REX-Osprey’s Dogecoin ETF (DOJE) and XRP ETF (XRPR) commence trading on Sept. 18, according to information shared on Sept. 15.

Bloomberg senior ETF analyst Eric Balchunas confirmed DOJE starts trading on Sept. 18, noting that the TRUMP, BONK, and Bitcoin funds lack confirmed trading dates.

On the same day, REX Shares confirmed that the XRPR launch is scheduled for this week.

RIC structure

The REX-Osprey ETFs employ a registered investment company (RIC) framework that distinguishes them from traditional spot crypto ETFs and their own Solana ETF’s original approach.

Bloomberg ETF analyst James Seyffart explained that this structure provides operational flexibility while meeting regulatory requirements.

The RIC framework enables funds to hold spot crypto assets primarily while maintaining derivative usage capabilities and ETF investment options when market conditions demand flexibility.

This approach operates within established investment company regulations rather than corporate tax structures used by Bitcoin and Ethereum spot ETFs.

The structure offers different tax treatment, operational requirements, and regulatory oversight compared to C-corporations.

These differences affect investor return distribution methods while providing a middle path between pure spot exposure and complete structural innovation.

Solana ETF

REX-Osprey previously launched the Solana ETF (SSK) as a C-corporation before converting structures, demonstrating the team’s willingness to adapt regulatory approaches.

The Dogecoin ETF experienced delays from its original Sept. 12 expected debut, with Balchunas predicting the mid-week launch materialized.

The funds join the crypto ETF landscape as the Securities and Exchange Commission (SEC) approved five REX-Osprey ETFs despite structural differences from existing products.

Regarding standard crypto ETF applications, Seyffart noted that over 90 filings are awaiting a decision from the SEC. The first batch of approvals might happen in October, as some of the altcoin filings face their final deadline next month.

However, the SEC might delay the launch despite giving regulatory approval, as it recently did with multi-asset funds from Grayscale and Bitwise.

According to the Bloomberg analysts, the reason is that the regulator is finishing a framework to fast-track crypto ETF approvals, and wants to allow their trading after its conclusion.

Nevertheless, the REX-Osprey launches expand crypto ETF options beyond Bitcoin and Ethereum for now, offering exposure to other altcoins.

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Spot Bitcoin and Ether ETFs are seeing renewed inflows as institutional appetite for crypto exposure continues to build.

On Friday, spot Bitcoin (BTC) ETFs recorded $642.35 million in net inflows, marking the fifth straight day of gains, according to data from SoSoValue. This pushed cumulative net inflows to $56.83 billion, with total net assets now standing at $153.18 billion, roughly 6.62% of Bitcoin’s total market cap.

Fidelity’s FBTC led the day with $315.18 million in fresh capital, while BlackRock’s IBIT followed with $264.71 million. Trading volumes across all spot Bitcoin ETFs topped $3.89 billion, signaling robust activity and growing institutional positioning. Market leaders like IBIT and FBTC posted daily gains of over 2%.

The uptick comes after a quieter start to the month, suggesting a shift in sentiment as macroeconomic conditions stabilize and the crypto market shows signs of strength. In total, Bitcoin spot ETFs saw $2.34 billion in cumulative net inflows over the past five days.

Related: Ether ETF inflows, explained: What they mean for traders

Ether ETFs attract $405 million

Spot Ether (ETH) ETFs mirrored the bullish momentum, pulling in $405.55 million in daily net inflows on the same day, their fourth consecutive day of gains. Total Ether ETF inflows have now reached $13.36 billion, with net assets at $30.35 billion.

On Friday, BlackRock’s ETHA brought in $165.56 million, while Fidelity’s FETH was close behind at $168.23 million. ETHA alone saw $1.86 billion in value traded on the day, reflecting rising activity in Ethereum-based products.

