Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was $769 million
REX-OSPREY Solana staking ETF's first-day trading volume reached 33 million dollars.Organizer: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
U.S. Bitcoin Spot ETF Net Inflow of $769 Million
Last week, the U.S. Bitcoin spot ETFs saw a net inflow over three days, totaling $769 million, with total assets under management reaching $137.6 billion.
Eight ETFs experienced net inflows last week, primarily from IBIT, FBTC, and ARKB, which saw inflows of $336 million, $248 million, and $160 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $219 Million
Last week, the U.S. Ethereum spot ETFs had a net inflow over four days, totaling $219 million, with total assets under management reaching $10.83 billion.
The inflow last week mainly came from BlackRock's ETHA, which saw a net inflow of $99.4 million. Three Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 18.97 Bitcoins
Last week, the Hong Kong Bitcoin spot ETFs experienced a net outflow of 18.97 Bitcoins, with total assets under management reaching $45.1 million. The holdings of the issuer, Harvest Bitcoin, decreased to 293.41 Bitcoins, while Huaxia's holdings fell to 2,220 Bitcoins.
The Hong Kong Ethereum spot ETF saw a net inflow of 361.01 Ethereum, with total assets under management of $5.457 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of July 3, the nominal total trading volume of U.S. Bitcoin spot ETF options reached $1.12 billion, with a nominal total long-short ratio of 3.11.
As of July 2, the nominal total open interest of U.S. Bitcoin spot ETF options reached $18.47 billion, with a nominal total long-short ratio of 2.06.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility stands at 43.93%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
IBIT has now become BlackRock's third highest income ETF, standing out among 1,197 funds
According to Bloomberg senior ETF analyst Eric Balchunas, IBIT has now become BlackRock's third highest income ETF, standing out among a total of 1,197 funds, just $9 billion away from the top spot.
This is another remarkable achievement for an ETF that has only been around for 1.5 years (essentially still in its infancy). The attached image shows the top ten funds by income under BlackRock.
Data: REX-OSPREY Solana Staking ETF's first-day trading volume reached $33 million
According to data provided by Bloomberg ETF analyst Eric Balchunas, the first Solana staking ETF (REX-OSPREY SOLANA ETF) SSK reached a trading volume of $33 million yesterday, significantly outperforming Solana futures ETFs, XRP futures ETFs, and the average performance of regular ETFs, but still below the trading volume levels of Bitcoin and Ethereum spot ETFs.
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has suspended the plan for Grayscale's Digital Large Cap Fund to convert into an exchange-traded fund (ETF) and has placed it under further review.
The fund was originally planned to be listed on the NYSE Arca platform as a spot ETF covering multiple assets, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), XRP, and Cardano (ADA).
BlackRock's IBIT annual fee income has surpassed that of its S&P 500 Index ETF IVV
According to Fortune's statistics, BlackRock's iShares Bitcoin Trust ETF (ticker: IBIT), with a size of approximately $75 billion, has attracted significant funds from both institutional and retail investors, with inflows occurring for all but one month over the past 18 months.
Based on Bloomberg's rough calculations as of July 1, the fund's expense ratio is 0.25%, with estimated annual fee income of $187.2 million. This figure is slightly higher than the $187.1 million of BlackRock's iShares Core S&P 500 ETF (IVV), which is nearly nine times the size of IBIT, with assets of approximately $624 billion and an expense ratio of only 0.03%.
Bloomberg analyst James Seyffart stated on X platform that the first SOL staking exchange-traded fund REX-Osprey SOL + Staking ETF (SSK) had a good start after listing, with a trading volume of about $8 million in the first 20 minutes.
Anchorage Digital appointed as REX-Osprey SOL spot ETF equity partner and custodian
According to The Block, federally chartered digital asset bank Anchorage Digital has been appointed as the exclusive custodian and equity partner for the newly launched REX-Osprey Solana + Staking ETF.
Unlike the numerous spot BTC and ETH ETFs registered under the 1933 Act recently, the new REX-Osprey ETF is governed by the stricter Investment Company Act of 1940. This distinction means that qualified custodians must hold the assets, and Anchorage Digital is currently the only federally regulated bank authorized to both custody and stake digital assets. The ETF provides direct exposure to SOL and returns staking yields to investors.
Bitwise CIO: Ethereum ETFs saw cumulative inflows of $1.17 billion in June
Bitwise CIO Matt Hougan stated that Ethereum ETFs saw inflows of $1.17 billion in June and are expected to accelerate significantly in the second half of the year. If this trend continues, the inflow scale for Ethereum ETFs in the second half could reach $10 billion.
According to Cryptoslate, public companies purchased a total of 245,510 Bitcoins in the first half of 2025, more than double the amount purchased by ETFs (118,424 BTC) during the same period.
This figure from the beginning of the year to now represents a 375% increase compared to the 51,653 BTC purchased by companies in the first half of 2024. In contrast, ETF purchases have decreased by 56%, with ETFs purchasing as much as 267,878 BTC when they were launched in early 2024.
Since each share of an ETF is backed by actual Bitcoin, the number created usually reflects demand from retail investors, hedge funds, and registered investment advisors. In contrast, corporate purchases reflect direct strategic decisions made by management. Therefore, this widening gap indicates that boards of directors are increasingly confident in Bitcoin as a reserve asset, comparable to the enthusiasm of retail and institutional investors.
Among them, the company "Strategy" alone purchased 135,600 BTC, accounting for 55% of all public company purchases. In the same period in 2024, this company accounted for 72% of corporate purchases. This indicates that by 2025, corporate demand for Bitcoin is no longer concentrated in a single leading company but has significantly diversified.
