Crypto ETF Weekly Report | Last week, the net inflow of U.S. Bitcoin spot ETFs was US$1.862 billion, and there were 7 crypto-related ETF applications.

Reprinted from chaincatcher

01/20/2025·2days ago

Organized by: Fairy, ChainCatcher

Crypto spot ETF performance last week

U.S. Bitcoin Spot ETF saw net inflows of $1.862 billion

Last week, the U.S. Bitcoin spot ETF saw a net inflow of US$1.862 billion, with the total net asset value reaching US$120.95 billion. Inflows mainly came from BlackRock IBIT and Fidelity FBTC, with net inflows of US$745 million and US$680 million respectively.

Last week, only Grayscale GBTC was outflowing, with a net outflow of $87.7 million. Additionally, only one ETF (BRRR) saw no flows.

Note: As of January 17, the ARKB ETF data from Ark Invest and 21Shares has not yet been released, which may have an impact on related data.

Source: Farside Investors

U.S. Ethereum Spot ETF saw a net inflow of $212 million

Last week, the U.S. Ethereum spot ETF saw a net inflow of US$212 million , with the total net asset value reaching US$12.66 billion. Inflows mainly came from BlackRock ETHA and Fidelity FETH, with net inflows of US$151 million and US$113 million respectively.

Last week, only Grayscale ETHE and ETH were in the outflow state, with net outflows of US$33.2 million and US$25.6 million respectively.

Note: As of January 17, the ARKB ETF data from Ark Invest and 21Shares has not yet been released, which may have an impact on related data.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF saw a net inflow of 4.98 Bitcoins

Hong Kong crypto ETF liquidity was low last week. The Bitcoin Spot ETF had a net inflow of 4.98 Bitcoins, with a net asset value of US$432 million.

The Hong Kong Ethereum spot ETF showed no net inflows or outflows, with a net asset value of US$62.28 million. On January 14, the total single-day trading volume of Ethereum spot ETFs reached US$2.04 million, setting a record since December 19.

Data:SoSoValue

Crypto Spot ETF Options Performance

As of January 17, the total nominal trading volume of U.S. Bitcoin spot ETF options was US$1.68 billion, and the total nominal trading long-short ratio was 3.76. Investors are more inclined to buy call options in anticipation of a rise in Bitcoin prices. As of January 16, the total nominal positions of U.S. Bitcoin spot ETF options reached US$12.13 billion, and the long-short ratio of total nominal positions reached 1.72.

Additionally, the implied volatility is 62.42%.

Data:SoSoValue

A look at last week’s crypto ETF news

There are 7 crypto-related ETF applications

Nate Geraci, president of The ETF Store, tweeted that many institutions have submitted applications for crypto-related ETFs, and the regulatory direction is changing. Specific applications are as follows:

VanEck On-chain Economy ETF
Canary Litecoin ETF (19b-4)
Oasis Capital Digital Asset Debt Strategy ETF
CoinShares Digital Asset ETF
ProShares Leveraged and Inverse XRP ETF
ProShares XRP Futures ETF
ProShares Solana Futures ETF

Fox Reporter: Solana ETF was previously approached by SEC staff, but its 19b-4 application was subsequently rejected.

Fox Business reporter Eleanor Terrett posted on X that the Solana ETF had been approached by SEC staff before, but its 19b-4 application was subsequently rejected. As Gary Gensler will step down, the market is paying attention to the future progress and timeline of LTC, XRP and SOL ETFs.

Bloomberg ETF Analyst: It is said that the S-1 application form of the Litecoin ETF has received a response from the SEC

Bloomberg ETF analyst Eric Balchunas posted on the An approved cryptocurrency ETF. That said, the new SEC chairman has not yet taken office, which is a huge variable.”

Thailand may allow Bitcoin ETFs to be listed on local exchanges for the first time

Thailand’s Securities and Exchange Commission (SEC) is considering allowing Bitcoin exchange-traded funds (ETFs) to be listed on local exchanges for the first time, in a bid to promote the country as a digital asset hub. SEC Secretary-General Pornanong Budsaratragoon said that the proposed new regulations will allow individuals and institutions to invest in local Bitcoin ETFs. Previously, Thailand's One Asset Management launched a fund portfolio in June 2024 to provide investors with indirect exposure to overseas Bitcoin ETFs, but it has not yet allowed direct investment in Bitcoin products.

