Hashdex, a company specializing in managing crypto assets, revealed on the 25th of November that it has submitted an updated S-1 application with the U.S. Securities and Exchange Commission (SEC) for a Nasdaq Crypto Index US ETF.
Hashdex’s Objective with the Crypto ETF
This revision comes after the initial S-1 filing by Hashdex. The modifications were made in October at the SEC’s request for additional review time.
The ETF’s primary focus will be on Bitcoin [BTC] and Ethereum [ETH], the two assets currently monitored by the Nasdaq Crypto US Index. The plan is to potentially incorporate more digital currencies into the portfolio over time, as mentioned in the filing.
Hashdex’s aspirations are in line with the broader initiatives of other major players like Franklin Templeton and Grayscale. Franklin Templeton’s proposed Crypto Index ETF mirrors Hashdex, including BTC and ETH.
On the other hand, Grayscale’s Digital Large Cap Fund aims for a diversified offering, with alternative cryptocurrencies such as Solana [SOL], Avalanche [AVAX], and Ripple [XRP] included in its lineup.
Observing Trends in BTC and ETH ETFs
Meanwhile, the cryptocurrency ETF market is celebrating significant milestones. Spot Bitcoin ETFs experienced a total influx of $3.38 billion during the week of 18th–22nd November, marking a notable 102% surge from the preceding week’s $1.67 billion.
According to SoSo Value, this stood as the highest weekly inflow on record and marked the seventh straight week of positive flows. Conversely, daily flows turned negative on November 25th with $438.38 million leaving the ETFs.
It’s worth noting that ETH ETFs encountered six continuous days of outflows before rebounding on the 22nd of November, with a daily net inflow of $2.83 million reported at the time of writing.
Moreover, total net assets within ETH ETFs broke into double digits for the first time post-launch, reaching $10.28 billion on the 25th of November.
Potential XRP ETF in the Works?
Interest in ETFs is extending beyond BTC and ETH, with developments hinting at a potential surge. WisdomTree, an asset manager and global ETF provider overseeing assets exceeding $100 billion, has registered for an XRP-focused ETF in Delaware.
According to Fox Business reporter Eleanor Terrett, this move is anticipated to be followed by an S-1 filing with the SEC. WisdomTree is among the names alongside Bitwise, 21Shares, and Canary Capital, filing similar requests.
Gensler’s Exit Opens Doors for Crypto ETFs?
As the regulatory landscape at the SEC evolves, the flurry of crypto ETF filings raises questions about their future prospects in this shifting environment.
Previously, CryptoCrypto highlighted that Gary Gensler, the SEC Chair known for his strict stance on crypto regulations, will step down by January 20, 2025.
His departure coincides with the beginning of Donald Trump’s second presidential term, during which he pledged to establish the U.S. as a global crypto hub.
This transition may signify a more welcoming environment for crypto ETFs and other digital asset advancements.
While significant transformations loom over the ETF landscape, the crucial question persists: Will the SEC embrace this new period, or will the approval process continue to be a hurdle?
The upcoming months hold the promise of shaping a pivotal phase in the progression of the crypto market.