Compiled by: Fairy, ChainCatcher
Performance of cryptocurrency spot ETFs last week
US Bitcoin spot ETF net inflow of $3.378 billion
The US Bitcoin spot ETF has shown a trend of inflows for seven consecutive weeks, with a net inflow of $3.378 billion last week, setting a record since its launch, with total net asset value reaching $107.49 billion. This week's trading volume performed strongly, with an average daily trading volume of $5.016 billion.
BlackRock IBIT had the highest net inflow of $2.053 billion, followed by Fidelity FBTC with a net inflow of $772 million. Only Grayscale GBTC was in a net outflow state, amounting to $52.9 million.
Data: SoSoValue
US Ethereum Spot ETF net outflow of $68.4 million
Last week, the US Ethereum spot ETF turned from net inflow to net outflow, amounting to $68.4 million, with a total net asset value now at $9.69 billion. Three ETFs experienced net outflows, with Grayscale ETHE seeing the largest outflow of $95.7 million; Fidelity FETH and Grayscale ETH saw outflows of $51.6 million and $9.8 million, respectively. Additionally, three other ETFs had no fund movement.
Source: Farside Investors
Hong Kong Bitcoin spot ETF net inflow of 178.23 Bitcoins
Last week, Hong Kong Bitcoin spot ETF had a net inflow of 178.23 Bitcoins, with a net asset value of $457 million. On November 18, the Bitcoin spot ETF saw a net inflow of 238.68 Bitcoins, setting a new high since August 22.
Hong Kong Ethereum spot ETF had no fund movement, with a net asset value of $5.14 million. On November 21, the total transaction amount reached $26.28 million, setting a new high since August 5.
Data: SoSoValue
Performance of cryptocurrency spot ETF options
BlackRock Bitcoin spot ETF options debuted on November 19, with a total of 128 contracts traded last week. On its first day, 354,000 contracts were traded, with a nominal transaction amount of $1.86 billion. The volatility remained high at 62%-64%, indicating active market fluctuations. Implied volatility on November 20 and November 19 was at 12.3%, then decreased to 5.8%. As of November 22, total open interest (OI) reached 652,000.
In contrast, Grayscale Bitcoin spot ETF GBTC options trading performed moderately, with 4,380 contracts traded on the first day and a total of 8,137 contracts traded last week. As of November 22, total open interest (OI) reached 6.124 million.
Data: Unusual Whales
Overview of cryptocurrency ETF dynamics last week
South Korea refuses to approve virtual asset investment ETFs
South Korean financial regulators explicitly prohibit the issuance of cryptocurrency spot and futures ETFs, while also rejecting fund applications from crypto companies including exchanges.
A head of an asset management company revealed that they had been preparing to invest in a fund for virtual asset companies since the end of last year, but have yet to receive regulatory approval. An FSS official acknowledged the increased market demand for Bitcoin investments but emphasized that regulatory policies will not be relaxed at this stage unless the government changes its stance.
Grayscale completes reverse stock split for Bitcoin and Ethereum mini trust ETFs
Grayscale has completed a reverse stock split for its Bitcoin mini trust ETF and Ethereum mini trust ETF to optimize trading costs. The reverse stock split was implemented at 22:00 UTC on November 19:
Bitcoin Mini Trust ETF: Every five shares are consolidated into one, and the price rises to five times the NAV per share before the split.
Ethereum Mini Trust ETF: Every ten shares are consolidated into one, and the price increases to ten times the NAV per share before the split.
The stock split was automatically completed, and shareholders did not need to take any action. The adjusted results took effect on the trading day of November 20.
SEC delays decision on Franklin cryptocurrency index ETF
The US SEC has delayed its decision on the Franklin cryptocurrency index ETF, which will hold Bitcoin and Ethereum and plans to list on the Cboe BZX exchange, with Coinbase Custody providing custodial services. The SEC stated that they need more time to evaluate the proposal, with a final decision date pending.
Grayscale submitted an application for a Bitcoin miner ETF: Grayscale submitted the application, expected to take effect on January 27, 2025, with the trading code pending.
Cboe submitted applications for 4 Solana spot ETFs: issuers include VanEck, 21Shares, Canary Capital, and Bitwise, with the SEC's final ruling expected to be completed in early August 2025.
SEC and Solana ETF issuer negotiations make progress
According to insiders, the SEC and the issuer of the Solana spot ETF have made "progress" in the approval process, and exchange representatives may submit the next step 19b-4 filing within days. There are optimistic expectations that the Solana ETF may be approved in 2025, driven by the support of the incoming government for cryptocurrency policies.
Views and analysis on cryptocurrency ETFs
President of The ETF Store: Solana ETF is expected to be approved by the end of next year at the latest
President of The ETF Store Nate Geraci said: "I believe the likelihood of Solana ETF being approved by the end of next year is very high. The SEC may currently be in contact with the issuer regarding this product, which is clearly a positive sign."
Given that industry leaders like Bitwise have already submitted applications, Two Prime Digital Assets CEO Alexander Blume agreed with this view. "If they didn't have a good feeling about their chances of success, they wouldn't waste time and money doing this," Blume said. The success and precedents achieved by spot Bitcoin and Ethereum ETFs, along with a more crypto-friendly management and regulatory environment, will lead to the emergence of SOL ETFs within the next year.
President of The ETF Store: Applications for ADA or AVAX spot ETFs are imminent
President of The ETF Store Nate Geraci stated that in addition to the listing of Grayscale and Bitwise's cryptocurrency index funds, there are currently spot ETF applications for SOL, XRP, and HBAR.
He expects that in the future, there may be issuers attempting to launch applications for ADA or AVAX spot ETFs, further expanding the market scope for cryptocurrency ETFs.