Pornanong said: “Whether we like it or not, we must follow the pace of global cryptocurrency adoption. We need to adapt to changes and provide investors with more protected crypto asset investment options.” In addition, Thailand is gradually relaxing restrictions on digital assets. Restrictions include considering the launch of a stablecoin backed by government bonds and plans to set up a tourism services sandbox in Phuket for Bitcoin transactions.

According to the latest data, as of November 30, there were approximately 270,000 active cryptocurrency trading accounts in Thailand.

U.S. SEC postpones decision on Bitwise BITW’s application to convert into ETF until July

According to a public regulatory document, the US SEC postponed its decision on the application to convert Bitwise 10 Crypto Index Fund (BITW) into an ETF until late July. This means that whether Bitwise ETF can be approved will still have to wait longer. In addition, Bloomberg ETF analyst James Seyffart pointed out that Grayscale’s next GDLC deadline is February 2, and delays are also expected.

YieldMax Cryptocurrency Sector and Technology Portfolio Options Income ETF (LFGY) Launches

BlackRock launches new Bitcoin ETF on CBOE Canada exchange

Fidelity Investments Canada lowers management fees for Fidelity Advantage Bitcoin exchange-traded fund (ETF)

Opinion and Analysis on Crypto ETFs

[President of The ETF Store: Canary may gain first-mover advantage by

being the first to deploy LTC and HBAR ETFs](https://www.chaincatcher.com/article/2163035)

Nate Geraci, president of The ETF Store, wrote that from an ETF competition perspective, it would be an important breakthrough if Canary’s Litecoin ETF can be approved before the SOL and XRP spot ETFs submitted by well-known issuers such as VanEck and Bitwise.

Although Canary has not yet launched any ETF products, its early deployment of Litecoin and Hedera (HBAR) ETFs may bring significant advantages.

[Bloomberg Analyst: Litecoin ETF has met all conditions and may become

the first altcoin ETF in 2025](https://www.chaincatcher.com/article/2163000)

Eric Balchunas, a senior ETF analyst at Bloomberg, posted on social media: “The Litecoin ETF now meets all the conditions, and the countdown to the first altcoin ETF in 2025 is about to begin. I don’t see any reason to withdraw the application, especially after The SEC has commented on the S-1 filing, now that Litecoin is considered a commodity and the SEC has new leadership.”

[Bloomberg ETF Analyst: Fidelity cuts fees on its Canadian Bitcoin ETF

to 32 basis points to compete with BlackRock](https://www.chaincatcher.com/article/2162980)

Bloomberg ETF analyst Eric Balchunas posted on the

Currently, both have the lowest fees on the market. U.S. publishers are bringing some competitive action to Canada.

[JP Morgan: Even if new altcoin ETFs pass, their impact will be

limited](https://www.chaincatcher.com/article/2162663)

JPMorgan analysts wrote in a Jan. 13 investor note that there has been limited interest in new ETFs beyond Bitcoin and Ethereum, despite expectations that Trump will clear regulatory hurdles. The agency believes that investor interest or demand is not sufficient for the launch of these future altcoin ETPs to have an impact on the cryptocurrency ecosystem.

[Zhu Su: The flow of Bitcoin funds in the ETF era has changed, and

altcoins need substantial catalysts to promote](https://www.chaincatcher.com/article/2162432)

ZhuSu, founder of Three Arrows Capital, posted on social platforms that “there is an important difference between the current market cycle and 2020-2021: Bitcoin funds flowing into ETFs and investment tools like MicroStrategy will not rotate to Ethereum, let alone other Tokens. Different from the previous market environment of frequent rotations between Bitcoin, Ethereum, Solana and other currencies, other currencies currently need substantial catalysts to promote.

Without major events such as Michael Saylor's switch to other currencies, simply claiming to be better than Bitcoin can no longer attract Bitcoin holders to transfer investment. Existing currency holders must have faith in the project, and the underlying protocol must be able to play its due role. "

[Laser Digital: The United States may approve more than 12 new

cryptocurrency ETFs in 2025](https://www.chaincatcher.com/article/2162181)

Laser Digital, a digital asset subsidiary of Nomura Holdings, released a report stating that the United States may approve more than 12 new cryptocurrency ETFs in 2025.

A number of asset management institutions have already submitted applications to the SEC, including the ProShares Bitcoin-denominated S&P 500 ETF, the Bitcoin/Ethereum portfolio ETF, and products based on Litecoin, XRP and Solana. The report points out that under the leadership of new SEC Chairman Paul Atkins, the encryption regulatory environment will become more relaxed.