Recently, the cryptocurrency ETF market has been dynamic, with numerous institutional product applications, structural innovations, and changes in regulatory attitudes shaping a new competitive landscape. On one hand, approvals have been delayed, while on the other hand, new ETFs are preparing to launch, reflecting the market's high sensitivity to risk control and compliance.
The U.S. Securities and Exchange Commission (SEC) has recently extended the review period for several cryptocurrency ETF products, including the Solana, XRP, and Ethereum-related ETF applications submitted by BlackRock and Franklin Templeton. The SEC has postponed the final decision on Franklin's Ethereum staking amendment to November 13, and the review of the Solana and XRP ETFs to November 14. BlackRock's iShares Ethereum Staking ETF is scheduled for a decision on October 30. The review delays indicate that regulators are still conducting rigorous assessments of new products regarding safety, compliance, and market impact.
Meanwhile, some ETF products are preparing to launch. A batch of cryptocurrency ETFs launched in collaboration between REX Shares and Osprey Funds is expected to officially go live in mid-September. These include products targeting Bitcoin, XRP, Dogecoin, Bonk, and one named "Trump Token." They utilize a Registered Investment Company (RIC) structure, which differs from traditional spot ETFs and the previous C corporation model used for Solana. The RIC structure allows these funds to hold spot cryptocurrency assets while having the opportunity to use derivatives or invest in other ETFs to enhance flexibility.
In the international market, Hong Kong has become an important hub for cryptocurrency assets and ETF innovation in the Asia-Pacific region, with its regulatory authorities approving several fund companies to launch spot Bitcoin and Ethereum ETFs. These ETF products are managed by Harvest Global Investments, ChinaAMC, and a consortium formed by Bosera Asset and HashKey Capital, all of which are receiving significant market attention regarding fees, regulation, and liquidity.
Market fund flows also signal trends in the ETF ecosystem. Recent data shows that spot Bitcoin ETFs have attracted significant net inflows, while Ethereum-related funds have experienced outflows. This indicates that investors are more inclined to allocate funds to assets with good market liquidity, high recognition, and stable supply in the current volatile environment.
The attempts at new structures and product types are also noteworthy. The RIC framework used by REX-Osprey is seen as a solution that balances spot exposure with structural flexibility, potentially offering advantages in taxation, regulation, and operations compared to traditional structures. Such structural innovations may become differentiating factors in the competition among ETF products in the future.
However, challenges remain significant. Uncertainties in the approval process, differences in regulatory policies, complexities in product structures, and market skepticism regarding the legality and risk exposure of various cryptocurrency assets (such as XRP and Solana) require institutions and investors participating in this space to proceed with caution.
In the next 6 to 12 months, several trends are worth paying attention to. First is whether the SEC will approve non-Bitcoin/Ethereum ETFs like Solana and XRP, and whether it will establish clearer rules regarding the use of spot structures and derivatives. Second is the evolution of ETF structural innovations, with more products potentially adopting Registered Investment Company (RIC) or other hybrid structures to combine spot assets with derivatives. Furthermore, as international markets (especially in Hong Kong, Europe, and other regions) mature in their regulation of spot cryptocurrency ETFs, it may attract more asset managers and institutional investors to participate cross-border. Lastly, debates over fund liquidity and cost-effectiveness will intensify—the tracking errors, redemption mechanisms, and fee structures of ETF products will become important criteria for investors to assess product quality.
Overall, cryptocurrency ETFs have gradually moved from the "waiting list" stage to the "product launch and structural innovation" stage. Regulatory agencies and product managers are testing new structures and rules, while investors are showing more pronounced tiered preferences in the market. In the future, those who can provide high liquidity, low costs, and clear structures while ensuring prudent compliance may become leaders in the ETF market.
Related: A U.S. court will hear Sam Bankman-Fried's appeal on November 4.
Original article: “The New Landscape of Cryptocurrency ETFs: From Approval Delays to Structural Innovation and Institutional Entry”
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