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SEC backtracks on REX-Osprey staked ETFs
Crypto Trends

SEC backtracks on REX-Osprey staked ETFs

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The United States Securities and Exchange Commission (SEC) responded to the effective registration amendment for Solana (SOL) and Ether (ETH) staked exchange-traded funds (ETFs) from ETF provider REX Financial and asset management firm Osprey Funds, raising concern that both investment vehicles do not qualify as ETFs due to their unique structures.

According to a recent report from Bloomberg, the regulators say the c-corp business structure used in the funds, which is incredibly rare for ETFs, conflicts with the 6C-11 rule, colloquially known as “the ETF rule.” This regulation legally designates the types of corporate structures appropriate for exchange-traded funds. The SEC wrote in a May 30 letter:

“As we have communicated to you on several occasions, Commission staff continues to have unresolved questions about whether the Funds, if structured and operated as proposed, would be able to meet the definition of ‘investment company’ under the Investment Company Act.”  

“Disclosures in the registration statement regarding the Funds’ status as investment companies may be potentially misleading,” the letter continued.

SEC responds to the REX-Osprey staking ETF filings with concern over the business structure of the ETFs. Source: SEC

Despite the minor setback, analysts are optimistic that the ETF issuers and the SEC will reach an agreement. “REX lawyers say they can work it out,” Bloomberg ETF analyst Eric Balchunas wrote in a May 31 X post. “Issuers are pushing the envelope hard in an effort to get first to market,” the analyst continued.

Crypto investors and traders continue closely monitoring the approval of altcoin and staking ETFs in the United States, as the listing of these investment vehicles is expected to bring fresh liquidity from the traditional financial markets into crypto.

Related: Crypto industry urges SEC to clarify staking stance

SEC delays staking ETF decision despite recent guidance

Despite the SEC issuing recent guidance that crypto staking does not violate securities laws and does not fall under the purview of securities transactions, the SEC continues to delay the decision on staked and altcoin ETFs.

According to Bloomberg ETF analyst James Seyffart, the delays were expected and are not out of the norm.

“Almost all of these filings have final due dates in October,” Seyffart wrote, adding that it is uncommon for ETF applications to be approved so early.

Magazine: Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO



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Breaking Solana, Ethereum Staking Etfs Hit Roadblock With New Sec Letter
GameFi Guides

Solana, Ethereum Staking ETFs Hit Roadblock with New SEC Letter

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The plan to launch two new crypto ETFs tied to Solana and Ethereum has hit a snag after the U.S. Securities and Exchange Commission (SEC) raised concerns that they are not fit for ETFs

On Friday, SEC reportedly sent a letter to RexShares, the company behind the ETFs, saying that the ETFs do not fit the legal definition of an “investment company.” That’s a requirement for any ETF that wants to be traded on the stock market.

The SEC also said the registration forms may have been “improperly filed” and that some of the information shared could be “potentially misleading.” In short, the agency thinks parts of the paperwork could confuse investors.

Meanwhile, Rex shared that it got a green light to launch the ETFs and was hoping to start trading both by the middle of June. Now, that plan might be delayed. The ETFs were initially created to allow inventors to earn rewards through staking. In simpler terms, Investors could earn extra crypto by locking up their assets which in turn would be used to run the blockchain network. 

In response to this, Greg Collett, a general counsel at Res Financial said, “We think we can satisfy the SEC on the investment company question, and we don’t intend to launch the funds until we do that.” This means REX is prepared to work with SEC on this issue before moving forward with the launch. 

Bloomberg ETF analyst James Seyffart shared some details of the letter on X. He explained that the agency’s main issue is with Rule 6c-11, also known as “The ETF Rule.” This rule allows ETFs to launch quickly without going through a lengthy approval process. According to Seyffart, the SEC believed these staking ETFs don’t qualify under this rule, which could prevent them from listing. 

Meanwhile, this is not the first time the agency will intervened in such an event. In March 2025, the SEC publicly questioned an ETF from State Street and Apollo Global Management that invested in private credit just hours after it was listed.

