Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $886 million; the net inflow for Ethereum spot ETFs in the U.S. was $557 million
The SEC has approved the Grayscale Digital Large Cap Fund and two Bitcoin ETF index options for listing and trading.Organizer: Jerry, ChainCatcher
Performance of Crypto Spot ETFs Last Week
U.S. Bitcoin Spot ETF Net Inflows of $886 Million
Last week, the U.S. Bitcoin spot ETF saw net inflows over four days, totaling $886 million, with total assets under management reaching $15.231 billion.
Seven ETFs were in a net inflow state last week, with inflows mainly from IBIT, BTC, and FBTC, which saw inflows of $866 million, $39.5 million, and $34.7 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflows of $557 Million
Last week, the U.S. Ethereum spot ETF had net inflows over three days, totaling $557 million, with total assets under management reaching $2.964 billion.
The inflows last week mainly came from BlackRock's ETHA, with net inflows of $513 million. Six Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflows of 66.04 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF experienced net outflows of 66.04 Bitcoins, with assets under management reaching $50.7 million. The holdings of the issuer, Harvest Bitcoin, dropped to 292.38 Bitcoins, while Huaxia's holdings fell to 2310 Bitcoins.
The Hong Kong Ethereum spot ETF saw net inflows of 915.29 Ethereum, with assets under management of $14.3 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of September 19, the nominal total trading volume of U.S. Bitcoin spot ETF options was $1.17 billion, with a nominal total long-short ratio of 3.48.
As of September 18, the nominal total open interest of U.S. Bitcoin spot ETF options reached $34.21 billion, with a nominal total long-short ratio of 2.05.
The trading activity for Bitcoin spot ETF options has decreased in the short term, with overall sentiment leaning bullish.
Additionally, the implied volatility was 40.50%.
Data Source: SoSoValue
Overview of Crypto ETF Developments Last Week
Grayscale Submits Revised Dogecoin ETF Application, NYSE Arca Seeks to Amend Its Ethereum Trust
Grayscale has submitted a revised S-1 registration statement to the U.S. Securities and Exchange Commission (SEC), planning to convert its closed-end Dogecoin Trust into an exchange-traded fund (ETF). If approved, the fund will be listed on NYSE Arca under the ticker "GDOG," with Coinbase designated as its primary broker and custodian.
On the same day, NYSE Arca also submitted a proposal to amend the listing terms for Grayscale's Ethereum Trust ETF and its "mini" trust under the SEC's newly approved "Universal Listing Standards." The new standards mean that such products will undergo relatively more lenient regulatory scrutiny. Grayscale cited the new regulations in its application, stating that Dogecoin has been traded on exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC) for over six months, meeting the relevant requirements. The company also stated that the trust should not be considered an "investment company" as defined by the Investment Company Act of 1940, and thus is not subject to its constraints. If GDOG is approved, it will become the second securitized product in the U.S. directly tracking the price of Dogecoin. This Thursday, the Dogecoin ETF (DOJE) in collaboration with REX and Osprey was just approved for listing by the SEC.
Grayscale CoinDesk Crypto 5 ETF Officially Listed on NYSE Arca
Grayscale announced that its CoinDesk Crypto 5 ETF has been listed on the New York Stock Exchange Arca under the ticker GDLC.
This product is a multi-asset cryptocurrency ETP that covers the five major crypto assets: Bitcoin, Ethereum, Solana, XRP, and Cardano. The fund is adjusted quarterly and aims to maintain tracking of leading assets by market capitalization and liquidity, operating based on the CoinDesk 5 Index developed by CoinDesk Indices.
Warsaw Stock Exchange Officially Launches Cryptocurrency ETF "Bitcoin BETA ETF"
The Warsaw Stock Exchange (GPW) in Poland has officially launched the cryptocurrency ETF—Bitcoin BETA ETF. This product provides regulated BTC exposure through CME Bitcoin futures and hedges against the USD/PLN exchange rate, aiming to reduce foreign exchange volatility risk.
The fund is managed by AgioFunds TFI, with BOŚ Bank's brokerage as the market maker. This ETF was approved by the Polish Financial Supervision Authority in June this year.
Chicago Board Options Exchange Announces Listing of XRP and Dogecoin ETFs
The Chicago Board Options Exchange (CBOE) announced on X platform that the XRP exchange-traded fund REX-Osprey XRP ETF (XRPR) and the Dogecoin exchange-traded fund REX-Osprey DOGE ETF (DOJE) have been listed.
U.S. SEC Approves Grayscale Digital Large Cap Fund and Two Bitcoin ETF Index Options for Trading
The U.S. Securities and Exchange Commission (SEC) announced that, in addition to approving the universal listing standards for commodity-type trust shares, it has also approved the listing and trading of the Grayscale Digital Large Cap Fund, which holds spot digital assets based on the CoinDesk 5 Index.
At the same time, the SEC also approved the afternoon settlement options for the Cboe Bitcoin U.S. ETF Index and the mini Cboe Bitcoin U.S. ETF Index for trading, which include various types such as third Friday expirations, non-standard expirations, and quarterly index expirations.
