Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $568 million; the net inflow for Ethereum spot ETFs in the U.S. was $23.5 million
Organizer: Jerry, ChainCatcher
Performance of Crypto Spot ETFs Last Week
US Bitcoin Spot ETF Net Inflow of $568 Million
Last week, the US Bitcoin spot ETF saw a net inflow over three days, totaling $568 million, with total assets under management reaching $87.07 billion.
Last week, 9 ETFs were in a net inflow state, with inflows mainly coming from IBIT, BTC, and EZBC, which saw inflows of $660 million, $46 million, and $22.5 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Inflow of $23.5 Million
Last week, the US Ethereum spot ETF had a net inflow over two days, totaling $23.5 million, with total assets under management reaching $11.28 billion.
The inflow last week mainly came from Grayscale's ETHE, which had a net inflow of $138 million. 6 Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF No Fund Inflows
Last week, the Hong Kong Bitcoin spot ETF had no fund inflows, with assets under management reaching $27.4 million. The holdings of the issuer, Harvest Bitcoin, decreased to 219.59 BTC, while Huaxia maintained 2,510 BTC.
The Hong Kong Ethereum spot ETF saw a net outflow of 497.74 ETH, with assets under management at $6.592 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of March 6, the nominal total trading volume of US Bitcoin spot ETF options was $1.01 billion, with a total long-short ratio of 1.49.
As of March 5, the nominal total open interest of US Bitcoin spot ETF options reached $25.04 billion, with a total long-short ratio of 1.54.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 53.97%.
Data Source: SoSoValue
Overview of Crypto ETF Dynamics Last Week
Nasdaq Lifts All Restrictions on Bitcoin ETFs, Providing Unlimited Access
According to Crypto Tice, Nasdaq has lifted all limits, restrictions, and caps on Bitcoin ETFs on its platform. As the second-largest exchange globally, this move means that various institutions, funds, and traders will gain unrestricted access to Bitcoin.
The exchange has not only opened the channels but has completely removed the related entry barriers.
21Shares Launches First Spot Polkadot ETF in the US
Asset management company 21Shares has launched the first spot Polkadot ETF in the US, with the ticker TDOT, which has begun trading on Nasdaq. Eric Balchunas stated that the initial seed funding for this ETF is $11 million, with a management fee of 0.3%. The spot crypto ETF allows investors to bet on price movements without directly holding digital assets.
21Shares noted that Polkadot is a blockchain network designed to connect multiple independent blockchains and achieve interoperability. Its native token, DOT, currently has a market cap of approximately $1.7 billion. Previously, 21Shares has launched spot ETFs tracking the prices of Bitcoin, XRP, Solana, Dogecoin, and Sui.
Morgan Stanley Plans to Choose Coinbase and BNY Mellon as Custodians for Its Bitcoin ETF
According to CoinDesk, Morgan Stanley has submitted an S-1 form to the US Securities and Exchange Commission (SEC), disclosing that its planned Morgan Stanley Bitcoin Trust will use Coinbase Custody and Bank of New York Mellon (BNY Mellon) as Bitcoin custodians.
According to the submitted documents, the trust will primarily use offline cold storage to safeguard Bitcoin, with private keys disconnected from the internet to reduce hacking risks. BNY Mellon will also serve as the fund manager, transfer agent, and cash custodian, responsible for handling accounting, shareholder records, and cash flow related to ETF transactions.
Over $9 Billion Exits Bitcoin and Ethereum ETFs in Four Months
According to CoinDesk, data shows that US-listed spot Bitcoin and Ethereum ETFs have experienced record outflows over the past four months, indicating a significant decline in institutional interest in digital assets.
Bitcoin ETFs have seen outflows for four consecutive months, with a cumulative net outflow of $6.39 billion, marking the longest monthly outflow record since the fund's launch in January 2024. Ethereum ETFs saw outflows of $2.76 billion during the same period. The massive outflows explain the price declines of both tokens. Bitcoin has nearly halved from its peak of over $126,000 in early October last year to around $67,000. Ethereum has seen an even steeper decline, dropping over 60% from its peak of over $4,950 last August.
Views and Analysis on Crypto ETFs
Bloomberg Analyst: BlackRock Adjusts Ethereum Staking ETF Fee Rate, May Offer Tiered Discounts
Bloomberg analyst James Seyffart posted on X platform that BlackRock has updated its application documents related to the Ethereum Staking ETF (ETHB), with the latest documents indicating that the staking fee rate for this product will be adjusted to 10% of staking rewards, and may offer tiered fee discounts based on scale.
In the previous version of the document, the staking fee for this ETF was "18% of total staking returns," and this fee reduction is seen as part of the optimization of its Ethereum product structure.
Bloomberg Analyst: 21Shares Polkadot ETF Fee Rate 0.3%, Initial Seed Funding Approximately $11 Million
Bloomberg senior ETF analyst Eric Balchunas posted on X platform that according to disclosed information, the fee rate for the first spot Polkadot ETF launched by 21Shares in the US is 0.3%, with initial seed funding of approximately $11 million.
21Shares stated in the product description that Polkadot's uniqueness lies in its aim to connect multiple independent blockchains into an interoperable network, allowing developers to build and run their own customized blockchains on it.
Bloomberg Analyst: About Half of Solana ETF Inflows Come from Institutional Buyers with AUM Over $100 Million
Bloomberg ETF analyst Eric Balchunas posted on X platform that since the launch of the spot ETF in July, SOL has dropped by 57% (which is likely one of the worst issuance timings in ETF history), but these ETFs have still cumulatively attracted $1.5 billion in inflows, with virtually no significant redemptions.
Additionally, about 50% of the assets come from institutional investors who submit 13F reports—indicating a serious and professional investor base. These two points are very positive signals for the future.
The 13F report is a quarterly holdings report that the SEC requires institutional investors managing over $100 million in assets to submit under the Securities Exchange Act.
Bloomberg Analyst: Most Bitcoin ETFs Have Turned Positive for Inflows This Year
Bloomberg senior ETF analyst Eric Balchunas stated, "Yesterday, Bitcoin ETFs saw strong inflows again (net inflow of $225.2 million). Almost all products have turned positive for net inflows this year. However, Bitcoin is still down 22% year-to-date, with a cumulative drawdown of 50% from its peak."
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