Organized by: Jerry, ChainCatcher
Performance of Crypto Spot ETFs Last Week
Net Outflow of $1.216 Billion from U.S. Bitcoin Spot ETFs
Last week, U.S. Bitcoin spot ETFs experienced a net outflow over three days, totaling $1.216 billion.
Six ETFs were in a net outflow state last week, with the outflows primarily coming from IBIT, GBTC, and FBTC, which saw outflows of $1.085 billion, $172 million, and $115 million, respectively.
Data Source: Farside Investors
Net Outflow of $500 Million from U.S. Ethereum Spot ETFs
Last week, U.S. Ethereum spot ETFs experienced a net outflow over four days, totaling $500 million.
The outflow last week mainly came from BlackRock's ETHA, with a net outflow of $559 million. Three Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Overview of Crypto ETF Dynamics Last Week
LeverageShares to Launch 3x Long/Short Bitcoin and Ethereum ETFs in Europe
London-based ETF issuer LeverageShares will launch the world's first 3x long/short Bitcoin and Ethereum ETFs in Europe next week.
Four new products (3x Long Bitcoin, 3x Short Bitcoin, 3x Long Ethereum, 3x Short Ethereum) will be listed on the Swiss SIX exchange, further expanding the company's existing lineup of leveraged products.
U.S. SEC Approves Bitwise 10 Crypto Index ETF for NYSE Arca Listing
The U.S. SEC has approved NYSE Arca, Inc. to list and trade the Bitwise 10 Crypto Index ETF, which includes assets such as BTC, ETH, XRP, SOL, ADA, SUI, LINK, AVAX, LTC, and DOT.
Bitwise Announces Details of XRP ETF with Management Fee of 0.34%, Ticker XRP
Crypto asset management firm Bitwise Asset Management has announced details of its upcoming Bitwise XRP ETF, which has a management fee of 0.34% (waived until assets under management reach $500 million), with the ticker XRP listed on the New York Stock Exchange. The XRP ETF is also Bitwise's 49th cryptocurrency investment product launched in the U.S. and Europe.
BlackRock Registers iShares Ethereum Staking ETF in Delaware
According to The Block, BlackRock has registered a product named "iShares Staked Ethereum Trust" in Delaware, indicating plans to launch a new Ethereum staking ETF.
The registration was submitted by BlackRock Managing Director Daniel Schweiger, who was responsible for the registration of the first iShares Ethereum fund in 2023. Previously, Nasdaq submitted a modification request in July to add staking functionality to the existing iShares Ethereum Trust (ETHA). ETHA currently manages nearly $11.5 billion in assets, making it the largest Ethereum ETF by market size.
Texas Congressman Brandon Gill Increases Holdings of Approximately $300,000 in BTC and Bitcoin ETFs
According to Bitcoin News, Texas Republican Congressman Brandon Gill disclosed that he has increased his holdings of Bitcoin and Bitcoin ETFs worth up to $300,000 in his portfolio.
Amplify Launches XRP Covered Call ETF with Target Monthly Yield of 3%
According to The Block, Amplify ETFs, which manages over $16 billion in assets, has launched the Amplify XRP 3% Monthly Premium Income ETF (XRPM), which it claims is the first options income ETF based on XRP.
This fund is the latest member of the Amplify YieldSmart product line, which is based on covered call options, aiming to combine income generation with partial growth exposure. XRPM targets an annualized options premium of 36% and aims for a 3% monthly yield while still capturing some weekly upside from XRP.
It attempts to achieve this by selling out-of-the-money weekly call options on 30% to 60% of its XRP token exposure while keeping the remaining 40% to 70% unhedged to capture "unlimited" upside potential. Notably, the fund does not directly invest in XRP tokens. This actively managed fund has a management fee of 0.75% and distributes income monthly.
21Shares Submits ETF Filing Tracking Canton Network
According to James Seyff, 21Shares has submitted a product registration for an ETF named "21Shares Canton Network ETF" (or "CANTN") to regulators.
VanEck Selects SOL Strategies for Staking Services for Its SOL Spot ETF
According to The Block, Solana asset reserve company SOL Strategies announced on Monday that it will provide staking services for VanEck's Solana spot ETF.
According to the announcement, VanEck has selected SOL Strategies to stake the SOL held by its ETF. The ETF has recently submitted an 8-A registration statement to the U.S. Securities and Exchange Commission, and the staking services will be implemented through the Orangefin validation node acquired by SOL Strategies last December.
Currently, this Solana asset company's validation node has passed ISO 27001 and SOC 2 certifications, securing over CAD 610 million (approximately USD 437 million) in staked assets.
Views and Analysis on Crypto ETFs
Grayscale CEO: $7.9 Million Earned Since Ethereum ETF Supported Staking Rewards
Peter Mintzberg, CEO of digital asset management company Grayscale, stated on the X platform that since its two Ethereum exchange-traded funds, Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF (ETH), began supporting staking rewards, they have generated $7.9 million in earnings for investors, making them the highest-earning products in their category.
