Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was $1.023 billion; the South Korean Financial Services Commission is developing a roadmap for the launch of virtual asset ETFs
VanEck's planned Solana spot ETF has been registered with DTCC under the code VSOL.Organizer: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
U.S. Bitcoin Spot ETF Net Inflow of $1.023 Billion
Last week, the U.S. Bitcoin spot ETF saw a net inflow for five consecutive days, totaling $1.023 billion, with a total net asset value of $126.54 billion.
Three ETFs were in a net inflow state last week, with inflows mainly from IBIT, BITB, and BTC, which saw inflows of $1.231 billion, $29.9 million, and $14.9 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $40.3 Million
Last week, the U.S. Ethereum spot ETF had a net inflow over four days, totaling $40.3 million, with a total net asset value of $9.6 billion.
The inflow last week mainly came from BlackRock's ETHA, with a net inflow of $48.2 million. A total of three Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 224.78 BTC
Last week, the Hong Kong Bitcoin spot ETF experienced a net outflow of 224.78 BTC, with a net asset value of $43.8 million. The holdings of the issuer, Harvest Bitcoin, decreased to 301.53 BTC, while Huaxia's holdings dropped to 2230 BTC.
The Hong Kong Ethereum spot ETF saw a net outflow of 820.88 ETH, with a net asset value of $5.523 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of June 20, the nominal total trading volume of U.S. Bitcoin spot ETF options was $1.02 billion, with a nominal total long-short ratio of 4.60.
As of June 18, the nominal total open interest of U.S. Bitcoin spot ETF options reached $14.8 billion, with a nominal total long-short ratio of 2.08.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 44.87%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
South Korea's Financial Services Commission is Developing a Roadmap for Virtual Asset ETFs
According to Bitcoin News, market sources indicate that South Korea's Financial Services Commission is developing a roadmap for virtual asset ETFs, expected to be launched in the second half of this year.
Crypto Asset Management Firm 3iQ Launches 3iQ XRP ETF
According to CoinDesk, crypto asset management firm 3iQ has launched the 3iQ XRP ETF (XRPQ) on the Toronto Stock Exchange (TSX), with a management fee rate of 0% for the first six months. Users can invest through registered accounts in Canada, and listing on the TSX will allow global qualified investors to participate, subject to local regulations.
SEC Initiates Public Comment Process for Franklin's XRP and Solana Spot ETF Proposals
According to a U.S. SEC announcement, a public comment process has been initiated for Franklin Templeton's XRP and Solana spot ETF proposals. The two ETFs are intended to be listed on the Cboe BZX exchange, with the latest review deadline extended to the end of July, and may be further extended. The SEC stated that this move does not represent a conclusion and encourages all parties to submit opinions.
VanEck's Planned Solana Spot ETF Registered with DTCC, Code: VSOL
According to CryptoSlate, VanEck's planned Solana (SOL) spot ETF has been registered with the U.S. Depository Trust & Clearing Corporation (DTCC), with the code VSOL, marking a step closer to its official launch. The ETF still requires regulatory and exchange approval.
Previously, several U.S. asset management firms submitted Solana ETF applications to the SEC and submitted a revised registration statement in mid-June. Bloomberg analysts expect approval as early as three to five weeks, potentially launching in July. VanEck has not yet announced the official trading date for VSOL.
Purpose XRP ETF Approved to Launch on June 18 on the Toronto Stock Exchange
Purpose Investments Inc.'s Purpose XRP ETF has received approval from the Ontario Securities Commission (OSC) for its prospectus receipt, and the ETF is expected to begin trading on June 18 on the Toronto Stock Exchange, trading under the code XRPP. This ETF provides direct exposure to spot XRP.
Following this approval, Purpose will continue to broaden investors' access to digital assets through regulated and transparent investment tools.
U.S. SEC Confirms Receipt of Truth Social's Spot Bitcoin ETF Filing
U.S. SEC Delays Decision on Franklin's Staked Spot Ethereum ETF Application
Truth Social Has Submitted Its S-1 Form for Bitcoin and Ethereum Spot ETFs
Coinshares Submits S-1 Form for Spot Solana ETF
Views and Analysis on Crypto ETFs
Bloomberg analysts Eric Balchunas and James Seyffart have raised the probability of approval for the vast majority of spot crypto ETFs to 90% or higher, considering the U.S. SEC's positive interactions as an important signal. However, the specific approval or launch timing remains uncertain, potentially within the next month or two, or possibly waiting until after October; timing is not crucial, but approval is.
Matrixport: Bitcoin ETFs Attract Over $45 Billion, but Market Faces Hidden Selling Pressure
Matrixport's latest weekly report indicates that Bitcoin ETFs have cumulatively attracted over $45 billion in inflows, with stable corporate allocation demand and growing institutional interest. However, despite the strong inflow into ETFs, the market still faces hidden selling pressure risks, especially when Bitcoin prices approach the average retail holding cost over the past year (around $45,000), which may present potential selling pressure and pose some resistance to upward movement.
The report also notes that some funds that flowed into Bitcoin ETFs in Q2 2024 are still in a loss position, suggesting that market structural adjustments may continue in the short term, with the key being whether Bitcoin can break through the existing range and drive a new round of capital inflows.
Viewpoint: SOL ETF Launch Unlikely to Trigger a Selling Wave, While LTC ETF May Face the Opposite
According to The Block, digital asset brokerage and research firm K33 states that with the U.S. Securities and Exchange Commission (SEC) becoming more favorable towards cryptocurrencies, new spot altcoin ETFs may be approved in the coming months, providing investors with some attractive long-short strategy opportunities.
Currently, eight institutions have submitted applications for spot Solana (SOL) ETFs, and the SEC has proactively contacted asset management firms, requesting them to include staking provisions in their updated application documents. K33 analyst Lunde points out that this indicates increased regulatory engagement and raises the likelihood that Ethereum and Solana ETFs may include staking features. Additionally, there are ETF applications for other crypto assets (such as LTC, XRP, and DOGE) besides Solana.
Lunde mentions that when Bitcoin and Ethereum ETFs were launched, a so-called "Grayscale Effect" occurred—where Grayscale's trust funds converted to ETFs saw a significant amount of holdings flood the market, leading to over 50% of assets under management being sold within 200 days. However, for potential new ETF assets, Grayscale's situation is different. Unlike XRP and Dogecoin, Grayscale's Solana and Litecoin trusts have been trading on the open market, making them a more direct reference.
Lunde states that Grayscale's Solana trust has never traded at a discount since its launch in 2023 and only holds 0.1% of the total SOL supply, thus presenting a lower market sell-off risk. In contrast, Grayscale's Litecoin trust frequently trades at a discount, holding 2.65% of the total LTC supply, and has faced discount pressure again after recent physical subscriptions. Furthermore, only Canary Capital and CoinShares have applied for Litecoin ETFs, suggesting that market liquidity may be low, making it difficult to absorb potential selling pressure.
Lunde believes that the structure of the Solana ETF is clearer, while the Litecoin product may face outflows similar to GBTC and ETHE after conversion. Therefore, a trading strategy that goes long on SOL while shorting LTC may be attractive, especially if both are launched simultaneously.
