grayscale

According to SoSoValue data, during the last trading week (Eastern Time from June 22 to June 26), the Ethereum spot ETF had a net outflow of $273 million.The Ethereum spot ETF with the highest net outflow last week was the Blackrock ETF ETHA, with a weekly net outflow of $236 million, and the historical total net inflow for ETHA has reached $11.08 billion. Following that was the Grayscale Ethereum Trust ETH, with a weekly net outflow of $22.23 million, and the historical total net inflow for ETH has reached $1.83 billion. The Ethereum spot ETF with the highest net inflow last week was the Bitwise ETF ETHW, with a weekly net inflow of $557,000, and the historical total net inflow for ETHW has reached $385 million.As of the time of writing, the total net asset value of Ethereum spot ETFs is $8.38 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.42%, and the historical cumulative net inflow has reached $10.90 billion.

According to SoSoValue data, last week's trading days (Eastern Time from June 22 to June 26) saw a net outflow of $1.79 billion from Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net outflow last week was the Blackrock ETF IBIT, with a weekly net outflow of $1.303 billion, and the historical total net inflow for IBIT currently stands at $60.77 billion. Following that was the Fidelity ETF FBTC, with a weekly net outflow of $315 million, and the historical total net inflow for FBTC currently stands at $10.14 billion. The Bitcoin spot ETF with the highest net inflow last week was the Grayscale Bitcoin Trust BTC, with a weekly net inflow of $71.71 million, and the historical total net inflow for BTC currently stands at $2.38 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $72.82 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.08%, and the historical cumulative net inflow has reached $51.61 billion.

Grayscale Research's research director Zach Pandl stated that rather than raising the STRC preferred stock dividend yield by 50 basis points, it would be better to sell over $3 billion in Bitcoin to meet cash payment obligations and restore market confidence. As an institutional researcher, Zach Pandl publicly suggested that Strategy's sale of over $3 billion in BTC has certain indicative significance.If Strategy ultimately implements a large-scale sale, it will bring considerable selling pressure to the market and may weaken the narrative of companies continuously hoarding Bitcoin. This viewpoint also reflects market concerns about Strategy's capital structure and its heavy reliance on the sustainability of its Bitcoin balance sheet. Attention should be paid to Strategy's official response and whether there are actual Bitcoin transfers in its on-chain wallet.

According to on-chain analyst Yu Jin's monitoring, Grayscale HYPE Spot ETF (HYPG) deposited 1.77 million HYPE (114 million USD) into staking 5 hours ago.

According to Arkham monitoring, in the past 2 hours, Grayscale has deposited a total of 8,697 ETH into Coinbase Prime, worth approximately 13.77 million USD.

According to SoSoValue data, yesterday (Eastern Time June 25), the HYPE spot ETF had a total net inflow of $108 million in a single day.Among them, the Grayscale Hyperliquid Staking ETF (HYPG) had a net inflow of $113 million in a single day, with a historical total net inflow of $123 million.The Bitwise Hyperliquid ETF (BHYP) had a net outflow of $2.8204 million in a single day, with a historical total net inflow of $113 million.As of the time of publication, the total net asset value of the HYPE spot ETF is $314 million, with a net asset ratio of 2.24%, and the historical cumulative net inflow has reached $292 million.

According to SoSoValue data, yesterday (Eastern Time June 24), the total net outflow of Bitcoin spot ETFs was $469 million. The Bitcoin spot ETF with the highest net inflow yesterday was Grayscale Bitcoin Trust ETF BTC, with a net inflow of $23.5642 million, bringing the historical total net inflow of BTC to $2.385 billion. The Bitcoin spot ETF with the highest net outflow yesterday was Blackrock ETF IBIT, with a net outflow of $239 million, and the historical total net inflow of IBIT has reached $61.477 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $73.867 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.04%, and the historical cumulative net inflow has reached $52.747 billion.

