Odaily星球日报讯 The ETF Store 总裁 Nate Geraci 于 X 发文表示：“本周看点：灰度的长期计划终于要实现了，其将在市场上拥有最低成本的现货比特币和以太坊 ETF，代码为 BTC 和 ETH。计划中唯一缺少的是期权交易，这将在一定程度上帮助保护 GBTC 和 ETHE。” 此前消息，美国 SEC 上周五批准了灰度比特币迷你信托（Grayscale Bitcoin Mini Trust）的 19b-4 表格。根据 3 月份发布的 S-1 文件，该信托代码为“BTC”，将作为 GBTC 的“spin-off”产品。 灰度的一位发言人表示，该公司仍在等其注册声明生效，“S-1 表格上的注册声明获批和生效将允许 BTC 与 GBTC 等一起作为美国现货比特币 ETP 运营。灰度团队将尽快分享有关 Grayscale Bitcoin Mini Trust 在纽约证券交易所 Arca 上市日期的更多信息。”

Odaily星球日报讯 The ETF Store 总裁 Nate Geraci 于 X 发文表示：“本周看点：灰度的长期计划终于要实现了，其将在市场上拥有最低成本的现货比特币和以太坊 ETF，代码为 BTC 和 ETH。计划中唯一缺少的是期权交易，这将在一定程度上帮助保护 GBTC 和 ETHE。”此前消息，美国 SEC 上周五批准了灰度比特币迷你信托（Grayscale Bitcoin Mini Trust）的 19b-4 表格。根据 3 月份发布的 S-1 文件，该信托代码为“BTC”，将作为 GBTC 的“spin-off”产品。灰度的一位发言人表示，该公司仍在等其注册声明生效，“S-1 表格上的注册声明获批和生效将允许 BTC 与 GBTC 等一起作为美国现货比特币 ETP 运营。灰度团队将尽快分享有关 Grayscale Bitcoin Mini Trust 在纽约证券交易所 Arca 上市日期的更多信息。”

The ETF Store总裁：灰度本周将拥有最低成本的现货比特币和以太坊ETF

Odaily News: According to Nate Geraci, President of The ETF Store, this week's highlights include: "Grayscale's long-term plan is finally about to be realized, as it will have the lowest-cost spot Bitcoin and Ethereum ETFs in the market, with the tickers BTC and ETH. The only thing missing in the plan is options trading, which will to some extent help protect GBTC and ETHE." Previously, the US SEC approved Grayscale's Bitcoin Mini Trust's 19b-4 form last Friday. According to the S-1 filing released in March, the trust's ticker is "BTC" and will operate as a "spin-off" product of GBTC. A Grayscale spokesperson stated that the company is still waiting for its registration statement to become effective, and "the approval and effectiveness of the registration statement on the S-1 form will allow BTC to operate as a US spot Bitcoin ETP alongside products like GBTC. The Grayscale team will share more information about the listing date of the Grayscale Bitcoin Mini Trust on the New York Stock Exchange Arca as soon as possible."

Odaily Odaily News: Nate Geraci, president of The ETF Store, wrote on X: &quot;This week&#39;s highlights: Grayscale&#39;s long-term plan is finally coming true. It will have the lowest-cost spot Bitcoin and Ethereum ETFs on the market, with the codes BTC and ETH. The only thing missing from the plan is options trading, which will help protect GBTC and ETHE to a certain extent.&quot; Earlier, the U.S. SEC approved the Grayscale Bitcoin Mini Trust&#39;s 19b-4 form last Friday. According to the S-1 filing released in March, the trust is coded &quot;BTC&quot; and will serve as a &quot;spin-off&quot; product for GBTC. A Grayscale spokesperson said the company is still waiting for its registration statement to take effect. &quot;The approval and effectiveness of the registration statement on Form S-1 will allow BTC to operate as a U.S. spot Bitcoin ETP with GBTC and others. The Grayscale team will share more information about the listing date of Grayscale Bitcoin Mini Trust on the New York Stock Exchange Arca as soon as possible.&quot;

The ETF Store President: Grayscale will have the lowest-cost spot Bitcoin and Ethereum ETFs this week.

Here is the translation:

The spot Ethereum ETF has been fully approved by the US SEC, and trading will start on Tuesday
Bloomberg ETF analyst Eric Balchunas stated on the X platform that the approval of the spot Ethereum ETF has taken effect at the US Securities and Exchange Commission (SEC), and the Form 424(b) is being submitted one after another, which is the last step, and all systems will be launched at 9:30 am on Tuesday (9:30 pm Beijing time tonight).
It is reported that the products of BlackRock, VanEck and six other companies will start trading on Tuesday morning on three different exchanges: the Chicago Board Options Exchange (CBOE), the New York Stock Exchange (NYSE), and the Nasdaq.

[Highlights of Web3 News This Week] Spot Ethereum ETF has been fully approved by the US SEC, and trading will commence on Tuesday; US Senator Lummis may announce BTC strategic reserve legislation at the Bitcoin conference; Sources say Coinbase Asset Management plans to launch a tokenized money market fund.

Odaily Planet Daily Report: The latest report from QCP Capital points out that the first week of Ethereum spot ETF trading is similar to the first week of Bitcoin spot ETF performance, with ETH falling from a high of 3563 to a low of 3086. The reasons for the similar trend are as follows:

1. Grayscale's high 2.5% fee continues to drive capital outflows. To date, 8 Ethereum spot ETFs have seen net outflows of $178 million, and Grayscale has seen outflows of $1.16 billion in just 4 days;

2. Although Grayscale has launched the most competitive 0.15% fee mini ETF (ETH), net outflows still dominate, with only 10% of the initial ETHE being converted to ETH;

3. The crypto market has triggered the classic "buy the hype, sell the news" phenomenon.

The reasons hindering the post-launch rebound of the ETF include:

1. Unlike the "digital gold" narrative of BTC, ETH may be a rather abstract concept for traditional industries, and it will take time to further absorb;

2. Investors' motivation to purchase Ethereum spot ETFs without staking functionality is relatively low.

In the options market, ironically, BTC has stolen the limelight this week, not ETH, as everyone is focused on Trump's speech at the Bitcoin conference on Sunday. After experiencing the "Trump effect" last weekend, the options market expects the implied volatility on July 28 to reach 85 volatility, nearly double the actual volatility.

QCP Capital: The poor performance of ETH after the launch of the Ethereum spot ETF may be affected by factors such as the lack of staking.

According to Farside Investors' monitoring, the cumulative net inflow of US Bitcoin spot ETFs since their launch has exceeded $17.5 billion. Among them, BlackRock's IBIT has a cumulative net inflow of $19.727 billion; Fidelity's FBTC has a cumulative net inflow of $9.992 billion; Grayscale's GBTC has a cumulative net outflow of $18.814 billion.