Compiled by: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
Net Inflow of 568 Million USD into US Bitcoin Spot ETFs
Last week, the net inflow into US Bitcoin spot ETFs over three days was a total of 568 million USD, with total assets under management reaching 87.07 billion USD.
Last week, 9 ETFs were in a state of net inflow, with inflows mainly from IBIT, BTC, and EZBC, which saw inflows of 660 million USD, 46 million USD, and 22.5 million USD respectively.
Data Source: Farside Investors
Net Inflow of 23.5 Million USD into US Ethereum Spot ETFs
Last week, the net inflow into US Ethereum spot ETFs over two days was a total of 23.5 million USD, with total assets under management reaching 11.28 billion USD.
The inflow last week was mainly from Grayscale's ETHE, with a net inflow of 138 million USD. 6 Ethereum spot ETFs were in a state of net inflow.
Data Source: Farside Investors
No Fund Inflows into Hong Kong Bitcoin Spot ETFs
Last week, there were no fund inflows into Hong Kong Bitcoin spot ETFs, with total assets reaching 27.4 million USD. Among them, the publisher, Jia Shi Bitcoin, held 219.59 BTC, while Huaxia maintained 2510 BTC.
Hong Kong Ethereum spot ETFs experienced a net outflow of 497.74 Ethereum, with total assets valued at 6.592 million USD.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of March 6, the total nominal trading volume of US Bitcoin spot ETF options was 1.01 billion USD, with a total nominal long-short ratio of 1.49.
As of March 5, the total nominal open interest of US Bitcoin spot ETF options reached 25.04 billion USD, with a total nominal long-short ratio of 1.54.
The market has seen a decrease in trading activity for Bitcoin spot ETF options in the short term, with overall sentiment leaning bullish.
Additionally, implied volatility is at 53.97%.
Data Source: SoSoValue
Overview of Crypto ETF Dynamics Last Week
Nasdaq Lifts All Restrictions on Bitcoin ETF, 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 did not merely open the channels but completely removed related access barriers.
21Shares Launches First Spot Polkadot ETF in the US
Asset management company 21Shares has launched the first spot Polkadot ETF in the US, coded TDOT, which has started trading on Nasdaq. Eric Balchunas stated that this ETF has an initial seed capital of 11 million USD and a management fee rate of 0.3%. Spot crypto ETFs allow investors to bet on price trends without directly holding digital assets.
21Shares stated that Polkadot is a blockchain network designed to connect multiple independent blockchains to achieve interoperability. Currently, its native token DOT has a market cap of approximately 1.7 billion USD. 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 S-1 forms to the US Securities and Exchange Commission (SEC) disclosing its plan for the Morgan Stanley Bitcoin Trust to use Coinbase Custody and Bank of New York Mellon (BNY Mellon) as custodians for Bitcoin.
According to the submitted document, the trust will primarily utilize offline cold storage to safeguard Bitcoin, 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 managing accounting, shareholder records, and cash flow associated with the ETF.
Over 9 Billion USD Exited 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 total net outflow of 6.39 billion USD, marking the longest monthly outflow record since the fund's launch in January 2024. Ethereum ETFs had an outflow of 2.76 billion USD 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 USD in early October last year to around 67,000 USD now. Ethereum has seen an even steeper drop, falling over 60% from its high of over 4,950 USD last August.
Views and Analysis on Crypto ETFs
Bloomberg Analyst: BlackRock Adjusts Ethereum Staking ETF Fees, May Offer Tiered Discounts
Bloomberg analyst James Seyffart stated on platform X that BlackRock has updated its application documents for the Ethereum staking ETF (ETHB), indicating that the staking fee rate for the product will be adjusted to 10% of staking rewards and may offer tiered fee discounts based on scale.
In previous versions of the document, the staking fee for this ETF was “18% of total staking earnings”, and the fee reduction is viewed as part of the optimization of its Ethereum product structure.
Bloomberg senior ETF analyst Eric Balchunas stated on platform X that according to disclosed information, the first spot Polkadot ETF launched by 21Shares in the US has a fee of 0.3% and an initial seed capital of approximately 11 million USD.
In the product description, 21Shares stated that the uniqueness of Polkadot lies in its design to connect multiple independent blockchains into an interoperable network, enabling developers to build and run their customized blockchains on it.
Bloomberg ETF analyst Eric Balchunas stated on platform X that since the launch of the spot ETF in July, SOL has dropped 57% (which is perhaps one of the worst issuance timings in ETF history), but these ETFs have still attracted a cumulative inflow of 1.5 billion USD, with almost no significant redemptions.
Additionally, around 50% of the assets come from institutional investors filing 13F reports—indicating a quite serious and professional investor base. These two points are very positive signs for the future.
The 13F report is a quarterly holdings report that the US Securities and Exchange Commission (SEC) requires institutional investors managing over 100 million USD in assets to submit.
Bloomberg Analysts: Most Bitcoin ETFs Have Seen Positive Inflows This Year
Bloomberg senior ETF analyst Eric Balchunas stated, "Yesterday, Bitcoin ETFs welcomed a strong inflow again (net inflow of 225.2 million USD). Almost all products have turned their net inflows positive this year. However, Bitcoin is still down 22% this year, having seen a cumulative retracement of 50% from its peak."
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