Grayscale posted the current protocol revenue rankings of the top 15 on-chain applications, with Hyperliquid (HYPE) ranking first with $871 million in 12-month protocol revenue, followed by Pump.fun (PUMP, $459 million) and PancakeSwap (CAKE, $322 million).The accompanying image shows that some leading applications already have real cash flow and lower operating costs, but their current valuation multiples remain low. For example, the revenue multiples for projects like PUMP, CAKE, and METEORA are only 1x, AERO is 4x, and LDO is 3x.Grayscale stated that in the context of the CLARITY Act potentially advancing in the coming weeks, these on-chain applications with real revenue and relatively reasonable valuations may become attractive investment opportunities.

According to SoSoValue data, last week's trading days (Eastern Time June 14 to June 18) saw a net outflow of $10.05 million from Ethereum spot ETFs.The Ethereum spot ETF with the highest net outflow last week was Grayscale Ethereum Trust ETH, with a weekly net outflow of $8.8231 million, and the total historical net inflow for ETH currently stands at $1.86 billion. The second was Fidelity ETF FETH, with a weekly net outflow of $6.5701 million, and the total historical net inflow for FETH currently stands at $2.11 billion.The Ethereum spot ETF with the highest net inflow last week was Blackrock ETF ETHA, with a weekly net inflow of $13.2179 million, and the total historical net inflow for ETHA currently stands at $11.32 billion.As of the time of writing, the total net asset value of Ethereum spot ETFs is $9.3 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) reaching 4.51%, and the historical cumulative net inflow has reached $11.18 billion.

According to SoSoValue data, last week's trading days (Eastern Time June 14 to June 18) saw a net outflow of $227 million from Bitcoin spot ETFs.The Bitcoin spot ETF with the highest net outflow last week was Grayscale Bitcoin Trust GBTC, with a weekly net outflow of $156 million, bringing GBTC's total historical net outflow to $27.01 billion. The second was Ark & 21 Shares ETF ARKB, with a weekly net outflow of $50.1627 million, and ARKB's total historical net inflow currently stands at $1.2 billion.The Bitcoin spot ETF with the highest net inflow last week was Grayscale Bitcoin Mini Trust BTC, with a weekly net inflow of $14.9529 million, and BTC's total historical net inflow currently stands at $2.31 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $78.32 billion, with an ETF net asset ratio (market value as a percentage of total Bitcoin market value) reaching 6.19%, and the historical cumulative net inflow has reached $53.4 billion.

In response to recent community doubts about the Ethereum Foundation and the potential for a funding crisis, Grayscale Research Director Zach Pandl posted on the X platform, stating that in the long run, the current institutional adjustments being made by the Ethereum Foundation are positive for Ethereum for two main reasons: first, more development work will be transferred to commercial organizations, which can reduce the development responsibilities borne by the Foundation and may encourage more work to be driven by commercial entities, thereby improving the overall efficiency of the ecosystem; second, the structural adjustments help maintain Ethereum's core principles as a digital currency infrastructure, and a Foundation with clearer responsibilities and a more focused scope may be more beneficial in ensuring that Ethereum continues to adhere to the "CROPS" principles necessary for building a sound digital currency.If the Ethereum Foundation reduces its direct involvement in ecosystem development in the future and focuses on maintaining Ethereum's long-term core goals, it may help strengthen ETH's positioning as a decentralized digital asset infrastructure.

According to SoSoValue data, yesterday (Eastern Time June 17) the total net outflow of Ethereum spot ETFs was $29.3743 million.The Ethereum spot ETF with the highest single-day net outflow yesterday was Grayscale Ethereum Trust ETF ETH, with a single-day net outflow of $9.8926 million, and the historical total net inflow for ETH has reached $1.8556 billion. The second was Blackrock ETF ETHA, with a single-day net outflow of $8.9693 million, and the historical total net inflow for ETHA has reached $11.329 billion.As of the time of publication, the total net asset value of Ethereum spot ETFs was $9.576 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.54%, and the historical cumulative net inflow has reached $11.189 billion.

