Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was $13.7 million; the SEC delayed the approval of Grayscale's Ethereum spot ETF staking feature
Canary Capital applies to the U.S. SEC for a staking TRX ETF.Organizer: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Inflow of $13.7 Million
Last week, the US Bitcoin spot ETF had a net inflow over three days, totaling $13.7 million, with total assets under management reaching $94.51 billion.
Last week, six ETFs experienced net outflows, with inflows primarily from IBIT, BITB, and BTC, which saw inflows of $186 million, $23.8 million, and $12.3 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Outflow of $32.3 Million
Last week, the US Ethereum spot ETF experienced a net outflow over three days, totaling $32.3 million, with total assets under management reaching $5.27 billion.
The outflow last week was primarily from Grayscale's ETHE, which had a net outflow of $18.8 million. A total of three Ethereum spot ETFs had no capital movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF with No Capital Inflow
Last week, the Hong Kong Bitcoin spot ETF had no capital inflow, with assets under management reaching $34.7 million. The holdings of the issuer, Harvest Bitcoin, decreased to 302.59 BTC, while Huaxia maintained 2160 BTC.
The Hong Kong Ethereum spot ETF had no capital movement, with assets under management at $3.204 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of April 17, the nominal total trading volume of US Bitcoin spot ETF options was $618 million, with a nominal total long-short ratio of 1.23.
As of April 16, the nominal total open interest of US Bitcoin spot ETF options reached $12.73 billion, with a nominal total long-short ratio of 1.94.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 52.65%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
SEC Delays WisdomTree and VanEck Spot Bitcoin and Ethereum ETF Physical Trading Decision to June 3
According to The Defiant, the US Securities and Exchange Commission (SEC) has postponed the decision on the physical creation and redemption of WisdomTree and VanEck's spot Bitcoin and Ethereum ETFs to June 3, 2025. Physical trading involves directly exchanging underlying assets such as Bitcoin and Ethereum, rather than cash. The New York Stock Exchange Arca and Cboe BZX are the exchanges associated with these proposals.
Canada to Launch Spot Solana ETF This Week, Supporting Staking Services
According to Cointelegraph, multiple spot Solana ETFs in Canada are set to officially launch on April 16, with expected SOL staking services. The Ontario Securities Commission (OSC) has approved asset management companies such as Purpose, Evolve, CI, and 3iQ to issue the related ETFs.
This launch marks Canada's first move into the altcoin ETF space. Currently, the US has not approved any crypto ETFs that support staking.
According to Decrypt, after the Hong Kong Securities and Futures Commission (SFC) passed new rules allowing licensed institutions to provide staking services, the Ethereum staking ETF launched by Huaxia Fund (Hong Kong) in collaboration with OSL Digital Securities has been approved and is set to launch by May 15 at the latest. This Ethereum staking ETF operates through the custody of the licensed platform OSL and node verification by French staking service provider Kiln, allowing investors to indirectly earn Ethereum staking rewards.
The Hong Kong SFC released the "ASPIRe" roadmap last month, outlining five pillars: Access, Safeguards, Products, Infrastructure, and Relationships, aiming to build a complete virtual asset ecosystem. Hong Kong's first Ethereum staking ETF is scheduled to launch on April 25, with the government approving two staking crypto ETFs within three months, gradually establishing a competitive regulatory framework.
VanEck Plans to Launch Crypto Stock Tracking ETF
According to CoinDesk, VanEck plans to launch an actively managed exchange-traded fund (ETF) that will track stocks of digital assets after receiving approval from the US Securities and Exchange Commission (SEC).
Matthew Sigel, head of digital asset research at VanEck, stated that the VanEck Onchain Economy ETF (NODE) will aim to hold 30 to 60 stocks, with a management fee of 0.69%.
The fund's stocks will cover areas such as cryptocurrency trading platforms, miners, data centers, energy infrastructure, semiconductors, hardware, traditional financial infrastructure, consumer/gaming, asset management companies, and "balance sheet holders." NODE's maximum 25% exposure will be invested in cryptocurrency trading platform products (ETPs).
Canary Capital Applies to US SEC for Staking TRX ETF
According to The Block, Canary Capital submitted a registration application for the Canary Staking TRX ETF to the US Securities and Exchange Commission (SEC) on Friday local time.
In addition to the TRX ETF, Canary Capital plans to launch several cryptocurrency ETF products related to Pengu, Sui, Hedera, and Litecoin.
US SEC Delays Approval of Grayscale Ethereum Spot ETF Staking Feature
Views and Analysis on Crypto ETFs
Analyst: XRP Spot ETF May Be Easier to Obtain SEC Approval Than Other Assets
According to The Block, Kaiko analysts believe that improved market dynamics and the launch of leveraged products last week give XRP an edge in obtaining SEC approval for a spot ETF compared to other assets. May 22 is the next important date to watch, as the SEC must respond to Grayscale's spot XRP ETF application before that date.
Matrixport released a recent report stating that the net inflow of funds into Bitcoin ETFs is only slightly above zero, despite a strong performance at the beginning of the year, which saw inflows of nearly $5.5 billion.
This phenomenon is quite surprising, as Bitcoin has outperformed US tech stocks this year, while gold has also reached an all-time high. Notably, the total net inflow into Bitcoin ETFs is $35.5 billion, with BlackRock accounting for $39.6 billion and Fidelity for $11.4 billion, together making up the vast majority of the share.
In contrast, inflows from other ETF issuers are relatively limited. This indicates that the current buying pressure is more likely coming from specific institutional client groups rather than driven by widespread retail funds—if it were the latter, inflows would be more evenly distributed among various ETF providers.
