Crypto ETF Weekly Report | The U.S. Bitcoin spot ETF saw a net inflow of $769 million last week
Finishing: Jerry, ChainCatcher
Last week's crypto spot ETF performance
The U.S. Bitcoin spot ETF saw a net inflow of $769 million
Last week, the US Bitcoin spot ETF saw a three-day net inflow, with a total net inflow of $769 million and a total net asset value of $137.60 billion.
Last week, 8 ETFs were in a state of net inflows, mainly from IBIT, FBTC, ARKB, with inflows of $336 million, $248 million, and $160 million, respectively.
Source: Farside Investors
The U.S. Ethereum spot ETF saw a net inflow of $219 million
Last week, the U.S. Ethereum spot ETF saw a four-day net inflow, with a total net inflow of $219 million and a total net asset value of $10.83 billion.
Last week's inflows came mainly from BlackRock ETHA, with a net inflow of $99.4 million. A total of 3 Ethereum spot ETFs have no liquids.
Source: Farside Investors
The Hong Kong Bitcoin spot ETF saw a net outflow of 18.97 BTC
Last week, the Hong Kong Bitcoin spot ETF saw a net outflow of 18.97 BTC, with a net asset value of $451 million. Among them, the issuer Harvest's bitcoin holdings fell to 293.41, and ChinaAMC fell to 2,220.
The Hong Kong Ethereum spot ETF saw a net inflow of 361.01 ETH, with a net asset value of $54.57 million.
Source: SoSoValue
Crypto spot ETF options performance
As of July 3, the total notional turnover of Bitcoin spot ETF options in the United States was $1.12 billion, and the notional total long-to-short ratio was 3.11.
As of July 2, the total notional position of Bitcoin spot ETF options in the United States reached $18.47 billion, and the total notional position ratio reached 2.06.
The market has seen increased trading activity on Bitcoin spot ETF options in the short term, and the overall sentiment is bullish.
In addition, the implied volatility is 43.93%.
Source: SoSoValue
A snapshot of last week's crypto ETFs
IBIT is now BlackRock's third-highest paying ETF, standing out of 1,197 funds
According to Eric Balchunas, senior ETF analyst at Bloomberg, IBIT has now become BlackRock's third highest-income ETF, standing out of its total 1,197 funds, just $9 billion away from reaching the top spot.
This is another amazing achievement for an ETF that is only 1.5 years old (and almost infancy). The attached chart shows BlackRock's top 10 funds by revenue.
Data: REX-OSPREY Solana Staking ETF Saw $33 Million in First-Day Trading
According to data provided by Bloomberg ETF analyst Eric Balchunas, the first Solana staked ETF (i.e., the REX-OSPREY SOLANA ETF) SSK reached $33 million in trading volume yesterday, far outperforming the average performance of Solana futures ETFs and XRP futures ETFs, as well as regular ETFs, but still below the trading volume levels of Bitcoin and Ethereum spot ETFs.
The SEC has suspended plans to convert grayscale digital large-cap funds into ETFs for further review
According to CoinDesk, the U.S. Securities and Exchange Commission (SEC) has suspended the conversion of Grayscale's Digital Large Cap Fund to an exchange-traded fund (ETF) and placed it under further scrutiny.
The fund was originally planned to be listed on the NYSE's Arca platform as a multi-asset spot ETF, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Cardano (ADA).
BlackRock's IBIT annual fee income has surpassed its S&P 500 ETF IVV
According to Fortune, BlackRock's approximately $75 billion iShares Bitcoin Trust ETF (ticker symbol: IBIT) has attracted a lot of money from both institutional and retail investors, with inflows all but one of the last 18 months.
Based on Bloomberg's rough calculations as of July 1, the fund had an expense ratio of 0.25% and an estimated annual fee income of $187.2 million. That's slightly higher than BlackRock's iShares Core S&P 500 Index ETF (IVV), which is nearly nine times the size of IBIT, with about $624 billion in assets and a fee of just 0.03%.
Bloomberg analysts: The first SOL pledged ETF traded about $8 million in the first 20 minutes of listing
James Seyffart, an analyst at Bloomberg, said in a post on Platform X: The first SOL-staking exchange-traded fund, REX-Osprey SOL + Staking ETF (SSK), got off to a good start with a trading volume of about $8 million in the first 20 minutes.
