Cryptocurrency ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $497 million; the net outflow of Ethereum spot ETFs in the U.S. was $643 million
Bitwise has submitted the Sui ETF registration documents.整理：Jerry，ChainCatcher
Last Week's Crypto Spot ETF Performance
U.S. Bitcoin Spot ETF Net Outflow of $497 Million
Last week, the U.S. Bitcoin spot ETF experienced a net outflow over four days, totaling $497 million, with a total net asset value of $11.487 billion.
Six ETFs were in a net outflow state last week, with outflows primarily from BITB, IBIT, and ARKB, which saw outflows of $115 million, $106 million, and $100 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $643 Million
Last week, the U.S. Ethereum spot ETF experienced a net outflow over three days, totaling $643 million, with a total net asset value of $1.821 billion.
The outflow last week primarily came from BlackRock's ETHA, with a net outflow of $558 million. Six Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 8.98 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF saw a net outflow of 8.98 Bitcoins, with a net asset value of $336 million. The holdings of the issuer, Harvest Bitcoin, decreased to 291.25 Bitcoins, while Huaxia increased to 2,410 Bitcoins.
The Hong Kong Ethereum spot ETF had no capital inflow, with a net asset value of $9.561 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of December 19, the nominal total trading volume of U.S. Bitcoin spot ETF options was $987 million, with a nominal total long-short ratio of 1.37.
As of December 18, the nominal total open interest of U.S. Bitcoin spot ETF options reached $32.51 billion, with a nominal total long-short ratio of 1.85.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 47.28%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
VanEck Submits Amendment for AVAX Spot ETF Application to the SEC
According to Cryptopolitan, VanEck has submitted an amendment to the U.S. Securities and Exchange Commission (SEC) for its spot AVAX (Avalanche) ETF application, which plans to trade under the ticker VAVX.
Bitwise Has Submitted Sui ETF Registration Documents
According to SEC disclosure documents, Bitwise Asset Management's Bitwise Sui ETF has officially submitted Form S-1 registration statement, document number 0001213900-25-123107, and was received by the SEC on the same day.
The S-1 document was submitted by Bitwise Sui ETF as the reporting entity and includes 16 materials such as the registration statement, trust agreement, trust certificate, and related fee documents. The reporting entity is registered in Delaware, with an office located in San Francisco, USA. This submission signifies that Bitwise has officially initiated the compliance registration process for the Sui-related ETF, pending SEC review and approval.
Canary Capital Submits S-1 Amendment for Staked INJ ETF to the SEC
According to CoinGape, Canary Capital has submitted an S-1 amendment for a staked INJ exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
The trust fund plans to list on the Cboe exchange, providing investors with exposure to the Injective spot price and additional returns obtained through staking programs. According to the application documents, U.S. Bancorp Fund Services will act as the transfer agent and cash custodian, while BitGo Trust Company has been selected as the custodian.
The Hong Kong Securities and Futures Commission (SFC) released its Q3 report for July to September 2025, disclosing that the total market value of virtual asset spot ETFs reached $920 million, up 217% since launch. The asset management scale of five tokenized money market funds reached HKD 5.387 billion (approximately USD 692 million), a 391% increase from the previous quarter.
Additionally, the Hong Kong SFC confirmed that the stamp duty exemption for transferring ETFs applies to tokenized ETFs, aiming to promote secondary market trading of tokenized ETFs and further expand market access for tokenized fixed income and currency products. Currently, licenses have been issued to 11 virtual asset trading platforms, and applications from eight virtual asset trading platform applicants are under review.
According to Businesswire, the New York Stock Exchange released its business highlights for 2025, disclosing that the exchange accounted for seven of the top ten IPOs of the year and paved the way for access to the cryptocurrency market.
This year, the NYSE listed Circle Internet Group, Inc. (NYSE: CRCL), Bullish (NYSE: BLSH), and Twenty One Capital, Inc. (NYSE: XXI), along with 25 digital asset ETFs, including: Grayscale CoinDesk Crypto 5 ETF (NYSE Arca: GDLC), Bitwise Solana Staking ETF (NYSE Arca: BSOL), Franklin XRP ETF (NYSE Arca: XRPZ), among others, becoming the preferred platform for cryptocurrency ETF trading in the U.S.
Additionally, the first closed-end crypto fund to be listed on a U.S. exchange, C1 Fund, also chose the NYSE.
Bitwise Submits Amendment for Its Hyperliquid ETF, May Be Coming Soon
Bloomberg ETF analyst Eric Balchunas posted on social media that Bitwise has just submitted an amendment for its Hyperliquid ETF, which includes new 8(a) clauses, a fee rate (0.67%), and a stock ticker (BHYP).
Typically, this indicates that the product is about to be launched.
Views and Analysis on Crypto ETFs
Bitwise CIO: Expected Record Inflows into Crypto ETFs Next Year
According to Decrypt, Bitwise Chief Investment Officer Matt Hougan stated that the development trajectory of crypto ETFs is "extremely optimistic," with some major brokerages starting to enter the market, and 2026 is expected to be a record year for inflows into crypto ETFs.
Additionally, the recent downturn in the crypto market is mainly due to "investors anticipating the upcoming four-year cycle and choosing to sell" and "the 1011 market crash." Once these negative factors dissipate, the market will rebound, with unique factors such as tokenization and institutional adoption becoming the main drivers of price, leading the cryptocurrency market to gradually mature based on its fundamentals.
Opinion: Hundreds of Crypto ETFs Will Launch, Concerns Arise as Coinbase Custodies 85% of Assets
According to Cryptoslate, the U.S. SEC approved a general listing standard for cryptocurrency ETPs last September, reducing the product launch time to 75 days. Bitwise predicts that over 100 crypto ETFs will launch in 2026, but Bloomberg senior analyst James Seyffart warns of a wave of liquidations.
The biggest risk lies in the high concentration of custody: Coinbase custodies the vast majority of crypto ETF assets, claiming to hold up to 85% of the global Bitcoin ETF share, posing a single point of failure risk. Additionally, authorized participants (APs) rely on a few platforms for pricing and borrowing, while altcoins struggle to hedge due to a lack of derivatives depth.
ETFs for mainstream coins like Bitcoin, Ethereum, and Solana will strengthen their dominant positions, but smaller funds face pressures such as liquidity exhaustion, persistent premiums/discounts, and fee wars. Analysts predict that the first wave of liquidations will occur from late 2026 to early 2027, with high-fee homogeneous products and niche index funds with asset sizes below $50 million being the most vulnerable. The general standard has addressed the issue of approval timeliness but has not resolved the liquidity dilemma.
Crypto KOL Pete Rizzo posted that Bitwise CEO Matt Hougan stated in an interview video that the amount of Bitcoin to be purchased by the upcoming $15 billion Bitcoin ETF will exceed the annual mining supply.
Risk warning
