Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $787 million; the net inflow for Ethereum spot ETFs in the U.S. was $80.2 million

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Last Week's Crypto Spot ETF Performance

US Bitcoin Spot ETF Net Inflow of $787 Million

Last week, the US Bitcoin spot ETF had a net inflow of $787 million over three days, bringing the total net assets to $83.4 billion.

Nine ETFs were in a net inflow state last week, with inflows mainly from IBIT, GBTC, and BITB, which saw inflows of $503 million, $89.4 million, and $68.3 million, respectively.

Data Source: Farside Investors

US Ethereum Spot ETF Net Inflow of $80.2 Million

Last week, the US Ethereum spot ETF had a net inflow of $80.2 million over three days, bringing the total net assets to $10.96 billion.

The inflow last week mainly came from Grayscale's ETHE, with a net inflow of $40.5 million. Six Ethereum spot ETFs were in a net inflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Inflow of 12.73 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 12.73 Bitcoins, with net assets reaching $26.2 million. The issuer, Harvest Bitcoin, saw its holdings decrease to 219.69 Bitcoins, while Huaxia increased to 2,510 Bitcoins.

The Hong Kong Ethereum spot ETF had a net inflow of 908.78 Ethereum, with net assets of $6.543 million.

Data Source: SoSoValue

Crypto Spot ETF Options Performance

As of February 27, the total nominal trading volume of US Bitcoin spot ETF options was $1.04 billion, with a total nominal long-short ratio of 1.44.

As of February 26, the total nominal open interest of US Bitcoin spot ETF options reached $22.35 billion, with a total nominal open interest long-short ratio of 1.53.

The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bearish.

Additionally, the implied volatility is at 50.36%.

Data Source: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

Bitcoin ETF and Treasury Companies Buy Large Amounts of $60,000 Protective Put Options

According to market news, large Bitcoin ETF holders and treasury companies have recently concentrated their purchases of BTC put options with a strike price of $60,000 or below, with terms of 6 months and 1 year on Deribit, as a hedge against prices falling below $60,000.

Deribit stated that the open interest for BTC put options with a strike price of $60,000 has risen to approximately $1.5 billion, the highest among all strike prices and terms on the platform, indicating a significant increase in demand for medium to long-term downside hedging. Currently, Bitcoin is fluctuating around $67,000, but the implied volatility for 30-day put options is about 7% higher than for call options, indicating that the market still prefers downside protection.

Q4 2025 Ethereum ETF Sees Significant Reduction, Harvard Endowment Fund is the Largest New Buyer This Season

According to Bloomberg ETF analyst James Seyffart, 13F filing institutions have overall reduced their holdings in Ethereum spot ETFs, with hedge funds concentrating their sales due to a collapse in basis trade returns; traditional/long-term funds are increasing their positions against the trend, with Harvard's endowment fund being the largest new buyer this season.

Nasdaq Applies to List VanEck JitoSOL ETF

According to Cointelegraph, Nasdaq has submitted a rule change proposal to list the VanEck JitoSOL ETF. This ETF will directly hold liquid staking tokens based on Solana, JitoSOL.

Brian Smith, chairman of the Jito Foundation, stated that if approved, staking rewards will not be distributed separately but will be reflected in the fund's net asset value. Since JitoSOL automatically compounds rewards, each token held by the trust will represent the underlying deposited SOL and its accumulated staking rewards on the Solana network.

Top University Endowment Funds, Including Harvard, Begin Allocating to Bitcoin ETFs

According to CoinDesk, facing declining expected returns from traditional assets, several university endowment funds are adjusting their investment strategies and beginning to allocate to cryptocurrency ETFs. Harvard University and Brown University have disclosed their holdings in Bitcoin and Ethereum ETF positions in their latest 13F filings.

Kim Lew, CEO of Columbia Investment Management Company, stated that the expected returns and alpha yields of traditional asset classes will be compressed, forcing institutions to move further along the risk curve and explore new strategies. Carlos Rangel of the W.K. Kellogg Foundation pointed out that if an 8% return cannot be achieved, the traditional foundation model will be difficult to sustain.

21Shares Spot SUI ETF Has Started Trading on Nasdaq

According to official news from the Sui Foundation, the spot SUI ETF issued by 21Shares (Nasdaq code: TSUI) has started trading on Nasdaq, providing US investors with regulated, high liquidity direct exposure to SUI through existing brokerage accounts.

This ETF has recently received approval from the US Securities and Exchange Commission.

iShares Applies to List Staked Ethereum Spot ETF ETHB, Intended for Trading on Nasdaq

US SEC filings show that BlackRock's iShares has submitted a revised S-1 to launch the "iShares Staked Ethereum Trust ETF" (code ETHB) and list it on Nasdaq.

This trust is a statutory trust under Texas law, primarily holding ETH, and will participate in Ethereum staking through third-party nodes like Coinbase to earn staking rewards, without affecting its tax qualification as a grantor trust, with approximately 70%-95% of its assets.

The product adopts a basket redemption mechanism of 40,000 shares, supporting cash or physical ETH redemptions, and only authorized participants can directly redeem with the trust. The base fee rate is 0.25% annually, reduced to 0.12% for the first $2.5 billion in assets for the first 12 months after listing. The trust is expected to continue issuing shares under controlled risk conditions.