Also Read: Meta Says No to Bitcoin Treasury, Is Ripple’s XRP on Cards?



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$1 Billion in BTC Spot ETFs Vanished in 2 Days
Crypto Trends

$1 Billion in BTC Spot ETFs Vanished in 2 Days

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  • Almost $1 billion in two days: Max pain for BTC ETFs investors
  • Worst day for BTC bulls since February

Bitcoin (BTC), the largest cryptocurrency, lost 6% of its capitalization in two days. Amid an overheated market, this tiny drop resulted in massive liquidations. Also, it looks like spot Bitcoin ETF investors panicked and withdrew liquidity en masse.

Almost $1 billion in two days: Max pain for BTC ETFs investors

The latest two sessions were the most bearish in U.S. Bitcoin spot ETFs since late February. On May 29 and May 30 combined, investors in major Bitcoin ETFs reduced their AUM by $975 million, with the last session being one of the five most brutal outflows in spot BTC ETFs history.

Image by CoinGlass

IShares Bitcoin Trust (IBIT) and Fidelity Wise Origin Bitcoin Fund (FBTC) are the two most affected funds losing over $500 million in two days. Grayscale Bitcoin Trust (GBTC) and ARK 21 Shares Bitcoin ETF (ARKB) are also under fire with over $200 million vanished.

Such a cooldown happened after Bitcoin spot ETFs investors injected $4.26 billion into these vehicles in 10 consecutive days in the green.

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As covered by U.Today previously, this 10-day streak demonstrated general resilience of Bitcoin (BTC) spot ETFs and their popularity for TradFi investors. At the same time, frightened by the new phase of U.S.-China trade tensions and prospects of new sanctions, investors decided to park their investments somewhere else.

By contrast, ETFs on spot Ether are rocketing. In 11 consecutive days in the green, they amassed over $500 million, bringing the total inflow for the last three weeks over $3 billion.

Worst day for BTC bulls since February

Blackrock’s ETHA and Fidelity’s FETH are the top beneficiaries of the process with unbelievable $6 billion attracted in last weeks combined.

Bitcoin’s (BTC) drop after two weeks of euphoria and the new all-time high over $110,000 caused a cascade of painful liquidations on the futures market. 

In the last 24 hours, almost $675 million in cryptocurrency positions were liquidated, with longs being responsible for 89.4% of this amount. OKX BTC-USDT long position worth $12.5 million was the single largest liquidation of recent sessions.

That said, this longs slaughterhouse was the most painful since Feb. 25, 2025, when the BTC price erased $10,000 in two days, CoinGlass data says. 



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Rexshares Files For Solana &Amp; Ethereum Staking Etfs In Us
Crypto Trends

REXShares Files for Solana & Ethereum Staking ETFs in US

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REXShares has just taken a big step in the crypto world by filing a prospectus for new staking ETFs based on Solana (SOL) and Ethereum (ETH) that will be available in the US. While the exact launch date isn’t out yet, experts think these funds could start trading in the coming weeks.

Source: X

James Seyffart, a Bloomberg ETF analyst, shared this news on social media and confirmed the details about REXShares’ filing. He said:

“REXShares just filed an effective prospectus for Solana and Ethereum staking ETFs to list here in the US. Don’t know launch date but could be within the next few weeks. These are 40-act funds with a unique structure and do not go through the 19b-4 process.”

ETF expert Eric Balchunas also weighed in on the filing, noting that these could be the first-ever staked Ethereum and Solana ETFs to launch in the US. He pointed out that since the REXShares filing has already gone effective, a launch is likely just around the corner.

First-ever staked Ether and Solana ETFs could be launching soon. REX filing went effective (meaning launch likely in near-term). Would also be first-ever spot Solana too (only futures exist curr). This is the benefit of using 40 Act, it’s faster track to mkt but more work/boxes… https://t.co/GzSUbtLkq7

— Eric Balchunas (@EricBalchunas) May 30, 2025

Balchunas added that this would also mark the debut of the first spot Solana ETF—until now, only futures-based products have existed. He explained that using the 40 Act gives issuers a quicker path to market, although it requires meeting more regulatory requirements compared to the traditional 33 Act route. “Interesting,” he added, highlighting the significance of this move.

