Key Points
- Hashdex has submitted a second amended S-1 filing with the U.S. SEC for a Nasdaq Crypto Index US ETF.
- Spot Bitcoin ETFs recorded a record net inflow of $3.38 billion for the week of 18th–22nd November.
Crypto asset management firm Hashdex has announced its submission of a revised S-1 filing with the U.S. Securities and Exchange Commission (SEC) for a Nasdaq Crypto Index US ETF.
Hashdex’s Crypto ETF Journey
This is the second amendment to Hashdex’s initial S-1 filing. The first modification was made in response to the SEC’s request for additional time to review the filing.
The ETF is expected to initially include Bitcoin (BTC) and Ethereum (ETH), the two assets currently tracked by the Nasdaq Crypto US Index. The portfolio may expand to include more digital currencies in the future.
Hashdex’s plans reflect similar efforts by Franklin Templeton and Grayscale. Franklin Templeton’s proposed Crypto Index ETF, like Hashdex’s, includes BTC and ETH. Grayscale’s Digital Large Cap Fund aims to provide a more diverse experience, including cryptocurrencies such as Solana, Avalanche, and Ripple.
Spot Bitcoin and Ethereum ETF Trends
The broader cryptocurrency ETF market continues to hit new milestones. For the week of 18th–22nd November, Spot Bitcoin ETFs recorded net inflows of $3.38 billion, a 102% increase from the previous week’s $1.67 billion.
This marked the largest weekly inflow on record and the seventh consecutive week of positive flows. However, on 25th November, total daily flows turned negative, with the ETFs seeing $438.38 million moving out of the funds.
ETH ETFs saw six consecutive days of outflows before rebounding on 22nd November. At press time, it recorded a daily net inflow of $2.83 million. Total net assets for ETH ETFs surpassed double digits for the first time since launch, reaching $10.28 billion on 25th November.
The ETF hype extends beyond BTC and ETH. WisdomTree, an asset manager and global ETF provider managing over $100 billion in assets, has registered for an XRP-focused ETF in Delaware. This move is expected to lead to an S-1 filing with the SEC. WisdomTree joins Bitwise, 21Shares, and Canary Capital in filing similar applications.
With the SEC’s regulatory landscape evolving, there’s been a surge in crypto ETF filings. Gary Gensler, the SEC Chair known for his stringent stance on crypto regulation, is set to resign effective 20th January, 2025. His departure aligns with the start of Donald Trump’s second presidential term, which promises a more welcoming environment for crypto ETFs and other digital asset innovations.
While the ETF landscape is primed for major shifts, it remains uncertain whether the SEC will embrace this new era or continue to pose a roadblock to the approval process. The coming months will undoubtedly be crucial in shaping the future of the crypto market.
