Cryptocurrency ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $589 million; the net outflow of Ethereum spot ETFs in the U.S. was $80.3 million
Amplify ETFs launches ETFs focused on stablecoins and tokenization.整理：Jerry，ChainCatcher
Last Week's Cryptocurrency Spot ETF Performance
U.S. Bitcoin Spot ETF Net Outflow of $589 Million
Last week, the U.S. Bitcoin spot ETF experienced a net outflow over four days, totaling $589 million, with a total net asset value of $11.383 billion.
Eight ETFs were in a net outflow state last week, with outflows primarily from IBIT, FBTC, and GBTC, which saw outflows of $242 million, $110 million, and $72.8 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $80.3 Million
Last week, the U.S. Ethereum spot ETF experienced a net outflow over three days, totaling $80.3 million, with a total net asset value of $1.786 billion.
The outflow last week was primarily from Grayscale's ETHE, with a net outflow of $47.6 million. Four Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Sees No Inflows
Last week, the Hong Kong Bitcoin spot ETF saw no inflows, with a net asset value of $33.2 million. The issuer, Harvest Bitcoin, reduced its holdings to 291.2 BTC, while Huaxia maintained 2,410 BTC.
The Hong Kong Ethereum spot ETF saw a net inflow of 293.15 ETH, with a net asset value of $9.581 million.
Data Source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of December 26, the nominal total trading volume of U.S. Bitcoin spot ETF options was $683 million, with a nominal total trading long-short ratio of 2.62.
Market activity for Bitcoin spot ETF options has decreased in the short term, with overall sentiment leaning bullish.
Additionally, the implied volatility was 44.93%.
Data Source: SoSoValue
Overview of Last Week's Cryptocurrency ETF Dynamics
Amplify ETFs Launches ETFs Focused on Stablecoins and Tokenization
According to CoinDesk, Amplify ETFs has launched two new ETFs, providing investors with opportunities to invest in companies behind stablecoins and tokenized assets, as well as cryptocurrencies.
These two new ETFs are the Amplify Stablecoin Technology ETF (STBQ), which tracks the MarketVector Stablecoin Technology Index and holds 24 types of assets, primarily providing exposure to XRP, SOL, ETH, and LINK; and the Amplify Tokenization Technology ETF (TKNQ), which focuses on the digitalization of physical assets, tracking the MarketVector Tokenization Technology Index and holding 53 types of assets.
Both funds are listed and traded on the NYSE Arca.
Data: Franklin Templeton's XRP Spot ETF Holdings Exceed 100 Million for the First Time
Franklin Templeton has officially updated the holdings data for its XRP spot ETF, which has now surpassed 100 million XRP for the first time, reaching 101,552,283.62 XRP (custodied by Coinbase Custody), with a market value of $192,683,271.89.
Additionally, the total net asset size of the ETF is currently $183.41 million, with a current number of outstanding shares at 8,900,000.
Views and Analysis on Cryptocurrency ETFs
Sonic: ETF Issued Only When S Price Exceeds $0.5, Capped at $50 Million
Sonic Labs has released an announcement updating its ETF token allocation execution plan. Previously, the Sonic community authorized a maximum of $50 million worth of S tokens for potential U.S. listed ETFs to facilitate entry into the regulated U.S. market. However, after the proposal was passed, due to the overall weakening market environment and the significant decline in S price, Sonic Labs decided to postpone execution, during which no related tokens were minted to avoid increasing supply at unfavorable price levels.
The announcement states that if the original plan were executed at current prices, it would require issuing over 600 million S tokens, which clearly deviates from the original intent of the governance proposal. Therefore, this plan will not be adopted. To better align with the interests of token holders, Sonic Labs has clarified new execution constraints: S tokens will only be minted for ETF allocations when the S price exceeds $0.5, corresponding to a maximum of 100 million tokens; the total token value is strictly capped at $50 million, with a preference for issuing fewer tokens at higher price levels; any execution deviating from these conditions will not occur.
Sonic Labs also emphasized that the S tokens used for the ETF will be locked within regulated products and will not enter secondary market circulation, nor will they increase market selling pressure. The team stated that U.S. listed ETFs remain a long-term strategic focus, aiming to provide compliant Sonic exposure for institutional investors, and any future adjustments will continue to be communicated clearly through governance processes.
Glassnode posted on social media that since early November, the 30-day moving average (30D-SMA) of net inflows for Bitcoin and Ethereum ETFs has turned negative and continues to this day. This persistence indicates that institutional investors are in a phase of low participation and partial exit, further confirming the overall trend of liquidity contraction in the cryptocurrency market.
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