Arrangement: Fairy, ChainCatcher
Editor: Marco, ChainCatcher
Crypto Spot ETF Performance Last Week
From September 9 to 12, global Bitcoin spot ETF holdings increased by 1,379 Bitcoins. In addition to Grayscale, other US Bitcoin spot ETFs increased their holdings by 2,218 Bitcoins, which was a significant improvement compared to the previous week when they reduced their holdings by 6,744 Bitcoins. Bitcoin spot ETFs in Canada and Germany both showed a trend of increasing their holdings.
Data from @Phyrex_Ni
US Bitcoin spot ETFs saw net inflows of $403.9 million
Last week, US Bitcoin spot ETFs received a net inflow of $403.9 million, including a single-day net inflow of $263 million on September 13, the highest single-day inflow since August. Fidelity FBTC had the highest inflow, reaching $218 million, followed by Ark Invest and 21Shares' ARKB, with a net inflow of $83.1 million.
Only two Bitcoin spot ETFs had net outflows last week:
BlackRock IBIT had a net outflow of $9.1 million, with a net asset value of $23.19 billion;
Grayscale GBTC had a net outflow of $27.4 million, with a net asset value of $700 million.
Source: Farside Investors
US Ethereum Spot ETF Outflows Slow Down
Last week, the U.S. Ethereum spot ETF had a net outflow of $12.9 million, and the outflow pressure was greatly relieved compared with the previous week. Grayscale ETHE had no capital flow for two days, with a net outflow of $50.1 million, which was only half of the previous week.
As of September 13, the Ethereum spot ETF had a cumulative net outflow of US$581 million, with a total net asset value of US$6.62 billion.
Source: Farside Investors
Hong Kong Ethereum spot ETF net inflow 156.58 ETH
Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 4.99 bitcoins, and its daily trading volume exceeded one million US dollars for four consecutive days. On September 11, the trading volume reached 7.2 million US dollars, setting the highest single-day trading volume since August 6.
The Ethereum spot ETF had a net inflow of 156.58 ETH, the first net inflow in 36 days, and the total net asset value reached US$34.31 million.
Data: SoSoValue
An overview of crypto ETF activity last week
Grayscale launches the first US XRP Trust. XRP Trust is a closed-end fund, which is different from ETF. ETFs need to be approved by the US Securities and Exchange Commission (SEC) and are aimed at retail investors, while trusts are aimed at qualified investors and are subject to looser supervision. After obtaining the corresponding regulatory approval, the trust can be converted into an ETF.
According to Grayscale's official data, Grayscale XRP Trust has a management fee of 2.5%, and will use the CoinDesk Ripple Price Index (XRX) as a spot price reference rate denominated in US dollars.
State Street Corp.’s investment management firm has launched three actively managed digital asset and disruptive technology ETFs, advised by Galaxy Asset Management. The new ETFs include the SPDR® Galaxy Digital Asset Ecosystem ETF (DECO), the SPDR® Galaxy Hedged Digital Asset Ecosystem ETF (HECO), and the SPDR® Galaxy Transformative Technology Accelerator ETF (TEKX).
Anchorage Digital will provide custody services for 21Shares’ spot Bitcoin and Ethereum ETFs and introduce biometric authentication for added security.
BitGo announced that it has become the custodian of four crypto spot ETFs, including the ARK 21Shares Bitcoin ETF (ARKB), the 21Shares Core Ethereum ETF (CETH), and ETFs under Hashdex and Valkyrie (now Coinshares).
Opinions and analysis on crypto ETFs
FalconX Research Director: Hong Kong Cryptocurrency ETF AUM is still expected to reach US$1 billion by the end of the year
David Lawant, head of research at institutional digital asset broker FalconX, said that the current asset management scale of Hong Kong Bitcoin and Ethereum spot ETFs is US$290.6 million, far less than similar ETFs in the United States (nearly US$57 billion). On some trading days, these six funds did not even have net inflows.
Lawant added: “By the end of 2025, it may be more realistic. However, given the fast-paced nature of cryptocurrencies, I would not completely rule out the possibility of a Hong Kong ETF reaching $1 billion in assets by the end of this year. That number will certainly appear small compared to what we have seen in other countries. But given the size of the Asian market and its importance to the entire crypto ecosystem, I believe it has the potential to go much higher.”
ARK Invest report: As of the end of August, the cost of US spot Bitcoin ETF investors has exceeded the price of Bitcoin
ARK Invest released its monthly report saying: “During August, the price of Bitcoin fell by 8.7% to $58,972. At the end of August, Bitcoin failed to break through its 200-day moving average and short-term holders’ cost basis, which were $63,693 and $63,245 respectively.
As of the end of August, the estimated cost basis of U.S. spot Bitcoin ETF investors was higher than the price of Bitcoin, indicating that the average ETF holder is facing a loss.”
