Compiled by: Jerry, ChainCatcher
Performance of Crypto Spot ETFs Last Week
U.S. Bitcoin Spot ETF Net Outflow of $497 Million
Last week, the U.S. Bitcoin spot ETFs experienced a net outflow over four days, totaling $497 million, with a total net asset value of $11.487 billion.
Last week, six ETFs were in a net outflow state, with inflows mainly from BITB, IBIT, and ARKB, which saw inflows of $115 million, $106 million, and $100 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $643 Million
Last week, the U.S. Ethereum spot ETFs had a net inflow over three days, totaling a net outflow of $643 million, with a total net asset value of $1.821 billion.
The outflow last week mainly came from BlackRock's ETHA, which had a net inflow of $558 million. Six Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 8.98 Bitcoins
Last week, the Hong Kong Bitcoin spot ETFs had a net outflow of 8.98 Bitcoins, with a net asset value of $336 million. The holdings of the issuer, Harvest Bitcoin, decreased to 291.25 Bitcoins, while Huaxia increased to 2,410 Bitcoins.
The Hong Kong Ethereum spot ETFs had no capital inflow, with a net asset value of $95.61 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of December 19, the nominal total trading volume of U.S. Bitcoin spot ETF options was $987 million, with a nominal total long-short ratio of 1.37.
As of December 18, the nominal total open interest of U.S. Bitcoin spot ETF options reached $32.51 billion, with a nominal total open interest long-short ratio of 1.85.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 47.28%.
Data Source: SoSoValue
Overview of Crypto ETF Developments Last Week
VanEck Submits Amendment for AVAX Spot ETF Application to U.S. SEC
According to Cryptopolitan, VanEck has submitted an amendment to the U.S. Securities and Exchange Commission (SEC) for its spot AVAX (Avalanche) ETF application, which plans to trade under the ticker VAVX.
Bitwise Has Submitted Sui ETF Registration Documents
According to documents disclosed by the U.S. SEC, Bitwise Asset Management's Bitwise Sui ETF has officially submitted Form S-1 registration statement, document number 0001213900-25-123107, and was received by the SEC on the same day.
The S-1 document was submitted by Bitwise Sui ETF as the declarant, including 16 materials such as the registration statement, trust agreement, trust certificate, and related fee documents. The declarant is registered in Delaware, with an office located in San Francisco, USA. This submission means that Bitwise has officially initiated the compliance registration process for the Sui-related ETF, and will still need to wait for the SEC's review and approval results.
Canary Capital Submits S-1 Amendment for Staked INJ ETF to U.S. SEC
According to CoinGape, Canary Capital has submitted an S-1 amendment for a staked INJ exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).
This trust fund plans to list on the Cboe exchange, providing investors with exposure to the Injective spot price and additional returns obtained through staking programs. According to the application documents, U.S. Bancorp Fund Services will act as the transfer agent and cash custodian, while BitGo Trust Company has been selected as the custodian.
The Hong Kong Securities and Futures Commission (SFC) released its Q3 report for July to September 2025, disclosing that the total market value of virtual asset spot ETFs in Q3 reached $920 million, up 217% since launch, while the asset management scale of five tokenized money market funds reached HKD 5.387 billion (approximately $692 million), a 391% increase from the previous quarter.
Additionally, the Hong Kong SFC stated that it has confirmed that the stamp duty exemption for transferring ETFs applies to tokenized ETFs, aiming to promote secondary market trading of tokenized ETFs and further expand market access for tokenized fixed income and currency products. It has currently issued licenses to 11 virtual asset trading platforms and is reviewing license applications from eight virtual asset trading platform applicants.
According to Businesswire, the New York Stock Exchange released its business highlights for 2025, disclosing that the exchange accounted for seven of the top ten IPOs of the year and paved the way for access to the cryptocurrency market.
This year, the NYSE listed Circle Internet Group, Inc. (NYSE: CRCL), Bullish (NYSE: BLSH), and Twenty One Capital, Inc. (NYSE: XXI), as well as 25 digital asset ETFs, including: Grayscale CoinDesk Crypto 5 ETF (NYSE Arca: GDLC), Bitwise Solana Staking ETF (NYSE Arca: BSOL), Franklin XRP ETF (NYSE Arca: XRPZ), among others, and has become the preferred platform for trading cryptocurrency ETFs in the U.S.
Additionally, the first closed-end crypto fund listed on a U.S. exchange, C1 Fund, also chose the NYSE.
Bitwise Submits Amendment for Its Hyperliquid ETF, May Be Listing Soon
Bloomberg ETF analyst Eric Balchunas posted on social media that Bitwise has just submitted an amendment for its Hyperliquid ETF, which includes new 8(a) clauses, a fee rate (0.67%), and a stock code (BHYP).
Typically, this indicates that the product is about to be listed.
Views and Analysis on Crypto ETFs
Bitwise CIO: Expects Record Inflows into Crypto ETFs Next Year
According to Decrypt, Bitwise Chief Investment Officer Matt Hougan stated that the development trajectory of crypto ETFs is "extremely optimistic," with some large brokerages starting to enter the market, and it is expected that 2026 will be a record year for inflows into crypto ETFs.
Additionally, the recent downturn in the crypto market is mainly due to "investors anticipating the upcoming four-year cycle and choosing to sell" and "the 1011 market crash." Once these negative factors dissipate, the market will rebound, with unique factors such as tokenization and institutional adoption becoming the main drivers of price, leading the cryptocurrency market to gradually mature according to its fundamentals.
According to Cryptoslate, the U.S. SEC approved a general listing standard for cryptocurrency ETPs last September, shortening the product launch time to 75 days. Bitwise predicts that over 100 crypto ETFs will be launched in 2026, but Bloomberg senior analyst James Seyffart warns of a wave of liquidations.
The biggest risk lies in the highly concentrated custody: Coinbase holds the vast majority of crypto ETF assets, claiming to account for as much as 85% of the global Bitcoin ETF share, posing a single point of failure risk. Additionally, authorized participants (APs) rely on a few platforms for pricing and borrowing, while altcoins struggle to hedge due to a lack of derivative depth.
ETFs for mainstream coins like Bitcoin, Ethereum, and Solana will strengthen their dominant position, but smaller funds face pressures from liquidity depletion, persistent premiums/discounts, and fee wars. Analysts predict that the first wave of liquidations will occur from late 2026 to early 2027, with high-fee homogeneous products and niche index funds with asset sizes below $50 million being the most vulnerable. The general standard addresses the issue of approval timeliness but does not resolve the liquidity dilemma.
Bitwise CEO: The Amount of Bitcoin to Be Purchased by Bitcoin ETFs May Exceed Annual Mining Supply
Crypto KOL Pete Rizzo posted that Bitwise CEO Matt Hougan stated in an interview video that the amount of Bitcoin to be purchased by the $15 billion Bitcoin ETF will exceed the annual mining supply.
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