Cryptocurrency ETF Weekly | Last week, the US Bitcoin spot ETF had a net outflow of $144 million; Nasdaq submitted the 21Shares SUI ETF 19b-4 form to the SEC
The SEC questions the legality of the Ethereum and Solana staking ETFs submitted by REX.整理：Jerry，ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Outflow of $144 Million
Last week, the US Bitcoin spot ETF experienced a two-day net outflow, totaling $144 million, with a total net asset value of $12.615 billion.
Seven ETFs were in a net outflow state last week, with outflows mainly from ARKB, FBTC, and GBTC, which saw outflows of $281 million, $198 million, and $134 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Inflow of $285 Million
Last week, the US Ethereum spot ETF had a continuous net inflow for four days, totaling $285 million, with a total net asset value of $9.45 billion.
The inflow last week mainly came from BlackRock's ETHA, with a net inflow of $205 million. A total of two Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 430.34 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 430.34 Bitcoins, with a net asset value of $50.9 million. The issuer, Harvest Bitcoin, saw its holdings decrease to 301.85 Bitcoins, while Huaxia increased to 2,910 Bitcoins.
The Hong Kong Ethereum spot ETF had no fund inflow, with a net asset value of $5.864 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of May 30, the nominal total trading volume of US Bitcoin spot ETF options was $1.34 billion, with a nominal total long/short ratio of 3.15.
As of May 29, the nominal total open interest of US Bitcoin spot ETF options reached $16.36 billion, with a nominal total open interest long/short ratio of 1.99.
The market's short-term trading activity for Bitcoin spot ETF options has slightly decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 48.01%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
US SEC Questions Legality of REX's Ethereum and Solana Staking ETFs
According to Bloomberg, the US SEC has expressed doubts about the Ethereum and Solana staking ETFs launched by REX Shares and Osprey Funds, suggesting they may not comply with the definitions of investment companies and ETFs under the Securities Act.
The US SEC stated that these funds may have "incorrectly submitted registration statements," and that "the disclosures regarding these funds' status as investment companies may be misleading."
Greg Collett, General Counsel of REX Financial, stated, "We believe we can satisfy the SEC on the investment company issue, and we do not intend to launch the funds until we do so."
REX Shares and Osprey Funds Submit Application to US SEC for Ethereum and Solana Staking ETFs
According to The Block, REX Shares and Osprey Funds have submitted an application to the US SEC to launch Ethereum and Solana staking ETFs. The new ETH and SOL funds will "invest at least 80% of their net assets in their respective reference assets," namely ETH and SOL. Each fund will also invest "at least 50% of its holdings" in these cryptocurrencies. These funds will operate as "regular C corporations" for US federal income tax purposes, rather than as "regulated investment companies" like spot Bitcoin and Ethereum ETFs.
Canary Staked CRO ETF Files S-1 Application for Listing
According to official documents, the Canary Staked CRO ETF has submitted an S-1 registration statement to the US SEC, planning to list on an exchange.
The ETF aims to gain exposure to the price of CRO by holding Cronos (CRO) and participating in transaction validation on the Cronos POS chain, while also earning additional CRO rewards. The ETF's net asset value (NAV) will be calculated based on the market price of CRO.
US SEC Launches Further Review Process for WisdomTree XRP Spot ETF
According to official documents, the US SEC announced that the "public comment" phase for the WisdomTree XRP spot ETF has ended and that it has "initiated further review procedures," without directly approving or rejecting it.
The SEC officially accepted WisdomTree's XRP ETF application on February 19, 2025, and initiated the public comment period, which has now concluded. The SEC has the authority to extend the review period by up to 240 days, with a final decision expected by the end of October 2025 at the latest.
Nasdaq Submits 21Shares SUI ETF 19b-4 Form to US SEC
According to official documents, Nasdaq has submitted the 19b-4 form for the 21Shares SUI ETF to the US SEC.
The ETF aims to calculate its net asset value daily based on the SUI USD reference price compiled by CF Benchmarks, without using leverage or derivatives, and will only hold spot SUI, with custody provided by BitGo and Coinbase Custody. This trust product will allow institutions to invest in SUI through traditional brokerage accounts, providing investors with a more transparent and compliant access path.
It is reported that the 19b-4 form is a document required by the US SEC for trading platforms to submit for rule changes or new product listings. The ETF issuer submits a registration statement to the SEC, and the trading platform must apply to the SEC via the 19b-4 document to allow the ETF to be listed on its platform, demonstrating compliance with listing rules (such as liquidity, transparency, etc.). The ETF can only be listed on the trading platform after SEC approval.
Views and Analysis on Crypto ETFs
Glassnode: Average Loss of 21% for Ethereum ETF Investors
According to CoinTelegraph, crypto analytics firm Glassnode reported on May 29 that investors in BlackRock and Fidelity's spot Ethereum ETFs have an average unrealized loss of about 21%.
The current price of Ethereum is $2,601, while BlackRock's spot Ethereum ETF has a cost basis of $3,300, and Fidelity's is even higher at $3,500.
Bloomberg ETF Analyst: Low Volatility Rise of IBIT Attracts Larger Capital Inflows
Bloomberg senior ETF analyst Eric Balchunas tweeted, "The low volatility rise of IBIT is attracting larger capital inflows. IBIT's 90-day rolling volatility is declining and has never been this low. This low volatility combined with price increases is attracting large investors who prefer 'digital gold' over 'tech stocks.' This also explains why IBIT has attracted inflows far exceeding the average levels of other ETFs over the past six weeks."
According to CoinDesk, Bitcoin entered a consolidation phase after reaching an all-time high of $110,000 in May. Market data shows that the put/call skew for BlackRock's spot Bitcoin ETF (IBIT) has risen from -3.8 two weeks ago to nearly zero, indicating a weakening expectation for continued price increases.
Data from the derivatives platform Deribit shows that the premium advantage for short-term call options has disappeared, with the prices of call and put options set to expire in the next two weeks tending to equalize. As of the time of writing, Bitcoin is quoted at $108,860.
