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Report Industry Investment Rating No information provided in the report. Core Viewpoints of the Report - Last week in the US, 37 new ETF products were issued, with an acceleration in issuance, including products that both increase and decrease concentration. The factor rotation ETF had inflows of over $1 billion, and Bitcoin products outperformed Ethereum products. In May 2025, the total non - money public funds in the US increased, and from July 2nd to 9th, domestic stock funds had outflows while bond products had inflows [2]. Summary According to the Table of Contents 1. US ETF Innovation Products: Products with Increased and Decreased Concentration Issued Simultaneously - 37 new products were issued last week, involving series products from multiple companies. Direxion, Leverage Shares, etc. expanded single - stock leveraged and inverse products. WEBs issued the Defined Volatility series products. Invesco and Janus Henderson issued bond products. Crossmark issued large - cap growth and value ETFs, and Defiance issued an AI and power infrastructure ETF. Roundhill expanded its weekly leveraged + dividend ETFs [5][6][7]. - Xtrackers issued an industry - diversified product, SPXD, which tracks the S&P 500 Diversified Sector Weight Index and distributes weights based on sub - industry revenues. Its first - largest weighted stock is Berkshire Hathaway, with a weight of about 3.7%, and the weights of other stocks are below 2%. Global X issued the PureCap series products to address US regulatory restrictions on ETF shareholding ratios [8][11][12]. 2. US ETF Dynamics 2.1 US ETF Funds: Factor Rotation ETF Inflows Exceeded $1 Billion - Last week, stock ETFs had inflows of over $16 billion, with similar inflows for domestic and international stocks. Bond ETFs had more domestic inflows than international ones, and Bitcoin and commodity ETFs continued to have inflows. The factor rotation products had single - week inflows of over $1 billion and their current scale has exceeded $20 billion. The top out - flowing products were mainly S&P 500 ETFs from State Street and BlackRock [13][14]. 2.2 US ETF Performance: Bitcoin Products Outperformed Ethereum - Since the beginning of this year, the cryptocurrency market has attracted attention. The total scale of relevant US ETFs has exceeded $150 billion. The BlackRock Bitcoin ETF is close to $90 billion, and the BlackRock Ethereum ETF exceeds $10 billion. Bitcoin has a year - to - date increase of about 25%, while Ethereum products have an increase of less than 10%, and BlackRock's products have relatively good performance [17]. 3. Recent Capital Flows of US Ordinary Public Funds - In May 2025, the total non - money public funds in the US were $21.91 trillion, an increase of $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic US equity products increased by 5.49%, slightly lower than the stock increase. From July 2nd to 9th, domestic US stock funds had total outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [21].

Core Insights - Ethereum Trust ETF has seen an increase of 7.1% [1] Group 1 - The rise in Ethereum Trust ETF indicates growing investor interest in cryptocurrency assets [1]

Core Insights - Ethereum spot ETFs have recorded net inflows for 13 consecutive trading days, attracting over $4 billion in total, indicating a growing demand from institutional investors for exposure to Ethereum [1][3][5] Group 1: Fund Inflows - On July 22, Ethereum spot ETFs saw a net inflow of $534 million, extending the streak to 13 days [1] - During this period, total net inflows for all Ethereum ETFs increased from $4.25 billion to $8.32 billion, with total net assets reaching $19.85 billion, representing 4.44% of Ethereum's market cap [3] - The iShares Ethereum Trust (ETHA) led the inflows with $426 million on a single day, surpassing $10 billion in assets [3] Group 2: Market Dynamics - The inflows into Ethereum ETFs are driven by a decline in Bitcoin's dominance and an increasing institutional demand for Ethereum exposure [6] - Notably, on July 16, Ethereum ETFs recorded a single-day inflow of $727 million, the highest since the product's launch [6] - The demand for Ethereum is expected to exceed supply significantly, with projections indicating a potential demand of $20 billion worth of ETH over the next year, while only 800,000 ETH are expected to be issued during the same period [6]

