Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $70.2 million; the net inflow for Ethereum spot ETFs in the U.S. was $312 million
VanEck plans to launch a BNB ETF, with the code VBNB.Organizer: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Inflow of $70.2 Million
Last week, the US Bitcoin spot ETF saw a net inflow for five consecutive days, totaling $70.2 million, with total assets under management reaching $11.939 billion.
Four ETFs were in a net inflow state last week, with inflows primarily from FBTC, GBTC, and BTC, which saw inflows of $230 million, $16.3 million, and $8.9 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Inflow of $312 Million
Last week, the US Ethereum spot ETF experienced a net inflow for four consecutive days, totaling $312 million, with total assets under management reaching $1.915 billion.
The inflow last week primarily came from BlackRock's ETHA, which had a net inflow of $257 million. All four Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 18.81 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 18.81 Bitcoins, with total assets under management reaching $33.9 million. The holdings of the issuer, Harvest Bitcoin, decreased to 291.56 Bitcoins, while Huaxia's holdings dropped to 2,300 Bitcoins.
The Hong Kong Ethereum spot ETF had no capital inflow, with total assets under management at $9.817 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of November 26, the nominal total trading volume of US Bitcoin spot ETF options was $3.24 billion, with a total long-short ratio of 6.17.
As of November 26, the nominal total open interest of US Bitcoin spot ETF options reached $30.34 billion, with a total long-short ratio of 1.88.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility stood at 52.00%.
Data Source: SoSoValue
Overview of Crypto ETF Developments Last Week
Pandora Ethereum ETF to List on HKEX on December 3, Directly Holds ETH
Licensed virtual asset management service provider Pandora officially announced that its Ethereum ETF will list on the Hong Kong Stock Exchange on December 3, with the stock code 3085.HK. This ETF directly holds Ethereum and is benchmarked against the CME CF Ethereum USD Index (Asia-Pacific closing price). Hong Kong investors can use existing securities accounts to trade through cash or physical redemption methods, with a trading unit of 100 shares and a minimum subscription amount of HKD 850.
CoinShares Withdraws SEC Filing for Staking Solana ETF
Asset management company CoinShares withdrew its application for a staking Solana exchange-traded fund (ETF) submitted to the US Securities and Exchange Commission (SEC) on Friday.
According to the filing with the SEC, the proposed fund's structured transactions and asset acquisitions were never completed, stating: "This registration statement is intended to register shares related to a transaction that ultimately did not complete. No shares are being sold under this registration statement, nor will any shares be sold."
Bitwise Updates Its Spot Avalanche ETF Application to Include Staking Feature
According to CoinDesk, Bitwise updated its application for the spot Avalanche ETF with the SEC, changing the ETF's code to BAVA and setting the sponsorship fee rate at 0.34%, currently the lowest among similar products.
In comparison, VanEck's Avalanche ETF has a fee rate of 0.4%, while Grayscale's is 0.5%. The updated S-1 application also states that the trust will be allowed to stake up to 70% of its AVAX holdings on Avalanche's proof-of-stake network to earn additional tokens. However, the issuer is considering deducting 12% of the earnings as fees, with the remainder distributed to shareholders.
As competitors have not yet launched staking services, their fees are limited to sponsorship fees. Bitwise is also offering a full fee waiver for the first month for the first $500 million in assets, aiming to position BAVA as the lowest-cost way for traditional investors to gain exposure to Avalanche and earn staking income.
Nasdaq Applies to SEC to Increase BlackRock Bitcoin ETF Options Limit to 1 Million Contracts
According to Cointelegraph, Nasdaq has submitted an application to the SEC to increase the options limit for BlackRock's IBIT to 1 million contracts, the maximum level permitted by regulators.
SEC's New Guidelines May Accelerate Crypto ETF Approval Process
The SEC has released new guidelines that could accelerate the approval timeline for crypto exchange-traded funds (ETFs). These updates were issued following a prolonged government shutdown that resulted in a backlog of over 900 pending registration filings.
