Organized by: Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
Net inflow of $568 million into U.S. Bitcoin spot ETFs
Last week, U.S. spot Bitcoin ETFs saw three days of net inflows, totaling $568 million, with total assets under management reaching $87.07 billion.
Last week, nine ETFs experienced net inflows, with the main inflows coming from IBIT, BTC, and EZBC, at $660 million, $46 million, and $22.5 million respectively.
Data source: Farside Investors
Spot Ethereum ETFs in the United States saw net inflows of $23.5 million
Last week, U.S. Ethereum spot ETFs saw two days of net inflows, totaling $23.5 million,with total assets under management reaching $11.28 billion.
Last week, the primary inflows came from Grayscale's ETHE, with net inflows of $138 million. Six spot Ethereum ETFs experienced net inflows.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF has no net inflows
Last week, Hong Kong's spot Bitcoin ETFs saw no net inflows, with a total net asset value of $274 million. Among them, the holdings of Harvest Bitcoin decreased to 219.59 BTC, while China Asset Management's holdings remained at 2,510 BTC.
Hong Kong Ethereum spot ETF experienced a net outflow of 497.74 ETH, with a net asset value of $65.92 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of March 6, the total notional volume of U.S. Bitcoin spot ETF options was $1.01 billion, with a total notional long-to-short ratio of 1.49.
As of March 5, the notional open interest of U.S. Bitcoin spot ETF options reached $25.04 billion, with a net long-to-short ratio of 1.54.
Short-term trading activity for Bitcoin spot ETF options has declined, with overall sentiment remaining bullish.
Additionally, the implied volatility is 53.97%.
Data source: SoSoValue
Last week's roundup of cryptocurrency ETF developments
Nasdaq removes all restrictions on Bitcoin ETFs, providing unlimited access
According to Crypto Tice, Nasdaq has removed all limits, restrictions, and caps on Bitcoin ETFs on its platform. As the world’s second-largest exchange, this move means that institutions, funds, and traders will have unrestricted access to Bitcoin.
The exchange did not merely open a channel, but completely removed the related access barriers.
21Shares launches the first spot Polkadot ETF in the United States
Asset management firm 21Shares has launched the first U.S. spot Polkadot ETF, ticker TDOT, which has begun trading on Nasdaq. Eric Balchunas noted that the ETF has an initial seed capital of $11 million and an expense ratio of 0.3%. Spot crypto ETFs allow investors to gain exposure to price movements without directly holding the digital assets.
21Shares states that Polkadot is a blockchain network designed to connect multiple independent blockchains and enable interoperability. Its native token, DOT, currently has a market capitalization of approximately $1.7 billion. Previously, 21Shares has launched spot ETFs tracking the prices of assets such as Bitcoin, XRP, Solana, Dogecoin, and Sui.
Morgan Stanley is reportedly considering Coinbase and BNY Mellon as custodians for its Bitcoin ETF.
According to CoinDesk, Morgan Stanley filed an S-1 form with the U.S. 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.
Based on the submitted documents, the trust will primarily hold Bitcoin in offline cold storage, with private keys disconnected from the internet to reduce the risk of hacking. BNY Mellon will also serve as the fund administrator, transfer agent, and cash custodian, responsible for accounting, shareholder records, and cash flows related to ETF transactions.
Over $9 billion in funds flowed out of Bitcoin and Ethereum ETFs over four months.
According to CoinDesk, data shows that U.S.-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 experienced outflows for four consecutive months, with a cumulative net outflow of $6.39 billion, marking the longest monthly outflow period since the funds launched in January 2024. During the same period, Ethereum ETFs saw outflows of $2.76 billion. These large-scale outflows help explain the price declines of both tokens. Bitcoin, after reaching a high of $126,000 in early October last year, has nearly halved to $67,000. Ethereum has suffered an even steeper drop, falling over 60% from its peak above $4,950 in August last year.
Opinions and analysis on crypto ETFs
Bloomberg analyst James Seyffart posted on X that BlackRock has updated its filing for the Ethereum staking ETF (ETHB), with the latest documents showing that the staking fee for the product will be adjusted to 10% of staking rewards, with potential tiered fee discounts based on scale.
In previous versions of the document, the staking fee for this ETF was “18% of total staking rewards”; this fee reduction is seen as part of the optimization of its Ethereum product structure.
Bloomberg senior ETF analyst Eric Balchunas posted on X that, according to disclosures, 21Shares’ first spot Polkadot ETF launched in the U.S. market with a fee of 0.3% and initial seed capital of approximately $11 million.
21Shares states in its product description that Polkadot's uniqueness lies in its aim to connect multiple independent blockchains into an interoperable network, enabling developers to build and run their own customized blockchains on top.
Bloomberg ETF analyst Eric Balchunas posted on X that since the spot ETFs launched in July, SOL has dropped 57% (likely one of the worst launch timing moments in ETF history), yet these ETFs have still attracted a cumulative $1.5 billion in inflows with virtually no significant redemptions.
Additionally, approximately 50% of the assets come from institutional investors who file 13F reports—indicating a highly serious and professional investor base. Both of these factors are very positive signals for the future.
Form 13F is a quarterly portfolio holding report that institutional investors managing over $1 billion in assets are required to file with the U.S. Securities and Exchange Commission (SEC) under the Securities Exchange Act.
Bloomberg analyst: Net inflows into most Bitcoin ETFs have turned positive this year.
Bloomberg senior ETF analyst Eric Balchunas said, "Yesterday, Bitcoin ETFs saw strong inflows again (net inflow of $225.2 million). Net inflows for nearly all products have turned positive year-to-date. However, Bitcoin is still down 22% this year and has experienced a cumulative drawdown of 50% from its peak."