Crypto ETF Weekly Report | Last week, US Bitcoin spot ETF had a net inflow of US$744 million; Hashdex plans to add Litecoin and other to its ETF
Reprinted from chaincatcher
03/24/2025·2MCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin Spot ETF Net Inflows $744 Million
Last week, US Bitcoin spot ETFs had an average of five-day net inflows, with a total net inflow of 7.44 $94.35 billion, with a total net asset value of $94.35 billion.
Last week, five ETFs were in a net inflow, mainly from IBIT, FBTC, and ARKB, with inflows of US$537 million, US$136 million and US$79.5 million respectively.
Source: Farside Investors
US Ethereum spot ETF net outflow of US$102 million
Last week, U.S. Ethereum spot ETFs experienced net outflows in five days, with a total net outflow of US$102 million and a total net asset value of US$6.77 billion.
The outflow last week was mainly from BlackRock ETHA, with a net outflow of $64 million. There are 4 Ethereum spot ETFs with no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 9.93 Bitcoins
Last week, Hong Kong Bitcoin spot ETFs had a net inflow of 9.93 bitcoins, with a net asset value of US$357 million. Among them, the issuer Jiashi Bitcoin held at 357 pieces, while Huaxia also maintained at 2,250 pieces.
Hong Kong Ethereum spot ETF has a net inflow of 197.56 ETH, with a net asset value of US$39.24 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of March 21, the nominal total transaction volume of US Bitcoin spot ETF options was US$394 million, and the nominal total transaction ratio was 2.07.
As of March 20, the total nominal holdings of US Bitcoin spot ETF options reached US$12.23 billion, and the total nominal holdings long and short ratio reached 2.31.
The market's trading activity against Bitcoin spot ETF options has increased in the short term, and overall sentiment is bullish.
In addition, the implied volatility is 52.21%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
Hashdex Nasdaq Crypto Index US ETF Submitted to the US SEC as a valid amendment after the first submission of Form S-1 to the US SEC, with the document number 333-280990 and the submission date is March 14, 2025.
The document shows that before the index change date, the index components include Bitcoin and Ethereum. After the index change date, it is expected that the index components will include Bitcoin, Ethereum, SOL, XRP, ADA, LINK, AVAX, LTC and UNI. Each index component runs on its respective network.
Volatility Shares will launch two Solana futures ETFs on March 20
Volatility Shares will launch two Solana (SOL)-based futures ETFs, namely Volatility Shares Solana ETF (SOLZ) and Volatility Shares 2X Solana ETF (SOLT), on March 20.
According to the Securities and Exchange Commission (SEC) filing, the Volatility Shares Solana ETF (SOLZ) has an administrative fee of 0.95%, until June 30, 2026, after which the administrative fee will be raised to 1.15%. Volatility Shares 2X Solana ETF will provide investors with 2x leverage with an administrative fee of 1.85%.
The application is the first Solana-based ETF in the United States, after the Chicago Mercantile Exchange (CME) Group launched the SOL futures contract.
US SEC confirms receipt of the application for 21Shares spot Polkadot ETF
According to the Securities and Exchange Commission (SEC) announcement, the Nasdaq Exchange has submitted a rule change proposal to list and trade the 21Shares spot Polkadot ETF share under Nasdaq Rule 5711(d) (“Commodity Trust Shares”). The SEC has officially accepted the application and publicly solicited comments.
New York Stock Exchange submits a proposal to allow Bitwise Ethereum ETFs to pledge it to the US SEC
Canary submits S-1 application documents for PENGU ETF to the US SEC
Nasdaq submits Polkadot ETF application for 21Shares
Canary submits the S-1 form to the US SEC to apply for SUI ETF
Perspectives and analysis on encrypted ETFs
Matrixport released today's chart saying that as of mid-December 2024, Bitcoin ETF capital inflows and Bitcoin futures open contracts (Open Interest) both reached about US$35 billion. Since then, futures positions have fallen sharply, while Bitcoin ETF capital flows remain relatively stable.
This indicates that short-term traders are leaving the market and may sell their chips to long-term investors. Currently, both funding rates and market trading volume are low, and unless new macro catalysts appear, there is less likely to be significant growth in Bitcoin ETF funds.
Ripple CEO: XRP ETF is expected to be available at the end of 2025
Ripple CEO Brad Garlinghouse said in an interview with Bloomberg that it is expected to launch the XRP Exchange Trading Fund (ETF) by the end of 2025 after the legal dispute between Ripple and the U.S. Securities and Exchange Commission (SEC).
"I'm confident in ETFs, and at the same time, Ripple Labs' IPO is not impossible," Brad said.
Analyst: Bitcoin and Ethereum ETF show a trend of diversification of capital flows
BRN analyst Valentin Fournier analyzed that the inflows of Bitcoin and Ethereum ETFs have slowed down, but this is not necessarily bad news, because overall trading activity is still active, but the inflows of the two assets show a differentiation trend. For example, the inflow of Bitcoin ETF funds was $11.8 million the day before, while the outflow of Ethereum ETF funds was $11.7 million. Although the inflows were temporarily reduced, the continued high trading volume indicates that market participation is continued, rather than weakening interest.
BlackRock Digital Assets Director: The approval for pledge may be a "huge leap" for Ethereum ETFs
Robert Mitchnick, head of BlackRock's digital assets division, said demand for Ethereum ETFs has been mediocre since its launch in July last year, but situations could change if some regulatory issues that hinder their development can be "resolved". Mitchnick said at a digital asset summit in New York City on Thursday that the success of Ethereum ETFs is generally believed to be "bland" compared to the explosive growth of Bitcoin funds. Although he believes this is a "misunderstanding", he also admits that the inability to earn pledge returns in the fund may be one of the constraints.
"Obviously, the potential evolution of Ethereum ETFs is entering the next stage. It turns out that ETFs are a very attractive tool through which many different types of investors can hold Bitcoin. There is no doubt that for Ethereum, ETFs are less perfect without staking. Staking returns are an important way for you to get a return on investment in this space, and all Ethereum ETFs at launch do not include staking."
Staking is a way for investors to earn passive returns by locking their tokens on the network for a period of time. If investors don't plan to sell their cryptocurrency anytime soon, this can allow them to "put their crypto assets into use". But Mitchnick doesn't expect an easy solution.
"This is not a particularly simple problem. It's not that the U.S. government approved a plan and then 'ok' and everyone can start. There are still many quite complex challenges to overcome to solve this problem, but if these problems can be solved, there will be a leap forward when we see the activity around these products."
Analyst: SEC may approve multiple altcoin ETFs in Q2 2025
BeInCrypto analysts predict that since the SEC announced today that PoW mining is not a securities issuance and is not subject to securities regulations. The SEC may approve multiple altcoin ETFs in Q2 2025. Because this regulatory clarity may change the chances of some PoW crypto asset ETFs being approved. For example, Litecoin that falls into this category is already very likely to be approved.
Analysts added that the SEC had previously announced in February that Meme coins were not a securities company, which may be because Dogecoin ETFs face regulatory hurdles. The SEC may declare that none of these assets are securities, laying the foundation for future ETF applications.
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