Crypto ETF Weekly Report | Last week, US Bitcoin spot ETF net inflows of US$13.7 million; US SEC delays approval of Grayscale Ethereum spot ETF staking function
Reprinted from chaincatcher
04/22/2025·27DCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin spot ETF net inflow of US$13.7 million
Last week, US Bitcoin spot ETFs had a net inflow of three days, with a total net inflow of US$13.7 million and a total net asset value of US$94.51 billion.
Last week, six ETFs were in a net outflow, mainly from IBIT, BITB and BTC, with inflows of US$186 million, US$23.8 million and US$12.3 million respectively.
Source: Farside Investors
US Ethereum spot ETF net outflow of US$32.3 million
Last week, U.S. Ethereum spot ETFs experienced net outflows in three days, with a total net outflow of US$32.3 million and a total net asset value of US$5.27 billion.
The outflow last week was mainly from Grayscale ETHE, with a net outflow of $18.8 million. There are 3 Ethereum spot ETFs with no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF No capital inflow
Last week, Hong Kong Bitcoin spot ETF had no capital inflows and its net asset value reached US$347 million. Among them, the issuer Jiashi Bitcoin held by the number of Bitcoin fell to 302.59, while Huaxia maintained at 2160.
Hong Kong Ethereum spot ETF has no capital flow and its net asset value is US$32.04 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of April 17, the nominal total transaction volume of US Bitcoin spot ETF options was US$618 million, and the nominal total transaction ratio was 1.23.
As of April 16, the total nominal holdings of US Bitcoin spot ETF options reached US$12.73 billion, and the total nominal holdings reached 1.94.
The market's trading activity against Bitcoin spot ETF options has declined in the short term, and overall sentiment is bullish.
In addition, the implied volatility is 52.65%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
According to The Defiant, the U.S. Securities and Exchange Commission (SEC) has postponed its physical subscription and redemption resolution on spot Bitcoin and Ethereum ETFs for WisdomTree and VanEck until June 3, 2025. Physical transactions involve direct exchange of underlying assets such as Bitcoin and Ethereum, not cash. New York Stock Exchange Arca and Cboe BZX are exchanges related to these proposals.
Canada will launch Solana ETF this week to support pledge services
According to Cointelegraph, according to Bloomberg analyst Eric Balchunas, several spot Solana ETFs in Canada will be officially launched on April 16 and are expected to provide SOL staking services. The Ontario Securities Commission (OSC) has approved asset management companies such as Purpose, Evolve, CI and 3iQ to issue related ETFs.
This launch marks Canada's first layout of the altcoin ETF track. At present, the United States has not approved any crypto ETFs that support staking.
According to Decrypt, after the Hong Kong Securities Regulatory Commission (SFC) passed the new regulations on "allowing licensed institutions to provide pledge services", the Ethereum pledged ETF launched by Huaxia Fund (Hong Kong) in cooperation with OSL Digital Securities was approved and will be listed at the latest on May 15. The Ethereum staking ETF operates separately through the hosting of the licensed platform OSL and the node verification of the French staking service provider Kiln, and investors can indirectly obtain Ethereum staking income.
The Hong Kong Securities Regulatory Commission (SFC) released the "ASPIRe" roadmap last month, clearly put forward five pillars - Access, Safeguards, Products, Infrastructure and Relationships, with the goal of building a complete virtual asset ecosystem. Hong Kong's first Ethereum pledged ETF is scheduled to be launched on April 25. The Hong Kong government has approved two pledged encrypted ETFs in a row within three months, and the regulatory framework is gradually becoming internationally competitive.
VanEck plans to launch crypto stock tracking ETF
VanEck plans to launch an actively managed trading platform trading fund (ETF) after receiving approval from the U.S. Securities and Exchange Commission, which will track digital asset stocks, according to CoinDesk.
Matthew Sigel, head of digital assets research at VanEck, said the VanEck Onchain Economy ETF (NODE) will target 30 to 60 stocks. The management fee is 0.69%.
The fund's stock will cover areas such as cryptocurrency trading platforms, miners, data centers, energy infrastructure, semiconductors, hardware, traditional financial infrastructure, consumption/games, asset management companies and "balance sheet holders". The maximum 25% exposure of NODE will be invested in cryptocurrency trading platform trading products (ETPs).
Canary Capital Apply for pledged TRX ETF from the US SEC
According to The Block, Canary Capital submitted registration application documents for the Canary pledged TRX ETF to the U.S. Securities and Exchange Commission (SEC) on Friday local time.
In addition to the TRX ETF, Canary Capital also plans to launch multiple cryptocurrency ETF products, including ETFs related to Pengu, Sui, Hedera and Litecoin.
US SEC delays approval of Grayscale Ethereum spot ETF staking function
Perspectives and analysis on encrypted ETFs
Analyst: XRP spot ETF may be easier to obtain US SEC approval than other assets
Kaiko analysts believe that improvements in market dynamics and the launch of leveraged products last week put XRP ahead of other assets in obtaining SEC spot ETF approval, with May 22 being the next important date to be paid attention to as the SEC must respond to Grayscale spot XRP ETF application by that date .
Matrixport released its latest report saying that net inflows from Bitcoin ETFs are only slightly above zero, despite strong performance at the beginning of the year, recording nearly $5.5 billion inflows.
This phenomenon is quite surprising, as Bitcoin outperformed U.S. technology stocks this year, and gold also hit an all-time high. It is worth noting that the total net inflow of Bitcoin ETFs is US$35.5 billion, of which BlackRock accounts for US$39.6 billion and Fidelity accounts for US$11.4 billion, and the two together account for the vast majority of the shares.
In contrast, inflows from other ETF issuers are relatively limited. This suggests that current buying is more likely to come from a specific institutional client base than driven by a wide range of retail funding – if it were the latter, capital inflows would be more evenly distributed among individual ETF providers.
