The filings also include cryptos like XRP, SOL, and LTC. Crypto ETPs saw $1.9 billion in inflows last week, with Bitcoin products dominating at $1.6 billion. Meanwhile, Nasdaq filed a proposal to boost BlackRock’s Bitcoin ETF efficiency with in-kind creation/redemption, while Maple Finance launched a Bitcoin derivatives product targeting institutions with downside protection and high APY potential.
Tuttle Capital Pushes Boundaries with ETF Filings
Tuttle Capital recently took a very bold step by filing for 10 crypto-based leveraged exchange-traded funds (ETFs), including ones targeting popular meme coins linked to Donald Trump and Melania Trump. Bloomberg ETF analyst James Seyffart revealed in a post on Jan. 27 that Tuttle’s proposed ETFs include two-times leveraged funds for the Official Trump (TRUMP) and Melania Meme (MELANIA) tokens. The filings also cover leveraged funds for other major cryptocurrencies like XRP, Solana (SOL), Litecoin (LTC), Chainlink (LINK), Cardano (ADA), Polkadot (DOT), BNP, and the meme coin Bonk (BONK).
Many analysts see these filings as a strategic move to test the boundaries of the crypto-friendly regulatory environment under the SEC. Under Trump’s administration, a crypto task force led by Commissioner Hester Peirce was created to develop policies for digital assets. Seyffart believes that this task force will be crucial in determining just how far these kinds of proposals can push the limits of what the SEC will approve.
Tuttle’s filings are turning heads because of their focus on higher-leveraged ETFs, which is a move that Bloomberg’s senior ETF analyst Eric Balchunas described as “unusual,” especially when considering the lack of standard ETFs for some of the underlying assets. Leveraged ETFs are different from traditional ETFs as they track assets at a two-to-one ratio or higher, amplifying both gains and losses. According to Balchunas, these filings were submitted under the 40-act framework, and could potentially allow the funds to begin trading by April unless explicitly disapproved by the SEC.
Recent activity in the ETF market proves that there is growing interest from asset managers in exploring meme coin products. Firms like Osprey Funds and REX Shares also flagged plans for ETFs targeting meme coins like Dogecoin (DOGE), Trump (TRUMP), and Bonk (BONK). This happened after the SEC’s recent approval of Bitcoin and Ethereum index ETFs from Hashdex and Franklin Templeton in December. Osprey Funds also announced its plans to convert its Osprey Bitcoin Trust (OBTC) into a spot Bitcoin ETF after the termination of its acquisition deal with Bitwise.
Crypto ETPs Saw $1.9B Inflows Last Week
Crypto exchange-traded products (ETPs) continued their strong performance last week, driven in part by a recent executive order from US President Donald Trump proposing a strategic crypto reserve. This contributed to a $1.9 billion injection into various crypto ETPs, which made it the third consecutive week of inflows and brought the year-to-date total to $4.7 billion, according to a Jan. 27 report from crypto investment firm CoinShares. Despite this momentum, last week’s inflows were still a 13% decline compared to the previous week, which saw $2.2 billion in inflows.
(Source: CoinShares)
Bitcoin-based ETPs dominated the market by attracting $1.6 billion in inflows last week and accounted for 92% of all crypto ETP inflows year-to-date. Bitcoin’s price surge to a new all-time high above $109,000 on Jan. 20 fueled the demand for short Bitcoin ETPs. Total assets under management for all crypto ETPs reached $171 billion, with Bitcoin ETPs comprising 82% of the total.
Ether-based ETPs also saw inflows of $205 million last week, contributing to a year-to-date total of $177 million. XRP ETPs recorded $18.5 million in inflows, although this was a 40% drop from the previous week. Solana, Chainlink, and Polkadot stood out with inflows of $6.9 million, $6.6 million, and $2.6 million, respectively. No digital asset investment products experienced outflows last week, according to CoinShares research head James Butterfill.
BlackRock continued to lead crypto ETP issuers by capturing $1.5 billion in weekly inflows, which accounted for 76% of all inflows during the period. With $2.9 billion in inflows year-to-date and a total AUM of $64 billion, BlackRock is still the dominant player in the market.
(Source: CoinShares)
In contrast, Grayscale continued to experience large outflows, with $124 million withdrawn from its crypto ETPs last week. Since the start of 2025, Grayscale recorded a total of $392 million in outflows.
Nasdaq Files for BlackRock Bitcoin ETF Rule Change
Nasdaq recently filed a proposal with the SEC on behalf of BlackRock, seeking to implement in-kind creation and redemption for its spot Bitcoin ETF, the BlackRock iShares Bitcoin Trust (IBIT). Bloomberg ETF analyst James Seyffart shared that BlackRock should have been permitted to use this model from the start when IBIT launched alongside 10 other US spot Bitcoin ETFs in January of 2024. On the same day as this filing, six additional crypto ETF applications were submitted in the US.
The proposal was made to allow Authorized Participants—institutions facilitating the creation and redemption of ETF shares—to use either Bitcoin or cash for these transactions. This in-kind model boosts efficiency by avoiding costs that are usually associated with bid/ask spreads and broker commissions when selling assets to raise cash. However, it is only limited to institutional participants and excludes individual investors.
Crypto analyst MartyParty pointed out the increased transparency and on-chain visibility of flows that this model could provide. Bitseeker Consulting’s Chris J Terry clarified that the change primarily benefits Authorized Participants by improving ETF liquidity. Seyffart added that this adjustment could lead to ETFs trading more efficiently by streamlining operational processes.
Maple Finance Enters Bitcoin Derivatives Market
Meanwhile, Maple Finance introduced a new derivatives product that is aimed at meeting the growing demand for digital assets among institutional clients. The product uses yield from collateralized crypto loans to purchase Bitcoin call options, offering institutional investors exposure to Bitcoin with downside protection. With a minimum investment of $100,000 in USD Coin (USDC), the product guarantees a floor annual percentage yield (APY) of 4%, with a potential maximum APY of 33%.
This new offering allows Maple Finance to compete with similar products, like the National Bank of Bahrain’s Bitcoin investment fund, Calamos Investments’ protected Bitcoin ETFs, and Crypto.com’s institutional investment platform. This rise of structured crypto products targeting institutions is fueled by clearer global regulations and increasing recognition of crypto as a legitimate asset class. Many of these products are also designed to mitigate downside risk, which addresses one of the main concerns from investors wary of past market collapses, like those involving FTX, Celsius, and Terra in 2022.
Maple Finance has been expanding its services for institutional clients, and launched a direct crypto lending program in June of 2023 to address gaps that were left by the collapse of companies like BlockFi and Celsius. With the Bitcoin loan market projected to grow at a compound annual growth rate of 26.4% and reach $45 billion by 2030, Maple Finance is in the perfect position to capitalize on this growth.
