Crypto ETF Weekly Report | Last week, U.S. Bitcoin spot ETFs saw a net inflow of $253 million; The U.S. Ethereum spot ETF saw a net inflow of $326 million

Organized: Jerry, ChainCatcher

Crypto spot ETF performance last week

U.S. Bitcoin spot ETFs saw a net inflow of $253 million

Last week, the U.S. Bitcoin spot ETF had a three-day net inflow, with a total net inflow of $253 million and a total net asset value of $150.70 billion.

Last week, the three ETFs were in a state of net inflows, mainly from IBIT, BITB, and BTC, with inflows of US$188 million, US$62.3 million, and US$30.6 million, respectively.

Source: Farside Investors

The U.S. Ethereum spot ETF saw a net inflow of $326 million

Last week, the U.S. Ethereum spot ETF saw net inflows for four consecutive days, with a total net inflow of $326 million and a total net asset value of $23.38 billion.

Last week's inflows were mainly from Fidelity FETH, with a net inflow of $109 million. All 9 Ethereum spot ETFs are in a state of net inflows.

Source: Farside Investors

There are no inflows into the Hong Kong Bitcoin spot ETF

Last week, Hong Kong Bitcoin spot ETFs saw no inflows, with a net asset value of $497 million. Among them, issuer Harvest Bitcoin's holdings fell to 292.92, and Huaxia dropped to 2,290.

The Hong Kong Ethereum spot ETF saw a net inflow of 403.88 ETH, with a net asset value of US$94.52 million.

Source: SoSoValue

Crypto spot ETF options performance

As of August 8, the total notional turnover of U.S. Bitcoin spot ETF options was $1.69 billion, with a notional total long-short ratio of 2.09.

As of August 7, the total notional holdings of U.S. Bitcoin spot ETF options reached $26.84 billion, with a notional total long-short ratio of 1.71.

The market's short-term trading activity for Bitcoin spot ETF options has increased, and the overall sentiment is bullish.

Additionally, the implied volatility is 40.97%.

Source: SoSoValue

A glance at the dynamics of crypto ETFs over the last week

Harvard University holds a $117 million Bitcoin ETF, surpassing Google's parent company

According to The Block, according to a position report disclosed on August 8, the Harvard portfolio held $117 million worth of BlackRock Bitcoin ETF (IBIT) at the end of the second quarter, ranking fifth in size, surpassing its $114 million holdings of Google's parent company Alphabet shares.

According to the data, BlackRock's Bitcoin ETF currently has $84 billion in assets under management. The Michigan Retirement System disclosed its holdings of $11 million in the ARK 21Shares Bitcoin ETF during the same period.

SBI Holdings has denied reports of applying for a dual Bitcoin-XRP ETF

According to Cointelegraph, Japanese financial services giant SBI Holdings has denied media reports that it has submitted an application for a crypto asset ETF. Previously, it was reported that the company intends to apply for a "double gold + crypto ETF" and a "double bitcoin + XRP ETF", but SBI said that it is currently only in the planning stage and has not yet formally submitted an application to the regulator.

According to SBI, Japan's Financial Services Agency (FSA) proposed to include specific crypto assets in the regulatory framework of the Financial Instruments and Exchange Act (FIEA) in June, so ETF applications will be made after the relevant legal amendments are completed, and the timeline has not yet been determined. Future applications will be handled by SBI Global Asset Management, which initially targets individual investors to promote the popularization of alternative investments.

ProShares launches ETF 'ProShares Ultra CRCL' to track Circle stock

According to businesswire, exchange-traded fund provider ProShares announced the launch of "ProShares Ultra CRCL", an ETF that tracks Circle stocks, which is reportedly the first ETF product launched by ProShares to track a single stock.

Data shows that Circle's market capitalization has grown nearly fivefold since its listing on the New York Stock Exchange in June this year.

Trivest Advisors, a Hong Kong asset management institution, disclosed that it holds more than $90 million in BlackRock Bitcoin ETF shares

According to Cointelegraph, Hong Kong-based asset manager Trivest Advisors disclosed that it holds more than $90 million in BlackRock Bitcoin spot ETF (IBIT) shares.

The CBOE filed an application seeking to allow the VanEck Ethereum ETF to be staked

According to official information from the Chicago Board Options Exchange (CBOE), Cboe BZX has filed a 19b-4 filing with the U.S. Securities and Exchange Commission requesting that the VanEck Ethereum ETF be allowed to stake ETH through trusted staking providers to earn rewards as income.

SBI Holdings has applied to launch an ETF product investing in XRP and Bitcoin in Japan

According to BeInCrypto, Japanese financial services company SBI Holdings has submitted two crypto-related exchange-traded fund (ETF) applications to Japan's Financial Services Agency (FSA).

The first fund is a crypto asset ETF that will invest directly in XRP and Bitcoin, providing investors with pure crypto asset exposure. The second fund is the Digital Gold Crypto ETF, which combines gold-backed securities and digital currencies, of which more than 50% of the funds will be allocated to the gold ETF, aiming to balance the growth potential of crypto assets with the stability of gold.

