Compiled by: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
US Bitcoin Spot ETF Net Inflow of $886 Million
Last week, the US Bitcoin spot ETFs saw a net inflow 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
US Ethereum Spot ETF Net Inflow of $557 Million
Last week, the US Ethereum spot ETFs had a net inflow over three days, totaling $557 million, with total assets under management reaching $2.964 billion.
The inflow last week mainly came from BlackRock's ETHA, which had a net inflow of $513 million. Six Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 66.04 Bitcoins
Last week, the Hong Kong Bitcoin spot ETFs experienced a net outflow of 66.04 Bitcoins, with total assets under management reaching $507 million. The holdings of the issuer, Harvest Bitcoin, decreased to 292.38 Bitcoins, while Huaxia's holdings fell to 2310 Bitcoins.
The Hong Kong Ethereum spot ETFs had a net inflow of 915.29 Ethereum, with total 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 US 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 US Bitcoin spot ETF options reached $34.21 billion, with a nominal total long-short ratio of 2.05.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 40.50%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
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 US 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 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 US to directly track 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 rebalanced 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 a 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 market-making by a brokerage under BOŚ Bank. This ETF was approved by the Polish Financial Supervision Authority in June of this year.
Chicago Board Options Exchange Announces Listing of XRP and Dogecoin ETFs
The Chicago Board Options Exchange (CBOE) announced on the 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.
US SEC Approves Grayscale Digital Large Cap Fund and Two Bitcoin ETF Index Options for Trading
The US Securities and Exchange Commission (SEC) announced the approval of the universal listing standards for commodity-type trust shares, as well as 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 listing and trading of afternoon settlement options for the Cboe Bitcoin US ETF Index and the mini Cboe Bitcoin US ETF Index, which include various types of expirations such as third Friday expirations, non-standard expirations, and quarterly index expirations.
US SEC Approves New Listing Standards for Cryptocurrency ETFs
According to Jinshi, the US SEC voted to approve universal listing standards applicable to new cryptocurrency ETFs.
US SEC Accelerates Approval of Cboe Bitcoin ETF Index Options New Rules
The US Securities and Exchange Commission (SEC) announced that it aims to expedite the approval of the rule change proposal revised by the Chicago Board Options Exchange (Cboe) under Amendment No. 2. The core of the new rules is to add afternoon settlement options for the "Cboe Bitcoin US ETF Index (CBTX)" and "mini Cboe Bitcoin US ETF Index (MBTX)," covering three types of expirations: Friday expirations, non-standard expirations (including weekly and month-end expirations), and quarterly index expirations (QIX).
The SEC emphasized in the announcement that this approval is a reasonable extension 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 Jinshi, ETF issuer Defiance has submitted an application to the US Securities and Exchange Commission to launch two exchange-traded funds based on "basis trading," one linked to Bitcoin and the other linked to Ethereum.
This strategy aims to profit from the price difference 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 US SEC
According to The Block, crypto asset management company Bitwise is seeking to launch an ETF that tracks the native token AVAX of the Avalanche blockchain.
If the product is approved by the US 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 access the Avalanche market through traditional brokerage accounts, avoiding the entry barriers or risks associated with directly purchasing and holding Avalanche." The fund will use the CME CF Avalanche-Dollar Reference Rate to determine its net asset value (NAV). The fund will hold AVAX tokens and will not use derivatives.
US SEC Delays Approval Decision for TRUTH SOCIAL Spot Bitcoin ETF
Views and Analysis on Crypto ETFs
Faraday Future founder Jia Yueting commented on the "US SEC's approval of universal ETF listing standards," stating, "The US Securities and Exchange Commission has taken a historic step: spot cryptocurrency ETFs, excluding 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 already 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 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 of this year.
Bloomberg ETF Analyst: Over 100 Crypto ETFs May Launch in the Next 12 Months
Bloomberg ETF analyst Eric Balchunas stated on X that the number of ETF listings doubled after the last time the SEC implemented universal listing standards, so it is likely that we will see over 100 crypto ETFs listed in the next 12 months. Additionally, market news indicates that the SEC has approved exchanges to adopt universal listing standards for crypto 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 SEC's simplification of the cryptocurrency ETP approval process may lead to a new wave of products, it does not guarantee their success.
Hougan stated that the universal listing standards may be introduced as early as October, potentially welcoming a large number of new cryptocurrency ETPs, which is 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 significant fund inflows; 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 price increases, as they make it easier for traditional investors to allocate to cryptocurrencies.
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