Cryptocurrency ETF Weekly Report | Last week, the net inflow for Bitcoin spot ETFs in the United States was $1.801 billion, and Canary Capital submitted an application for the HBAR ETF.

整理：Fairy，ChainCatcher

Performance of Crypto Spot ETFs Last Week

From November 11 to November 14, the total holdings of global Bitcoin spot ETFs increased significantly by 23,436 Bitcoins. The U.S. Bitcoin spot ETF became the main contributor, adding a total of 23,874 Bitcoins, while other global ETFs also slightly increased their holdings by 97 Bitcoins. Meanwhile, Bitcoin spot ETFs in Canada, Germany, and Hong Kong were in a state of reduction.

Data from @PhyrexNi_

U.S. Bitcoin Spot ETF Net Inflow of $1.801 Billion

The U.S. Bitcoin spot ETF has shown a trend of inflows for six consecutive weeks, with a net inflow of $1.801 billion last week, bringing the total net asset value to $95.41 billion. According to Trader T's monitoring on November 12, the total holdings of Bitcoin ETFs worldwide have now surpassed the holdings of Satoshi Nakamoto's wallet address.

BlackRock's IBIT became the main inflow contributor, with a net inflow of $2.022 billion in a single week. Additionally, IBIT reached a market value of $40 billion in just 211 days, breaking IEMG's record of 1,253 days, ranking among the top 1% in global asset scale. In just 10 months since its establishment, its scale has surpassed the overall performance of 2,800 ETFs issued in the past decade.

Source: Farside Investors

U.S. Ethereum Spot ETF Net Inflow of $533.9 Million

Last week, the U.S. Ethereum spot ETF had a net inflow of $533.9 million, bringing the total net asset value to $9.15 billion. BlackRock's ETHA had the highest inflow, reaching $305 million. Only Grayscale's ETHE was in a net outflow state, with a net outflow of $101 million.

On November 11, the total trading volume reached $912 million, setting a new record since July 26. The weekly trading volume of the Ethereum spot ETF exceeded $1.63 billion, a week-on-week increase of over 44%, setting a new record since its launch in August.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Inflow of 144.55 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 144.55 Bitcoins, with a net asset value of $38.4 million. On November 15, the Bitcoin spot ETF had a net inflow of 96.13 Bitcoins, reaching a new high since August 23.

The Ethereum spot ETF had a net inflow of 620.9 ETH, with a net asset value of $7.577 million. On November 14, there was a net inflow of 620.9 ETH, marking the highest net inflow since August 8.

Source: Coinglass

Overview of Crypto ETF Developments Last Week

Canary Capital submitted an application for an HBAR ETF, which will track "the native assets of the Hedera Network."

The Hong Kong Stock Exchange launched a virtual asset index series, with reference rates calculated every afternoon at 4 PM. This index series will provide a transparent and reliable real-time price benchmark for Bitcoin (BTC) and Ethereum (ETH) pricing in the Asian time zone, offering a unified reference price for virtual assets and addressing price discrepancies across global exchanges.

Specifically, the reference index is based on the benchmark spot price weighted by the 24-hour trading volume of Bitcoin or Ethereum, calculated based on aggregated market prices from several major virtual asset exchanges, and quoted in U.S. dollars in real-time. The reference rate is designed for the settlement of financial products and is calculated daily at 4 PM Hong Kong time. The launch of this index series is also a measure to establish Hong Kong as a leading digital asset center in Asia.

The Executive Director of the Intermediaries Division of the Hong Kong Securities and Futures Commission, Yip Chi-hang, previously pointed out that virtual asset trading platform licenses will be issued by the end of this year, with a consultation group for virtual asset trading platforms starting in early next year, and continued support for tokenization and Ensemble projects.

Bitwise will launch an Aptos Staking ETP on the Swiss Stock Exchange, with the Bitwise Aptos Staking ETP set to be listed on November 19.

Pennsylvania lawmakers proposed a bill to invest in Bitcoin and cryptocurrency ETFs to hedge against inflation. A Pennsylvania lawmaker is pushing a new bill that would allow the state treasurer to invest in Bitcoin, following a similar proposal by U.S. Senator Cynthia Lummis.

The bill, titled the "Strategic Bitcoin Reserve Act," was co-sponsored by Republican representatives Mike Cabell and Aaron Kaufer and has been submitted to the Pennsylvania House of Representatives. The bill would allow the Pennsylvania state treasurer to invest in Bitcoin, digital assets, and cryptocurrency-based exchange-traded products.

Cabell stated in a memo submitted this week that investing in Bitcoin could "hedge against inflation."

Views and Analysis on Crypto ETFs

Kraken Strategy Chief: Sovereign Wealth Funds and Others Will Drive Crypto ETF Size to $50 Billion

Kraken's strategy chief Thomas Perfumo expects that the inflow of funds into cryptocurrency ETFs will double to $50 billion by 2025. He stated that "ultimate allocation institutions" such as sovereign wealth funds, endowment funds, and pension funds will gradually enter the market next year, and large asset management firms are beginning to consider allocating 1% to 3% of their portfolios to crypto assets.

Data shows that the total amount of Bitcoin held by 11 Bitcoin ETF issuers has exceeded $90 billion, accounting for more than 5% of the total Bitcoin supply. The entry of mainstream asset management firms like BlackRock and Fidelity has reduced investment costs and risks while enhancing the market recognition of crypto assets.

Perfumo further pointed out that Trump's victory in the U.S. elections has injected confidence into the market. Trump previously promised to establish a Bitcoin strategic reserve, fire SEC Chairman Gary Gensler, and advance stablecoin legislation.

Bloomberg Analyst: CFTC Has Cleared the Path for Bitcoin Spot ETF Options Launch

Bloomberg analyst Eric Balchunas posted on social media that the CFTC has just released a notice clearing the way for the listing of options for spot Bitcoin ETFs. This is the second obstacle that needs to be cleared after the SEC. Now, we just need to wait for the OCC (Options Clearing Corporation) to list it.

VanEck Executive: High Likelihood of Solana ETF Listing by End of Next Year

The ETF Store President Nate Geraci disclosed on the X platform that Matthew Sigel, head of digital asset research at asset management company VanEck, stated, "I believe there is a very high likelihood that a Solana ETF will be listed by the end of next year."

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