Compiled by: Jerry, ChainCatcher
Performance of Crypto Spot ETFs Last Week
U.S. Bitcoin Spot ETF Net Inflow of $286 Million
Last week, the U.S. Bitcoin spot ETF had a net inflow of $286 million over three days, bringing the total net assets to $11.827 billion.
Last week, 6 ETFs experienced net outflows, with inflows primarily from IBIT, FBTC, and BITB, which saw inflows of $214 million, $84.5 million, and $24.6 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $209 Million
Last week, the U.S. Ethereum spot ETF had a net inflow of $209 million over three days, with total net assets reaching $1.942 billion.
The inflow last week mainly came from BlackRock's ETHA, which had a net inflow of $138 million. All 6 Ethereum spot ETFs experienced net inflows.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 46.59 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 46.59 Bitcoins, with net assets reaching $354 million. The issuer, Harvest Bitcoin, saw its holdings decrease to 291.37 Bitcoins, while Huaxia increased to 2,390 Bitcoins.
The Hong Kong Ethereum spot ETF had no capital inflow, with net assets of $105 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of December 12, the nominal total trading volume of U.S. Bitcoin spot ETF options was $2.02 billion, with a nominal total long-short ratio of 1.62.
As of December 11, the nominal total open interest of U.S. Bitcoin spot ETF options reached $33.89 billion, with a nominal total open interest long-short ratio of 1.83.
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 45.98%.
Data Source: SoSoValue
Overview of Crypto ETF Dynamics Last Week
Glassnode's analysis states that the holdings of major Bitcoin holders are as follows: public companies: approximately 1.07 million Bitcoins, government agencies: approximately 620,000 Bitcoins, U.S. spot ETFs: approximately 1.31 million Bitcoins, exchanges: approximately 2.94 million Bitcoins. These institutions collectively hold about 5.94 million Bitcoins, accounting for approximately 29.8% of the circulating supply, highlighting the trend of increasing liquidity concentration among institutions and custodians.
VanEck to Launch Degen Economy ETF, Focusing on Digital Gaming and Prediction Markets
According to Bloomberg analyst Eric Balchunas, VanEck will launch the Degen Economy ETF, focusing on digital gaming and prediction markets. This ETF is a spin-off from a previous gaming ETF, which was forced to adjust due to poor performance. Eric Balchunas noted that this represents the growing presence of the "gambling" community in the economic sector.
CBOE Approves Listing and Registration of 21Shares XRP ETF
According to Cointelegraph, the Chicago Board Options Exchange (CBOE) has approved the listing and registration of the 21Shares XRP ETF.
Invesco Submits Form 8-A for Its Solana ETF to the SEC
Global asset management giant Invesco has submitted Form 8-A for its Invesco Galaxy Solana ETF to the U.S. Securities and Exchange Commission (SEC), a step typically taken before the official launch of a product.
After submitting such documents, trading usually begins the next day.
Nicholas Financial Plans to Launch Bitcoin ETF, Holding BTC Only During U.S. Market Off-Hours
According to CoinDesk, boutique wealth management firm Nicholas Financial Corporation has applied to the SEC to launch a Bitcoin ETF that will only hold Bitcoin assets during off-hours, completely avoiding U.S. trading hours. This fund, named Nicholas Bitcoin and Treasuries AfterDark ETF (ticker NGTH), will buy Bitcoin at 4 PM Eastern Time (when the U.S. market closes) and sell it the next day at 9:30 AM Eastern Time (before the market reopens).
During the daytime, the fund will invest in short-term U.S. Treasury bonds to preserve value and generate returns. The company has also submitted application documents for a second product, the Nicholas Bitcoin Tail ETF (ticker BHGD). If approved, this ETF will add novelty to the growing ecosystem of Bitcoin investment products by using the time of day as a key factor in its strategy.
Bitwise's Top 10 Crypto Index Fund Officially Listed on NYSE Arca as an ETF
Market news indicates that Bitwise's "10 Crypto Index Fund" has officially launched on the NYSE Arca as an ETF, after delays due to SEC review.
This ETF covers the top ten mainstream crypto assets: Bitcoin (BTC), Ethereum (ETH), XRP, Solana (SOL), Cardano (ADA), Chainlink (LINK), Litecoin (LTC), Sui (SUI), Avalanche (AVA), and Polkadot (DOT).
BlackRock Submits Application for iShares Staked Ethereum Trust ETF
Bloomberg analyst Eric Balchunas posted on social media that BlackRock has submitted a formal prospectus (Form S-1) for the iShares Staked Ethereum Trust ETF to the SEC, which will become its fourth crypto-related ETF product.
