Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was $2.129 billion, and the SEC approved options trading for Bitcoin spot ETFs

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Last Week's Crypto Spot ETF Performance

Last week, global Bitcoin spot ETF holdings increased by 30,913 Bitcoins. Grayscale shifted from reduction to accumulation, adding 1,233 Bitcoins. ETFs in the U.S., excluding Grayscale, became the main force of accumulation, collectively adding 29,874 Bitcoins. Canada, Germany, and Hong Kong saw slight reductions. Overall, the growth in global Bitcoin spot ETF holdings reflects an increased positive expectation for Bitcoin in the market.

Data from @Phyrex_Ni

U.S. Bitcoin Spot ETF Net Inflow of $2.129 Billion

Last week, U.S. Bitcoin spot ETFs performed strongly, with a net inflow of $2.129 billion, bringing total net assets to $66.11 billion. All 11 ETFs achieved net inflows, with a single-day inflow of $550 million on October 14, setting the highest record since June 4.

BlackRock's IBIT had the highest inflow at $1.141 billion, followed by Fidelity's FBTC with a net inflow of $318 million, and ARK 21Shares' ARKB with a net inflow of $306 million.

Source: Farside Investors

U.S. Ethereum Spot ETF Net Inflow of $78.8 Million

Last week, the U.S. Ethereum spot ETF had a net inflow of $78.8 million, nearly four times the inflow of the previous week. Among the 9 ETFs, only Franklin's EZET showed no capital movement, indicating an overall improvement in liquidity.

Last week, only Grayscale's ETHE experienced a net outflow of $31 million. Additionally, BlackRock's ETHA had the highest net inflow at $49.8 million, followed by Fidelity's FETH with a net inflow of $43.5 million.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Outflow of 38.08 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 38.08 Bitcoins. The trading volume showed good performance, with daily trading volumes exceeding $2 million. On October 16, the Bitcoin spot ETF's single-day trading volume reached $4.73 million, the highest since September 11.

The Ethereum spot ETF showed no capital movement, with total net assets currently at $3.846 million.

Note: The net inflow data for October 14 and October 17 has not been updated and may contain discrepancies.

Data: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

U.S. SEC Approves Multiple Bitcoin Spot ETF Options Trading on NYSE and Cboe

According to two memos released by the SEC, the New York Stock Exchange has been approved to list and trade options for Grayscale's GBTC, Grayscale Bitcoin Trust (BTC), and Bitwise's BITB. Meanwhile, Cboe Global Markets has been approved to list and trade options for Fidelity's FBTC and ARK 21Shares Bitcoin ETF (ARKB).

A few weeks ago, the SEC also approved Nasdaq's rule proposal allowing options for BlackRock's iShares Bitcoin Trust (IBIT) to be listed and traded. Market participants generally believe this will enhance institutional interest in cryptocurrencies and improve overall liquidity.

China Merchants Yonglong Bank Launches Hong Kong Stock Virtual Asset ETF Trading Service

China Merchants Yonglong Bank has officially launched trading services for virtual asset exchange-traded funds (ETFs) in the Hong Kong stock market, becoming one of the first Chinese banks in Hong Kong to offer virtual asset ETF trading services.

Bitwise Submits XRP ETF S-1/A Registration to U.S. SEC

Asset management company Bitwise has submitted an XRP ETF S-1/A registration document to the U.S. Securities and Exchange Commission (SEC).

Grayscale Applies to Convert Mixed Crypto Fund to ETF

Grayscale has submitted an application to the U.S. Securities and Exchange Commission to convert its mixed crypto fund, which includes Bitcoin, Ethereum, Solana, XRP, and Avalanche, into an exchange-traded fund (ETF). The company had previously converted its Bitcoin and Ethereum funds into ETFs.

According to Grayscale's official website, its Digital Large Cap Fund (trading code GDLC) is currently traded over-the-counter, managing assets of $524 million, primarily composed of Bitcoin, accounting for nearly 75%, followed by Ethereum at about 19%. The remaining portion consists of SOL, XRP, and AVAX.

Canary Submits Litecoin Spot ETF Application to U.S. SEC

Cryptocurrency investment firm Canary Capital has submitted a registration application for a spot LTC exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).

Australia's First Ethereum Spot ETF Listed on Cboe

Australia's first Ethereum spot ETF, Monochrome Ethereum ETF (IETH), has been listed on Cboe Australia. The fund has a management fee of 0.50% and offers physical applications and redemptions, allowing cash or ETH trading, making it Australia's only dual-access spot Ethereum ETF.

BitGo and Gemini are the cryptocurrency custodians for this ETF, while State Street Australia is the fund manager.

Views and Analysis on Crypto ETFs

Real Vision Founder: Most Trading Volume in Bitcoin ETFs Comes from Hedge Fund Short-Term Arbitrage Operations

Raoul Pal, founder of macro research firm Real Vision and former Goldman Sachs executive, stated on social media: "One day, people will realize that the biggest users of Bitcoin ETFs and most of the trading volume come from hedge funds, which are arbitraging between spot and futures, perpetual contracts. The inflow of funds is primarily not directional, only marginally impacting."

Raoul Pal believes that most of the funds flowing into Bitcoin ETFs are not based on investors betting on the long-term rise or fall of Bitcoin (i.e., directional investment). Instead, these funds mainly come from hedge funds using ETFs for short-term arbitrage, aiming to profit from price differences rather than relying on the price movements of Bitcoin itself, with most activities not reflecting broader market sentiment towards Bitcoin price trends.

CME Executive: The Launch of XRP ETF Marks an Important Step Forward

Tim McCourt, Senior Managing Director at CME, stated: "The launch of the XRP ETF has taken the first significant step forward. CME has an XRP reference rate and real-time index, which is the first step in building this ecosystem, with over 50 real-time prices and reference rates. This is crucial for product providers like Bitwise, as they can at least point to a fully regulated benchmark."

A week ago, the U.S. Securities and Exchange Commission received Canary Capital's XRP ETF application, making Canary the second provider to apply for an XRP ETF after Bitwise Asset Management.