“Bitcoin and Ethereum spot ETFs keep seeing strong inflows, showing rising institutional confidence,” Vincent Liu, chief investment officer of the Taiwan-based company Kronos Research, told Cointelegraph.

“If macro conditions hold, this surge could strengthen liquidity and drive momentum for both assets,” Liu added.

Related: Spot Bitcoin ETFs see strong demand as crypto market tops $4T again

BlackRock eyes ETF tokenization

BlackRock is reportedly exploring the tokenization of ETFs on blockchain networks, following the success of its spot Bitcoin ETFs. The asset management giant is particularly interested in tokenizing funds tied to real-world assets (RWA), though regulatory challenges remain a key hurdle.

Tokenized ETFs could offer new functionality such as 24/7 trading and integration into decentralized finance (DeFi) ecosystems.

Magazine: Can Robinhood or Kraken’s tokenized stocks ever be truly decentralized?

]]> https://earlybirdsinvest.com/spot-btc-etfs-attract-642m-eth-adds-406m-amid-rising-confidence/feed/ 0 58201 https://earlybirdsinvest.com/bitcoin-etfs-attract-2-billion-in-september-as-investor-sentiment-shifts-from-ethereum/ https://earlybirdsinvest.com/bitcoin-etfs-attract-2-billion-in-september-as-investor-sentiment-shifts-from-ethereum/#respond Fri, 12 Sep 2025 13:18:05 +0000 https://earlybirdsinvest.com/bitcoin-etfs-attract-2-billion-in-september-as-investor-sentiment-shifts-from-ethereum/

US-listed spot Bitcoin exchange-traded funds (ETFs) are seeing a sharp reversal in fortunes this month, attracting nearly $2 billion in fresh inflows after a bruising August marked by heavy redemptions.

Data from SoSoValue shows that 12 Bitcoin ETF products logged inflows in six of the first eight trading sessions of September. Over the past four sessions alone, they have drawn roughly $1.7 billion, signaling a clear resurgence in investor appetite.

The consistency of these inflows contrasts sharply with August, when the same funds suffered $751 million in outflows.

The trend has also widened the gap with Ethereum, the second-largest crypto by market capitalization.

While Bitcoin products have attracted significant fresh capital this month, Ethereum investment vehicles have recorded over $550 million in outflows over the same period.

Nick Forster, founder of the on-chain options platform Derive, told CryptoSlate that this divergence highlights shifting sentiment from Ethereum back to Bitcoin.

According to him:

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“ETH inflows have slowed considerably, while BTC saw a meaningful spike in institutional buying yesterday. The smart money appears to be rotating back into BTC, possibly taking a breather from ETH beta after its recent run.”

Bitcoin ETFs now drive price action

The latest flows reinforce ETFs’ growing role in shaping Bitcoin’s price trajectory.

André Dragosch, head of research at Bitwise Europe, noted on X that daily net ETF flows have become the strongest determinant of Bitcoin’s market direction since US regulators approved the first spot products earlier this year.

According to him:

“Since early 2024 and the US ETF approvals, daily net flows have shown a significantly stronger correlation with subsequent returns, underscoring the extent to which institutionalized demand via ETPs now shapes price discovery.”

Notably, this is evident in the top crypto’s recent price performance. This month’s recent spate of inflows coincided with Bitcoin’s price consolidating near $114,000 and reversing the several weeks of weak performance.

Considering this, Dragosch stressed that:

“Bitcoin ETPs have become far more than an investor convenience. They are now a crucial determinant of market liquidity, performance, and the evolution of Bitcoin’s broader ecosystem.”

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The Securities and Exchange Commission (SEC) delayed decisions on three crypto exchange-traded funds (ETFs) on Sept. 10.

The decisions postponed BlackRock’s Ethereum staking proposal alongside Franklin Templeton’s spot XRP and Solana ETF applications. The delays come as the SEC develops a generic listing framework that could streamline future crypto ETF approvals.

