Arrangement: Fairy, ChainCatcher
Editor: Marco, ChainCatcher
Crypto Spot ETF Performance Last Week
From August 12 to 15, global Bitcoin spot ETF holdings decreased by 2,093 BTC. Grayscale GBTC remained the main force in reducing holdings, with a decrease of 2,572 BTC. Germany and Hong Kong, China continued the outflow trend of the previous week, with outflows of 318 BTC and 240 BTC respectively.
In addition, BlackRock's crypto ETF on-chain holdings exceeded Grayscale Fund for the first time. BlackRock ETF currently has the largest holdings among all ETF issuers, with ETH and Bitcoin holdings worth approximately US$21.6 billion.
Data from @Phyrex_Ni
US Bitcoin spot ETFs saw net inflows of $32.4 million
Last week, the U.S. Bitcoin spot ETF had a net inflow of $32.4 million, of which $81.4 million was a net outflow on August 14, and net inflows were recorded at other times.
Last week, Fidelity FBTC outperformed BlackRock IBIT, with FBTC receiving a net inflow of $82.1 million and IBIT receiving a net inflow of $71.1 million. Four ETFs experienced zero inflows and outflows, with Grayscale GBTC the only one experiencing a net outflow of $195 million, bringing its net asset value down to $13.69 billion.
Source: Farside Investors
US Ethereum spot ETF net outflow of $14.1 million
Last week, the U.S. Ethereum spot ETF had a net outflow of $14.1 million. Grayscale ETHE's selling pressure gradually eased, with a net outflow of $118 million. VanEck ETHV had a net outflow for the first time, reaching $7.7 million.
Ethereum spot ETF's purchasing power is still insufficient. The increase in the increase in Bellee ETHA has begun to be weak. ETHA's net inflow is 76.3 million US dollars, only 40%of the previous week.
Source: Farside Investors
Hong Kong crypto ETF liquidity decreases
Last week, the liquidity of Hong Kong's crypto ETFs decreased significantly, and the net asset value of the Bitcoin spot ETF decreased by US$13.92 million. On August 13, there was a net outflow of 248 bitcoins, and on August 15, there was a net inflow of 8.02 bitcoins. The rest of the time was in a zero subscription state.
The Ethereum spot ETF had a more muted performance, with no net inflows or outflows for the entire week.
Data: SoSoValue
An overview of crypto ETF activity last week
Major institutions submitted 13-F documents to disclose the second quarter Bitcoin ETF holdings. 701 new funds held Bitcoin spot ETFs. Institutional investors' purchases of Bitcoin ETFs increased by 27%, mainly concentrated in BlackRock's IBIT and Fidelity's FBTC.
Bitwise CIO Matt Hougan summarized the second quarter Bitcoin ETF holdings:
The trend of institutional increase continues: 1,924 institutions held Bitcoin spot ETFs in the second quarter, an increase of about 30% from 1,479 in the first quarter. Considering the price drop of Bitcoin in the second quarter, this growth is quite good.
Most institutional investors are diamond hands: most institutions that allocated Bitcoin ETFs in the first quarter chose to continue holding or increase their positions in the second quarter. Among them, 44% of institutions increased their positions in the second quarter, 22% remained unchanged, 21% reduced their positions, and only 13% liquidated and exited.
Hedge funds are still the main force: The top holders of most Bitcoin ETFs are mainstream hedge funds, including Millennium, Schonfeld, Boothbay, Capula, etc. In addition, there are also a large number of consulting firms, family offices and selected institutional investors. Over time, it is expected that the proportion of wealth management companies and pension funds will gradually increase.
Nasdaq and NYSE withdrew their applications for listing Bitcoin and Ethereum spot ETF options on the same day. Bloomberg analyst James Seyffart expects Nasdaq and NYSE to resubmit their applications for listing Bitcoin spot ETF options in the next few days or weeks.
Other exchanges also withdrew similar applications last week. MIAX, MIAX Pearl and BOX Exchange withdrew their proposals to list options on a bitcoin spot ETF, and the Chicago Board Options Exchange also withdrew its application to list options on a bitcoin spot ETF, but later resubmitted it.
New Crypto ETFs
The U.S. SEC approved the first leveraged long MicroStrategy ETF.
Franklin Templeton filed an S-1 application for a new crypto index ETF that will track the performance of the CF Institutional Digital Asset Index, which currently includes only Bitcoin and Ethereum.
Opinions and analysis on crypto ETFs
Coinbase: Bitcoin ETF holdings by institutions have increased and are expected to continue to increase
According to a report released by Coinbase on August 16, the proportion of institutional holders labeled "investment advisors" increased by 3% in the second quarter of 2024 and now accounts for 9% of total institutional investments.
Coinbase said the percentage of investment advisors holding spot Bitcoin ETFs is likely to increase further as more brokerage firms complete due diligence on these funds.
Vanguard Group's new CEO: No plans to launch cryptocurrency ETF
Vanguard Group's new CEO Salim Ramji said in an interview that the company has no plans to launch a cryptocurrency ETF.
Salim Ramji took over as Vanguard CEO last month after spending a decade in senior leadership roles at BlackRock. Ramji previously served as global head of iShares and index investing at BlackRock, where he was responsible for managing the majority of the firmâs client assets and growing the iShares platform. Vanguard is the worldâs second-largest asset manager, with more than $9 trillion under management.
OSL Executive Director: Hong Kong crypto ETFs face systemic market barriers and the market generally lacks incentives for ETFs
Gary Tiu, executive director and head of regulatory affairs at OSL, a Hong Kong cryptocurrency exchange, said that as the Hong Kong ETF market continues to develop, there are more and more opportunities for active participants to drive its growth potential. Although Hong Kong market intermediaries currently pay more attention to unlisted products, Hong Kong's spot crypto ETFs provide investors with a reliable channel for participation and lay the foundation for future market development.
Additionally, Tiu said: âHong Kong still has a negative attitude towards Bitcoin, Ethereum and cryptocurrencies in general. I think there is still some bias in the eyes of regulators and financial institutions, who see Bitcoin ETFs as a unique risk category that requires extra caution.â
Chen Zhao, director of digital assets at Fosun Wealth, said Hong Kong crypto ETFs still lack a sufficient number of traders and brokers.
