Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $2.73 billion, and the SEC rejected two applications for SOL spot ETFs

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Last Week's Crypto Spot ETF Performance

U.S. Bitcoin Spot ETF Net Inflow of $2.73 Billion

Last week, the U.S. Bitcoin spot ETF saw a net inflow of $2.73 billion, bringing the total net asset value to $112.74 billion. Bloomberg Senior Analyst Eric Balchunas disclosed that the total Bitcoin holdings of U.S. spot ETFs have surpassed Satoshi Nakamoto's Bitcoin holdings, currently exceeding 1.1 million coins, making it the largest holding globally, although these funds have been established for less than a year.

BlackRock's IBIT was the main contributor to the inflow, with a net inflow of $2.63 billion last week, followed by Fidelity's FBTC, which had a net inflow of $262 million. Fidelity's FBTC has surpassed 200,000 BTC in Bitcoin holdings. Additionally, three ETFs had no fund movement, while Grayscale's GBTC saw a net outflow of $303 million.

Source: Farside Investors

U.S. Ethereum Spot ETF Net Inflow of $836 Million

Last week, the U.S. Ethereum spot ETF had a net inflow of $836 million, setting a new record for the highest weekly inflow to date, with total net asset value rising to $13.36 billion. BlackRock's ETHA and Fidelity's FETH saw inflows of $573 million and $296 million, respectively. The total inflow for Ethereum spot ETFs has surpassed $1.4 billion.

On December 4, the trading volume of Ethereum spot ETFs reached $1.07 billion, marking the second-highest record in history. On December 5, the net inflow for Ethereum spot ETFs was $428 million, setting a record for the highest single-day inflow.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Outflow of 50.89 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 50.89 Bitcoins, with a net asset value of $47.39 million. On December 5, the total trading volume of Bitcoin spot ETFs reached $5.682 million, setting a new historical high.

The Hong Kong Ethereum spot ETF had a net inflow of 619.38 Ethereum, bringing the total holdings to 15,800 Ethereum, with a net asset value of $6.17 million.

Data: SoSoValue

Crypto Spot ETF Options Performance

As of December 6, the nominal total trading volume of U.S. Bitcoin spot ETF options reached $1.21 billion, with a nominal total trading long-short ratio of 2.04. This indicates that buyer trading activity is slightly higher than that of sellers in the options market, reflecting a strong bullish sentiment among investors towards Bitcoin spot ETFs. As of December 5, the nominal total open interest for U.S. Bitcoin spot ETF options reached $7.46 billion, with a nominal total open interest long-short ratio of 2.07.

Additionally, the implied volatility stands at 64.14%, indicating that the market still expects significant price fluctuations for Bitcoin spot ETFs in the future.

Data: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

SEC Rejects Applications for Two SOL Spot ETFs

According to FOX Business reporter Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has notified at least two applicants for SOL spot ETFs that their submitted 19b4 filings will be rejected. Sources indicate that the SEC is unlikely to approve any new cryptocurrency ETF applications during the current administration.

Current Proposed Solana ETFs Exclude Staking Rewards, Issuers Follow Ethereum ETF Precedent

Grayscale Investments and the New York Stock Exchange (NYSE) recently submitted a 19b-4 filing for a Solana ETF to the SEC. So far, among the major crypto ETF issuers, only BlackRock, Fidelity, ProShares, and Ark have not applied for a Solana ETF. Notably, all existing Solana ETF proposals exclude staking rewards.

This is influenced by SEC guidance. Issuers follow the precedent of Ethereum ETFs by excluding staking rewards to avoid staking being viewed as securities and the risk of confiscation of staked assets. Nevertheless, issuers believe these products provide compliant exposure to Solana for investors and remain attractive.

Grayscale Seeks to Convert Its Solana Trust Fund into a Spot ETF and List on NYSE

Grayscale is seeking to convert its $134 million Solana Trust Fund (GSOL) into a spot ETF and list it on the NYSE Arca. On Tuesday, the exchange submitted the relevant 19b-4 filing, marking Grayscale as the fifth asset management company to apply for a Solana ETF.