The postponements position these applications for potential approval during an anticipated October batch decision window, aligning with previous predictions.

Bloomberg ETF analyst James Seyffart noted in April that crypto ETFs would likely get a batch of approvals in October, when some of the over 90 filings reach their final deadlines.

Generic framework

The SEC has been working with US exchanges on a standardized listing framework for token-based ETFs that would eliminate individual rule-change requests for qualifying assets.

The initiative would allow ETF sponsors to bypass the customary Form 19b-4 process when underlying tokens meet predetermined criteria.

Under the proposed framework, sponsors would submit registration statements on Form S-1, observe standard 75-day review periods, and list products once the waiting periods have ended.

Market capitalization, on-exchange trading volume, and daily liquidity represent key metrics under discussion for qualification thresholds. The current rule-change pathway requires each spot crypto ETF to secure a Commission order before listing, a process designed for novel or complex products.

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Moving to standing rules for qualifying assets would shorten timelines and reduce iterative comment cycles between the agency and applicants.

Approval jumpstart

Eric Balchunas said on Sept. 9 that the “memecoin ETF era [is] about to kick off” with a Dogecoin ETF slated for launch on Sept. 11 under the 40 Act structure.

Balchunas said this could potentially become “the first-ever US ETF to hold something that has no utility on purpose,” considering Dogecoin was originally created as a tribute to the Doge meme.

A successful Dogecoin ETF launch could catalyze broader approval momentum for pending applications.

Seyffart previously shared that there are 92 crypto ETF applications divided across various assets, including Solana, XRP, Litecoin, and staking versions of existing products awaiting SEC decisions.

The comprehensive filing list reveals applications from major issuers, including VanEck, Grayscale, Canary, Bitwise, and Franklin Templeton, covering assets ranging from established cryptocurrencies to emerging tokens.

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Stablecoin issuer Tether is one of the largest corporate accumulators of Bitcoin over the last 12 months, adding more coins to its treasury than nearly all spot exchange-traded funds (ETFs).

On Sept. 8, Tether CEO Paolo Ardoino shared data showing that the stablecoin issuer secured more than 27,700 BTC in the past year.

Of that amount, around 7,900 BTC were placed directly into the reserves backing USDT, while an additional 19,800 BTC were allocated to Twenty One Capital (XXI), a digital asset treasury fund to which Tether contributes.

The purchases put Tether ahead of several mid-tier ETF inflows, including VanEck’s HODL, Bitwise’s BITB, Ark 21Shares’ ARKB, and WisdomTree’s BTCW.

Yet the stablecoin operator’s buying remains modest compared with heavyweights like BlackRock’s IBIT, which absorbed 394,600 BTC, Grayscale’s mini Bitcoin trust, which added 44,200 BTC, and Fidelity’s FBTC with 27,900 BTC.

Ardoino’s breakdown highlights how the company has divided its Bitcoin strategy between backing its stablecoin and building longer-term investment positions.

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Tether’s Bitcoin embrace

Tether began its structured Bitcoin acquisition in May 2023, pledging to allocate 15% of quarterly profits to the asset. That commitment established the company as one of the few major corporate actors with a standing policy to direct profits into Bitcoin.

However, its strategy has also faced scrutiny. Recently, YouTuber Clive Thompson claimed Tether had sold more than $1 billion worth of Bitcoin to help fund a $1.6 billion gold purchase, citing changes in the company’s public asset disclosures.

Ardoino responded by saying the decline in visible Bitcoin reserves was tied to transfers into XXI, not liquidations. He reiterated that Tether plans to maintain a diversified reserve strategy that includes Bitcoin, gold, and real estate.

Despite the debate, Tether’s holdings now total 100,521 BTC, valued at roughly $11.36 billion at current market prices.

Data from Bitcoin Treasuries ranks the company as the third-largest corporate holder of Bitcoin worldwide, trailing only Strategy, which recently rebranded as Strategy, and Block.one.

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