1. Report Industry Investment Rating The provided content does not mention the industry investment rating. 2. Core Viewpoints of the Report - The US ETF innovation products have expanded with hedge - fund replication products. Last week, 15 new products were issued in the US, covering various strategies such as option strategies, theme products, and hedge - fund replication strategies [1][6]. - Bitcoin products in US ETFs have seen continuous inflows. Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, while bond ETFs had outflows [1][10]. - Technology products in US ETFs rebounded significantly in the second quarter. Despite a large drawdown in the first quarter due to the DeepSeek event, the technology sector has rebounded, with year - to - date returns exceeding the S&P 500 and the technology sector having higher gains than other industries in the past three months [1][14]. - Regarding the capital flow of US ordinary public funds, in May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [1][16]. 3. Summary by Relevant Catalogs 3.1 US ETF Innovation Products: Expansion of Hedge - Fund Replication Products - Last week, 15 new products were issued in the US, including a cross - border investment product by JPMorgan, 2x leveraged products by GraniteShares, 2 hedge - fund replication strategy products by Unlimited, a China generative AI ETF by Theme, a European military industry ETF by WisdomTree, a carbon - neutral ETF by Invesco, a bond Covered Call product by Global X, and an aggressive allocation ETF by Amplius [6][7][9]. - Unlimited's 2 new hedge - fund replication strategy products aim to provide 2 times the volatility of similar hedge funds to boost returns, with fees of 0.95% and 1% [7]. 3.2 US ETF Dynamics 3.2.1 US ETF Capital: Continuous Inflows into Bitcoin Products - Last week, US equity ETFs had inflows of over $15 billion, with domestic stocks having more inflows than international ones, and bond ETFs had outflows. Inflow - leading products were mainly broad - based equity ETFs, and BlackRock's Bitcoin and Ethereum ETFs had significant inflows, while small - cap and corporate - bond ETFs had significant outflows [10][12]. - The Russell 2000 ETF had daily outflows last week, and ARKK, which has performed well this year, did not see significant inflows [13]. 3.2.2 US ETF Performance: Significant Rebound of Technology Products in the Second Quarter - Affected by the DeepSeek event, US technology ETFs had a large drawdown in the first quarter but rebounded significantly in the second quarter. Year - to - date returns have exceeded the S&P 500, and the technology sector has had higher gains than other industries in the past three months, with ARKK having a gain of over 30% [14][15]. 3.3 Recent Capital Flow of US Ordinary Public Funds - In May 2025, the total amount of non - money public funds in the US was $21.91 trillion, up $0.85 trillion from April 2025. The S&P 500 rose 6.15% in May, and the scale of domestic equity products in the US increased by 5.49%, slightly lower than the stock price increase [16]. - From July 2nd to July 9th, domestic stock funds in the US had outflows of about $7.5 billion, and bond product inflows expanded to $7.58 billion [16].

Market Segmentation - Bitcoin is distinct from Ethereum and altcoins [1] - Bitcoin is no longer the leading indicator for the cryptocurrency market [2] - Ethereum is no longer the leading indicator for altcoin season [2] Market Participants - Exchanges have successfully navigated the current market conditions [2] - Ethereum has successfully navigated the current market conditions [2] - Stablecoins have successfully navigated the current market conditions [2] Future Outlook - Those who haven't succeeded in the current market may need to wait for future opportunities [3]

Core Insights - The cryptocurrency market is undergoing a significant transformation led by stablecoins, with regulatory frameworks rapidly developing globally, including the U.S. and China [1][4][6] Group 1: Stablecoin Developments - The U.S. Senate passed the GENIUS Act, granting legal status to compliant stablecoins as "digital dollars" [1] - The People's Bank of China acknowledged stablecoins' potential to reshape traditional payment systems and posed challenges to financial regulation [1] - Hong Kong's Stablecoin Regulation will come into effect on August 1, further solidifying the regulatory landscape [1] Group 2: Stablecoin Functions - Stablecoins like USDT and USDC provide a safe haven for investors amidst high volatility in cryptocurrencies, reducing friction costs associated with frequent fiat conversions [4][6] - They serve as essential collateral and lending assets in decentralized finance (DeFi), underpinning the growth of lending protocols and decentralized exchanges [5][6] - Stablecoins significantly lower cross-border remittance costs and transaction times, enhancing global payment systems [6] Group 3: Market Growth and Institutional Adoption - The market capitalization of stablecoins surged from approximately $5 billion in early 2020 to over $100 billion in 2023, indicating strong demand and market value [6] - Major financial institutions, including BlackRock and Fidelity, are applying for spot Bitcoin ETFs, signaling mainstream acceptance of cryptocurrencies as an asset class [7] - Several countries are exploring central bank digital currencies (CBDCs) and considering Bitcoin for foreign reserves, indicating a global trend towards crypto-friendly regulatory frameworks [7] Group 4: Future Outlook - The explosive growth of stablecoins injects unprecedented stability and liquidity into the cryptocurrency market, acting as a crucial link between traditional finance and the digital future [9] - The investment landscape for cryptocurrencies is evolving, with stablecoins serving as a focal point for investors to strategically allocate digital assets [9][10]

