund held 300,000 shares of the Ark Bitcoin ETF (ARKB), valued at approximately $10.7 million, an increase from the 100,000 shares reported on March 31.
Aggr News: BlackRock Currently Has No Plans to Submit XRP or SOL ETF
Views and Analysis on Crypto ETFs
According to Cointelegraph, Bloomberg analyst James Seifat believes that "it is unfair for BlackRock to launch the Solana (SOL) spot ETF simultaneously with other issuers." He explained, "In June 2024, VanEck applied for the first U.S. SOL spot ETF, and smaller issuers like Bitwise, Grayscale, and Invesco followed suit, having been in long discussions with the SEC and preparing relevant documents. BlackRock's last-minute intervention to launch the SOL spot ETF is unfair."
Seifat also added, "Given that Bitcoin and Ethereum account for about 90% of the cryptocurrency market cap, BlackRock is more likely to launch a cryptocurrency index product bundling various cryptocurrencies other than Bitcoin and Ethereum rather than applying for a SOL spot ETF."
Nate Geraci, former president of The ETF Store and current president of NovaDius Wealth Management, stated on the X platform that he expects BlackRock to submit an XRP ETF application to the SEC after the resolution of the Ripple appeal case to promote diversification in cryptocurrency ETF portfolios.
However, Nate Geraci clarified that he is willing to take responsibility if he is wrong in his prediction, but he admitted that ignoring crypto assets other than Bitcoin and Ethereum is meaningless, as it would be like telling the market that only BTC and ETH are valuable.
Previously, it was reported that both the SEC and Ripple had dropped their appeals, maintaining the relevant ruling.
According to The Block, Geoffrey Kendrick, global head of digital asset research at Standard Chartered, stated that Ethereum treasury companies are now "very worth investing," making them more attractive to investors than U.S. spot Ethereum ETFs. The net asset value (NAV) multiple of Ethereum treasury companies—i.e., market cap divided by the value of held ETH—has "started to normalize" and is expected to remain above 1, making them a better investment than U.S. spot ETH ETFs. Kendrick stated, "I see no reason for the NAV multiple to be below 1, as I believe these companies provide investors with regulatory arbitrage opportunities." As the NAV multiple normalizes, Ethereum treasury companies can offer better opportunities for Ethereum price appreciation, staking yields, and per-share ETH growth than U.S. spot ETH ETFs, which currently cannot participate in staking or decentralized finance (DeFi).
Kendrick pointed out that since June, Ethereum fund management companies have purchased 1.6% of all circulating ETH, comparable to the purchasing speed of ETH ETFs during the same period. This update was released in his report last week, where he predicted that ETH held by fund management companies could grow to 10% of all circulating ETH—equivalent to ten times their current holdings.
Arkham: ETF Issuers Recently Sold BTC, While Bitcoin Treasury Companies Continued to Accumulate
According to Arkham's post on the X platform, recent sales of BTC have been observed from ETF issuers including Fidelity, Grayscale, and Ark, with Fidelity reportedly flowing out 2,965 BTC yesterday, and BlackRock transferring 2,544 BTC to Coinbase Prime, suspected to be for sale.
Meanwhile, several institutional-grade Bitcoin treasury companies have continued to accumulate, including Nasdaq-listed companies Empery Digital, Strategy, H 100, and Metaplanet.
Bloomberg ETF analyst Eric Balchunas stated on the X platform that, by specific ETF categories, crypto ETFs saw inflows in July that were twice that of other ETF categories. Additionally, small caps ranked at the bottom.
Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that Bitcoin's volatility has significantly decreased since the launch of the Bitcoin ETF. The 90-day rolling volatility has dipped below 40 for the first time, while it was above 60 at the time of the ETF's launch. For comparison, combined with GLD data, Bitcoin's volatility is now less than twice that of gold, whereas it previously exceeded three times.
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