Crypto ETF Weekly Report | Last week, US Bitcoin Spot ETF Net inflows was US$886 million; US Ethereum Spot ETF Net inflows was US$800 million

# Performance of Crypto Spot ETFs Last Week  

## U.S. Bitcoin Spot ETFs: Net Inflow of $886 Million  

Last week, U.S. Bitcoin spot ETFs recorded net inflows over four days, with a total net inflow of **$886 million** and a total net asset value (NAV) reaching **$152.31 billion**.  

Among them, 7 ETFs maintained net inflows last week. The inflows were mainly driven by IBIT, BTC, and FBTC, which saw net inflows of $866 million, $39.5 million, and $34.7 million respectively.  

**Data Source**: Farside Investors  

## U.S. Ethereum Spot ETFs: Net Inflow of $557 Million  

Last week, U.S. Ethereum spot ETFs posted net inflows over three days, with a total net inflow of **$557 million** and a total net asset value (NAV) amounting to **$29.64 billion**.  

The inflow last week was primarily led by BlackRock’s ETHA, which recorded a net inflow of $513 million. In total, 6 Ethereum spot ETFs achieved net inflows.

# Performance of Crypto Spot ETFs and Their Options  

## Hong Kong Crypto Spot ETFs  

### Hong Kong Bitcoin Spot ETFs: Net Outflow of 66.04 Bitcoins  

Last week, Hong Kong Bitcoin spot ETFs recorded a net outflow of **66.04 Bitcoins**, with a net asset value (NAV) of **$507 million**. Among the issuers, Harvest Bitcoin’s holdings dropped to 292.38 Bitcoins, while China Asset Management’s holdings fell to 2,310 Bitcoins.  

### Hong Kong Ethereum Spot ETFs: Net Inflow of 915.29 Ethers  

Hong Kong Ethereum spot ETFs saw a net inflow of **915.29 Ethers**, with a net asset value (NAV) of **$143 million**.  

**Data Source**: SoSoValue  

## Performance of Crypto Spot ETF Options  

- As of September 19, the total notional trading volume of U.S. Bitcoin spot ETF options reached **$117 million**, with a total notional trading long-short ratio of **3.48**.  

- As of September 18, the total notional open interest of U.S. Bitcoin spot ETF options amounted to **$34.21 billion**, with a total notional open interest long-short ratio of **2.05**.  

The short-term trading activity of Bitcoin spot ETF options in the market has declined, and the overall sentiment tends to be bullish.  

In addition, the implied volatility stood at **40.50%**.

# Overview of Crypto ETF Dynamics Last Week  

## Data Source: SoSoValue  

### Grayscale Submits Revised Dogecoin ETF Application; NYSE Arca Seeks to Modify Its Ethereum Trust  

Grayscale has filed an amended S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), planning to convert its closed-end Grayscale Dogecoin Trust into an Exchange-Traded Fund (ETF). If approved, the fund will list on NYSE Arca under the ticker symbol "GDOG" and designate Coinbase as its prime broker and custodian.  

On the same day, NYSE Arca also submitted a proposal to amend the listing terms of Grayscale’s Ethereum Trust ETF and its "mini" trust in accordance with the SEC’s newly approved "general listing standards"—a framework that subjects such products to relatively more relaxed regulatory scrutiny. In its application, Grayscale cited the new rules, noting that Dogecoin has been traded as futures and options on exchanges regulated by the U.S. Commodity Futures Trading Commission (CFTC) for more than six months, meeting relevant requirements. The company also stated that the trust should not be deemed an "investment company" as defined by the Investment Company Act of 1940 and is therefore not subject to its constraints. If approved, GDOG will become the second batch of securitized products in the U.S. that directly track Dogecoin prices. This Thursday, the Dogecoin ETF (DOJE), a collaboration between REX and Osprey, was just approved by the SEC for listing.  

### Grayscale CoinDesk Crypto 5 ETF Officially Lists on NYSE Arca  

Grayscale announced that its CoinDesk Crypto 5 ETF has listed on the New York Stock Exchange (NYSE) Arca under the ticker symbol "GDLC".  

Formerly known as the Grayscale Digital Large Cap Fund, this multi-asset crypto Exchange-Traded Product (ETP) covers five major crypto assets: Bitcoin, Ethereum, Solana, XRP, and Cardano. The fund is rebalanced quarterly to maintain exposure to assets with leading market capitalization and liquidity, and operates based on the CoinDesk 5 Index developed by CoinDesk Indices.  

### Warsaw Stock Exchange Officially Launches Crypto ETF "Bitcoin BETA ETF"  

The Warsaw Stock Exchange (GPW) in Poland has officially launched a crypto ETF—Bitcoin BETA ETF. The product provides regulated Bitcoin (BTC) exposure through CME Bitcoin futures and hedges against USD/PLN exchange rate fluctuations to mitigate foreign exchange volatility risks.  

Managed by AgioFunds TFI, the ETF’s market maker is a brokerage under BOŚ Bank. The ETF received approval from Poland’s financial regulator in June this year.  

### CBOE Announces Listing of XRP and Dogecoin ETFs  

The Chicago Board Options Exchange (CBOE) posted on the X platform announcing the listing of the REX-Osprey XRP ETF (XRPR) and the REX-Osprey DOGE ETF (DOJE).  

### U.S. SEC Approves Listing of Grayscale Digital Large Cap Fund and Two Bitcoin ETF Index Options  

In an announcement, the U.S. Securities and Exchange Commission (SEC) stated that in addition to approving general listing standards for commodity-based trust shares, it has also approved the listing and trading of the Grayscale Digital Large Cap Fund, which holds spot digital assets based on the CoinDesk 5 Index.  

