etfs

According to The Kobeissi Letter, the 2x leveraged long MicroStrategy ETFs ($MSTX, $MSTU) have both fallen about 82% this year; another 2x leveraged product $MSTP has also dropped 81%.During the same period, MicroStrategy ($MSTR) itself has decreased by 46% this year, with a single-week drop of 27% last week. As a result, $MSTX, $MSTU, and $MSTP nearly halved last week.The report points out that the leveraged MicroStrategy ETFs launched in 2024 (both long and short) have seen declines of over 90% since their launch, despite billions of dollars flowing in previously, but the leverage effect is significantly amplifying the losses.Note: Leveraged ETFs typically use a daily reset mechanism, aiming to achieve an integer multiple of the underlying's daily price changes. In highly volatile markets, even if the underlying has an overall increase or decrease over a period, frequent price fluctuations can cause the compounding effect to lead to actual performance deviating from the expected multiple, continuously eroding the net asset value. This is known as "volatility decay" (also referred to as Beta Slippage).

The Kobeissi Letter analysis points out that since April, the cumulative net outflow from U.S. gold and Bitcoin-related ETFs has been about $12 billion, while during the same period, semiconductor ETFs recorded a net inflow of about $20 billion, with funds clearly concentrating in the technology growth sector.This trend accelerated further in mid-May: the outflow from gold and Bitcoin ETFs increased more than threefold, while the inflow into semiconductor ETFs doubled. In terms of market performance, the world's largest gold ETF GLD has fallen about 13% since early April, and the Bitcoin ETF IBIT has dropped about 12% during the same period; in contrast, semiconductor ETFs SOXX and SMH have risen approximately 81% and 60%, respectively.Analysis suggests that the current market shows a clear "risk preference switch," with retail funds accelerating their shift from safe-haven assets and crypto assets to high-growth semiconductor and AI-related sectors, driving the market in unprecedented ways.

According to data from The Kobeissi Letter, the net outflow of the U.S. Bitcoin spot ETF over the past 30 days has reached $6.4 billion, marking the largest single-month outflow in history. Last week alone saw a net outflow of $233 million.Overall, cryptocurrency funds also recorded a net outflow of $116 million last week, marking the fifth consecutive week of capital outflow. This has reduced the cumulative net inflow of crypto funds over the past 12 months to $5 billion, the lowest level since August 2025, and a significant decline from the peak of $10 billion in October 2025.In terms of the proportion of assets under management (AUM), the cumulative inflow over the past 12 months has dropped to about 7%, the lowest since July 2025, indicating that negative market sentiment continues to dominate capital flows.

According to the official announcement, Bitget has launched perpetual contracts for SONY (Sony Group) and MVLL (Maverick Technology 2x Long ETF). Both are settled in USDT and support up to 20x leverage.

The Hong Kong Securities and Futures Commission released the "2025-26 Annual Report," showing that Hong Kong's capital market achieved significant growth across various asset classes in the past year, including investment funds, digital assets, and the stock market. Among them, the growth of tokenized investment products accelerated. As of March, the managed assets of 13 retail products approved by the Securities and Futures Commission increased nearly sixfold year-on-year, reaching HKD 10.8 billion. At the same time, the total market value of 11 virtual asset spot ETFs reached HKD 4.3 billion, a substantial increase of 90% since their launch in 2024, recognizing Asia's first Solana spot ETF. The trading volume of 12 licensed virtual asset trading platforms increased significantly by 125% within a year.

The scale of U.S. leveraged ETFs is growing at a record pace, with investors' leverage usage also at a record high. Currently, the assets under management of the 3x long Nasdaq 100 Index ETF TQQQ have risen to approximately $40 billion, nearing historical highs. Meanwhile, the assets under management of the 3x long semiconductor ETF SOXL have reached a historical high of $34 billion. Since April, the asset size of SOXL has increased more than threefold, and the asset size of TQQQ has nearly doubled. In contrast, the 2x long Nasdaq 100 Index ETF QLD has grown by $7 billion during the same period, an increase of 88%, with a size close to the historical high of $15 billion. Driven by this, the total assets under management of U.S. leveraged ETFs have reached a historical high of $198 billion, a 55% increase during the same period.

According to The Block, Ben Slavin, the global ETF head at Bank of New York Mellon (BNY), stated that asset managers are accelerating their tokenized ETF plans, driven mainly by investor demand and the FOMO sentiment of fearing to miss early opportunities in blockchain finance. Slavin revealed that BNY has multiple tokenized ETF projects underway, and although the regulatory environment and infrastructure are not yet fully ready, many clients wish to launch products as soon as possible. He believes that blockchain networks are expected to become a new distribution channel for traditional investment products, enabling around-the-clock holding and transfer of fund shares, shortening settlement times, and expanding coverage for global investors.Slavin also pointed out that currently, hundreds of well-known ETFs are trading in tokenized form in unregulated markets, and most of these have not been directly authorized by the fund sponsors, which poses reputational risks. This topic has become a focal point for discussions among BNY's asset management clients. Although the industry is still exploring core issues such as the integration of tokenized funds with existing infrastructure, secondary trading mechanisms, and regulatory frameworks, Slavin stated that asset managers are increasingly inclined to believe that "getting in early" in this field is more important than "waiting for clarity."

