Cyber Hornet has filed for the registration of the S&P Crypto 10 ETF (CTX) with the Securities and Exchange Commission. The CTX index seeks to offer exposure to the top 10 cryptocurrencies by market cap from the S&P Cryptocurrency Broad Digital Asset index.
The CTX index has favored BTC and ETH, allocating 69% to BTC and 14% to ETH. Additionally, XRP holding exposure stands at 5%, Binance Coin at 4%, Solana at 2%, TRON at 1%, Cardano at 0.5%, Bitcoin Cash at 0.4%, Chainlink at 0.3%, and Stellar at 0.2%.
Balchunas says the CTX basket could be the first S&P-linked spot ETF
Eric Balchunas, a senior ETF analyst for Bloomberg, revealed that Cyber Hornet is filing for the S&P Crypto 10 ETF (CTX), which could mark the first S&P-linked spot basket. According to Balchunas, the race for crypto basket ETF supremacy is just heating up, signaling intensified competition among issuers for diversified spot-exposure products.
The CTX basket largely favors BTC, making it a Bitcoin-dominant ETF. The move highlights BTC’s dominance across the crypto space, currently commanding over $1.5 trillion in market capitalization, while the closest asset, ETH, commands only $356 billion. BTC dominance is up 59% as of now, followed by ETH at 11%; the rest of the cryptocurrencies command a cumulative 29% share of the market.
At the time of publication, BTC was down 5.97% on the weekly chart, trading at $89,449, with a market cap of $1.79 trillion. ETH had lost 10.24% on the weekly chart, trading at $2,953, with a market cap of $356.4 billion. The third-largest token by market cap so far is XRP, with a market cap of $116.5 billion. The XRP token was down 7% on the weekly chart, trading at $1.91.
According to a Cryptopolitan report, spot crypto ETFs typically offer the most direct exposure to crypto by holding BTC, ETH, and XRP. The spot ETF’s value moves in correlation with the real-time price of the underlying token, with minimal deviation.
BlackRock’s IBIT ETF leads the Spot BTC ETF space
As of now, BlackRock’s iShares Bitcoin Trust (IBIT) ETF is one of the largest spot BTC ETFs. Additionally, there is the VanEck Ethereum ETF (ETHV), providing exposure to Ethereum, and the REX Osprey SOL plus Stacking ETF (SSF) for Solana.
Meanwhile, crypto ETFs tracking BTC hold approximately 1,502,560 BTC, according to on-chain data. That is roughly $134.5 billion in value, commanding approximately 7% of the total BTC supply. IBIT ETF commands the space, with total net assets of $69.75 billion, followed by Fidelity Wise Origin Bitcoin Fund (FBTC), with total net assets of $17.37 billion.
US BTC Spot ETF breakdown. Source: SoSoValue.Grayscale’s Bitcoin Trust (GBTC) is the third-largest spot crypto ETF for BTC, with total net assets of around $14.4 billion. At the time of publication, IBIT ETF had realized a cumulative net inflow of $62.9 billion, FBTC had $11.46 billion, while GBTC had lost approximately $25.5 billion due to withdrawals.
Investors have shown interest in ETFs due to their regulatory oversight, which provides greater transparency and protection. ETFs also offer easy access, just like regular stocks traded on U.S. stock exchanges. The CTX ETF offers diversified risk by holding multiple crypto assets. The strategy tends to spread the risk across such that if one asset in the basket underperforms, others might be in the green, balancing out the portfolio.
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Source: https://www.cryptopolitan.com/cyber-hornet-files-for-sp-crypto-10-etf/