The SEC published technical guidelines outlining how issuers can advance ETF applications under Section 8(a) and Section 461 of the Securities Act of 1933. Key changes that could expedite the approval process include the SEC's approval of a general listing standard for commodity trust shares for Nasdaq, Cboe BZX Exchange, and NYSE Arca on September 17, 2025. This eliminates the need for each eligible crypto ETP (Exchange-Traded Product) to obtain separate approval under Section 19(b).
For filings submitted during the government shutdown, the guidelines confirm that registration statements without delay provisions will automatically take effect 20 days later under Section 8(a). The new SEC directives allow issuers to choose automatic effectiveness or formally request accelerated effectiveness under Rule 461 for quicker listing.
Bitwise Launches DOGE Spot ETF on NYSE, Code BWOW
According to The Block, Bitwise has officially launched the Bitwise Dogecoin ETF (code: BWOW) on the New York Stock Exchange, providing a compliant investment channel for Dogecoin (DOGE) holders.
Grayscale Submits S-3 Filing for Zcash ETF
According to official documents, Grayscale Zcash Trust (ZEC) submitted an S-3 registration statement to the SEC in 2025, with document number 333-291800.
The trust company is headquartered in Stamford, Connecticut, primarily engaged in commodity contract brokerage and trading (SIC code: 6221).
Franklin Templeton Submits Prospectus for Solana Spot ETF to SEC, Fee Rate of 0.19%
According to SolanaFloor monitoring, Franklin Templeton has submitted its prospectus for a Solana spot ETF to the SEC, with a fee rate of 0.19%, the lowest among Solana spot ETFs, and waiving fees for the first $5 billion in assets under management (AUM). The ETF is expected to launch soon.
Crypto asset management company Bitwise Asset Management plans to list the Bitwise Dogecoin ETF (NYSE: BWOW) today, and has released details about the ETF: currently, BWOW holds 16,429,836.05 Dogecoins (custodied by Coinbase Custody), with a market value of $2,499,996.71 and a management fee rate of 0.34%.
Bitwise stated that if BWOW's AUM reaches $500 million, management fees will be waived for one month (whichever comes first).
Franklin Templeton Submits Form 8-A for Solana ETF to SEC
According to market news, Franklin Templeton has submitted Form 8-A for the Franklin Solana ETF to the SEC, a key step typically taken before a product's official launch.
Usually, trading begins the day after such documents are submitted.
Texas Crypto Reserve Takes Key Step, Allocates $5 Million to BlackRock Bitcoin Spot ETF
According to Coindesk, Texas has taken a key step in building a state-level crypto reserve. Officials revealed that the state has invested $5 million in BlackRock's Bitcoin ETF, even though the Texas Strategic Bitcoin Reserve Plan is still in preparation.
The state has recently solicited industry opinions on establishing a compliance plan for Bitcoin reserves and allocated $10 million through legislation earlier this year. After completing the final steps, Texas is expected to become the first state government in the US to seriously initiate long-term investments in crypto assets. A spokesperson for the state auditor's office confirmed on Tuesday that $5 million has been allocated to the BlackRock iShares Bitcoin Trust as a transitional measure before establishing a custody contract.
VanEck Plans to Launch BNB ETF, Code VBNB
According to SEC documents, VanEck Digital Assets plans to launch the VanEck BNB ETF, which is a spot ETF aimed at directly holding BNB tokens and tracking their price performance, net of trust operating expenses. It is expected to list on Nasdaq under the code VBNB.
The trust will assess its asset value daily based on the MarketVector BNB Index and has not yet engaged in any staking activities. VanEck stated that if staking occurs in the future, it will be completed through a third-party staking service provider, with prior notice to investors. The trust is not regulated under the Investment Company Act of 1940 or by the Commodity Futures Trading Commission (CFTC), and investment risks are high, potentially leading to total loss. Previously, Van Eck Associates Corporation purchased seed shares totaling $100,000. Market news indicates that the VANECK BNB ETF is registered in Delaware.
Grayscale Discloses XRP ETF Details: Holdings Exceed 6 Million, AUM Approximately $11.6 Million
Digital asset management company Grayscale has officially disclosed details about its XRP ETF, with the Grayscale XRP Trust ETF (GXRP) currently holding a total of 6,017,179.9823 XRP tokens, with assets under management of approximately $11.673 million and a circulating share count of 310,100.