If approved, the two ETFs are planned to be listed and traded on the Tokyo Stock Exchange. This move reflects SBI's long-term confidence in XRP and Bitcoin and could drive institutional adoption and regulatory recognition for Japanese crypto assets.

The Michigan Pension Fund increased its holdings in Ark Bitcoin ETF during the second quarter, valued at approximately $10.7 million

According to a disclosed U.S. Securities and Exchange Commission (SEC) filing, the Michigan Pension Fund held 300,000 shares of the ARK 21 Shares Bitcoin ETF (ARKB) (with a position value of approximately $10.7 million) as of June 30, an increase from the previous report of 100,000 shares reported on March 31.

Aggr News: BlackRock says it has no plans to file an XRP or SOL ETF at this time

Opinions and analysis on crypto ETFs

Bloomberg analyst: BlackRock launches Solana spot ETF at the same time as other issuers is unfair

According to Cointelegraph, Bloomberg analyst James Seifat believes that "it is unfair for BlackRock to launch a Solana (SOL) spot ETF at the same time as other issuers." "In June 2024, VanEck filed for the first SOL spot ETF in the United States, followed suit by smaller issuers such as Bitwise, Grayscale, and Invesco, who had previously engaged in long-term negotiations with the U.S. Securities and Exchange Commission (SEC) and prepared relevant documents," he explained. It would be unfair for BlackRock to step in at the last minute and launch a SOL spot ETF at the same time. ”

Seifat also added, "Since Bitcoin and Ethereum account for about 90% of the crypto market capitalization, BlackRock is more likely to launch a crypto index product that bundles various cryptocurrencies other than Bitcoin and Ethereum rather than applying for a SOL spot ETF." ”

Former President of The ETF Store: BlackRock may file an XRP ETF application after the Ripple lawsuit is resolved

Nate Geraci, an ETF expert who is the former president of The ETF Store and now president of NovaDius Wealth Management, posted on the X platform that BlackRock is expected to submit an XRP ETF application to the U.S. Securities and Exchange Commission to diversify its cryptocurrency ETF portfolio after the Ripple appeal case is resolved.

However, Nate Geraci specifically clarified that he is willing to take responsibility if he predicts wrong, but he admits that it is meaningless to ignore crypto assets other than Bitcoin and Ethereum, otherwise it is like telling the market that only BTC and ETH are valuable.

Previously, both the US SEC and Ripple lawsuits abandoned their appeals, and the relevant rulings remained unchanged.

Standard Chartered: Ethereum Treasury is now "very worth investing in" and outperforms US spot Ethereum ETFs

According to The Block, Geoffrey Kendrick, head of global digital asset research at Standard Chartered Bank, said that Ethereum treasury companies are "very worth investing in" today and are more attractive to investors than US spot Ethereum ETFs. The Ethereum treasury company's net asset value (NAV) multiple — that is, market capitalization divided by the value of ETH held — is currently "starting to normalize" and is expected to remain above 1, making it a better investment than U.S. spot ETH ETFs. "I don't think there's a reason for the NAV multiple to be below 1 because I think these companies offer investors an opportunity for regulatory arbitrage," Kendrick said. "With the normalization of NAV multiples, Ethereum Treasury companies can provide better opportunities for Ethereum price appreciation, staking yields, and growth per share of ETH than U.S. spot ETH ETFs – which are currently unable to participate in staking or decentralized finance (DeFi).

Kendrick noted that since June, Ethereum treasury managers have purchased 1.6% of all ETH in circulation, which is comparable to the rate at which ETH ETFs were purchased during the same period. The update came in his report last week, when he predicted that ETH Money Management could grow to 10% of all ETH in circulation — equivalent to 10 times its holdings at the time.

Arkham: ETF issuers have recently sold BTC, while Bitcoin treasury companies have continued to increase their holdings

According to Arkham's post on the X platform, ETF issuers including Fidelity, Grayscale, and Ark have recently begun to sell BTC, such as Fidelity leaked 2,965 BTC yesterday, and BlackRock also transferred 2,544 BTC to Coinbase Prime, suspected of selling operations.

At the same time, a number of institutional-grade Bitcoin treasury companies continued to increase their holdings, including Nasdaq-listed Empery Digital, Strategy, H 100, Metaplanet, etc.

Bloomberg analysts: Crypto ETFs doubled inflows into other categories in July, and small-cap stocks performed at the bottom

Bloomberg ETF analyst Eric Balchunas said on the X platform that if you look at specific ETF categories, crypto ETFs saw twice as much inflows in July as other ETF categories. In addition, small-cap stocks ranked at the bottom.

Bloomberg analyst: Bitcoin spot ETF volatility has dropped significantly since its launch and is now less than twice that of gold

Eric Balchunas, a senior analyst at Bloomberg ETFs, posted on the X platform that Bitcoin ETF's volatility has dropped significantly since its listing. The 90-day rolling volatility fell below 40 for the first time, while the ETF was above 60 when it was listed. For comparison, combined with GLD's data, Bitcoin volatility is now less than 2x that of gold, compared to more than 3x in the past.