Previously, BlackRock had applied for spot Bitcoin, spot Ethereum, and "Bitcoin Yield" ETFs.
Views and Analysis on Crypto ETFs
Glassnode analyzed on the X platform that the Ethereum spot ETF has begun to show signs of recovery after several weeks of continuous outflows.
Mild inflows have started to appear, indicating that redemption pressure has eased. If it can continue to rise into the net inflow range, it suggests that demand will improve before the end of the year.
Ripple CEO: Total AUM of XRP Spot ETFs in the Market Exceeds $1 Billion
Ripple CEO Brad Garlinghouse stated on the X platform that the total AUM of listed XRP spot ETFs has surpassed $1 billion in less than four weeks, making XRP the fastest cryptocurrency to reach this milestone since the launch of the ETH spot ETF. In 2025, over 40 crypto ETFs were launched in the U.S., indicating a huge demand for regulated crypto products. With Vanguard opening cryptocurrency trading channels for traditional retirement/trading accounts, millions of non-technical ordinary users can now access cryptocurrencies, making stability and community crucial yet undervalued themes for new "off-chain" cryptocurrency holders.
Grayscale CEO: Two Ethereum ETFs Have Generated Approximately $11.8 Million in ETH Staking Rewards
Peter Mintzberg, CEO of digital asset management firm Grayscale, stated on the X platform that since the Grayscale Ethereum Trust (ETHE) and Ethereum Mini Trust (ETH) began supporting staking rewards, they have generated approximately $11.8 million in ETH staking rewards for investors in less than sixty days, making them two of the best-performing ETF products in the U.S. ETF market to date.
Bloomberg Analyst: A Total of 124 Crypto Asset ETFs Are Currently Under Registration in the U.S.
Bloomberg ETF senior analyst Eric Balchunas shared on the X platform that as of the end of 2025, there are a total of 124 cryptocurrency-related ETP (Exchange-Traded Product) registration applications in the U.S. market, including: the highest proportion of Bitcoin-related products, totaling 21 (of which 18 are based on the 1940 Act derivatives structure). Next are basket products (15), as well as mainstream tokens like XRP (10), Solana (9), and Ethereum (7). Currently, 42 applications are for spot products under the 1933 Act, while the rest are derivatives or structured funds.
Lily Liu, Chair of the Solana Foundation, stated at the Solana Breakpoint 2025 conference: "Solana is the first blockchain platform to establish a policy research institute.
Today, it is imperative for every institution to formulate a digital asset strategy. As these institutions enter the blockchain space, they are increasingly choosing Solana. Western Union, which processes over $60 billion in remittances annually, has chosen Solana. Pfizer, which handles $20 trillion in merchant payments each year, has also chosen Solana. Other institutions are following suit.
Of course, ETFs are a major theme this year. We have finally welcomed the physically-backed Solana staking ETF—it made a significant entry into the Solana ecosystem about six weeks ago, and in just six weeks, the assets under management have approached $1 billion. Despite the overall poor market performance, we have seen continuous net inflows for three consecutive weeks. Six physically-backed Solana staking ETFs have already been listed in the U.S. market.
Another important theme this year, albeit somewhat controversial, is DAT (Crypto Treasury Company). Many view DAT as a short-term liquidity tool, but we hold the opposite view. Solana is one of the few platforms that allows enterprises to build at both the infrastructure and asset levels. We believe DAT will be a long-term ecosystem company, serving as a bridge to connect Solana with public markets, building infrastructure, asset management systems, and integrating all these functions."
According to Yahoo News, Japan's Financial Services Agency has revised its Q&A to clarify that providing CFDs (Contracts for Difference) and other derivatives based on overseas crypto asset ETFs as underlying assets is not ideal domestically, as Japan has not yet approved crypto ETFs, and the investor protection environment is insufficient.
The agency pointed out that such products are essentially linked to the prices of spot crypto assets and fall under the category of crypto derivatives, with inadequate risk disclosure and institutional development. As a result, IG Securities has announced the cessation of CFD trading based on U.S. spot Bitcoin ETFs (such as IBIT). Regulatory direction indicates that it will be difficult for Japan to relax restrictions on overseas ETF-linked crypto derivatives in the short term.
According to South Korean media Naver, due to delays in the revision of the Capital Markets Act, the plan to allow spot cryptocurrency ETF trading in South Korea this year has essentially fallen through.
Currently, there are four pending amendments related to the approval of spot cryptocurrency ETFs, but analysts point out that due to the restructuring of the Financial Services Commission and the Financial Supervisory Service, as well as the government's stock market activation measures consuming significant policy resources, the institutionalization process for crypto assets may have been deprioritized.
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