These ETFs will operate under the Investment Company Act of 1940, or the “40-Act,” which is a set of rules that carefully regulate investment funds and how they work with investors.

The big difference with these new ETFs is that they don’t have to wait for the usual, slow SEC approval process called “19b-4.” Instead, they use the 40-act rules, which are already SEC-approved. That means getting these funds to market can happen faster and smoothly.

This is a pretty big deal for crypto ETFs in the US. Soon, investors will have new, regulated ways to earn staking rewards from Solana and Ethereum, giving them more solid options to put their money into crypto.

Also Read: CRO Price Surges as Canary Files for Staked Cronos ETF





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NFT Gaming

Spot Bitcoin (BTC) ETFs Snapped 10-Day Inflow Streak With $358M in Net Outflows: JPMorgan

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U.S.-listed spot bitcoin

exchange-traded funds (ETFs) recorded their first day of net outflows in 10 trading sessions on Thursday, according to a research report by JPMorgan (JPM).

The Wall Street bank estimated that spot bitcoin ETFs saw $358 million of redemptions yesterday, according to a Friday report, with just one, BlackRock’s iShares Bitcoin Trust (IBIT) attracting a net inflow. IBIT gathered in a net $125 million, the bank observed.

In contrast, Fidelity’s FBTC saw net outflows of $166 million, leading the redemptions, the report said. Other major contributors included the Grayscale Bitcoin Trust (GBTC) -$107 million, ARK 21Shares Bitcoin ETF (ARKB) -$89 million and the Bitwise Bitcoin ETF (BITB) -$71 million, the bank said

JPMorgan said smaller outflows were also noted across the remaining issuers.

The bitcoin price slipped 1.1% on the day, but market activity remained robust with trading volumes of $5.39 billion, well above the 20-day average of $2.81 billion, the report added.

The world’s largest cryptocurrency was trading around $105,656 at publication time.

Read more: U.S. Spot Crypto ETFs Saw Strong Inflows on Wednesday, JPMorgan Says



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Bitcoin ETFs end 10-day inflow run as Trump tariff drama sparks investor jitters
NFT Gaming

Bitcoin ETFs end 10-day inflow run as Trump tariff drama sparks investor jitters

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U.S. spot Bitcoin ETFs hit a rough patch on May 29, snapping their impressive 10-day inflow streak as investors took a step back amid fresh uncertainty around Donald Trump’s trade policy following conflicting court decisions.

According to data from SoSoValue, a total of $358.65 million flowed out of the 12 U.S.-listed spot Bitcoin ETFs on the day, marking the first net outflow since mid-May. This reversal comes after a strong run that saw more than $4.2 billion enter these funds in just 10 days.

Leading the outflows was Fidelity’s FBTC, which saw $166.32 million in investor redemptions. It was followed by Grayscale’s GBTC, with $107.53 million withdrawn, while ARK 21Shares’ ARKB and Bitwise’s BITB lost $89.22 million and $70.85 million, respectively.

Other funds such as Invesco’s BTCO, VanEck’s HODL, Valkyrie’s BRRR, and Franklin Templeton’s EZBC also experienced smaller outflows, totaling a combined $49.83 million.

Still, it wasn’t entirely bearish across the board. BlackRock’s IBIT once again stood out, recording $125.09 million in inflows, a sign that some investors still view the pullback as a buying opportunity.

Despite the sharp one-day outflow, May has still been a bullish month for Bitcoin ETFs, with net inflows reaching around $5.85 billion, nearly twice the amount seen in April. By comparison, February and March saw net outflows of $3.56 billion and $767.91 million, respectively, underscoring just how strong investor appetite has been lately.