Bitcoin further declined towards $62,000 on Tuesday, continuing its weak fluctuations under the pressure of six consecutive weeks of outflows from spot ETFs, a shift in macro interest rate expectations towards hawkishness, and the expiration pressure of quarterly options. Ethereum also fell below $1,700 on the same day, with both BTC and ETH retreating nearly 20% over the past 30 days. This week's market pressure mainly comes from two clues. One is that the Federal Reserve maintained interest rates at 3.5% to 3.75% during the FOMC meeting on June 18, but the statement significantly reduced easing language, and the dot plot shifted from previously suggesting rate cuts to indicating rate hikes. Among the 18 officials, 9 have already predicted at least one rate hike this year, and the probability of a rate hike in December has significantly increased compared to a month ago. The second is that geopolitical risks have once again disturbed the market. Previously, expectations of a ceasefire between the U.S. and Iran had pushed Bitcoin above $67,000, but during the signing ceremony on June 19, the situation broke down, and Iran withdrew from negotiations. Due to the 24/7 trading in the crypto market, Bitcoin was the first to reflect this shock. In addition, Deribit will face the expiration of approximately $10.6 billion in options on June 26, which has also intensified the market's wait-and-see sentiment at the end of the quarter. Analysts believe that current leverage has been largely cleared, and market positions are defensive, but the next direction still depends on Thursday's PCE inflation data and whether the capital flow of spot ETFs can turn positive again.

According to SoSoValue data, yesterday (Eastern Time June 22) the total net outflow of Bitcoin spot ETFs was $68.1757 million.The Bitcoin spot ETF with the highest single-day net inflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a single-day net inflow of $63.9991 million. Currently, the historical total net inflow of ARKB has reached $1.261 billion.The second highest was the Fidelity ETF FBTC, with a single-day net inflow of $57.3805 million. Currently, the historical total net inflow of FBTC has reached $10.515 billion.The Bitcoin spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF IBIT, with a single-day net outflow of $172 million. Currently, the historical total net inflow of IBIT has reached $61.898 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $80.217 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.21%. The historical cumulative net inflow has reached $53.330 billion.

According to Bitcoin.com, Morgan Stanley submitted a revised S-1 registration statement for its proposed Ethereum and Solana ETFs on June 18, with both funds charging a management fee of 0.14%. If launched at this rate, it would be lower than the current market's lowest rate—Grayscale Ethereum Trust's 0.15% and Franklin Templeton Solana ETF's 0.19%. Morgan Stanley's Ethereum ETF trading code is MSSE, and its Solana ETF trading code is MSOL.The document also revealed that both funds will partially stake assets through Figment, Galaxy, and Coinbase Canada, with 5% of the staking rewards paid to service providers and custodians. Morgan Stanley's previously launched Bitcoin Trust (MSBT) also launched at a rate of 0.14% and has attracted a cumulative net inflow of $307 million as of June 18.

Bloomberg ETF analyst James Seyffart stated on platform X that Morgan Stanley has submitted its second amended filing for its Ethereum and Solana ETFs to the U.S. SEC.

According to SoSoValue data, yesterday (Eastern Time June 17) the total net outflow of Bitcoin spot ETFs was $82.1637 million.The Bitcoin spot ETF with the highest net inflow yesterday was Fidelity ETF FBTC, with a net inflow of $14.0197 million, bringing the historical total net inflow of FBTC to $10.458 billion. The second was Morgan Stanley ETF MSBT, with a net inflow of $4.0727 million, currently bringing the historical total net inflow of MSBT to $290 million.The Bitcoin spot ETF with the highest net outflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a net outflow of $43.5306 million, currently bringing the historical total net inflow of ARKB to $1.197 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs was $80.658 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.25%, and the historical cumulative net inflow has reached $53.488 billion.

According to SoSoValue data, yesterday (Eastern Time June 16), the total net inflow of Bitcoin spot ETFs was $10.0643 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of $16.3526 million, and the historical total net inflow of IBIT has reached $6.2197 billion.The second was Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3529 million, and the historical total net inflow of BTC has reached $2.313 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Grayscale ETF GBTC, with a single-day net outflow of $16.8051 million, and the historical total net outflow of GBTC has reached $26.992 billion.As of the time of publication, the total net asset value of Bitcoin spot ETFs is $82.062 billion, and the ETF net asset ratio (market value compared to total Bitcoin market value) is 6.22%, with a historical cumulative net inflow of $53.571 billion.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $64.0862 million. The Bitcoin spot ETF with the highest net inflow in a single day is Blackrock ETF IBIT, with a single-day net inflow of $66.4488 million, and the historical total net inflow of IBIT currently stands at $6.2181 billion. The second is Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $10.5999 million, and the historical total net inflow of BTC currently stands at $2.309 billion.The Bitcoin spot ETF with the highest net outflow in a single day is Grayscale ETF GBTC, with a single-day net outflow of $124 million, and the historical total net outflow of GBTC currently stands at $26.975 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $83.329 billion, and the ETF net asset ratio (the market value compared to the total market value of Bitcoin) is 6.25%, with a historical cumulative net inflow of $5.356 billion.

