BlackRock ETF Fund Flows (Issue 4 · Week 29, 2026)

01Latest Developments

Latest Developments

2026-07-13 Japan’s Prime Minister re-elected vows to support Web3; SBI invests nearly $500 million in full-chain development, while Rosen launches a stablecoin payment pilot to establish a zaibatsu-level compliance framework. LayerZero and Centrifuge propose a hub-and-spoke model aimed at resolving the conflict between compliance and speed in the $33 billion RWA market. The value of Robinhood’s CASHCAT project on the blockchain soars to $200 million, prompting its CEO to adjust strategies to take advantage of the cold start phase.

2026-07-10 Gate US obtains a new money transmission license in Florida, expanding its compliance footprint to 47 U.S. jurisdictions. Polymarket applies to the NFA for a futures commission merchant license, seeking CFTC approval to offer margin trading in a compliant manner. The implementation of the EU’s MiCA regulations drives record-high activity and new address counts on the EURC blockchain in four years.

2026-07-09 Circle faces criminal charges from Wisconsin and New York states for refusing to freeze $380,000 in fraudulent assets, triggering a crisis regarding stablecoin compliance. Giants such as Samsung and Figure complete five acquisitions over the past month, acquiring licensed institutions at low prices to accelerate the institutionalization of infrastructure. Optimism and OKX discuss control over the transaction layer and proactive risk management to advance the institutionalization of blockchain finance.

2026-07-08 AscendEX announces shutdown due to failure to meet MiCA standards and deteriorating market conditions; analysts point out that there is a shortfall of millions of dollars in its hot wallets.

2026-07-07 Clearstream adds six new crypto asset custodianship services, including those for Ripple and Solana, to meet the needs of institutions under the EU’s MiCA framework. Upbit, Bithumb, and Coinone take joint action to place BONK on delisting watch, marking a stricter enforcement phase by South Korean regulators. Coinbase includes the compliant DeFi derivative GRVT in its listing roadmap. Data from Decta shows that the market value of MiCA-compliant euro stablecoins has doubled within a year, but they still account for only 0.22% of the dollar-based market.

02Impact Analysis

The marginal impact of capital flows into BlackRock ETFs is shifting from pure price-driven factors to a dual trend of “compliance premiums” and “regulatory clearance.” Institutional investors’ preference for compliant assets has increased significantly. On July 7, 2026, Clearstream added six new crypto asset custody services, directly expanding the pathways for institutions to enter the market under the MiCA framework. Meanwhile, liquidity crunches resulting from non-compliance are accelerating industry consolidation. AscendEX was shut down on July 1, 2026, for failing to meet MiCA standards, leaving it with a funding gap of millions of dollars, which forced the market to reassess the solvency risks of non-compliant platforms.

In the realm of stablecoins, there is a structural shift toward compliance. Although EURC, issued by Circle, drove record levels of on-chain activity and new addresses on July 10, 2026, the market value of compliant euro stablecoins accounts for only 0.22% of the dollar-based market, indicating that dollar dominance is unlikely to be challenged in the short term. However, the criminal charges arising from Circle’s refusal to freeze 380,000 fraudulent assets have exposed the deep tensions between technical architecture and legal obligations, potentially forcing ETF funds to be more cautious in choosing stablecoin reserves.

In terms of industry structure, giants are accelerating integration by taking advantage of current trends. Five acquisition deals reported on July 9, 2026, over the past month show that companies like Samsung are acquiring licensed institutions at low prices to drive the transformation of crypto infrastructure from an informal sector to a more institutionalized one. The Japanese market also took action on July 13, 2026, with SBI investing nearly $500 million to develop full-chain and Rosen-based stablecoin payment systems, creating a conglomerate-level compliance ecosystem that further widens the gap with regions lagging in regulation. At the token level, compliant DeFi projects such as GRVT have been included in Coinbase’s listing roadmap, while BONK was placed on delisting watch by South Korea’s three major exchanges on March 28, 2026, due to compliance issues, indicating that capital is rapidly shifting from meme coins to assets with clear compliance paths.

03Keep an eye on it later.