Interestingly, while Bitcoin ETFs have attracted nearly $9 billion over the last five weeks, traditional gold-backed ETFs have shed more than $2.8 billion in outflows. This trend hints at a growing shift in investor preference, as more people start viewing Bitcoin as a legitimate store of value and hedge against inflation, roles traditionally filled by gold.

As for what triggered this sudden shift, many point to the ongoing tariff saga involving former President Trump. A federal appeals court reinstated Trump’s tariffs on the European Union just hours after a lower trade court ruled them unlawful. Now, the administration is expected to ask the Supreme Court to put that ruling on hold, potentially as early as Friday.

The back-and-forth in court has stirred up a wave of uncertainty around U.S. trade policy. Trump’s “reciprocal tariff” approach, which targets nations that impose higher tariffs on U.S. goods, has been a key point of tension with allies and trading partners. Investors are now worried that a return to aggressive tariff policies could drive up costs and reaccelerate inflation.

Markets react

In response, Bitcoin’s (BTC) price dipped, touching a session low of $105,332 on May 30 before recovering slightly to just above $106,000. That’s a 1.7% decline in 24 hours, although the top cryptocurrency still sits within 5% of its all-time high of $111,891, hit earlier this month.

Crypto-related stocks had a mixed day. Coinbase (COIN) slid 2.14%, while MicroStrategy (MSTR) managed a 1.7% gain. Bitcoin miners also took a hit with Bitfarms (BITF), Bit Digital (BTBT), CleanSpark (CLSK), and Greenidge (GREE) all dropping by around 3-5%.

Meanwhile, traditional U.S. equities also gave back most of the gains they saw after the initial court ruling blocking Trump’s tariffs. With legal uncertainty still looming, markets across the board seem to be shifting into wait-and-watch mode.

“The recent activity appears more indicative of a correction rather than a bearish reversal,” Ruslan Lienkha, chief of markets at YouHodler, told crypto.news, adding that Bitcoin will likely continue tracking major U.S. tech indices in the medium term due to their shared sensitivity to macroeconomic factors like interest rates and liquidity.

However, he added that “this correlation may gradually weaken over time” as Bitcoin continues to evolve into a more mature asset class with its own unique market drivers

“Given these dynamics, it is likely that BTC will continue to trade within this range for some time, potentially building a solid foundation for the next leg higher toward a new all-time high.”



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$4.26 Billion Pulled Into Bitcoin ETFs in 10 Consecutive Days
NFT Gaming

$4.26 Billion Pulled Into Bitcoin ETFs in 10 Consecutive Days

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Bitcoin ETFs have shown continued strength despite market uncertainties, as the latest data from crypto analytics firm SosoValue shows that spot Bitcoin ETFs have recorded another notable inflow today.

The spot Bitcoin ETFs have achieved a massive $4.26 billion in total inflows over the past 10 days.

With the crypto market experiencing consistent downturns amid broad macroeconomic struggles, the prices of cryptocurrencies, including Bitcoin, have returned to previous lows.

While the market has remained uncertain and retailers have begun to relent, it appears that there is still hope for the Bitcoin ecosystem, as persistent capital has continued to flow into Bitcoin-based investment firms.

Bitcoin ETFs resilient 

The inflow streak, which started on May 14, 2025, with about $319.56 million recorded in net inflow for the day, has continued till today. This shows that the optimism among institutional investors has remained unwavering despite market doubts.

Thus, the Bitcoin ETFs have extended the winning streak, hitting a 10-day inflow streak on May 28, 2025, with another substantial net inflow of $432.62 million for the day. Notably, this brings the cumulative total net inflows recorded since the inception of Bitcoin ETFs in January 2024 to a significant $45.34 billion.

Unarguably, the massive inflow of funds experienced by the broad Bitcoin ETF ecosystem proves the surging interest in Bitcoin as an investment class by traditional investors. 

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Also, the bullish momentum shows that these regulated financial products have aided Bitcoin adoption, as they offer easier means of investing in the world’s largest cryptocurrency by market capitalization.

Furthermore, the data shows that BlackRock’s IBIT has continued to lead the inflow streak for most of the days. On May 28, the firm injected a massive $48.88 million into the market.

