Posted: November 26, 2024

• Hashdex files S-1 amendment for Nasdaq Crypto Index US ETF.
• Bitcoin ETFs record a new weekly inflow peak.

On 25th November, Hashdex, a crypto asset management firm, announced its submission of a second amended S-1 filing with the U.S. Securities and Exchange Commission (SEC) for a  Nasdaq Crypto Index US ETF.

Hashdex’s crypto ETF pursuit

The latest amendment follows Hashdex’s initial S-1 filing. The filing was modified in October as the SEC requested more time for review. 

The ETF aims to initially include Bitcoin [BTC] and Ethereum [ETH], the two assets currently tracked by the Nasdaq Crypto US Index. Over time, the portfolio could expand to feature additional digital currencies, according to the filing.

Hashdex’s ambitions mirror broader efforts by key players like Franklin Templeton and Grayscale. Like Hashdex, Franklin Templeton’s Crypto Index ETF proposed ETF includes BTC and ETH.

Grayscale’s Digital Large Cap Fund, however, seeks to offer a more diversified experience. The ETF includes alternative cryptocurrencies such as Solana [SOL], Avalanche [AVAX], and Ripple [XRP] in its portfolio.

Spot BTC and ETH ETF trends

Meanwhile, the broader cryptocurrency ETF market continues to achieve new milestones. Spot Bitcoin ETFs recorded net inflows of $3.38 billion for the week of 18th–22nd November—a remarkable 102% increase from the previous week’s $1.67 billion. 

According to SoSo Value, this marked the largest weekly inflow on record and the seventh consecutive week of positive flows. In contrast, on 25th November, the total daily flows turned negative as the ETFs saw $438.38 million moving out of the funds. 

Interestingly, ETH ETFs witnessed six consecutive days of outflows before rebounding on 22nd November. At press time, it recorded a daily net inflow of $2.83 million.

Furthermore, total net assets for ETH ETFs surpassed double digits for the first time since launch, reaching $10.28 billion on 25th November.

Another ETF for XRP?

The ETF hype isn’t limited to BTC and ETH as the race is continuing to heat up. In a notable development, WisdomTree, an asset manager and global ETF provider managing over $100 billion in assets, has registered for an XRP-focused ETF in Delaware. 

According to Fox Business reporter Eleanor Terrett, this move is expected to precede an S-1 filing with the SEC. WisdomTree joins Bitwise, 21Shares, and Canary Capital in filing similar applications.

Gensler out, crypto ETFs in?

With the SEC’s regulatory landscape evolving, the surge in crypto ETF filings has ignited curiosity about their prospects in this changing environment.

Previously, AMBCrypto reported that Gary Gensler, the SEC Chair known for his stringent stance on crypto regulation, will resign effective 20th January, 2025. 

His departure aligns with the start of Donald Trump’s second presidential term. The president-elect has promised to position the U.S. as a global crypto powerhouse.

This, in turn, could signal a more welcoming environment for crypto ETFs and other digital asset innovations.

While the stage is set for major shifts in the ETF landscape, the question remains: Will the SEC embrace this new era, or will the approval process continue to be a roadblock? 

Well, the coming months promise to be a defining chapter in the evolution of the crypto market.