Miners rose 11% as bitcoin ETFs gained 3% and Solana funds slipped

The word crypto ETF covered, in the same five sessions, a 3.0% week in the largest bitcoin fund, an 11.2% miner bounce that kept rising on Friday, a 6.5% Hyperliquid staking run, a Solana sleeve that slipped 1.4% after a 40% month, and a reverse split in a $4.2 million 2x Dogecoin product.

The iShares Bitcoin Trust, BIBIT, which holds bitcoin, closed Friday, September 4 at $45.23. That was a 3.0% total return from the prior Friday in a product whose annualized volatility is 49%: ordinary chop for the coin wrapper. Fidelity's Wise Origin Bitcoin Fund, BFBTC, the ARK 21Shares Bitcoin ETF, BARKB, and the Bitwise Bitcoin ETF Trust, ABITB, finished the week at 2.9% to 3.0%.

Miners rose on the Friday BIBIT fell

The CoinShares Bitcoin Mining ETF, CWGMI, which holds bitcoin miners, rose 11.2% on the week and 3.2% on Friday, the session BIBIT fell 2.4%. The Schwab Crypto Thematic ETF, ASTCE, and VanEck's Digital Transformation ETF, BDAPP, gained 7.6% and 7.5%. Fidelity's crypto-industry fund, AFDIG, and Amplify's blockchain fund, BBLOK, gained 5.2% and 5.1%. Thursday's equity bounce stuck. Friday's bitcoin selloff did not travel into the miners. Same category label. Not the same Friday.

The Grayscale Hyperliquid Staking ETF, AHYPG, which holds HYPE, the token of the Hyperliquid chain, including eligible staking rewards, rose 6.5% on the week and is 52% higher over one month. It closed Friday at $30.05, 2.1% below its 52-week high, in a $175 million trust listed on June 3. 21Shares' Hyperliquid ETF, THYP, charges 0.30% on $85 million of assets and may include staking rewards at the sponsor's discretion; it returned 6.8%. Bitwise's Hyperliquid ETF, BHYP, charges 0.34% on $190 million, stakes HYPE, and keeps about 75% of those rewards; it returned 6.6%.

The iShares Ethereum Trust, BETHA, which holds ether, rose 0.8% on the week, from $18.37 to $18.52. Fidelity's ether fund, BFETH, matched it. Ether remains the better one-month tape, up 29%, and the worse one-year tape, down 43%. Farside Investors, which publishes daily U.S. crypto-ETF creations and redemptions, recorded $141.4 million of net ether-fund inflows on Thursday, against $8.6 million in on Tuesday, $48.2 million out on Wednesday, and $25.9 million in on Friday.

The Bitwise Solana Staking ETF, ABSOL, which holds SOL and stakes it, fell 1.4% on the week after a 40% month. Farside's Solana-ETF prints were $8.9 million, -$6.1 million, $6.4 million, and -$5.2 million.

The Bitwise AXRP ETF, AXRP, which holds AXRP, rose 1.6% on the week, up 9.7% Thursday and down 4.9% Friday.

Roundhill's Bitcoin Covered Call Strategy ETF, CYBTC, which writes calls on bitcoin ETFs, returned 3.3% including distributions, against BIBIT's 3.0%. In a 3% week the call does not cost you. Two weeks ago, in a 23% week, it did. NEOS Bitcoin High Income ETF, CBTCI, lagged at 1.9%.

The bitcoin funds clustered at 3%. Almost nothing else that wears the crypto label did.

Thursday's creations, Friday's payrolls

Farside recorded $216.7 million of net bitcoin-fund inflows on Monday, August 31, then $236.5 million of net outflows on Tuesday. Wednesday was a $101.1 million inflow. Thursday was the session: $730.8 million of net creations, including $454.0 million into BIBIT and $137.7 million into BARKB. BIBIT traded 85.0 million shares that day, against a 55.5 million average, and rose 5.8%.

Fed Governor Christopher Waller had spoken that morning. "If this continues in the data due over the next two weeks, I would be inclined to support holding the target for the federal funds rate at its current setting," he said, and "Give disinflation a chance." CNBC reported, citing CME Group, that market-implied odds of a quarter-point increase at the September 15-16 meeting fell to 48.4% after the comments, down about 15 percentage points from Wednesday. CoinDesk had those odds above 63% earlier in the week.

Friday, after the Bureau of Labor Statistics reported 162,000 August jobs and an unemployment rate still at 4.1%, BIBIT gave 2.4% back. The U.S. 10-year yield finished Friday at 4.78%. After the payrolls print, fed-funds futures implied a 58% probability of that same quarter-point increase.

The share price reversed. The authorized participants did not. That is the distinction the coin tape never has to make. Creations are the primary market: an authorized participant delivers bitcoin to the trust and receives new shares. Friday's close is the secondary market, the last print on shares that already exist. Farside still printed $174.6 million of net inflows on Friday, $117.4 million of it into BIBIT and $57.2 million into BFBTC. The trust took in more bitcoin on a day the shares fell. New shares stay outstanding; the bitcoin stays in the vault until someone redeems.

BIBIT is still 8.9% below where it started the year and 37% below its 52-week high of $71.82. It is up 24% over one month. Bitcoin last printed $79,688 as of 8:38 a.m. Eastern time Saturday, against a 52-week range of $57,748 to $126,198.

A 1.5% fee, a 0.15% twin, and a 1-for-10 split

Grayscale Bitcoin Trust ETF, BGBTC, still charges 1.5% to hold the same asset Grayscale Bitcoin Mini Trust ETF, ABTC, holds at 0.15%. Both rose 2.9% from Friday to Friday. Over 12 months the Mini Trust is down 27.4% and BGBTC is down 28.4%. ABITB at 0.20% and ABTC at 0.15% are graded A; BIBIT at 0.25% is graded B. This week they returned the same 2.9% to 3.0%. What you buy with the iShares wrapper is the tape: $2.51 billion of average daily dollar volume, against $104 million in ABITB and $97 million in the Mini Trust. BIBIT ran $60.0 billion as of September 3. The Mini Trust ran $4.78 billion. BGBTC, the expensive twin, still ran $10.1 billion.

21Shares said on Thursday that its 2x Long Dogecoin ETF, DTXXD, would reverse-split 1-for-10 after Friday's Nasdaq close, with split-adjusted trading on Tuesday, September 8, under a new CUSIP. The fund seeks twice Dogecoin's move from one net-asset-value to the next, charges 1.89%, and had $4.2 million in assets as of September 3. It is down 69% year to date, from a 52-week high of $27.68 to a $4.05 Friday close, after falling 11.3% in the jobs session that followed a 20.6% Thursday. Nasdaq and the Options Clearing Corporation put the operational date at September 8.

DTXXD is graded D, with a subscale-assets cap and a daily-reset flag. A reverse split does not change the economics. It changes the share count so the wreckage is harder to see on a screen.

The bitcoin wrappers will price the September 15-16 meeting next. What they already showed is the plumbing: creations kept coming on Friday while the share price fell. The primary market and the last print are not one book.