Anchorage Digital has been appointed equity partner and custodian of the REX-Osprey SOL spot ETF
Federally chartered digital asset bank Anchorage Digital has been appointed as the exclusive custodian and equity partner for the newly launched REX-Osprey Solana + Staking ETF, The Block reported.
Unlike the large number of spot BTC and ETH ETFs recently registered under the 1933 Act, the new REX-Osprey ETF is governed by the stricter Investment Company Act of 1940. This distinction means that qualified custodians must hold assets, and Anchorage Digital is currently the only federally regulated bank approved to custody and pledge digital assets at the same time. The ETF provides direct exposure to SOL and returns the staking yield to investors.
Bitwise CIO: Ethereum ETF accumulated $1.17 billion in inflows in June
According to Bitwise CIO Matt Hougan, Ethereum ETF inflows reached $1.17 billion in June and will accelerate significantly in the second half of the year, and if this trend continues, the inflow of Ethereum ETFs could reach $10 billion in the second half of the year.
Listed companies bought a total of 245,510 bitcoins in the first half of the year, more than double the amount purchased by ETFs in the same period
According to Cryptoslate, in the first half of 2025, listed companies bought a total of 245,510 BTC, more than double the number of ETF purchases (118,424 BTC) in the same period.
This year-to-date figure represents a 375% increase from the 51,653 BTC purchased by businesses in the first half of 2024. In contrast, ETF purchases have fallen by 56%, with a whopping 267,878 BTC purchased at the ETF's launch in early 2024.
Since each share of an ETF is backed by actual Bitcoin, the number of shares created typically reflects demand from retail investors, hedge funds, and registered investment advisors. The company's financial purchase reflects the direct strategic decision of the management. Therefore, the widening gap shows that the board's confidence in bitcoin as a reserve asset is growing, and it can already match the enthusiasm of retail and institutional investors.
Among them, "Strategy" alone bought 135,600 BTC, accounting for 55% of all listed companies. In the same period of 2024, the company accounted for 72% of total corporate purchases. This suggests that by 2025, corporate demand for Bitcoin will no longer be concentrated on a single leader company, but will be significantly diversified.
Italian bank UniCredit has launched a five-year principal-protected product linked to a Bitcoin ETF
According to Bloomberg, Italian banking giant UniCredit SpA has announced that it will offer professional clients an innovative structured product that is pegged to BlackRock's iShares Bitcoin Trust ETF and offers 100% capital protection. The five-year, USD-denominated product is designed to allow investors to participate in the digital asset market while avoiding risk.
Figma disclosed that it held nearly $70 million in Bitcoin ETFs and was approved to buy another $30 million in BTC
According to documents released by Bitcoin Magzine, Figma, a well-known design software company, recently disclosed that it has held nearly $70 million in Bitcoin exchange-traded funds (ETFs). In addition, the company was approved to purchase an additional $30 million in Bitcoin. The move demonstrates Figma's continued interest and investment in cryptocurrencies in asset allocation.
The SEC is working on a common listing standard for cryptocurrency ETFs
According to crypto journalist Eleanor Terrett, the SEC is working with exchanges to develop a common listing standard for crypto ETFs, which is still in its early stages.
According to the source, if a token meets the established criteria, the issuer can skip the 19b-4 application process, directly submit an S-1 registration statement, and wait 75 days for the exchange to list it.
UniCredit will provide clients with a structured product linked to the BlackRock Bitcoin Spot ETF
According to Bloomberg, UniCredit will provide its professional clients with a structured product linked to BlackRock's Bitcoin spot ETF. Its plan to issue a five-year dollar-denominated investment certificate pegged to a Bitcoin spot ETF that will provide 100% capital protection at maturity has been confirmed by the bank.
The ETF's maximum return is capped at 85% of performance, with a minimum investment threshold of $25,000, the memo said.