All XRP assets of this ETF are custodied by Coinbase Custody.
Grayscale Discloses Dogecoin ETF Details: Current Dogecoin Holdings Approximately 11.37 Million
Digital asset management company Grayscale has officially disclosed details about its Dogecoin ETF, with the Grayscale Dogecoin Trust ETF (GDOG) currently holding a total of 11,136,681.421 Dogecoin tokens, with assets under management of approximately $1.546 million. All Dogecoin assets of this ETF are custodied by Coinbase Custody.
Franklin Templeton's XRP ETF Approved for Listing on NYSE Arca, Trading Code XRPZ
According to Cryptobriefing, Franklin Templeton's XRP ETF has been approved for listing on NYSE Arca and has been formally certified to the SEC.
The fund will trade under the code XRPZ, with an annual fee rate of 0.19% of net asset value. Franklin plans to waive fees for the first $5 billion in assets until May 31, 2026. Earlier, Canary Capital and Bitwise Asset Management had launched spot XRP ETFs earlier this month.
Views and Analysis on Crypto ETFs
BlackRock's Bitcoin spot ETF IBIT experienced a net outflow of $2.34 billion in November, with approximately $463 million flowing out on November 14 and about $523 million on November 18, both setting new single-day outflow records. Its business development director, Cristiano Castro, stated that the $2.34 billion outflow is normal, and BlackRock remains confident in its long-term outlook.
The Bitcoin spot ETF has become one of BlackRock's most important sources of revenue, with its rapid growth surprising many. The outflow in November was merely due to previously strong demand. Cristiano Castro told reporters, "The spot ETF is a very liquid and powerful tool, designed to allow investors to flexibly allocate capital and manage cash flow. What we are seeing now is completely normal—any asset experiences this phenomenon during price corrections, especially in a tool with a high retail investor ratio." With Bitcoin returning above $90,000 on Thursday, IBIT investors have accumulated unrealized gains of approximately $3.2 billion, successfully offsetting losses incurred during the previous Bitcoin correction.
Analysis: BlackRock IBIT Holders Return to Profit, ETF Selling Pressure May Slow
According to Cointelegraph, holders of BlackRock's spot Bitcoin ETF IBIT returned to profitability after Bitcoin rose above $90,000, indicating a potential shift in sentiment among one of the key investor groups driving the market this year.
Arkham data shows that holders of the largest spot Bitcoin fund, BlackRock's IBIT, have accumulated profits of $3.2 billion. Arkham stated, "Holders of BlackRock IBIT and ETHA had a combined profit of nearly $40 billion at their peak on October 7, which fell to $630 million four days ago. This means that the average cost of all IBIT purchases is nearly flat." As ETF holders are no longer under pressure, the pace of selling for Bitcoin ETFs may continue to slow. The situation has significantly improved since the recorded net outflow of $903 million on November 20.
Singapore crypto investment firm QCP Capital analyzed that Bitcoin stabilized after a slight rebound, and this rise seems to be related to improved risk sentiment rather than specific drivers in the crypto sector, while the stock market has also seen a slight increase. The market currently expects an 85% chance of a rate cut in December. Inflation remains stubbornly high, and labor market data continues to be weak, including rising unemployment rates.
Federal Reserve officials have slightly tilted their balance towards easing. Given the lack of other important economic data this week, the market's focus will shift to the unemployment claims and ADP employment report to be released later this week. Credit default swaps (CDS) related to AI and tech credit spreads continue to widen, indicating that investors are reassessing the dominant macro drivers of the market.
Crypto ETFs continue to record net outflows, with several digital asset products facing liquidation. Currently, most products are trading below $1 per unit of net asset value, reflecting an increase in market risk aversion. As Strategy's Bitcoin reserves approach breakeven, and its stock is placed on the MSCI delisting watchlist, the Strategy issue has come back into focus.