U.S. SEC Approves New Listing Standards for Cryptocurrency ETFs
According to Jin10, the U.S. SEC voted to approve universal listing standards applicable to new cryptocurrency ETFs.
U.S. SEC Accelerates Approval of Cboe Bitcoin ETF Index Options New Rules
The U.S. Securities and Exchange Commission (SEC) announced its intention to expedite the approval of the rule change proposal revised by the Chicago Board Options Exchange (Cboe) under Amendment No. 2. The core of this new rule is to add afternoon settlement options for the "Cboe Bitcoin U.S. ETF Index (CBTX)" and "mini Cboe Bitcoin U.S. ETF Index (MBTX)," covering three types: Friday expirations, non-standard expirations (including weekly and month-end expirations), and quarterly index expirations (QIX).
The SEC emphasized in its announcement that this approval is a reasonable expansion of the existing afternoon settlement index options program, providing market participants with more flexible investment and hedging tools.
Defiance Applies to Launch Two Cryptocurrency Basis Trading ETFs
According to Jin10, ETF issuer Defiance has submitted an application to the U.S. Securities and Exchange Commission to launch two exchange-traded funds built around "basis trading," one linked to Bitcoin and the other linked to Ethereum.
This strategy aims to profit from the price differences between the spot market and futures contracts. Defiance has set the trading tickers for these two ETFs as "NBIT" (Bitcoin-related) and "DETH" (Ethereum-related).
Bitwise Submits Application for Stablecoin and Tokenized ETF
According to Bloomberg ETF analyst James Seyffart, @BitwiseInvest has submitted an application to regulators for a stablecoin and tokenized ETF.
This ETF will invest in both related publicly listed company stocks and crypto assets, aiming to cover the development opportunities in the stablecoin ecosystem and tokenized market.
Bitwise Submits S-1 Filing for Avalanche ETF to U.S. SEC
According to The Block, crypto asset management company Bitwise is seeking to launch an ETF tracking the native token AVAX of the Avalanche blockchain.
If approved by the U.S. Securities and Exchange Commission (SEC), Coinbase will be designated as the custodian. Bitwise stated in the S-1 filing submitted on Monday: "This trust fund provides investors with the opportunity to enter the Avalanche market through traditional brokerage accounts, avoiding the entry barriers or risks associated with directly purchasing and holding Avalanche." The fund will hold AVAX tokens without using derivatives.
U.S. SEC Delays Approval Decision on TRUTH SOCIAL Spot Bitcoin ETF
Views and Analysis on Crypto ETFs
Faraday Future founder Jia Yueting commented on the "U.S. SEC's Approval of Universal ETF Listing Standards," stating, "The U.S. Securities and Exchange Commission has taken a historic step: spot cryptocurrency ETFs other than BTC/ETH now have a simplified 75-day listing path, opening doors for assets like Solana. The regulatory framework is currently catching up with the strategies that forward-thinking corporate finance departments have begun to implement: diversifying digital assets as a core component of their balance sheets."
According to Watcher.guru, Ripple CEO Brad Garlinghouse stated in an interview with Bloomberg that he is confident XRP will be included in the White House's cryptocurrency reserves. Garlinghouse also emphasized that the U.S. SEC may approve the XRP ETF by the end of the year. He stated that the emergence of the XRP ETF is "inevitable." Currently, the SEC has over 11 pending applications for XRP ETFs, including those from Franklin Templeton, Bitwise, and Canary. The SEC has postponed Franklin Templeton's application until November this year.
Bloomberg ETF Analyst: Over 100 Cryptocurrency ETFs May Launch in the Next 12 Months
Bloomberg ETF analyst Eric Balchunas stated on X that after the last time the U.S. SEC implemented universal listing standards for ETFs, the number of ETF listings doubled, so it is very likely that we will see over 100 cryptocurrency ETFs listed in the next 12 months. Additionally, market news indicates that the SEC has approved exchanges to adopt universal listing standards for cryptocurrency spot ETFs, with the shortest approval cycle being about 75 days.
Bitwise CIO: SEC Listing Rules Will Drive Crypto ETF Development, but No Guarantee of Fund Inflows
According to Cointelegraph, Bitwise Chief Investment Officer Matt Hougan warned that while the U.S. Securities and Exchange Commission (SEC) has simplified the approval process for cryptocurrency ETPs, which may lead to a new wave of products, this does not guarantee their success.
Hougan stated that the universal listing standards may be introduced as early as October, at which point a large number of new cryptocurrency ETPs may emerge, which is also supported by the history of ETF development. However, he cautioned against equating the launch of cryptocurrency ETFs with a resurgence in cryptocurrency popularity. Hougan noted that the existence of cryptocurrency ETPs does not mean there will be a massive influx of funds; investors need to have a fundamental interest in the underlying assets, and ETPs based on assets like Bitcoin Cash may struggle to attract funds. However, he emphasized that launching ETFs can prepare products for upward movements, as they facilitate traditional investors' allocation to cryptocurrencies.
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