Report Industry Investment Rating No relevant content provided. Core Viewpoints of the Report - Last week, the US issued 22 new products, including 2 S&P 500-related strategy products. US equity and bond ETFs continued to see inflows, with cross-border stock products showing continuous inflows and international stock products performing well. In May 2025, the total amount of non-money public funds in the US increased, while from June 25 to July 2, domestic stock funds saw further outflows and bond products maintained inflows [2]. Summary by Directory 1. US ETF Innovation Products: BlackRock Issues S&P 500-Related Strategy Products - Last week, the US issued 22 new products, including 2 S&P 500-based differentiated strategy products. BlackRock's passive product invests in S&P 500 components excluding S&P 100 to avoid high market concentration risk, while Roundhill's product aims to replicate S&P 500 total return while minimizing dividends [2][7][11]. - Vanguard issued 3 bond ETFs last week, including an active treasury bond enhanced strategy product with a 0.1% fee and 2 passive products for treasury bonds and inflation-protected bonds with a 0.03% fee [7]. - Kurv issued a gold enhancement product last week, which can invest in gold, gold ETFs, and gold-related derivatives [8]. - Allspring issued 3 active products last week, investing in large-cap, small- and mid-cap stocks, and ultra-short municipal bonds respectively [9]. - Calamos issued 3 Bitcoin spot downside protection products last week, with one offering 100% downside protection and the other two protecting against losses beyond 10% and 20% [9]. - Horizon issued 2 products last week, including an active options strategy product linked to the Nasdaq and a frontier technology-themed ETF [11]. - Tradr issued 5 single-stock 2x leveraged products last week, mainly in the AI and energy sectors [11]. 2. US ETF Dynamics 2.1 US ETF Funds: Cross-Border Stock Products See Continuous Inflows - Last week, US equity and bond ETFs continued to see inflows both domestically and internationally, with cross-border stocks having more inflows than domestic stocks. Bitcoin products also saw significant continuous inflows. Some industry and style products were among the top outflows, while broad-based funds mainly saw inflows. BlackRock's Bitcoin and Ethereum ETFs were among the top ten in terms of inflows [2][12][16]. - The Nasdaq 100 ETF saw significant outflows last week, while Russell 2000 and emerging market products saw inflows [19]. 2.2 US ETF Performance: International Stock Products Perform Well - This year, US cross-border stock products have seen continuous inflows and have generally outperformed US stocks. Many overseas stock products have had a gain of over 20%, while the S&P 500 has had a gain of less than 7% [2][21]. 3. Recent Fund Flows of US Ordinary Public Funds - In May 2025, the total amount of non-money public funds in the US was $21.91 trillion, an increase of $0.85 trillion from April 2025. The scale of domestic stock products increased by 5.49%, slightly lower than the stock price increase [24]. - From June 25 to July 2, domestic stock funds in the US had a total outflow of approximately $23.2 billion, with outflows further expanding, while bond products maintained inflows [24].

Core Viewpoint - Truth Social has submitted registration statements for Bitcoin and Ethereum ETFs to the U.S. Securities and Exchange Commission (SEC) [1] Group 1 - Truth Social is expanding its financial product offerings by entering the cryptocurrency market through Bitcoin and Ethereum ETFs [1]

Group 1: Bitcoin ETFs and Market Developments - BlackRock's Bitcoin spot ETF (IBIT) has reached an asset size of $72.4 billion, making it one of the top 25 ETFs in the U.S. just 1.4 years after its launch [1] - Trump Media & Technology Group's social platform Truth Social has submitted an application for a Bitcoin spot ETF, potentially becoming the first social media platform to do so [1] Group 2: Corporate Holdings and Risks - Standard Chartered Bank warns that the current trend of corporate Bitcoin holdings, totaling 673,800 BTC (3.2% of total supply), may lead to forced selling if prices drop below the average purchase price by 22% [3] - Meitu's CEO revealed that the company made a profit of 570 million yuan from liquidating its cryptocurrency holdings, with 80% of the profits distributed to shareholders [4] Group 3: Binance and Market Position - Binance holds the largest share of stablecoin reserves, accounting for 59% of the total with $31 billion in USDT and USDC [6] - Binance has attracted $180 billion in stablecoin inflows since 2025, leading the market in this regard [6] Group 4: Regulatory Perspectives - SEC Commissioner Hester Peirce emphasizes the importance of Bitcoin technology for maintaining freedom and advocates for citizens' rights to use cryptocurrency mixers [8] Group 5: Market Trends and Analysis - Bitcoin's price has recently fluctuated, with a low of $103,700, and analysts suggest that breaking key support and resistance levels will determine the next market trend [10]