Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $2.22 billion, and 21Shares submitted an S-1 form to apply for an XRP ETF
On October 30, the net inflow of Bitcoin spot ETFs in the United States reached $893 million, setting the second highest single-day net inflow record in history.*Organizer: Fairy, * ChainCatcher
Last Week's Crypto Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $2.22 Billion
The U.S. Bitcoin spot ETF has seen a trend of inflows for four consecutive weeks, with a net inflow of $2.22 billion last week, bringing the total net asset value to $69.64 billion. The inflow mainly came from BlackRock's IBIT, which had a net inflow of $2.148 billion.
Last week, three Bitcoin spot ETFs experienced net outflows:
- Bitwise BITB had a net outflow of $12.3 million, with a net asset value of $2.86 billion;
- Grayscale GBTC had a net outflow of $53.9 million, with a net asset value of $15.22 billion;
- ARK 21Shares' ARKB had a net outflow of $38.9 million, with a net asset value of $3.36 billion.
Additionally, on October 30, there was a net inflow of $893 million, setting the second-highest single-day net inflow record in history. The highest single-day inflow was on March 12, reaching $1.05 billion.
Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $13 Million
Last week, the U.S. Ethereum spot ETF had a net inflow of $13 million, bringing the total net asset value to $6.94 billion. BlackRock's ETHA saw the most inflow, with a net inflow of $65.5 million. Bitwise ETHW and Grayscale ETHE experienced net outflows of $3.6 million and $62.4 million, respectively. Additionally, three ETFs had no capital movement.
The U.S. Ethereum spot ETF had a cumulative net inflow of $45 million in October. Among them, ETHA saw an inflow of $198 million, FETH saw an inflow of $31 million, and ETHE had an outflow of $207 million.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 14.41 Bitcoins
The Hong Kong Bitcoin spot ETF has seen net outflows for four consecutive weeks, with a net outflow of 14.41 Bitcoins last week. In terms of trading volume, data showed good performance, with four days of single-day trading volume exceeding one million dollars. Among ETF issuers, Huaxia's Bitcoin holdings remained stable at 2,210 Bitcoins, while Harvest's holdings decreased to 422 Bitcoins.
The Ethereum spot ETF showed no capital movement, with a total net asset value of $3.648 million.
Data: SoSoValue
Overview of Crypto ETF Dynamics Last Week
21Shares has submitted an S-1 form to apply for an XRP ETF, named 21Shares Core XRP Trust.
Crypto investment firm Canary Capital has submitted an application for a SOL ETF to the U.S. SEC, marking the third cryptocurrency ETF application submitted by the company this month, following applications for LTC ETF and XRP ETF.
Market maker IMC Trading has liquidated most of its small Bitcoin ETF positions in the third quarter, while establishing a large position in BlackRock's IBIT, amounting to $323 million, and increasing its BITB position by 9%.
NYSE Arca has submitted an application to the U.S. Securities and Exchange Commission (SEC) to adopt new rule 8.800-E, which will allow the listing and trading of investment products based on commodities and digital assets. Additionally, the exchange specifically proposed to list and trade shares of Grayscale's Grayscale Digital Large Cap Fund under this new rule.
The SEC has received an application to convert the Grayscale Digital Large Cap Fund (GDLC) into an ETF. Currently, GDLC holds approximately 77% BTC and 17% ETH, with the remainder in SOL, XRP, and AVAX. The SEC is currently seeking public comments on this.
Views and Analysis on Crypto ETFs
Bloomberg Analyst: Satoshi's BTC Holdings May Be Surpassed by U.S. Bitcoin Spot ETF by End of November
Bloomberg senior ETF analyst Eric Balchunas posted on social media: "We need to adjust our predictions because just yesterday, Bitcoin ETFs devoured over 12,000 Bitcoins like a drunken Pac-Man, now holding 996,000 Bitcoins------there's a good chance it will break 1 million today (as yesterday's massive trading volume may translate into large inflows tonight). Reaching Satoshi's level by the end of November is a promising target."
BlackRock's Bitcoin Holdings Exceed 400,000, Raising Market Concerns About the Decentralized Spirit of Bitcoin
BlackRock's recent acquisitions of Bitcoin have set a new record, with the company currently holding over 400,000 Bitcoins, valued at nearly $26.98 billion. In just the past two weeks, BlackRock has purchased an additional 34,085 Bitcoins, worth about $2.3 billion.
The surge in Bitcoin holdings aligns with the growing trend of institutional investors investing in Bitcoin through Bitcoin ETFs, which are gradually becoming the preferred method for traditional financial companies to invest in Bitcoin. However, the rapid increase in the number of Bitcoins held by BlackRock has raised some concerns about the company's potential impact on the Bitcoin ecosystem. Speculation has arisen about whether BlackRock will attempt to fork the Bitcoin blockchain to create a version more aligned with its interests. While many consider this impossible, even conspiratorial, the sheer scale of Bitcoin held by BlackRock has indeed sparked a debate about the impact on the decentralized spirit of Bitcoin.
