Cryptocurrency ETF Weekly Report | Last week, the overall performance of the ETF market was sluggish, and the U.S. Bitcoin spot ETF turned to a net outflow status
The purchasing power of the BTC spot ETF is declining.Organizer: Fairy, ChainCatcher
Editor: Marco, ChainCatcher
Last Week's Crypto Spot ETF Performance
Last week, global Bitcoin spot ETFs performed poorly, with net outflows across the board. This indicates a decline in purchasing power for BTC spot ETFs, but the current outflow is relatively small, and there has not yet been a significant sell-off by users.
Data from @Phyrex_Ni
United States Last Week Bitcoin Spot ETF Net Outflow of 80.7 Million Dollars
Last week, the U.S. Bitcoin spot ETFs saw a net outflow of 80.7 million dollars, with total assets under management decreasing by 4.53 billion dollars. On August 2, there was a net outflow of 237 million dollars, marking the fourth largest outflow on record and the largest single-day outflow in 90 days.
Only two Bitcoin spot ETFs experienced net inflows last week:
- BlackRock ETF IBIT with a net inflow of 700 million dollars, current net asset value of 21.57 billion dollars
- Grayscale Bitcoin Mini ETF BTC with a net inflow of 190 million dollars, current net asset value of 1.9 billion dollars
Fidelity FBTC experienced five consecutive days of net outflows, totaling 19.2 million dollars. Grayscale ETF GBTC had a net outflow of 245 million dollars, reducing its net asset value to 14.98 billion dollars.
Source: Farside Investors
The outflow of U.S. Ethereum spot ETFs has slowed, with a net outflow of 169 million dollars in the second week since listing, which is half of the outflow from the previous week.
Only Grayscale ETHE showed a net outflow, amounting to 601 million dollars, which is only 39% of the first week's outflow.
BlackRock ETF ETHA had the highest net inflow, reaching 278 million dollars; followed by Fidelity ETF FETH, with a net inflow of 77.7 million dollars.
Source: Farside Investors
Hong Kong Crypto ETF Performance is Tepid
Last week, Hong Kong's crypto ETFs performed tepidly, with the Hong Kong Bitcoin spot ETF experiencing net outflows on July 30, and no changes during the rest of the time, totaling an inflow of 409.68 BTC, while the Ethereum spot ETF had zero inflow and outflow.
Currently, issuers in Hong Kong hold a total of 4,510 BTC, with a net asset value of 298 million dollars; they hold 12,900 ETH, with a net asset value of 40.7 million dollars.
Overview of Last Week's Crypto ETF Developments
Grayscale Bitcoin Mini ETF Officially Trades: Last Wednesday, the Grayscale Bitcoin Mini ETF (ticker: BTC) officially began trading, with a net inflow of 18 million dollars on its first day.
Morgan Stanley Supports Bitcoin ETF Promotion: Market news indicates that Morgan Stanley has allowed its wealth advisors to promote Bitcoin ETFs to major Wall Street firms, marking an increase in traditional financial institutions' acceptance of digital assets.
Grayscale Hiring for ETF-Related Positions: Grayscale posted job openings on the X platform, seeking a Senior Associate for ETF products to support the company's growth in capital markets, operations, distribution, and marketing. Candidates should have a deep understanding of the U.S. ETF market and expertise in financial markets, investment impacts, and portfolio construction.
21Shares Integrates Chainlink's PoR System: 21Shares has integrated Chainlink's Proof of Reserve (PoR) system into its core Ethereum ETF "CETH," providing investors with greater transparency. The system offers real-time reserve data and historical records, with data sourced directly from Coinbase in a publicly verifiable manner.
Views and Analysis on Crypto ETFs
BlackRock Executive: Expects Crypto ETFs to be Allocated in Model Portfolios by Year-End or Next Year
BlackRock ETF and Index Investments Chief Investment Officer Samara Cohen discussed the iShares Ethereum Trust ETF (ETHA) and expects to see allocations for crypto ETFs in model portfolios by the end of this year or in 2025.
Bitwise CEO: Crypto ETF Investment is Still in Early Stages, 2024 Marks the Beginning of Bitcoin's Mainstream Era
Bitwise CEO Hunter Horsley stated on social media: "Another advisor told us that today, 1% of the investment model's funds are allocated to BITB among the 230 families they manage. The allocation of crypto ETFs in model portfolios is still in its early stages but is growing, which is the ultimate goal. 2024 marks the beginning of Bitcoin's mainstream era."
The ETF Store President: SEC No Longer Viewing Tokens like SOL as Securities Does Not Improve ETF Approval Odds
The ETF Store President Nate Geraci stated on X that the SEC no longer viewing tokens like SOL as securities does not improve the approval odds for spot ETFs like SOL.
To gain ETF approval, one of the following conditions must still be met: a sufficiently long trading history for SOL futures on CME; a comprehensive crypto regulatory framework and administrative reforms.
