Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was approximately $400 million, and the SEC approved options trading for BlackRock's Bitcoin spot ETF

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Last Week's Crypto Spot ETF Performance

From September 16 to 19, global Bitcoin spot ETF holdings increased by 4,883 Bitcoins. Driven by macroeconomic benefits from the Federal Reserve's interest rate cuts, Bitcoin spot ETFs in the U.S., excluding Grayscale, added 5,310 Bitcoins. Grayscale's reduction further shrank, with only 345 Bitcoins sold.

Data from @Phyrex_Ni

U.S. Bitcoin Spot ETF Net Inflow of $397 Million

Last week, the U.S. Bitcoin spot ETF saw a net inflow of $397 million. Fidelity's FBTC had the highest inflow at $137 million, followed by Ark Invest and 21Shares' ARKB, which had a net inflow of $100 million. BlackRock's IBIT saw a significant drop in liquidity, with only $15.8 million inflow on September 16, and no funds moving in or out for the remaining four days.

Last week, only Grayscale's GBTC was in a net outflow state, with a net outflow of $28.9 million, and no funds moving for three days, indicating a further weakening of its outflow trend.

Source: Farside Investors

U.S. Ethereum Spot ETF Net Outflow of $26.2 Million

Last week, the U.S. Ethereum spot ETF experienced a net outflow of $26.2 million, doubling from the previous week. Grayscale's ETHE had a net outflow of $46.4 million, while Bitwise ETHW saw a net outflow of $2.1 million. Five Ethereum spot ETFs had no fund movement.

As of September 20, the cumulative net outflow of Ethereum spot ETFs reached $607 million, with a total net asset value of $6.92 billion.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Outflow of 23.92 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 23.92 Bitcoins, with a total net asset value of $282 million. On September 19 and 20, the trading volume was relatively high, exceeding $2.5 million on both days.

The Hong Kong Ethereum spot ETF had no fund movement, with a total net asset value of $37.45 million, although the data for September 20 has not been updated, which may lead to discrepancies.

(Note: On September 18, the Hong Kong stock market was closed for the Mid-Autumn Festival, so there is no crypto ETF data.)

Data: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

U.S. SEC Approves BlackRock Bitcoin Spot ETF Options Trading: The U.S. SEC has approved options products for BlackRock's iShares Bitcoin ETF (IBIT) to be traded on Nasdaq. The trading of this derivative still requires approval from the Office of the Comptroller of the Currency (OCC) and the Commodity Futures Trading Commission (CFTC).

Nasdaq stated that the trading platform will handle Bitcoin ETF options similarly to other ETF options, adhering to the same rules and trading procedures. IBIT options will be physically settled with American-style exercise, allowing options to be exercised at any time before expiration.

REX Shares and Tuttle Capital Launch First 2x Leveraged Long/Short ETFs for MicroStrategy: These two ETFs will track the daily price fluctuations of MSTR and will be traded on the Cboe BZX trading platform.

Views and Analysis on Crypto ETFs

Bitwise Strategy Director: Approval of Bitcoin Spot ETF Options Will Lead to Explosive Price Increases

Bitwise Alpha Strategy Director Jeff Park pointed out that the market is about to experience one of the most astonishing volatilities in financial history, due to Bitcoin's unique attributes, the characteristics of the regulated options market, and the powerful combination of both.

The nominal value of Bitcoin will achieve partial 'banking' through ETF options, with its limited non-custodial supply being both an advantage and a limitation on the creation of synthetic leverage. However, with the emergence of regulated markets, the CFTC will protect clearing members from counterparty risks, allowing Bitcoin's synthetic nominal exposure to achieve exponential growth. Bitcoin's volatility characteristics are also very unique; as spot prices rise, volatility increases, leading to a faster increase in delta.

The Bitcoin ETF options market is the first instance in global finance where regulated leverage is applied to a permanently limited commodity, which could trigger significant market volatility and even lead to the forced closure of the regulated market. However, Bitcoin's extraordinary nature is that, even so, there will always be an unstoppable decentralized market.

Blockdaemon Executive: Hong Kong Regulators May Approve Staking Function for Ethereum Spot ETF Within This Year

Blockdaemon's International Director and Vice President Andrew Vranjes stated that Hong Kong regulators may approve the staking function for Ethereum spot ETFs within this year. Currently, the Blockdaemon team is closely collaborating with local issuers of spot crypto ETFs and regulatory authorities in Hong Kong to develop viable staking solutions.

Vranjes noted that the staking function is expected to be approved "within a specific framework," potentially first opening to qualified investors. The team has made progress and expects relevant announcements to be released soon.