Asset Management Company REX Financial Launches Crypto Equity Income ETF

Asset management company REX Financial recently launched the REX Crypto Equity Premium Income ETF, which aims to generate option premium income from stocks in the crypto industry through a "covered call" strategy. The fund invests in 25 stocks within the BITA cryptocurrency assets and digital payment index, covering areas such as crypto mining, trading, and blockchain technology development.

WisdomTree Submits XRP ETF S-1 Filing to SEC

WisdomTree has submitted an S-1 filing to the SEC for the WisdomTree XRP Fund. This ETF aims to gain exposure to the price of XRP and will be listed on the Cboe BZX exchange under the ticker "TICKER." The Bank of New York Mellon will serve as the fund manager and transfer agent.

Grayscale and Three Other Asset Management Companies Have Applied for "Risk-Averse" Bitcoin ETFs with U.S. Regulators

Four asset management companies have submitted applications to U.S. regulators to create investment Bitcoin ETFs that use derivatives to minimize or completely hedge potential losses.

• Calamos Investments has applied for four managed on-exchange ETFs.
• First Trust Portfolios has applied for a 15% floor ETF and a buffered ETF aimed at mitigating the first 30% of losses.
• Innovator ETFs is seeking to launch a three-month buffered product with a 10% yield. The company has also applied to launch a three-month managed on-exchange ETF with a 20% yield and set a "participation rate."
• Grayscale Investments also plans to launch a covered call Bitcoin ETF that will sell call options on the spot Bitcoin ETF. This will reduce the potential price appreciation during Bitcoin's rise but will provide regular premium income.

Views and Analysis on Crypto ETFs

Bloomberg Analyst: Solana ETF Issuers Expected to Resubmit Applications After New SEC Chair Takes Office

Bloomberg Senior ETF Analyst Eric Balchunas stated that the SEC, led by Gary Gensler, rejected the Solana ETF applications, and it is expected that issuers will resubmit their applications after the new SEC Chair Paul Atkins takes office.

JPMorgan: The Impact of MicroStrategy Leveraged ETF on the Crypto Market is Increasing

JPMorgan stated in a research report that the expansion of the leveraged MicroStrategy (MSTR) ETF and the funds it attracts have a more pronounced impact on the company's stock and the crypto market than before. The bank noted that these ETFs played a significant role in the stock's nearly 60% increase in November. The report stated that the total inflow into U.S. spot Bitcoin (BTC), spot Ethereum (ETH), and leveraged MicroStrategy ETFs in November reached nearly $11 billion, setting a historical record, with the leveraged MSTR ETF accounting for $3.4 billion, nearly one-third of the total.

Analysts led by Nikolaos Panigirtzoglou wrote, "This highlights the growing influence of MicroStrategy's leveraged ETF in the cryptocurrency market by facilitating MicroStrategy's Bitcoin purchase program."

Analyst: Recent ETF Investors are Shifting Towards Pure Long Strategies Rather than Arbitrage Models

Analyst James Van Straten noted that since November 20, CME's open interest has decreased by nearly 30,000 contracts to 185,485 contracts. During the same period, net inflows into U.S. spot-listed ETFs exceeded $3 billion. This unusual phenomenon indicates that investors are shifting towards pure long strategies rather than the previously common spot-futures arbitrage model.

James Van Straten explained that since the ETF's listing in January this year, institutional investors primarily adopted a spot-futures arbitrage strategy, holding both long positions in ETFs and short positions in futures to earn the spread. Currently, the CME's three-month futures annualized basis remains at a substantial level of 16%, far exceeding the U.S. 10-year Treasury and Ethereum staking yields, but investors seem more inclined to directly bet on Bitcoin's upward trend through ETFs.

Bernstein: Net Inflows into Ethereum Spot ETFs May Drive ETH Performance Above Other Cryptocurrencies

Bernstein stated in a research report on Monday that Ethereum (ETH) has underperformed Bitcoin (BTC) this year, but the reversal in fund inflows into Ethereum ETFs may indicate that this period of underperformance could be coming to an end.

On Friday, BlackRock's spot Ethereum ETF saw inflows of $250 million, while its spot Bitcoin ETF only saw inflows of $137 million. This creates a favorable supply-demand dynamic for ETH.

Bernstein pointed out that staking yields could be another driving force for Ethereum. The initial Ethereum spot ETFs did not include staking rewards due to regulatory restrictions.