However, Ark 21Shares (ARKB) and Fidelity (FBTC) have seen significant outflows of $34.29 million and $14.05 million respectively. This shows that the strength projected by BlackRock aided the sustained inflow streak.



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Hedge funds are betting against Metaplanet. The GameStop 2021 short squeeze scenario is possible
NFT Gaming

Bitcoin ETFs boast inflows as IBIT closes the gap with GLD

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Spot Bitcoin exchange-traded funds, or ETFs, had another strong week as inflows surged to a record level.

Investors added $2.7 billion to Bitcoin (BTC) ETFs, the biggest weekly increase since April when they added $3.06 billion.

These funds have now had inflows for six consecutive weeks, bringing the cumulative inflows since inception to $44.53 billion. They all hold $131 billion in assets, equivalent to 6.24% of Bitcoin’s valuation.

Bitcoin ETF inflows | Source: SoSoValue

The iShares Bitcoin ETF, whose ticker symbol is IBIT, has had cumulative inflows of $48 billion and now hold over $71 billion in assets. It is followed by Fidelity’s FBTC, which has $21 billion, and Grayscale’s $21.7 billion. The other big funds are from Ark Invest, BitWise, and VanEck.

Interestingly, IBIT, 16 months old, is catching up to the SPDR Gold Shares ETF, which has been around since 2004. The GLD ETF has had $4.9 billion in inflows this year, bringing its total assets to $100 billion. As such, if the trend continues, it means that the IBIT ETF will flip GLD in the next few months or years.

Bitcoin ETFs may also pass their gold counterparts in the coming years. According to the World Gold Council, the global assets under management of gold ETFs have jumped to over $345 billion as the price rallies. 

Bitcoin has been in a strong uptrend this year. On Wednesday, it jumped to a record high of nearly $112,000. On Friday, it retreated to $107,500 after President Donald Trump threatened a 50% tariff on European goods and a 25% levy on Apple’s products.

Analysts remain optimistic that the Bitcoin price has more room to go, as the supply and demand dynamics help it. Demand from ETFs and corporates continues rising, while supply on exchanges keeps falling. Mining difficulty also increases, lowering the number of coins coming to the market.

Ark Invest analysts predict that BTC’s price will jump to $2.4 million by the end of the decade, while Standard Chartered sees it hitting $200,000 this year. 



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Ripple CEO Breaks Silence on What Makes Crypto ETFs Exciting
Crypto Trends

Ripple CEO Breaks Silence on What Makes Crypto ETFs Exciting

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  • Garlinghouse on what makes crypto ETFs “exciting”
  • First-ever XRP futures ETF goes live

Brad Garlinghouse, the chief executive at Ripple blockchain juggernaut, has taken part in Ripple’s podcast “Crypto in One Minute” to talk about crypto-based exchange-traded funds and their importance to the cryptocurrency space.

This video with Garlinghouse’s participation was published a few days after the first-ever XRP futures ETF was launched on the Nasdaq exchange.

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Garlinghouse on what makes crypto ETFs “exciting”

In his short, one-minute-long speech Ripple CEO named two main reasons why he believes that people are excited about crypto ETFs launching since January 2024. The first one is that for a long time institutional investors from Wall Street have been unable to access crypto assets directly to trade or invest in them. They had to either use self-custody options or hold crypto on centralized exchanges, which

For the first time, financial institutions have been able to go and trade crypto directly, whether it was endowment, pension funds, mutual funds, or anything else. Now, institutions can do it easily thanks to crypto ETFs.

The second important factor named by Garlinghouse was that the launch of ETFs is really “institutionalizing the entire industry of crypto.” He reminded the audience that the Bitcoin ETF was the fastest ETF in history to reach $1 billion in assets. As well as that, it passed the $10 billion mark faster than any other ETF ever did.

Garlinghouse believes that the Bitcoin ETF will “eventually close in on the gold ETF” in the near future.

