Cyber Hornet’s Bold Move: Chasing the S&P Crypto 10 ETF as Investor Craving for Spot Baskets Explodes

Another crypto fund manager throws its hat in the ring. Cyber Hornet just filed for an S&P Crypto 10 ETF, aiming to package a slice of the digital asset universe into a single, tradable ticker. It's a direct response to the market's surging appetite for diversified, spot-based exposure—a craving that's reshaping the entire investment landscape.

The Spot Basket Gold Rush

Forget complex derivatives and synthetic products. The new institutional mantra is 'physical delivery' or bust. Investors are bypassing the middlemen and demanding direct ownership of the underlying assets. This shift cuts through the usual financial engineering, putting pure price action front and center. It's a move that sidelines the traditional fund structures that often skim value through fees and complex rebalancing acts.

Why the S&P Crypto 10 Index Matters

This isn't just another random basket. The index targets the largest, most established cryptocurrencies by market cap—think of it as the blue-chip roster of the digital world. An ETF tracking it offers a one-click portfolio, hedging against the volatility of any single coin. It's diversification 101, but for the blockchain age. The filing signals a bet that mainstream adoption will be led by these heavyweights, not the thousands of speculative altcoins.

The Regulatory Hurdle Marathon

Filing is the easy part. Gaining approval from watchdogs like the SEC is the real marathon. Regulators remain wary of market manipulation and custody risks in the crypto space. Every application adds pressure, building a case that these products are inevitable. It's a high-stakes game of chicken between innovation and investor protection.

A cynical take? Wall Street spent a decade dismissing crypto as a toy, only to now scramble frantically to build the prettiest toy box for it—all while taking a tidy cut for their newfound 'expertise.' The race is on, and the finish line is a stamp of approval that could unlock billions. Will Cyber Hornet's sting be sharp enough to get there first?

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. 

Cyber Hornet filing for S&P Crypto 10 ETF (CTX), which (i think) could be first S&P-linked spot basket. THE RACE FOR CRYPTO BASKET ETF SUPREMACY IS HEATING UP..
Holdings breakdown: Bitcoin (69%), ethereum (14%), XRP (5%), Binance Coin (4%), Solana (2%), TRON (1%), Cardano… pic.twitter.com/bamvvf8MFA

— Eric Balchunas (@EricBalchunas) January 23, 2026

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. 

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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