According to SoSoValue data, the total net inflow for Ethereum spot ETFs is $22.5029 million. The Ethereum spot ETF with the highest single-day net inflow is the Blackrock ETF ETHA, with a single-day net inflow of $17.6189 million, and the historical total net inflow for ETHA has reached $11.321 billion. The second is the Grayscale Ethereum Trust ETF ETH, with a single-day net inflow of $3.1166 million, and the historical total net inflow for ETH has reached $1.868 billion. As of the time of writing, the total net asset value of Ethereum spot ETFs is $10.036 billion, with an ETF net asset ratio (market value as a percentage of Ethereum's total market value) of 4.58%, and the historical cumulative net inflow has reached $11.209 billion.

According to The Block, executives from hardware wallet manufacturer Trezor stated that the market's trend of fully pushing Bitcoin towards ETFization may pose a long-term risk to the core principles of the crypto industry. According to the company's Chief Business Officer Danny Sanders during the BTC Prague event, the current global crypto user base is approximately 600 million, but only about 10% of users choose to self-custody their assets, with only about 12 to 13 million users using hardware wallets.Since the launch of the U.S. spot Bitcoin ETF in 2024, which has attracted over $53 billion in inflows, institutional allocation of Bitcoin has significantly increased. However, Sanders pointed out that this trend may also weaken users' behavior of directly holding private keys. He believes that self-custody is one of the core attributes of the Bitcoin system, but there are still significant challenges in terms of user experience and security thresholds, leading more users to prefer participating in the market through custodial tools like exchanges or ETFs.Sanders emphasized that the industry should focus on improving the usability and security of self-custody, rather than simply accepting the path of "putting Bitcoin into ETFs." He stated that if the long-term evolution leads to an ETF-dominated holding structure, it would undermine the foundational logic of Bitcoin as a decentralized asset, which could be the "least ideal outcome" for the industry.

According to SoSoValue data, yesterday (Eastern Time June 12), the total net inflow of Bitcoin spot ETFs was $85.8498 million.The Bitcoin spot ETF with the highest net inflow yesterday was Blackrock ETF IBIT, with a net inflow of $57.6944 million for the day. Currently, the historical total net inflow of IBIT has reached $6.2114 billion.The second was Fidelity ETF FBTC, with a net inflow of $18.0047 million for the day. Currently, the historical total net inflow of FBTC has reached $1.0448 billion.As of the time of publication, the total net asset value of Bitcoin spot ETFs is $79.650 billion, and the ETF net asset ratio (market value compared to the total market value of Bitcoin) is 6.26%. The historical cumulative net inflow has reached $5.3625 billion.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $77.4378 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3908 million, bringing the historical total net inflow of BTC to $2.275 billion. The Bitcoin spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF IBIT, with a single-day net outflow of $61.6422 million, and the historical total net inflow of IBIT has reached $62.175 billion. As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.583 billion, with an ETF net asset ratio (the market value as a percentage of Bitcoin's total market value) of 6.23%, and the historical cumulative net inflow has reached $53.772 billion.

According to SoSoValue data, yesterday (Eastern Time June 9), the total net outflow of Bitcoin spot ETFs was $77.4378 million.The Bitcoin spot ETF with the highest single-day net inflow yesterday was Grayscale Bitcoin Trust ETF BTC, with a single-day net inflow of $4.3908 million. Currently, the historical total net inflow of BTC has reached $2.275 billion.The Bitcoin spot ETF with the highest single-day net outflow yesterday was Blackrock ETF IBIT, with a single-day net outflow of $61.6422 million. Currently, the historical total net inflow of IBIT has reached $62.175 billion.As of the time of writing, the total net asset value of Bitcoin spot ETFs is $77.583 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.23%. The historical cumulative net inflow has reached $53.772 billion.

According to SoSoValue data, the total net outflow of Bitcoin spot ETFs is $91.3736 million. The Bitcoin spot ETF with the highest single-day net inflow yesterday was the ETF ARKB from Ark Invest and 21Shares, with a single-day net inflow of $63.1412 million, bringing ARKB's total historical net inflow to $1.271 billion. The second highest was the Fidelity ETF FBTC, with a single-day net inflow of $59.3749 million, and FBTC's total historical net inflow currently stands at $10.452 billion.The Bitcoin spot ETF with the highest single-day net outflow yesterday was the Blackrock ETF IBIT, with a single-day net outflow of $233 million, and IBIT's total historical net inflow currently stands at $62.237 billion. As of the time of publication, the total net asset value of Bitcoin spot ETFs is $79.633 billion, with an ETF net asset ratio (market value compared to total Bitcoin market value) of 6.26%, and the historical cumulative net inflow has reached $53.849 billion.