USDCrypto Funds Weekly Recap: Ethereum Dominates, Solana ETF Hopes Rise
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Ethereum Funds Surge Amid $286M Crypto Inflows, Bitcoin Faces Outflows as Fed Uncertainty Lingers
In the week ending June 9, 2025, crypto investment products experienced $286 million in net inflows, marking the eighth consecutive week of gains totaling $11.3 billion, according to CoinShares. Ethereum-based funds led with $296.4 million in inflows, while Bitcoin products faced $56.5 million in outflows. U.S. spot Ethereum ETFs accounted for $281.3 million of inflows. The U.S. dominated regional inflows at $175 million, despite some minor outflows in Brazil and Hong Kong. Overall, investor sentiment remains cautious due to U.S. Federal Reserve policy uncertainties, prompting a wait-and-see approach among investors.
Bloomberg Analyst Raises Solana and Litecoin ETF Approval Odds to 90%
Bloomberg analyst James Seyffart has increased the likelihood of Solana (SOL) and Litecoin (LTC) spot ETF approvals to 90%. XRP follows at 85%, Dogecoin (DOGE) at 80%, and Cardano (ADA), Polkadot (DOT), Avalanche (AVAX), and Hedera (HBAR) at 75%. The SEC is actively reviewing proposals, requesting updated registration forms and clarifications on staking. Major firms like Grayscale and VanEck are vying to launch Solana ETFs. Despite recent delays, Seyffart suggests approvals may not happen until late June or early July 2025, with a more realistic outlook set for late 2025, as other countries lead with opportunistic ETF launches.
BlackRock's Bitcoin ETF Hits $70 Billion in 341 Days, Outpacing Gold's Record by Five Times
BlackRock's IBIT fund, a spot Bitcoin ETF, has achieved over $70 billion in assets within just 341 days of trading, setting a record for the fastest ETF to reach this milestone—five times quicker than the previous record held by GLD, a gold ETF, which took 1,691 days. BlackRock's ETF significantly outpaces Fidelity's, which has around $31 billion in assets. The GLD ETF, launched in November 2004, remains the largest gold ETF, with about $100 billion in AUM. Both Bitcoin and gold prices have surged amid economic uncertainty influenced by President Trump's tariff strategy.
Nasdaq Seeks SEC Approval to Add XRP, SOL, ADA, and XLM to Crypto Index ETF
On June 7, 2025, Nasdaq proposed to the SEC an amendment to the Hashdex Nasdaq Crypto Index ETF (NCIQ) to include XRP, Solana (SOL), Cardano (ADA), and Stellar Lumens (XLM), expanding beyond its current holdings of Bitcoin (BTC) and Ethereum (ETH). This move aims to align the ETF with the broader Nasdaq Crypto Index (NCI) and mitigate tracking errors caused by regulatory constraints. A SEC decision is anticipated by November 2, 2025, with potential implications for the U.S. crypto ETF market, enhancing access to a diversified portfolio of digital assets for investors amid evolving financial landscapes.
Invesco and Galaxy Seek SEC Approval for Solana ETF as Hopes for 90% Approval Surge
Invesco and Galaxy Digital have filed a trust in Delaware as a preliminary step toward SEC approval for a Solana spot ETF, amidst high expectations for regulatory progress. Analysts predict a 90% likelihood of approval for Solana and Litecoin ETFs by year-end, with XRP at 85%. The SEC has requested S-1 filing adjustments, signaling potential imminent decisions within three to five weeks. Institutional interest grows as Solana ranks fifth in market capitalization, trading around $147, despite a recent 7% decline. Other firms, including Grayscale and Fidelity, are also vying to launch this first Solana ETF in the U.S. market.
Major Firms Submit S-1 Filings for Spot Solana ETFs, Indicating Potential SEC Approval
Several investment firms, including Franklin Templeton, Galaxy Digital, Grayscale, VanEck, and Fidelity, submitted updated S-1 filings for spot Solana exchange-traded funds (ETFs), suggesting an increased likelihood of SEC approval. The SEC requested amendments related to in-kind redemptions and staking approaches, with experts estimating a potential timeline of two to four months for ETF launches. Grayscale disclosed a 2.5% fee for its fund, while VanEck incorporated staking into its proposal. The SEC has previously approved spot Bitcoin and Ethereum ETFs but remains cautious about alternative tokens, despite growing lobbying efforts and recent SOL futures listings.
Canary Capital Registers Delaware Trust for Upcoming Injective (INJ) ETF, Aiming to Boost DeFi Investment
Canary Capital has registered a Delaware trust for the upcoming Injective (INJ) ETF, intended to enable staking and passive income generation. Though the SEC application is not yet filed, this move aims to attract US-based investors. INJ, considered undervalued, has seen a rise in daily users to 48K, with recent price gains of 4.7% to $13.56. The total supply of INJ is 100M, with about 97M in circulation. Despite generating $40K in daily fees and lagging in liquidity, the promising ETF prospects may enhance mainstream investment in DeFi and increase INJ's adoption.
Nasdaq Files for 21Shares’ SUI ETF Listing, Signaling Growing Institutional Adoption
Nasdaq has filed with the U.S. SEC for the listing of 21Shares’ SUI ETF, following an S-1 registration in April, signaling notable institutional adoption of the Sui ecosystem. The SUI ETF has witnessed over $300 million in global ETP inflows, reflecting rising institutional interest. The Sui Foundation, which ranks 8th by total value locked, noted substantial growth with a stablecoin market cap surpassing $1.1 billion and $110 billion in transfer volume in May. Custodians for the ETF will be BitGo and Coinbase, highlighting a shift towards broader accessibility in digital asset investments for U.S. investors.
Circle's CRCL Soars Post-IPO; ProShares and Bitwise File for ETFs
Circle Internet Group, which trades under the ticker CRCL, launched its IPO on June 5, 2025, priced at $31 per share and quickly surged nearly 200% to around $115, giving it a market cap of approximately $25 billion. As the issuer of USDC, the world's second-largest stablecoin with a market cap of $61 billion, Circle's rapid success has prompted ProShares and Bitwise to file for single-stock ETFs based on CRCL. ProShares' ETF is a leveraged product, while Bitwise's focuses on a covered call strategy. Both ETF filings have an effective date of August 20, 2025.
Franklin Templeton Launches Intraday Yield Feature for BENJI Fund
Franklin Templeton has launched a patent-pending intraday yield feature for its BENJI Fund, the second-largest tokenized treasury fund in DeFi with $775 million in assets under management (AUM). Live on eight blockchains, BENJI has 63% of its AUM, or $489 million, on Stellar Network. This feature allows investors to earn yield whenever tokenized securities are transferred, paid out daily, including weekends and holidays. It enhances financial practices like collateral management and introduces wallet-to-wallet transfers. Head of Digital Assets Roger Bayston emphasized that this innovation could attract new clients and expand investable asset opportunities in the market.
This article has been refined and enhanced by ChatGPT.
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