Crypto ETF Weekly Report | Last week, US Bitcoin spot ETF net outflows of US$144 million; Nasdaq submitted 21Shares SUI ETF form 19b-4 to US SEC
Reprinted from chaincatcher
06/02/2025·2DCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin Spot ETF Net Outflow $144 Million
Last week, US Bitcoin spot ETFs had net outflows in two days, with a total net outflow of US$144 million and a total net asset value of US$126.15 billion.
Last week, seven ETFs were in a net outflow, mainly from ARKB, FBTC, and GBTC, with outflows of US$281 million, US$198 million and US$134 million respectively.
Source: Farside Investors
US Ethereum spot ETF net inflow of US$285 million
Last week, U.S. Ethereum spot ETFs had net inflows for four consecutive days, with a total net inflow of US$28.5 billion and a total net asset value of US$9.45 billion.
Inflows last week were mainly from BlackRock ETHA, with a net inflow of $205 million. There are 2 Ethereum spot ETFs in total and there is no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net inflow of 430.34 Bitcoins
Last week, Hong Kong Bitcoin spot ETFs had a net inflow of 43.034 bitcoins, with a net asset value of US$509 million. Among them, the issuer Jiashi Bitcoin held by the number of Bitcoin fell to 301.85, while China increased to 2,910.
Hong Kong Ethereum spot ETF has no capital inflow and its net asset value is US$58.64 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of May 30, the nominal total transaction volume of US Bitcoin spot ETF options was US$1.34 billion, and the nominal total transaction ratio was 3.15.
As of May 29, the total nominal holdings of US Bitcoin spot ETF options reached US$16.36 billion, and the total nominal holdings reached 1.99.
The market's trading activity against Bitcoin spot ETF options has slightly decreased in the short term, and overall sentiment is bullish.
In addition, the implied volatility is 48.01%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
US SEC questions the legality of Ethereum and Solana staking ETFs submitted by REX
According to Bloomberg, the US SEC questioned the Ethereum and Solana staking ETFs launched by REX Shares and Osprey Funds, believing that it may not meet the definition of investment companies and ETFs in the Federal Securities Act.
The U.S. SEC said the funds may have “incorrectly filed registration statements” and that “disclosures in the registration statement regarding the identity of these funds as investment companies may be misleading.”
"We think we can make the SEC happy with the investment company issues and we don't plan to launch funds until we do that," said Greg Collett, general counsel for REX Financial.
According to The block, REX Shares and Osprey Funds submitted applications to the U.S. Securities and Exchange Commission (SEC) to launch Ethereum and Solana staking ETFs. The new ETH and SOL funds invest “at least 80% of their net assets in their respective reference assets”, namely ETH and SOL. Each fund also invests “at least 50% of its holdings” in these cryptocurrencies. These funds will operate as “regular C companies” to deal with U.S. federal income taxes rather than as “regulated investment companies” like spot Bitcoin and Ethereum ETFs.
Canary Staked CRO ETF Submit Form S-1 to apply for listing
According to official documents, the Canary Staked CRO ETF has filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) and plans to list and trade on the exchange.
The ETF aims to achieve exposure to CRO prices by holding Cronos (CRO) and participating in transaction verification of Cronos POS chains while earning additional CRO returns. The net asset value (NAV) of the ETF will be calculated based on the market price of the CRO.
US SEC launches further review process for WisdomTree XRP spot ETF
According to official documents, the Securities and Exchange Commission (SEC) announced that the "seeking public opinion" phase of the WisdomTree XRP spot ETF has ended, and it has "initiated further review procedures" and has not been directly approved or rejected.
The SEC officially accepted the XRP ETF application for WisdomTree on February 19, 2025 and launched a public comment period, which has ended. The SEC has the right to extend the review period to a maximum of 240 days, and its final decision will be announced by the end of October 2025 at the latest.
Nasdaq submits 21Shares SUI ETF Form 19b-4 to US SEC
According to official documents, Nasdaq has filed Form 19b-4 with the U.S. Securities and Exchange Commission.
The ETF is designed to calculate net value through daily SUI USD reference price compiled by CF Benchmarks, without leverage or derivatives, and only holds spot SUI, hosted by BitGo and Coinbase Custody. The trust product will allow institutions to invest in SUI through traditional brokerage accounts, providing investors with a more transparent and compliant access path.
It is reported that Form 19b-4 is a document required by the Securities and Exchange Commission (SEC) to submit a trading platform to be used to declare changes in the rules or apply for new product listing. The ETF issuance submits a registration statement to the SEC. The trading platform must apply to the SEC through 19b-4 documents to allow the ETF to be listed and traded on its platform, proving that it complies with the listing rules (such as liquidity, transparency, etc.). The ETF can only be listed on the trading platform after the SEC is approved.
Perspectives and analysis on encrypted ETFs
Glassnode: Ethereum ETF investors lose about 21% on average
According to CoinTelegraph, crypto-analytics firm Glassnode said in a May 29 report that spot Ethereum ETF investors invested by BlackRock and Fidelity had an average unrealized loss of about 21%.
Currently, Ethereum price is $2,601, while BlackRock's spot Ethereum ETF cost base is $3,300, and Fidelity's higher, at $3,500.
Bloomberg ETF analyst: IBIT 's low volatility rise attracts larger capital entry
Eric Balchunas, senior Bloomberg ETF analyst, tweeted: "IBIT's low volatility rise is attracting larger capital entry. IBIT's 90-day rolling volatility is declining and has never been so low. This low volatility combined with price increases is attracting large investors who prefer 'digital gold' over 'tech stocks'. This also explains why IBIT has attracted much more inflows than other ETFs over the past six weeks."
Analysis: Bitcoin market sentiment turns to cautious, BlackRock ETF IBIT Options Bull Bets Reduced
According to CoinDesk, Bitcoin entered a sideways consolidation phase after hitting a record high of $110,000 in May. Market data shows that the option bearish/busy skew of BlackRock spot Bitcoin ETF (IBIT) has rebounded to near zero from -3.8 two weeks ago, indicating that traders' expectations for continued gains have weakened.
Data from derivatives platform Deribit shows that the premium advantage of short-term call options disappears, and the price of the call and put options that expire in the next two weeks tends to be flat. As of press time, Bitcoin is quoted at $108,860.