The first Solana Staking ETF will begin trading on July 2
The first Solana staking ETF (REX-Osprey Solana + Staking ETF, ticker symbol $SSK) will begin trading on July 2. The ETF not only offers a spot investment opportunity in Solana (SOL), but also earns native staking yield through a unique regulatory structure, unlike traditional ETFs. It operates as a Class C company, circumventing regulatory difficulties related to staking and providing investors with a way to earn staking income in compliance. The offering is coordinated by the SEC and may set a precedent for other similar PoS blockchain offerings.
The Solana price rose more than 5% in anticipation of an ETF listing, but faced headwinds such as SOL unlocking and token selling pressure. The ETF's launch represents a regulatory and structural innovation, and its success is likely to lead to more PoS network-related applications, pushing digital assets into mainstream portfolios and blurring the boundaries between on-chain and off-chain finance.
The SEC postponed its decision on the Bitwise Ethereum ETF staking proposal
The U.S. Securities and Exchange Commission (SEC) has postponed its decision on the Bitwise Ethereum ETF staking proposal and announced the launch of a new round of review while seeking public comment. Previously, Bitwise proposed to add a staking feature to its Ethereum ETF, which would allow investors to participate in network security and earn rewards by locking Ethereum. Bitwise believes that this can boost investor returns without changing the structure of the ETF.
However, the SEC is concerned about the investment risks and potential conflicts of interest that may arise from staking, and believes that any changes will need to ensure investor protection and fair trading. The SEC issued a statement on June 30 stating that it needs to further evaluate the impact of staking on investors and establish a public comment period.
For now, Bitwise's Ethereum ETF will remain the status quo and only hold spot Ethereum. This decision could have an impact on the staking function of similar ETFs in the future. If approved, other fund managers may also try to add staking. In addition, Rex-Osprey CEO Gregory King said that its Solana staking ETF is expected to launch on July 2.
The SEC acknowledges receipt of an amended application for the conversion of a grayscale digital large-cap fund into an ETF
The SEC approves the conversion of a grayscale digital large-cap fund into an ETF
Views and analysis on crypto ETFs
Analysts: SEC standards may be loose enough for the vast majority of the top 50 currencies to be ETFized
Commenting on "the SEC moving to develop a common listing standard for crypto ETFs," Eric Balchunas, senior ETF analyst at Bloomberg, said, "[It's] reasonable and why we're so bullish (most coins have a 95% approval rate)." The question is, what will the standard be? We think these criteria may be lenient enough that the vast majority of the top 50 coins can be ETFized. ”
Bloomberg analysts: The SEC may approve a number of altcoin ETFs in the second half of 2025
James Seyffart, an ETF analyst at Bloomberg, released a forecast for the approval probability of crypto spot ETFs by the end of 2025, saying that the second half of 2025 will usher in a new wave of ETF approvals. LTC, SOL, and XRP have a 95% chance of approval, and DOGE, HBAR, Cardano, Polkadot, and Avalanche are expected to pass 90% of the time. SUI is expected to pass with a 60% chance and Tron/TRX and Pengu with a 50% chance of passing.
Analysts: The probability that the SEC will approve XRP and LTC spot ETFs this year is extremely high
Bloomberg ETF analysts James Seyffart and Eric Balchunas (most of their previous forecasts have been very accurate) believe that there is a 95% chance that the U.S. Securities and Exchange Commission (SEC) will approve spot ETFs for LTC and XRP this year.
Matrixport: Traders' attention turns to the rhythm of the stock market, and the incremental money brought by ETFs may become the driving force behind Bitcoin's rally
Crypto financial services platform Matrixport pointed out in an analysis on the X platform that Bitcoin is testing the near-term resistance level, but the market reaction is relatively lukewarm. Although ETF funds continue to flow in, and U.S. stocks have also reached new highs driven by retail investors, Bitcoin's upward momentum is still limited and weak.
As we enter the summer, market activity tends to be deserted, and this kind of consolidation is not uncommon in the same period of the previous year. At the same time, market expectations for Fed policy are changing. As more officials begin to question the sustainability of tariff-induced inflation, expectations of rate cuts are heating up, and the Fed's tone is turning dovish.
Against this backdrop, traders' attention may shift away from the progress of tariff negotiations and instead to keep up with the pace of the stock market. The strong performance of U.S. stocks has become a bellwether, and the incremental money brought in by Wall Street through ETFs could be an important driver of Bitcoin's new rally.