You: “crypto is a scam” SEC Chairman: launching “project crypto” to “modernize the securities rules & regulations to enable America’s financial markets to move on-chain” You’re surely paying attention now, right?
Latest ETF Pulse is out… @KristinReports & I talk: -Defined volatility sector ETFs -Simplify fee controversy -SEC delaying Bitwise 10 Crypto Index ETF -Bubble in options-based ETFs? -ETF leaderboard: iShares vs Vanguard via @etfcom
Spot eth ETFs *tie* record inflow streak… It was close though. Nevertheless, now 19 straight days of new $$. $5.4bil total. Will go for record tomorrow.
It’s all so much fun at this point…
Are you seeing it now?
Last 24 hrs… -SEC approves in-kind creates & redeems for spot btc/eth ETFs -NYSE & Cboe file for framework to list crypto ETFs -White House working to “usher in golden age of crypto” SEC, NYSE, Cboe, & White House. All working on crypto. Everyone now paying attention.
.@ToddRosenbluth unpacks some of the latest developments on the ETF landscape on this week's @ETFPrime. He touches on @InvescoUS' proposed $QQQ conversion, @GlobalXETFs' new concentrated PureCap suite, and the continued rise of the covered call ETF. Later in the episode,
Cboe just filed 19b-4 requesting a rule change which would allow crypto ETFs to list & trade under a standard framework… In other words, issuers wouldn’t have to request specific approval for each crypto ETF as long as it meets certain criteria.
iShares Ethereum ETF now holds over 3 million ether… Just hit 2mil back on July 12th. Current total supply of eth = 121mil
PSA… In-kind creations & redemptions for spot btc & eth ETFs don’t mean individual investors can exchange btc or eth for ETF shares (or vice versa). Creates & redeems are limited to what are called Authorized Participants (APs). APs = firms like Goldman Sachs & JP Morgan.
One item left on my checklist from November... Staking in spot eth ETFs. Today, SEC acknowledged Nasdaq 19b-4 for staking in iShares Ethereum ETF. My guess? This is next on SEC's hit list. Sooner rather than later. Before any addn'l spot crypto ETFs.
An issuer just wrote me: "This is huge.. and will create explosion of option based bitcoin ETFs."
SEC approves in-kind creations & redemptions for spot btc & eth ETFs... At long last.
Spot eth ETF inflow streak hits 17 days… Nearly $5.2bil in new $$$. Record streak = 19 days from May to June (though only $1.4bil).
Options on iShares Bitcoin ETF now among most heavily traded out of *all* ETFs... Only 4 ETFs more active: SPY, QQQ, IWM, & GLD. IBIT options launched just 8mos ago. *8mos*. Not only that, they’re still capped by a 25,000 contract position limit. Unreal. via @sidcoins
Spot btc & eth ETFs have taken in *$26+bil* this yr… Still no in-kind creation & redemption. Still limited access on *many* major wirehouse & financial advisory platforms. Still no Vanguard brokerage access. Basically one hand tied behind back. Yet still… now $175bil AUM.
Past week…
This week's ETF buzz...
Spot eth ETF inflow streak extends to *16* days… 4th best inflow day since launch. Nearly $5bil new $$$ during streak. Spot eth ETF > spot btc ETF inflows in each of past 7 days. On a heater.
“ETFs legally have to put the assets in w/ custodian. So, all the shares of the ETF are connected to actual btc; it's a one-for-one ratio, there’s no paper.” -@EricBalchunas Invest directly in an asset if you wish, but saying “beware of paper” re: ETFs is simply fear-mongering.
🚨NEW EPISODE ALERT 🍎 Listen on Apple Podcast: 🎵 Listen on Spotify: In this new episode of ETF Pulse, Editor-in-Chief @KristinReports and NovaDius Wealth Management President @NateGeraci discuss a new
iShares Ethereum ETF is #2 out of *all* 4,300+ ETFs in inflows over past week... Right behind Vanguard S&P 500 ETF. iShares Bitcoin ETF is #5.
Very small sample size… But spot eth ETFs have taken in more new $$$ than spot btc ETFs each of past 6 trading days. $2.4bil vs $830mil total. Noticeable difference. Something to watch.
New record inflow for Fidelity Ethereum ETF… $210mil.
Coinbase compliance delisting another token…
Latest ETF Pulse is out... @KristinReports & I cover: -Arctic Circle ETF filing (I'm serious) -QQQ attempting to convert structure -Record spot eth ETF inflows -Crypto index ETFs via @etfcom
iShares Ethereum ETF becomes 3rd fastest ETF to hit $10bil in assets… 3 fastest ETFs to $10bil now all spot crypto ETFs. We’re talking about an ETF industry that’s been around for over 3 decades & has nearly 4,400 products. What a chart.
$ETHA $IBIT
+124.05%
$FBTC
+0.39%
Rise of crypto, artificial intelligence, & robotics all happening at same time… All three literally altering economic landscape & disrupting established norms. Good luck trying to gauge stock market valuations & call a top over next few yrs.
Put aside your personal feelings for btc/eth… These spot ETFs have absolutely dominated the industry narrative over last yr & a half. Btc ETFs shattered nearly every ETF launch record. Eth ETFs among most successful new launches over past yr. Forcing tradfi to pay attention.
Spot eth ETFs celebrate 1yr anniversary w/ $330mil inflows… 7th best day since launch. 6 of top 7 inflow days have come in past *2 weeks*. Now 13-day inflow streak altogether. $4.4bil new $$$.
Permabulls vs permabears…
Two theories from @JSeyff on why SEC holding up Grayscale & Bitwise crypto index ETFs... I lean towards the latter theory. Both of these were approved by SEC Division of Trading & Markets and then immediately stayed. Doesn't make sense. via @isabelletanlee @nicola_m_white
Crypto ETFs are evolving fast, and @roxannaswan breaks down what’s fueling the momentum on this week’s @ETFPrime. She covers the latest legislative wins, including the CLARITY and GENIUS Acts, and how they’re boosting investor sentiment and driving inflows into #Bitcoin, #Ether,
Spot ether ETFs began trading one year ago today... Since that time, nearly 1,000 ETFs have launched. iShares Ethereum ETF leads *all* of them in inflows w/ $8.5bil.
Let's see who SEC Crypto Task Force met w/ today... Just *Citadel Securities*. The topic? You guessed it. Tokenized equity securities. I have no further comment at this time.
Over *$500mil* into spot eth ETFs… 3rd best day since launching a year ago. Now 13-day inflow streak w/ $4bil new $$$. 5 of best 6 inflow days for category have occurred in past 2 weeks.
This might be my favorite mainstream financial media headline ever… I’m serious. Nobody. Knows. Anything.
Let the record reflect that you can currently buy *leveraged & futures-based* xrp & sol ETFs… But you can’t buy *spot* xrp & sol ETFs. Not only that, but SEC is now pushing back against index-based crypto ETFs where xrp & sol are 10% of holdings. Thought we were done w/ this.
SEC Division of Trading & Markets has *approved* the Bitwise 10 Crypto Index ETF... However, like with the Grayscale Digital Large Cap ETF, this approval order is stayed. IMO, both of these should be allowed to convert/uplist asap. Bizarre situation.