Saxo Bank: Crypto Sell-off Intensifies as ETF Fund Outflows Surge
According to market news, Saxo Bank strategists stated that the sell-off in cryptocurrencies is accelerating due to nearly $900 million in fund outflows from spot Bitcoin ETFs, with the iShares Bitcoin Trust experiencing the most severe outflows. The performance of the iShares Ethereum ETF has also remained weak. Uncertainty in Federal Reserve policy, mixed U.S. employment data, and reduced market liquidity have further exacerbated the sell-off pressure in the crypto market.
Glassnode Co-founder: Bitcoin ETFs Still Maintain Net Gains, Cost Basis Intact
Glassnode co-founder Negentropic stated on the X platform that what is happening with Bitcoin now is not a narrative shift but a mechanism "buffer." Currently, ETFs still maintain net gains, and the cost basis has not been damaged, although some long-term holders are selling. However, Solana ETF inflows remain stable, and altcoins are performing better relative to BTC and ETH.
Moreover, the overall cycle structure remains intact, with strong ETF and spot demand, and the macroeconomic environment generally maintaining a neutral to bullish stance. The market has not surrendered, and the trend has not been broken; when the downward trend eventually exhausts, the rebound may be much larger than the previous decline.
JPMorgan: Retail Selling of ETFs Main Reason for Bitcoin and Ethereum Price Declines
According to The Block, JPMorgan's latest analysis report indicates that the ongoing adjustment in the crypto market is primarily driven by retail investors selling Bitcoin and Ethereum ETFs, rather than crypto-native traders.
Data shows that retail investors have withdrawn approximately $4 billion from crypto ETFs this month, surpassing the historical record set in February. Notably, during the same period, retail investment enthusiasm for stock ETFs remains strong, with about $96 billion flowing in November. If this pace continues, it could reach $160 billion by the end of the month, matching the levels seen in September and October. This phenomenon indicates that investors still view crypto assets and traditional stocks as different investment categories, and the adjustment in the crypto market does not imply a shift in retail sentiment towards risk assets as a whole.
Bitwise CEO: A New Surge in Cryptocurrency ETF Products Expected
According to CNBC, Bitwise CEO Hunter Horsley stated, "The crypto world is about to experience an ETF feast. I believe there will be over 100 products launched. We will see a large number of single-asset crypto exchange-traded products (ETPs). However, what excites me the most is the growth of index-based crypto ETPs."
Despite the challenging market conditions, he still believes that index ETPs will be one of the most important stories in the crypto space next year and will ultimately become one of the largest categories of interest for investors. Hougan added, "This industry will be ten times larger in the future than it is now." Bitwise launched a Solana staking ETF on October 28, which tracks the price of the cryptocurrency Solana.
Analyst: ETF Outflows and Long-Term Holder Sell-offs Intensify Bitcoin Selling Pressure
According to The Block, K33 Research Director Vetle Lunde stated in a new report that perpetual futures traders have increased their open contracts by over 36,000 Bitcoin, marking the largest single-week increase since 2023. Meanwhile, the funding rate is also rising, indicating that traders are engaging in "knife-catching" behavior rather than taking defensive positions.
The continuously rising financing rates may stem from the execution of limit orders that originally hoped for a quick price rebound and a break below the six-month low. However, the rebound has not occurred, and this leverage effect now means excess funds, increasing the risk of heightened market volatility due to liquidations.
Additionally, Bitcoin ETFs have also faced a wave of sell-offs, with related products losing 20,150 Bitcoin in the past week and nearly 40,000 Bitcoin in the last 30 days. Six of the last seven ETF trading days ended with outflows, including a single-day outflow of 10,060 Bitcoin on November 13, which has exacerbated the selling pressure on Bitcoin.
Bloomberg Analyst: Grayscale Dogecoin ETF Expected to Launch on November 24
Bloomberg analyst Eric Balchunas posted on the X platform, stating, "Based on a 20-day time cycle, I believe Grayscale will launch its first Dogecoin ETF within a week. We can't be 100% certain until the exchange announces it, but the outlook is optimistic based on the guidance from the SEC."
Arthur Hayes: Inflows into ETFs and DAT Have Ended; Bitcoin Must Fall if Liquidity Cannot Cover
BitMEX co-founder Arthur Hayes recently stated that although dollar liquidity has contracted since April 9, the inflows into ETFs and DAT purchases have allowed Bitcoin to rise, but that situation has now ended.
This sentiment is insufficient to sustain institutional investor purchases of ETFs, and most DATs are trading below their mNAV, leading investors to begin avoiding these Bitcoin derivative securities.
If this liquidity cannot cover negative liquidity, Bitcoin must fall to reflect current short-term concerns that dollar liquidity will contract or not grow as quickly as politicians have promised.
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