Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $400 million, and Grayscale launched the first U.S. XRP trust fund

整理：Fairy， ChainCatcher

编辑：Marco，ChainCatcher

Last Week's Crypto Spot ETF Performance

From September 9 to 12, global Bitcoin spot ETF holdings increased by 1,379 Bitcoins. Excluding Grayscale, other Bitcoin spot ETFs in the U.S. added 2,218 Bitcoins, a significant improvement compared to the previous week's reduction of 6,744 Bitcoins. Bitcoin spot ETFs in Canada and Germany also showed an increasing trend.

Data from @Phyrex_Ni

U.S. Bitcoin Spot ETF Net Inflow of $403.9 Million

Last week, U.S. Bitcoin spot ETFs saw a net inflow of $403.9 million, with a single-day net inflow of $263 million on September 13, marking the highest single-day inflow since August. Fidelity's FBTC had the highest inflow at $218 million, followed by Ark Invest and 21Shares' ARKB, which had a net inflow of $83.1 million.

Only 2 Bitcoin spot ETFs experienced net outflows last week:

• BlackRock's IBIT had a net outflow of $9.1 million, with a net asset value of $23.19 billion;
• Grayscale's GBTC had a net outflow of $27.4 million, with a net asset value of $700 million.

Source: Farside Investors

U.S. Ethereum Spot ETF Outflows Slow Down

Last week, U.S. Ethereum spot ETFs had a net outflow of $12.9 million, with outflow pressure significantly alleviated compared to the previous week. Grayscale's ETHE had no fund movement for two days, with a net outflow of $50.1 million, only half of the previous week's outflow.

As of September 13, the cumulative net outflow of Ethereum spot ETFs reached $581 million, with a total net asset value of $6.62 billion.

Source: Farside Investors

Hong Kong Ethereum Spot ETF Net Inflow of 156.58 ETH

Last week, Hong Kong's Bitcoin spot ETF had a net outflow of 4.99 Bitcoins, with daily trading volume exceeding one million dollars for four consecutive days, peaking at $7.2 million on September 11, the highest daily trading volume since August 6.

The Ethereum spot ETF had a net inflow of 156.58 ETH, marking the first net inflow in 36 days, with a total net asset value of $3.431 million.

Data: SoSoValue

Overview of Last Week's Crypto ETF Developments

Grayscale Launches First U.S. XRP Trust Fund, which is a closed-end fund and differs from ETFs. ETFs require approval from the U.S. Securities and Exchange Commission (SEC) and are aimed at retail investors, while trusts are aimed at accredited investors and are subject to more lenient regulations. After obtaining the necessary regulatory approval, the trust can convert into an ETF.

According to Grayscale's official data, the management fee rate for Grayscale XRP Trust is 2.5%, and it will use the CoinDesk Ripple Price Index (XRX) as the reference exchange rate for spot prices in USD.

State Street's Investment Management Company Launches Three Actively Managed Digital Asset and Disruptive Technology ETFs, with consulting services provided by Galaxy Asset Management. The newly launched ETFs include SPDR® Galaxy Digital Asset Ecosystem ETF (DECO), SPDR® Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and SPDR® Galaxy Transformative Technology Accelerator ETF (TEKX).

Anchorage Digital to Provide Custody Services for 21Shares' Spot Bitcoin and Ethereum ETFs and introduce biometric authentication to enhance security.

BitGo Announces Custodianship for Four Crypto Spot ETFs, including ARK 21Shares Bitcoin ETF (ARKB), 21Shares Core Ethereum ETF (CETH), and ETFs under Hashdex and Valkyrie (now Coinshares).

Views and Analysis on Crypto ETFs

FalconX Research Director: Hong Kong Crypto ETF AUM Expected to Reach $1 Billion by Year-End

David Lawant, Research Director at institutional digital asset broker FalconX, stated that the current asset management scale of Hong Kong's Bitcoin and Ethereum spot ETFs is $290.6 million, far less than the similar ETFs in the U.S. (nearly $57 billion). On some trading days, these 6 funds even had no net inflows.

Lawant added, "Reaching this goal by the end of 2025 may be more realistic. However, considering the fast-paced nature of cryptocurrencies, I wouldn't completely rule out the possibility of Hong Kong ETFs reaching an asset scale of $1 billion by the end of this year. Compared to what we see in other countries/regions, this number will certainly seem small. But considering the scale of the Asian market and its importance to the entire crypto ecosystem, I believe it has the potential to go higher."

ARK Invest Report: As of End of August, U.S. Spot Bitcoin ETF Investors' Costs Exceed Bitcoin Prices

ARK Invest released a monthly report stating, "During August, Bitcoin prices fell by 8.7%, dropping to $58,972. By the end of August, Bitcoin failed to break through its 200-day moving average and the short-term holder cost basis, which were $63,693 and $63,245, respectively.

As of the end of August, the estimated cost basis for U.S. spot Bitcoin ETF investors has exceeded the price of Bitcoin, indicating that ETF holders are facing average losses."