Views and Analysis on Crypto ETFs

The ETF Store President: A 50% Drawdown is Not Uncommon for Bitcoin, ETF Investors are Still Bottom Fishing

Nate Geraci, president of The ETF Store, stated that a 50% drawdown is not uncommon for long-term Bitcoin investors and may not be the last time it occurs. He pointed out that despite the market experiencing significant declines, there are no obvious signs of panic among spot Bitcoin ETF investors, and fund flow data indicates that these investors remain steady.

Geraci believes that based on recent fund movements, some ETF investors are more inclined to accumulate during pullbacks.

Bloomberg Analyst: Bitcoin ETF Sees Large Inflows, Whether a Real Rebound Remains to be Seen

Bloomberg senior ETF analyst Eric Balchunas posted on platform X that yesterday, Bitcoin ETFs attracted about $500 million in inflows, the largest single-day increase in recent times, with a total inflow of about $750 million over the past two days, coinciding with a period of strong market pessimism. He described this inflow as "like hitting a home run during a slump," providing a boost to the market.

Year-to-date, Bitcoin ETFs have still seen a cumulative net outflow of less than $2 billion, but it remains unclear whether this marks the beginning of a real rebound or just a temporary "dead cat bounce."

Viewpoint: Bitcoin Prices Will Not Be Explicitly Suppressed by ETF-Authorized Institutions, but Price Discovery Mechanisms May Be Affected

Discussions regarding market manipulation speculations involving Jane Street and Bitcoin ETF mechanisms continue to evolve. Bitwise advisor Jeff Park stated that the question of whether Bitcoin prices are suppressed by Jane Street is not aimed at a single institution but is determined by the structural characteristics within the Bitcoin ETF framework.

Each authorized participant (AP), including Jane Street Capital, JPMorgan, Goldman Sachs, etc., has the exemption to create and redeem ETF shares, allowing them to flexibly manage positions in the market, including using futures or derivatives for hedging without having to purchase spot Bitcoin, which may affect the price discovery mechanism.

This gray area of operation stems from regulatory exemptions and SEC approvals for physical delivery. Although there is no evidence that any AP explicitly suppresses Bitcoin prices, the existing structure may alter the natural mechanisms of price formation, warranting attention from regulators and investors.

Bloomberg ETF analyst Eric Balchunas responded that this mechanism is indeed difficult to understand, and he is curious about who or what force is behind the "patterned sell-offs" that appear daily and then suddenly disappear. Samson Mow, CEO of Bitcoin technology company Jan3, stated that becoming an AP is not the only factor in suppressing prices; the key lies in how "extensive" their undisclosed trading and hedging activities are. This is a channel that brings capital costs close to zero.

Bitfinex: ETF Outflows and Large Holder Sell-offs Pressure Bitcoin, $53,000 May Be a Key Support

According to the Bitfinex Alpha report, due to weak inflows into Bitcoin spot ETFs and ongoing sell-offs by large holders, the Bitcoin market remains in a high time frame downtrend.

The report noted that although Bitcoin has rebounded 20% since its low on February 5, it has not yet confirmed a bottom. Year-to-date, US Bitcoin spot ETFs have seen a cumulative net outflow of $2.6 billion, with institutional investors' "ETF fatigue" exacerbating the selling pressure. On-chain data shows that approximately 64% of the inflow funds to exchanges currently come from large holders (whales), the highest percentage since October 2015.

Additionally, influenced by US tariff policies and macro uncertainties, options traders are again paying premiums for downside risks, with market sentiment leaning cautious. Currently, the realized price of $53,000 is viewed as a key support level for the mid-term market.

Bloomberg Analyst: Institutions Reduced Holdings in Bitcoin ETFs in Q4, Advisors and Hedge Funds are the Largest Sellers

Bloomberg analyst James Seyffart posted on platform X that institutional investors submitting 13F reports to the US Securities and Exchange Commission reduced their holdings in Bitcoin ETF positions overall in Q4 2025, with investment advisory firms and hedge funds being the two largest categories of institutions by position size, becoming the main sellers in the market.

Overall, institutions submitting 13F reports sold ETF shares equivalent to approximately 25,000 Bitcoins in Q4 2025.

Bloomberg: Hedge Funds That Once Fueled the US Bitcoin ETF Boom are Rapidly Exiting, Q4 2025 Bitcoin ETF Holdings Decreased by 28%

According to Bloomberg, hedge funds that once fueled the US Bitcoin ETF boom are rapidly exiting.

Data compiled by CF Benchmarks, a wholly-owned subsidiary of the crypto trading platform Kraken, shows that the total allocation of Bitcoin ETFs held by the largest hedge funds has decreased by 28%. Gabe Selby, head of research at CF Benchmarks, wrote in a research report on February 19: "The dominant theme over the past two quarters has been hedge funds' de-risking operations. The spike and subsequent drop in October seem to have triggered systematic liquidation." Brevan Howard significantly adjusted its holdings in BlackRock's iShares Bitcoin Trust, becoming the largest seller of this spot ETF in Q4. Its holdings decreased by approximately 86% to 5.5 million shares, reducing the value of its spot position from about $2.4 billion to $275 million. Bitcoin prices have fallen alongside macro risks, and at certain stages, the declines were even greater, undermining the logic previously presented to institutional investors—that Bitcoin could hedge against inflation, currency devaluation, or stock market pressures.