Italian bank UniCredit launches a five-year capital-protected product linked to Bitcoin ETFs
According to Bloomberg, Italian banking giant UniCredit SpA announced that it will offer an innovative structured product linked to BlackRock's iShares Bitcoin Trust ETF, providing 100% capital protection. This five-year product is denominated in U.S. dollars and aims to allow investors to participate in the digital asset market while avoiding risks.
According to documents released by Bitcoin Magazine, well-known design software company Figma recently disclosed that it holds nearly $70 million in Bitcoin exchange-traded funds (ETFs). Additionally, the company has been approved to purchase an additional $30 million in Bitcoin. This move demonstrates Figma's ongoing interest and investment in cryptocurrencies in its asset allocation.
U.S. SEC is working on establishing general listing standards for cryptocurrency ETFs
According to crypto journalist Eleanor Terrett, the U.S. Securities and Exchange Commission is collaborating with various trading platforms to establish general listing standards for cryptocurrency ETFs, which are currently in the early stages.
Sources indicate that under this framework, if a particular token meets the established standards, the issuer can skip the 19b-4 application process and directly submit an S-1 registration statement, allowing it to be listed on trading platforms after a 75-day waiting period.
According to Bloomberg, Italian Unicredit Bank will offer a structured product linked to BlackRock's Bitcoin spot ETF for its professional clients. It plans to issue a five-year U.S. dollar-denominated investment certificate linked to the Bitcoin spot ETF, which will provide 100% capital protection at maturity, as confirmed by the bank's memorandum.
The memorandum states that the ETF's maximum return cap is 85% of performance, with a minimum investment threshold of $25,000.
The first Solana Staking ETF will begin trading on July 2
The first Solana staking ETF (REX-Osprey Solana + Staking ETF, ticker $SSK) will begin trading on July 2. This ETF not only provides investment opportunities in Solana (SOL) but also generates native staking yields through a unique regulatory structure, distinguishing it from traditional ETFs. It operates as a Class C company, avoiding regulatory challenges related to staking, providing investors with a compliant way to earn staking yields. The issuance is coordinated with the SEC and may set a precedent for similar products on other PoS blockchains.
Solana's price has risen over 5% due to expectations surrounding the ETF launch, but it faces resistance from SOL unlocks and token sell-off pressures. The launch of this ETF represents regulatory and structural innovation, and its success could lead to more applications related to PoS networks, pushing digital assets into mainstream portfolios and blurring the lines between on-chain and off-chain finance.
U.S. SEC delays decision on Bitwise Ethereum ETF staking proposal
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on Bitwise's Ethereum ETF staking proposal and announced a new round of review while soliciting public comments. Previously, Bitwise proposed to add staking functionality to its Ethereum ETF, allowing investors to participate in network security and earn rewards by locking up Ethereum. Bitwise believes this could enhance investor returns without changing the ETF structure.
However, the SEC has expressed concerns about the investment risks and potential conflicts of interest that staking may bring, stating that any modifications must ensure investor protection and fair trading. The SEC issued a statement on June 30, indicating the need for further assessment of the impact of staking on investors and establishing a public comment period.
Currently, Bitwise's Ethereum ETF will remain unchanged, holding only spot Ethereum. This decision may impact the staking functionality of similar ETFs in the future. If approved, other fund management companies may also attempt to add staking features. Additionally, Rex-Osprey CEO Gregory King stated that its Solana staking ETF is expected to launch on July 2.
SEC approves conversion of Grayscale Digital Large Cap Fund to ETF
Views and Analysis on Crypto ETFs
Bloomberg senior ETF analyst Eric Balchunas commented on the SEC's move to establish general listing standards for cryptocurrency ETFs, stating, "(This is) reasonable, and it's why we are so optimistic (that the approval rate for most cryptocurrencies could be as high as 95%). The question is, what will the standards be? We believe these standards may be lenient enough that the vast majority of the top 50 cryptocurrencies could be ETF-ified."
Bloomberg analyst: U.S. SEC may approve multiple altcoin ETFs in the second half of 2025
Bloomberg ETF analyst James Seyffart released a prediction regarding the approval probability of crypto spot ETFs by the end of 2025, indicating that a wave of new ETF approvals is expected in the second half of 2025. Among them, LTC, SOL, and XRP have a 95% approval probability, while DOGE, HBAR, Cardano, Polkadot, and Avalanche are expected to have a 90% approval probability. SUI is expected to have a 60% approval probability, while Tron/TRX and Pengu are expected to have a 50% approval probability.
Analyst: U.S. SEC has a very high probability of approving XRP and LTC spot ETFs this year
Bloomberg ETF analysts James Seyffart and Eric Balchunas (whose previous predictions have been very accurate) believe that the U.S. Securities and Exchange Commission (SEC) has a 95% probability of approving LTC and XRP spot ETFs this year.
Crypto financial services platform Matrixport analyzed on the X platform that Bitcoin is testing recent resistance levels, but the market's reaction has been relatively muted. Although ETF funds continue to flow in and U.S. stocks are reaching new highs driven by retail investors, Bitcoin's upward momentum remains limited, with a weak trend.
As summer approaches, market activity tends to cool down, and such consolidation patterns are not uncommon during this time of year. Meanwhile, expectations regarding Federal Reserve policies are also changing. As more officials begin to question whether the inflation brought by tariffs is sustainable, expectations for interest rate cuts are rising, and the Fed's stance is gradually turning dovish.
In this context, traders' attention may no longer be fixated on the progress of tariff negotiations but may shift to closely following stock market rhythms. The strong performance of U.S. stocks has become a barometer, and the incremental funds brought in by ETFs through Wall Street may become an important driving force for a new round of Bitcoin price increases.
Risk warning
Risk warning