At the same time, the SEC approved the listing of afternoon-settled options for the Cboe Bitcoin U.S. ETF Index and the Mini Cboe Bitcoin U.S. ETF Index. These options include various types such as third-Friday expirations, non-standard expirations, and quarterly index expirations.  

### U.S. SEC Approves New Listing Standards for Crypto ETFs  

According to Jinshi, the U.S. Securities and Exchange Commission voted to approve general listing standards applicable to new crypto ETFs.  

### U.S. SEC Accelerates Approval of New Rules for Cboe Bitcoin ETF Index Options  

The U.S. Securities and Exchange Commission (SEC) issued an announcement aiming to accelerate the approval of Cboe’s proposed rule change amended by Amendment No. 2. The core of the new rules is to add afternoon-settled options for the "Cboe Bitcoin U.S. ETF Index (CBTX)" and the "Mini Cboe Bitcoin U.S. ETF Index (MBTX)", covering three types: Friday expirations, non-standard expirations (including weekly and month-end expirations), and quarterly index expirations (QIX).  

In the announcement, the SEC emphasized that this approval is a reasonable expansion of the existing afternoon-settled index options program and will provide market participants with more flexible investment and hedging tools.  

### Defiance Applies to Launch Two Crypto Basis Trading ETFs  

According to Jinshi, ETF issuer Defiance has filed an application with the U.S. Securities and Exchange Commission to launch two exchange-traded funds structured around "basis trading"—one linked to Bitcoin and the other to Ethereum.  

The strategy aims to profit from the price spread between the spot market and futures contracts. Defiance has assigned the ticker symbols "NBIT" (for the Bitcoin-related ETF) and "DETH" (for the Ethereum-related ETF) to these two products.  

### Bitwise Files Application for Stablecoin and Tokenized ETF  

According to Bloomberg ETF analyst James Seyffart, @BitwiseInvest has filed an application with regulators for a stablecoin and tokenized ETF.  

The ETF will invest in both stocks of relevant listed companies and crypto assets, aiming to capture growth opportunities in the stablecoin ecosystem and the tokenized market.  

### Bitwise Files S-1 with U.S. SEC for Avalanche ETF  

According to The Block, crypto asset management firm Bitwise is seeking to launch an ETF that tracks AVAX, the native token of the Avalanche blockchain.  

If approved by the U.S. Securities and Exchange Commission (SEC), Coinbase will be designated as the custodian. In the S-1 filing submitted on Monday, Bitwise wrote: "This trust provides investors with access to the Avalanche market through traditional brokerage accounts, avoiding the entry barriers or risks associated with directly purchasing and holding Avalanche." The fund will use the CME CF Avalanche-U.S. Dollar Reference Rate to determine its Net Asset Value (NAV) and will hold AVAX tokens without using derivatives.  

### U.S. SEC Delays Decision on TRUTH SOCIAL Spot Bitcoin ETF Approval  

# Views and Analysis on Crypto ETFs  

### Jia Yueting: U.S. SEC’s Approval of Streamlined Crypto ETF Listing Path Opens Doors for Assets Like Solana  

Jia Yueting, founder of Faraday Future, posted comments on the "U.S. SEC’s approval of general ETF listing standards," stating: "The U.S. Securities and Exchange Commission has taken a historic step: Spot crypto ETFs beyond BTC/ETH now have a streamlined 75-day listing path, opening doors for assets like Solana. The regulatory framework is now catching up with strategies that forward-thinking corporate finance departments have already begun implementing—integrating diversified digital assets as a core part of their balance sheets."  

### Ripple CEO: Confident XRP Will Be Included in White House Crypto Reserves; XRP ETF May Be Approved by Year-End  

According to Watcher.guru, Ripple CEO Brad Garlinghouse stated in an interview with Bloomberg that he is confident XRP will be included in the White House’s crypto reserves. Garlinghouse also emphasized that the U.S. SEC may approve an XRP ETF by the end of the year, noting that the emergence of an XRP ETF is "inevitable." Currently, the SEC has over 11 pending applications for XRP ETFs, including those from Franklin Templeton, Bitwise, and Canary. The SEC has delayed its decision on Franklin Templeton’s application until November this year.  

### Bloomberg ETF Analyst: Over 100 Crypto ETFs May List in the Next 12 Months  

Eric Balchunas, a Bloomberg ETF analyst, posted on X that after the U.S. SEC previously introduced general ETF listing standards, the number of listed ETFs doubled. Therefore, it is likely that over 100 crypto ETFs will list in the next 12 months. Additionally, market sources indicate that the SEC has approved exchanges to adopt general listing standards for spot crypto ETFs, with a minimum approval cycle of approximately 75 days.  

### Bitwise CIO: SEC Listing Rules Will Boost Crypto ETF Development, but No Guarantee of Capital Inflows  

According to Cointelegraph, Matt Hougan, Chief Investment Officer of Bitwise, warned that while the U.S. Securities and Exchange Commission’s streamlined approval process for crypto ETPs may trigger a wave of new products, it does not guarantee their success.  

Hougan stated that the general listing standards may be introduced as early as October, potentially leading to a surge in new crypto ETPs—a trend supported by ETF development history. However, he cautioned against equating the launch of crypto ETFs with a renewed boom in crypto popularity. Hougan noted that the existence of crypto ETPs does not guarantee significant capital inflows; investors need a fundamental interest in the underlying assets. For example, ETPs based on assets like Bitcoin Cash may struggle to attract funds. Nevertheless, he emphasized that launching ETFs prepares products for potential price rallies, as they enable traditional investors to allocate to crypto more easily.  

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