Cryptocurrency ETF Weekly | The overall performance of the ETF market is strong, with U.S. Bitcoin spot ETF holdings reaching a new high
Ethereum spot ETF may be approved this week.整理：Fairy， ChainCatcher
编辑：Marco，ChainCatcher
Last week, the cryptocurrency ETF market performed strongly overall, with continued net inflows into U.S. Bitcoin spot ETFs and net subscriptions for virtual asset ETFs in Hong Kong. Ethereum spot ETF issuers have submitted updates to their S-1 filings and have initially disclosed management fees. Industry KOLs generally believe that the Ethereum ETF will be approved this week.
Last Week's Performance of U.S. Cryptocurrency Spot ETFs
Continued Net Inflows into U.S. Bitcoin Spot ETFs
Last week, U.S. Bitcoin spot ETFs experienced continuous net inflows, totaling $1.047 billion, with total net assets increasing by $2.02 billion.
According to data from HODL15Capital, as of July 12, U.S. Bitcoin spot ETFs held 888,600 BTC, with 39 funds increasing their holdings to 1.05 million BTC, both reaching historical highs. This indicates that institutional investors are actively increasing their Bitcoin holdings, possibly in anticipation of a market bottom.
Source: SoSoValue
Among them, the ETF with the highest net inflow last week was BlackRock's ETF IBIT, which saw net inflows of $522 million, with a net asset value of $18.26 billion; followed by Fidelity's ETF FBTC, which had net inflows of $358 million, with a net asset value of $10.24 billion. Only Grayscale's ETF GBTC experienced net outflows, totaling $35.3 million, although the outflow amount decreased compared to the previous week.
Source: Farside Investors
Hong Kong Cryptocurrency Spot ETFs Show Net Subscription Status
Both Hong Kong ETH and BTC spot ETFs showed net subscriptions, indicating that confidence and interest in Bitcoin in the Hong Kong market are recovering. The total subscription amount for the Hong Kong BTC ETF last week was 947.27 BTC, with the subscription amount on July 12 (Friday) being the highest level excluding the first day. Its total Bitcoin holdings increased by 810 BTC, and total assets increased by $5.191 million. As of last Friday, the total Bitcoin holdings of the issuer, Huaxia Bitcoin, were similar to those of Bosera, with a difference of only $600,000 in total net asset value. In contrast, the total Bitcoin holdings of Harvest Fund were lower, currently at 741 BTC.
The total subscription amount for the Hong Kong ETH ETF last week was 156.81 ETH, with zero subscriptions from Monday to Thursday. Its total assets increased by $2.52 million.
Source: SoSoValue
Note: Daily BTC subscription amount = [Current day's shares - Previous day's shares] * Current day's net asset value / CME CF Bitcoin Index (Asia-Pacific closing price)
Overview of Last Week's Cryptocurrency ETF Dynamics
- Ethereum Spot ETF
On July 8, VanEck, 21Shares, BlackRock, Fidelity, and other Ethereum spot ETF issuers submitted updates to their S-1 filings.
Among them, Invesco Galaxy's Ethereum spot ETF will charge investors a management fee of 0.25%, Franklin Templeton has set its fee at 0.19%, and VanEck will initially waive the fees for its spot Ethereum ETF. Grayscale, 21Shares, and BlackRock have not yet set fees.
Analysts believe that management fees are used by issuers to cover the fund's maintenance costs, such as marketing expenses, salaries, and custodial services. Most Bitcoin spot ETF issuers have chosen rates between 0.19% and 0.30%, and Ethereum ETF issuers may do the same.
Sources indicate that Ethereum ETF issuers are waiting for the SEC to provide details regarding the final documents. The U.S. Securities and Exchange Commission has provided multiple rounds of feedback for issuers to modify their S-1 forms, with each round taking several weeks.
A source from one issuer stated, "The SEC is continuing its review, and we seem to be getting closer to final approval. We expect there will be a final document, but the specific timing is unclear."
Additionally, BlackRock has submitted a securities registration application (Form 8-A12B) for its Ethereum spot ETF to the U.S. SEC. The submission of Form 8-A indicates that the issuer can trade the product on the exchange once it is approved, marking progress toward the potential approval of the Ethereum spot ETF.
- SOL Spot ETF
According to BITCOINLFG, sources say that BlackRock may apply for a SOL ETF in July.
- New Cryptocurrency ETFs
- T-Rex launched a 2x leveraged long and short spot Bitcoin ETF on July 10.
- YieldMax launched a short Coinbase stock options strategy ETF.
- DigitalX listed a Bitcoin ETF on the Australian Securities Exchange on July 12.
Views and Analysis on Cryptocurrency ETFs
The ETF Store President: Still believes the SEC will approve the Ethereum spot ETF's S-1 application next week
The ETF Store President Nate Geraci posted on social media that the SEC seems to be going through a "holding breath" phase similar to before the approval of a 19b-4 application, but he still believes the SEC will approve the ETH spot ETF's S-1 application next week, with no reason for delay.
In response, Bloomberg analyst Eric Balchunas stated that every issuer is ready, and the documents are prepared, so things may progress quickly next week.
Bloomberg Senior ETF Analyst: Solana ETF may be approved by mid-March 2025
Bloomberg Senior ETF Analyst Eric Balchunas explained on social media platform X that the final deadline for the Solana ETF appears to be mid-March 2025. However, the most important date from now until then is November. If Biden wins, these ETFs are likely to be eliminated. If Trump wins, anything is possible.
Bloomberg ETF Analyst: The SEC may approve the Ethereum spot ETF on July 18
Bloomberg ETF Analyst Eric Balchunas predicts that the SEC may approve the Ethereum spot ETF on July 18.
Bitwise CCO: Ethereum ETF is about to be approved, the SEC is open to discussions about other products
According to CryptoSlate, Bitwise Chief Compliance Officer Katherine Dowling stated that the Ethereum ETF is about to be approved.
Dowling mentioned in an interview with Bloomberg that the SEC is open to discussions about other products and expects to approve the spot ETH ETF this summer. She noted that Bitwise, as an expert in the crypto field, hopes to stand out among giants like BlackRock and Fidelity. Additionally, while the SEC has a positive attitude toward new products, some may need to wait for the new chairman to take office before approval.
Matrixport: Ethereum (ETH) futures positions show bullish trends, possibly indicating imminent approval of the Ethereum ETF
Matrixport stated that Ethereum (ETH) futures positions show bullish trends, and despite a price pullback, long positions in ETH futures have increased from 2.7 million ETH to 3.1 million ETH since the market rise on May 20. This indicates that futures traders expect the Ethereum ETF to be approved soon.
Even if spot prices have not yet reflected this sentiment, market sentiment remains bullish, and this time may not trigger a "sell the news" event.
