Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $500 million, and the SEC rejected two Solana spot 19b-4 applications

整理：Fairy， ChainCatcher

编辑：Marco，ChainCatcher

Last Week's Performance of Crypto Spot ETFs

From August 19 to 22, global Bitcoin spot ETF holdings increased by 2,935 BTC, ending three consecutive weeks of reduction. Excluding Grayscale, other U.S. ETFs added 4,681 BTC, becoming the main source of inflow. Grayscale ETF, on the other hand, reduced its holdings by 1,422 BTC, with outflows halving compared to the previous week.

Data from @Phyrex_Ni

U.S. Bitcoin Spot ETFs Return to Net Inflow Status

Last week, U.S. Bitcoin spot ETFs saw net inflows for five consecutive days, with a total inflow amounting to $506.4 million. On Friday, possibly due to a policy adjustment speech by the Federal Reserve Chair, there was a significant single-day net inflow of $252 million.

Only two ETFs experienced net outflows last week:

• Invesco ETF BTCO had a net outflow of $3.1 million, with a net asset value of $20 million;
• Grayscale ETF GBTC had a net outflow of $86.6 million, reducing its net asset value to $14.5 billion;

Source: Farside Investors

U.S. Ethereum Spot ETFs Net Outflow of $44.5 Million

Last week, U.S. Ethereum spot ETFs saw a net outflow of $44.5 million, primarily due to Grayscale ETHE's net outflow of $118 million.

BlackRock's ETHA has accumulated net inflows exceeding $1 billion, becoming the first issuer among 11 to reach this milestone. However, BlackRock's ETFA has seen a continuous decline in buying power, with only a net inflow of $26.8 million on August 20, and no funds flowing in or out on the other four days. 21 Shares' CETH and Invesco's QETH had zero inflows and outflows throughout the week.

Source: Farside Investors

Liquidity of Crypto ETFs in Hong Kong Further Declines

Last week, liquidity of crypto ETFs in Hong Kong further declined, with Bitcoin spot ETFs seeing a net inflow of 247.43 BTC on August 22, and no fund movement at other times, while Ethereum spot ETFs had no liquidity at all.

In terms of daily trading volume, only one day exceeded 10 million HKD, and most ETFs had daily trading volumes of less than 1 million HKD. Compared to the previous average daily trading volume of about 20 million HKD, liquidity has significantly decreased.

Additionally, the total assets under management of Hong Kong Bitcoin ETFs exceeded 2 billion HKD, with two Bitcoin ETFs under Huaxia Fund and Harvest Global managing a total of 1.337 billion HKD, accounting for about 63%, while another spot Bitcoin ETF managed approximately 776 million HKD, accounting for about 42%.

Data: SoSoValue

Overview of Crypto ETF Developments Last Week

The U.S. Securities and Exchange Commission has rejected two Solana spot 19b-4 applications submitted by Cboe BZX.

According to informed sources, the 19b-4 documents were submitted by the exchange on behalf of the issuer. If these documents were published in the Federal Register, the SEC's approval process would begin. Another important document, the S-1 registration statement, is submitted by the issuer and has no deadline. However, since the SEC rejected the 19b-4 forms, they were never published in the Federal Register, and the potential approval or rejection process has not been initiated.

The SEC has previously discussed the securities status of SOL with ETF issuers. Before Cboe BZX removed the Solana ETF-related 19b-4 forms from its website, the SEC had conversations with potential Solana ETF issuers and expressed concerns about Solana's potential status as a security.

Sources indicate that it is not surprising for issuers that the SEC has previously referred to Solana as a security in multiple court documents. They anticipate that new filings or amendments to the 19b-4 may be forthcoming, attempting to prove that Solana is not a security.

The Brazilian Securities Commission has approved the second Solana spot ETF.**** According to the CVM database, the new Solana (SOL) ETF is in the pre-operational stage and will be launched by Hashdex (an asset management company based in Brazil managing over $962 million in assets) in collaboration with local investment bank BTG Pactual.

On August 8, the CVM approved the country's first Solana ETF, issued by Brazilian asset management company QR Asset.

Views and Analysis on Crypto ETFs

Trader Eugene: Since the launch of the ETH ETF, only arbitrage buyers of ETHE have become the ultimate winners

Trader Eugene Ng Ah Sio posted on social media that since the launch of the ETH ETF, the inflow of funds has been disappointing, resulting in only arbitrage buyers of ETHE becoming the ultimate winners. Most positions that were optimistic about the future have been shaken out during the price fluctuations. The current ETH market is facing extreme negative sentiment and large OG capitulation. This suggests that ETH's current positioning may be at its lowest point ever.

Deribit Asia Pacific Business Head: Compared to the most popular gold ETFs, Bitcoin ETF AUM can triple

Deribit Asia Pacific Business Head Lin Chen posted on X, stating: "This year, the overall inflow performance of ETFs has been excellent, with IBIT (BlackRock's Bitcoin spot ETF) ranking third, with a net inflow of $20 billion this year; the most popular gold ETF is GLD, currently with an AUM of $68.88 billion; this means that compared to the most popular gold ETF, the BTC ETF AUM can still triple."

Bitwise CIO: Institutional adoption of Bitcoin spot ETFs is faster than any ETF in history

Bitwise CIO Matt Hougan stated that institutional adoption of Bitcoin spot ETFs is faster than any ETF in history, with Bitcoin spot ETFs attracting a net flow of $17.5 billion since their launch in January. Bitcoin spot ETFs are currently leading in institutional adoption, whether measured by the number of institutions or assets under management.

Bloomberg Analyst: Unless there is a change in SEC leadership, the chances of Solana ETF approval are extremely slim

Bloomberg ETF analyst Eric Balchunas stated on the X platform that the Solana ETF application submitted by CBOE failed to pass the second step in the SEC review process, and the SEC did not confirm it, leading to the application being "declared dead." Consequently, exchanges have withdrawn the 19b-4 applications, although the issuer's S-1 form remains valid. Unless there is a change in SEC leadership, the chances of approval for this application are extremely slim.