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First-ever XRP futures ETF goes live

Earlier this week, major investment company Volatility Shares launched the first-ever XRP futures ETFs on the Nasdaq exchange under the XRPI ticker. That launch took place after on May 19, the CME exchange launched an XRP-futures product. In 2017, CME and CBOE were the first platforms to launch Bitcoin futures for financial institutions.

Roughly a month before that, the first XRP-based product, Tectrium 2x Long Daily XRP ETF, was rolled out by Tectrium.

Prior to launching Bitcoin spot ETFs in January 2024, BlackRock and several other companies, also released Bitcoin futures ETFs a few years before.

As reported by U.Today, this week, the SEC delayed a spot XRP ETF filing coming from CoinShares.

Over the past 24 hours, XRP has lost more than 7%, dropping from $2.47 to $2.29. By now, the coin has partly recovered, adding 2.08% and changing hands at $2.34.



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Crypto Trends

Bitcoin and Ethereum ETFs Add More Than $1 Billion Combined in a Single Day

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In brief

  • Bitcoin hit an all-time high price this week while Ethereum surged earlier in May.
  • The BTC price record comes as investors buy into exchange-traded fund shares.
  • Ethereum ETFs are also collecting cash, though they haven’t seen the same demand as Bitcoin funds.

Bitcoin and Ethereum exchange-traded funds on Thursday received over $1 billion in new investments, the highest combined inflows in five months, underscoring the accelerating appetite for crypto-focused products over the past two weeks.

BlackRock’s iShares Bitcoin Trust (IBIT) accounted for most of that total, generating $877 million in net inflows. That’s the third-highest daily total for the fund, which has spearheaded the recent surge, according to data from U.K. asset manager Farside Investors. Bitcoin funds in total received $935 million in inflows. 

“It’s a continuation of the momentum we’ve seen, particularly in IBIT, which hasn’t seen outflows since April 9—the day that Bitcoin put in its recent lows,” Sumit Roy, senior ETF analyst for ETF.com, told Decrypt.

He added: “The fact that Bitcoin is hitting new record highs is helping, as well, of course. There’s been a strong relationship between flows and price, and I expect that to continue.”

Bitcoin’s price has risen more than 48% since dipping below $75,000 in early April, with much of those gains coming as U.S. President Donald Trump scaled back his trade war and the latest inflation reports were tamer than expected. Investors have also looked at BTC increasingly as a safe haven asset amid still volatile macroeconomic conditions.



IBIT has received more than $1.9 billion in assets through the first four days of this week. It is the third time in the last month that the fund has collected more than than a billion in assets during a single week. 

It generated $2.4 billion and about $1 billion for the weeks of April 28 and May 5, respectively. The fund has totaled nearly $41 billion in net inflows since its debut in January 2024, more than four times that of the Fidelity Wise Origin Bitcoin Trust (FBTC), which has the next-highest amount.

Bitcoin this week broke a new record when it hit a price of $111,814, according to crypto price data firm CoinGecko. 

Ethereum ETFs received more than $110 million in inflows on Thursday, led by the Grayscale Ethereum Trust (ETHE) and Fidelity Ethereum Trust (FETH) with more than $40 million apiece, according to Farside.  

Ethereum price gains, which lagged behind those of Bitcoin and other coins, have outpaced those assets over the past month. Ethereum was recently trading at $2,565, down 3.5% from Thursday at the same time but up more than 46% over the past 30 days. 

BlackRock’s iShares Ethereum Trust (ETHA) has received over $4.3 billion in net inflows, more than double the investment in the next closest competitor in the space. The eight funds currently trading have generated more than $2.7 billion in net inflows, with Grayscale’s ETHE accounting for nearly $4.3 billion in net outflows. The fund is a conversion from a so-called closed trust that carries a higher fee than other ETFs in the category. 

“Ethereum ETFs aren’t knocking the lights out, but not doing terribly either,” Bloomberg ETF research analyst James Seyffart told Decrypt. “Flows are actually strong, but underlying price is dragging down asset levels.”

Edited by James Rubin

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