Grayscale Research released a report stating that it believes the fair value of the AAVE token could rise to around $175 within a year, with the current price of $75 being undervalued.The report pointed out that DeFi protocols have generated nearly $25 billion in fees since 2023, becoming an asset class that produces real income. Grayscale categorizes crypto assets on a spectrum from pure commodities to cash flow-driven assets, with AAVE, UNI, and SKY being closer to cash flow assets. The report noted that Aave's protocol revenue has grown over 6.6 times in the past three years, with an operating profit margin of about 50%. The report expects Aave to earn about $60 million in revenue by 2026, and based on a fintech company price-to-earnings ratio of 20-25 times, the current fair value market cap is estimated at $1.2-1.5 billion, corresponding to a token price of $80-100. If regulatory clarity accelerates the adoption of tokenized assets, the fair value of AAVE could rise to $175 within a year.Grayscale also pointed out that the accumulation of DeFi value is usually achieved through burning, buybacks, rebates, and staking, and that protocol revenue alone is insufficient to determine token value.

Grayscale Research's latest report shows that Aave, as the leading protocol in the DeFi lending space, currently has a reasonable valuation range for the AAVE token of $80 to $100.The report points out that Aave's protocol revenue is expected to grow more than 6.6 times from 2023 to 2025, with an operating profit margin of about 50%, and there is still room for further improvement as the scale expands. The Aave DAO treasury has reached a maximum of $360 million, providing ample capital for the protocol's development.Grayscale believes that the current price of AAVE at around $75 implies an annualized growth rate of about 9% over the next 10 years, which is a relatively conservative expectation. If Aave can achieve an annualized growth rate of 25%, the corresponding price could reach $227; if it reaches 35%, it could reach $444.However, the report also emphasizes that Aave's future performance will still depend on the competitive landscape of DeFi lending, regulatory clarity, and the advancement of stablecoin and RWA tokenization businesses.

According to SoSoValue data, yesterday (Eastern Time June 16), the total net inflow of Bitcoin spot ETFs was $10.0643 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of $16.3526 million, and the historical total net inflow of IBIT has reached $6.2197 billion.The second was Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3529 million, and the historical total net inflow of BTC has reached $2.313 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Grayscale ETF GBTC, with a single-day net outflow of $16.8051 million, and the historical total net outflow of GBTC has reached $26.992 billion.As of the time of publication, the total net asset value of Bitcoin spot ETFs is $82.062 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.22%, with a historical cumulative net inflow of $53.571 billion.

According to monitoring by Onchain Lens, Grayscale deposited 1,863 BTC into Coinbase, valued at approximately $123.66 million at current prices.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $64.0862 million. The Bitcoin spot ETF with the highest net inflow in a single day is Blackrock ETF IBIT, with a single-day net inflow of $66.4488 million, and the historical total net inflow of IBIT currently stands at $6.2181 billion. The second is Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $10.5999 million, and the historical total net inflow of BTC currently stands at $2.309 billion.The Bitcoin spot ETF with the highest net outflow in a single day is Grayscale ETF GBTC, with a single-day net outflow of $124 million, and the historical total net outflow of GBTC currently stands at $26.975 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $83.329 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.25%, with a historical cumulative net inflow of $5.356 billion.

According to SoSoValue data, the total net inflow for Ethereum spot ETFs is $22.5029 million. The Ethereum spot ETF with the highest single-day net inflow is the Blackrock ETF ETHA, with a single-day net inflow of $17.6189 million, and the historical total net inflow for ETHA has reached $11.321 billion. The second is the Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $3.1166 million, and the historical total net inflow for ETH has reached $1.868 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.036 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.58%, and the historical cumulative net inflow has reached $11.209 billion.

According to SoSoValue data, during the last trading week (Eastern Time from June 8 to June 12), the SOL ETF had a net outflow of $4.0574 million. The SOL spot ETF with the highest net outflow last week was the Bitwise ETF BSOL, with a weekly net outflow of $5.0892 million, and the historical total net inflow for BSOL has reached $889 million; followed by the Grayscale SOL Trust GSOL, with a weekly net outflow of $752,400, and the historical total net inflow for GSOL has reached $114 million.The SOL spot ETF with the highest net inflow last week was the Fidelity ETF FSOL, with a weekly net inflow of $1.3725 million, and the historical total net inflow for FSOL has reached $190 million.As of the time of writing, the total net asset value of SOL spot ETFs is $764 million, with an ETF net asset ratio (market value compared to the total market value of SOL) of 1.98%, and the historical cumulative net inflow has reached $1.12 billion.