Ongoing Monitoring

1. Progress of Stablecoin Compliance Litigation and Solvency Monitoring (Continued) Continue to track the developments of criminal charges filed by Wisconsin and New York against Circle for refusing to freeze $380,000 in fraudulent assets. Special attention should be paid to changes in on-chain data as Circle navigates legal battles, particularly whether the activity level of EURC remains at its four-year high reached from July to October following the implementation of MiCA. Warning threshold: If Circle experiences issues such as hot wallet funding shortages or withdrawal suspensions due to compliance pressures, similar to those faced by AscendEX, an immediate risk alert should be issued.

2. Acquisition of Institutional Compliance Licenses and Expansion of Service Coverage (New) Closely monitor the progress of institutions in the U.S. and Europe in obtaining compliance licenses. In particular, after Gate US secured a license in Florida from July to October, it is important to see if its compliance footprint expands to cover other jurisdictions. Also, keep an eye on the approval status of Polymarket’s application to the NFA for a Futures Commission Merchant (FCM) license, as well as its efforts to get approval from the CFTC to amend rules in order to support fully collateralized transactions. Warning threshold: If there is no significant progress in these key license applications by August 2026, it may affect the pace at which institutional funds enter the market.

3. Risk of Token Delistings Under Strict Korean Regulation (Continued) Continue to focus on the strict regulatory environment in Korea. Pay close attention to the final decision regarding the delisting of BONK, a meme token within the Solana ecosystem, following the joint action taken by Upbit, Bithumb, and Coinone on March 28. Be vigilant about whether such stringent regulatory measures could spread to other highly volatile tokens, potentially causing abnormal fluctuations in the liquidity of compliant DeFi assets like GRVT on Coinbase. Warning threshold: If the three major exchanges announce the official delisting of BONK or expand their delisting watchlist, it will indicate that regulation has entered a phase of substantive cleanup.

4. Development of a Compliant Ecosystem in Japan and Capital Flow Trends (New) Track the actual implementation of Web3 policies in Japan following the change in prime minister, especially the progress of SBI’s investment of nearly $500 million in developing full-chain solutions and pilot stablecoin payments at Lawson. It is necessary to analyze whether the new tax reforms in Japan, combined with a robust compliance ecosystem led by conglomerates, can bring new Asian capital inflows into BlackRock ETFs. Warning threshold: If the progress of SBI’s or Lawson’s projects falls behind the plans disclosed on July 13, 2026, it may impact the realization of regional compliance-related benefits.

04Related Reads

1. “Leaders Gather to Discuss the Issue; SBI Loses $500 Million, Rosen Opens Doors: Japan Seizes the Opportunity in Compliance Benefits”
2. “The $33 Billion RWA Market: LayerZero and Centrifuge Solve the Paradox of Compliance Speed”
3. “Half a Year of Preparation for Compliance Chains, Yet a Cat Triggers a $200 Million Market Drop”
4. “Gate US Gets Approval from Florida, Expanding U.S. Compliance Coverage to 47 Jurisdictions”
5. “Polymarket Applies for U.S. FCM License to Offer Compliant Margin Trading”
6. “MiCA Takes Effect, Triggering a Compliance Wave: EURC’s On-Chain Data Reaches Four-Year High”
7. “Refusing to Freeze Assets Leads to Criminal Charges; Stablecoin Compliance Crisis Erupts”
8. “Valuation Cuts by 90%; Giants Rush to Obtain Compliance Licenses Amid Bear Market”
9. “Optimism and OKX Discuss Blockchain Compliance and Risk Management”
10. “Compliance Pressures Force Platforms to Shut Down, Leaving Millions in Hot Wallet Gaps”
11. “Deutsche Börse’s Subsidiary Adds Six New Currencies: A New Path for Institutional Compliance under MiCA”
12. “Three Major Exchanges Collaborate to Address Issues: BONK Under Observation for Delisting Due to Compliance Crises”
13. “Compliant DeFi Gains Mainstream Favor: GRVT Added to Coinbase”
14. “Compliant Assets See 128% Surge in Value, But Still Can’t Challenge Dollar Dominance”