Arrangement: Fairy, ChainCatcher
Editor: Marco, ChainCatcher
Crypto Spot ETF Performance Last Week
Last week, global Bitcoin spot ETF holdings decreased by 2,266 BTC. The decrease was mainly due to Grayscale GBTC, followed by the outflow of 690 BTC from the German Bitcoin spot ETF.
Data from @Phyrex_Ni
US Bitcoin spot ETF outflows continue to expand
Last week, the U.S. Bitcoin spot ETF had a net outflow of $167 million, doubling the outflow from the previous week. Its trading volume data remained strong, with a trading volume of $12.5 billion.
The inflow trend of BlackRock ETF IBIT slowed down, and even saw zero inflow for two consecutive days.
Half of the Bitcoin spot ETFs had net outflows last week:
Grayscale ETF GBTC had a net outflow of $4.5 billion, and its net asset value dropped to $14.12 billion;
Fidelity ETF FBTC had a net outflow of $77.1 million, with a net asset value of $900 million;
Ark Invest and 21Shares’ ETF ARKB saw net outflows of $65.1 million, with a net asset value of $800 million;
Bitwise ETF BITB had a net outflow of $12.2 million and a net asset value of $900 million;
Franklin ETF EZBC had a net outflow of $23 million and a net asset value of $8.9 billion.
Source: Farside Investors
In the third week after the launch of the US Ethereum spot ETF, the flow turned from negative to positive, with a net inflow of US$104 million.
Fidelity FETH had a net outflow of $2.6 million on August 8, becoming the first Ethereum spot ETF to experience a net outflow after ETHE. Previously, the first Bitcoin spot ETF to experience a net outflow other than GBTC was launched by Invesco one month after the ETF was listed.
Grayscale ETHE had a net outflow of $179 million, and the outflow volume further decreased. BlackRock ETF ETHA had the largest net inflow, reaching $188 million, followed by Fidelity ETF FETH, with a net inflow of $44.7 million.
Source: Farside Investors
Hong Kong Ethereum spot ETF net inflow 1630.51 ETH
Last week, Hong Kong Ethereum spot ETF was actively traded, with a net inflow of 1,630.51 ETH and a total net asset value increase of $2.01 million. On August 7, the net inflow was 1,250 ETH, the third largest inflow in history. On August 5, the net inflow was 779.6 ETH, ranking fifth in history.
The Hong Kong Bitcoin Spot ETF had a net outflow of 64.96 BTC, with zero subscriptions from August 6 to August 8. Due to the rebound in the price of the currency, the total net asset value still increased by US$41.92 million.
Data: SoSoValue
An overview of crypto ETF activity last week
The Brazilian Securities and Exchange Commission has approved the first Solana spot ETF, which is provided by Bitcoin and Ethereum ETF management company QR and will be managed by Vortx. The ETF is still in the pre-operational stage and still needs to be approved by B3 for regulatory reasons. It will be launched within 90 days at most.
Progress of options products based on Ethereum spot ETF and Bitcoin spot ETF:
The Chicago Board Options Exchange (CBOE) withdrew its original spot Bitcoin ETF options application and resubmitted a more comprehensive 44-page document, replacing the original 15-page version. The new document is more detailed, especially improving the information on position limits and market manipulation risks. This move may indicate that the U.S. Securities and Exchange Commission (SEC) has provided feedback. Bloomberg ETF analyst James Seyffart expects Bitcoin ETF options to be launched in the fourth quarter of this year.
BlackRock and Nasdaq proposed rule changes to support the listing and trading of ETHA options. In addition, the New York Stock Exchange American Division has requested SEC approval to list and trade three options products based on Bitwise and Grayscale's Ethereum ETFs.
Morgan Stanley’s wealth advisors will offer spot Bitcoin ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, to clients, but only to high-net-worth individuals with a net worth of $1.5 million or more and a high risk tolerance.
Regulators postponed the decision on the listing of the US "altcoin" ETF launched by Hashdex. On August 9, US regulators postponed the decision on the listing of the US "altcoin" ETF launched by Hashdex. Regulatory documents show that they need more time to evaluate whether to allow the ETF designed as a one-stop cryptocurrency portfolio to be listed on the Nasdaq electronic stock exchange. If approved, the Hashdex Nasdaq Cryptocurrency Index ETF will become the first diversified spot cryptocurrency ETF in the US market and the first US ETF to hold alternative cryptocurrencies (altcoins).
Standard Chartered Bank's virtual banking subsidiary Mox announced the launch of cryptocurrency ETF services. The bank also plans to expand its cryptocurrency products, including allowing direct purchase and trading of crypto assets through cooperation with licensed exchanges. Mox charges a fee of 0.12% of the transaction volume for spot and derivative ETFs listed in Hong Kong, with a minimum of US$3.85 (HK$30); for derivative ETFs listed in the United States, it charges a fee of 0.01% of the transaction volume, with a minimum of US$5.
Opinions and analysis on crypto ETFs
Peter Schiff: ETFs go against the original intention of Bitcoin decentralization
Economist Peter Schiff wrote on a social media platform that ETFs go against the original intention of Bitcoin. It is no longer decentralized, not peer-to-peer, can be easily confiscated, cannot be used as a payment currency, and cannot be transferred across borders. Users no longer have private keys, so they are no longer their own coins.
Former SEC official: Morgan Stanley's underwriting of a Bitcoin ETF will subject it to stricter regulation
John Reed Stark, former head of the SEC's Internet Enforcement Division, said Morgan Stanley's recent massive Bitcoin ETF could expose it to even greater regulatory scrutiny. Regulators will have almost immediate access to all data on the bank's sales of Bitcoin to retail customers. This covers all forms of information, including documents, emails, text messages, voicemails, and phone conversations. These "treasure troves of evidence" are not only available to the SEC and FINRA for review, but can also be requested to conduct on-site inspections at Morgan Stanley's offices.
