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James Seyffart Profile picture
@JSeyff
Jul 24, 2024 • 1 tweets • 1 min read • Read on X
Day 1 Recap: Ethereum ETFs now have $10.2 Billion in assets across 9 ETFs. Volumes on day 1 were over $1.1 billion for the group. Total net flows were +$107 million after a accounting for the massive -$484 million that came out of $ETHE. Very solid first day
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More from @JSeyff

James Seyffart Profile picture
Apr 3
I know everyone is focused on Tariffs today (rightly so) but we just came out with a new dataset on Bloomberg where we look at the percentage of a stock owned by actively managed mutual funds and ETFs. Notably, active managers seem to still be in the drivers seat for small caps Image
Those jagged moves up and down in the chart above are due to reconstitutions of the Russell 2k -- aka names are being bid up by active funds and then promoted to the Russell 1k

But in large cap, active ownership is trending down down down as they cede ground to passive funds Image
This and a lot more is available for Bloomberg terminal clients here:
blinks.bloomberg.com/news/stories/S…
Read 4 tweets
James Seyffart Profile picture
Jul 19, 2024
Doing a thread on the situation for @Grayscale's spinoff for $ETHE & $ETH because I've gotten about a million questions on it. The mechanics will be essentially the same for $GBTC & $BTC spinoff. If you own 1,000 shares of $ETHE, you should receive 1,000 shares of mini $ETH. 1/ Image
2/ This should occur on July 23rd for $ETHE & $ETH. For $GBTC & $BTC it should occur on July 31st.
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3/ Importantly, in order to get those share distributions you need to be the owner fo record for those shares on the record date. For $ETHE that was 7/18, for $GBTC that is 7/30.
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Read 7 tweets
James Seyffart Profile picture
Apr 16, 2024
Okay too many questions about #Bitcoin ETFs and zero flows -- a few quick thoughts:

1. On any given day, the vast majority of ETFs will have a flow number of ZERO -- this is very normal. There are ~3,500 ETFs in the US. Yesterday 2,903 of them had a flow of exactly zero
2. Shares are created or destroyed in creation units. This ONLY happens when there is a mismatch in supply in demand. And that mismatch has to be large enough to justify tapping the underlying market and a ~bigger mismatch than a creation unit.
3. Creation units are the lots that ETF shares are created and redeemed in. Every ETF can have a different sized creation unit. In the case of the spot #Bitcoin ETFs they are blocks of shares ranging from 5,000 shares to 50,000 shares.
Read 6 tweets
James Seyffart Profile picture
Mar 12, 2024
It’s happening! @Grayscale just filed to launch the “Grayscale Bitcoin Mini Trust” expecting this to have a competitive fee. It will trade under the ticker $BTC and will come from a spinoff from $GBTC. This means $GBTC holders will get some % of holdings spun off into $BTC. Image
Here’s the language around the spinoff. There is no fee disclosed yet orrr what % of $GBTC will spin off but pretty sure this will be a non-taxable event for a chunk of those shares to get into a cheaper and cost competitive product. Image
First spoke about the potential that they would do this back in 2021.
Read 11 tweets
James Seyffart Profile picture
Jan 24, 2024
Wrote about the FTX bankruptcy estate position and sales yesterday. Mainly how they were likely impacting more than just $GBTC Image
$BITW specifically looks like it got hit by a big seller (logical to guess it was FTX) Image
Also. Everyone was fixated on FTX in the last week as *THE* seller of $GBTC shares. The largest "known" holder of GBTC is actually DCG itself. I'd honestly be surprised if DCG hasn't been part of this GBTC selling. Probably other institutions in very similar situations Image
Read 4 tweets
James Seyffart Profile picture
Jan 10, 2024
We have all 9 new ETFs with their DES pages on the Bloomberg Terminal. $IBIT $BRRR $BTCO $FBTC


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Here's $BITB, $ARKB, $EZBC, & $HODL


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Finally, last but not least ... $BTCW

Shoutout to the Bloomberg Funds data team on doing the work in getting these set up

(They are currently updating all of these things as far as I can tell so some data may not be complete yet) Image
Read 4 tweets

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