As the year-end approaches, Bitcoin faces the dual impact of negative capital flows and supportive options structures. Correlation with AI-related stocks has increased, while the fear and greed index has decreased. Demand for downside protection remains high, although open interest still leans towards bullish options, both positions and implied volatility have decreased.
If Bitcoin rebounds to around $95,000, it may encounter ETF-related selling pressure, reinforcing its range-bound trend. After a recent sharp decline, the $80,000 to $82,000 range remains a key support level. The crypto market continues to serve as a barometer for overall market risk appetite, with macro drivers firmly controlling market direction.
QCP: Bitcoin May Face ETF-Related Selling Pressure Around $95,000, Key Support at $80,000 to $82,000
QCP analyzed that BTC is currently stabilizing at high levels around $90,000, with improved market risk sentiment and a 85% expectation for a rate cut in December. However, macro signals remain complex, with inflation still high and labor data weak.
Warning signals have emerged in the AI credit sector, with widening credit default swaps (CDS) raising concerns about rising accounts receivable and inventory for Nvidia. The capital flow trends in cryptocurrencies show a similar pattern: continued outflows from ETFs, with most products trading below net asset value. MicroStrategy's strategy is under scrutiny again, as its BTC holdings approach breakeven, and its stock is placed on the MSCI delisting watchlist.
The options market reflects cautious sentiment, with increased correlation between Bitcoin and AI stocks, and a decline in the fear and greed index. Technically, Bitcoin may encounter ETF-related selling pressure around $95,000, with key support remaining in the $80,000 to $82,000 range.
Analyst: ETF Inflows Provide Buying Support for BTC, Recent Selling Mainly from Short-Term Holders
According to The Block, BRN's research director Timothy Misir stated that ETF inflows have provided the first meaningful buying support in recent days, helping Bitcoin maintain its fragile accumulation range between $84,000 and $90,000.
"Inflows have begun to provide support, but it cannot be called decisive," Misir said. He pointed out that on-chain pressure remains high, with about one-third of Bitcoin supply still in a loss state. "Long-term holders and institutions are still selectively increasing their positions, while recent selling mainly comes from short-term holders."
Additionally, Misir noted that macro signals remain complex— including the US Producer Price Index (PPI) meeting expectations— leaving the Federal Reserve's policy path still unclear. "Inflation data has neither forced the Fed to accelerate rate cuts nor required it to maintain a tough stance. The market must price in the possibility of both directions this week," Misir said.
Wintermute founder Evgeny Gaevoy commented on X regarding "BlackRock's large BTC and ETH transfers to Coinbase," stating: "This is actually a very lagging indicator. The selling has already occurred in the ETFs. On-chain transfers by market makers often reflect the same situation."
Bloomberg ETF analyst Eric Balchunas stated on social media that "the short positions in IBIT have decreased significantly, although they were initially not high, only accounting for 2% of the circulating shares, but are now almost back to levels before the April surge. S3 Partners noted that traders typically short when stock prices strengthen and cover when they decline, incorporating all ETFs for reference in their analysis."
Bloomberg ETF Analyst: XRP and LINK Spot ETFs Expected to Launch Within This Week
Bloomberg ETF analyst Eric Balchunas stated on social media that five spot cryptocurrency ETFs will launch within the next six days.
In addition to Grayscale's GDOG, there are also Grayscale and Franklin's XRP spot ETFs, as well as Bitwise's Dogecoin ETF and Grayscale's LINK spot ETF. Exact numbers cannot be provided yet, but it is expected that over 100 cryptocurrency ETFs will continue to be supplied in the next six months.
Citi: Each $1 Billion Redemption from Bitcoin ETFs Will Weigh Down Prices by About 3.4%
According to Bloomberg, US-listed Bitcoin ETFs have seen a cumulative outflow of $3.5 billion this month, nearing the record monthly outflow of $3.6 billion set in February 2024. Among them, BlackRock's IBIT fund had redemptions as high as $2.2 billion, accounting for 60%, potentially marking the fund's worst monthly performance since its launch.
The capital outflow has intensified downward pressure on Bitcoin, with prices dipping to $80,553 at one point. Citi Research estimates that each $1 billion redemption will weigh down (spot) prices by about 3.4%, and vice versa.
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