Good Morning, Asia. Here’s what’s making news in the markets:
Welcome to Asia Morning Briefing, a daily summary of top stories during U.S. hours and an overview of market moves and analysis. For a detailed overview of U.S. markets, see CoinDesk’s Crypto Daybook Americas.
The newly launched REX-Osprey Solana + Staking ETF (SSK), the first crypto staking exchange-traded fund (ETF) listed in the U.S., ended the day with $33 million in volume, with Bloomberg ETF analyst Eric Balchunas calling the launch better than the average ETF listing.
The ETF offers investors indirect access to Solana while earning staking rewards without needing technical expertise.
While the volume was much lower than the launch of BTC and ETH ETFs, Balchunas noted that the trading volume was much stronger than recent Solana futures ETF listings or XRP futures ETFs launches.
SOL is trading above $150 on the news, up roughly 4%, according to CoinDesk market data.
In late May, the Securities and Exchange Commission ruled that crypto staking does not violate securities laws, paving the way for issuers to offer such staking products.
There’s no ETH staking ETF currently offered in the U.S., although 3iQ offers one on the Toronto Stock Exchange.
Hong Kong’s market regulator, the Securities and Futures Commission, released staking rules in April, and local issuers offer ETH staking ETFs on the city’s stock exchange.
BlackRock’s Bitcoin ETF Now Out-Earns Its Flagship S&P 500 Fund
BlackRock’s iShares Bitcoin ETF (IBIT) is now generating more annual revenue than its flagship iShares Core S&P 500 ETF (IVV), according to a new report by Presto Research.
IBIT, with just $75 billion in assets under management, is expected to bring in $187.2 million a year from its 0.25% fee. IVV, by contrast, holds a massive $624 billion but charges just 0.03%, yielding slightly less in absolute revenue.
The difference isn’t just a quirk of fee structures—it’s a window into how institutional investors view crypto exposure in 2025. “IBIT’s fees are 8.3 times higher than IVV’s,” Presto Research notes, “but investors are paying up.”
In a world where every basis point usually matters, the willingness to pay a premium for BTC via a trusted wrapper underscores just how early we are in crypto’s institutional adoption cycle. As Presto points out, even Coinbase’s base spot trading fee is higher, at 60 bps.
IBIT’s growth story also highlights the power of brand. Institutions want Bitcoin—but they want it with BlackRock’s name on the label. While S&P 500 ETFs have become commoditized, crypto ETFs still command premium pricing.
With IBIT holding the lion’s share of Bitcoin ETF market inflows, it’s increasingly clear: the institutionalization of crypto isn’t coming. It’s already happening.
Market Movements:
BTC: Bitcoin surged 3.6% over 24 hours to break above $109,000, buoyed by strong volume, new support between $109,064–$109,359, and improving global sentiment following the US-Vietnam trade deal despite continued Middle East tensions.
ETH: ETH surged 8.6% to $2,608 in a high-volume breakout fueled by growing institutional interest and bullish momentum, forming new support at $2,565 and testing resistance near $2,617.
Gold: HSBC raised its 2025–2026 gold price forecasts to $3,215 and $3,125 per ounce, citing geopolitical risks and strong investor demand, according to Reuters.
Nikkei 225: Asia-Pacific markets traded mixed Thursday, with Japan’s Nikkei 225 down 0.15%, as investors awaited details of the U.S.-Vietnam trade deal announced by President Trump.
S&P 500: The S&P 500 rose 0.47% to 6,227.42 on Wednesday after Trump announced a U.S.-Vietnam trade deal, though a surprise drop in June private payrolls raised economic concerns.