Crypto ETF Weekly Report | Last week, US Bitcoin spot ETF had a net outflow of $739 million, and Nasdaq has submitted 19b-4 application documents for Grayscale Hedera ETF
Reprinted from chaincatcher
03/10/2025·2MCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin Spot ETF Net Outflow $739 Million
Last week, US Bitcoin spot ETFs experienced net outflows in four days, with a total net outflow of 7.39 $98.48 billion, with a total net asset value of $98.48 billion.
Last week, nine ETFs were in a net outflow, mainly from FBTC, ARKB, and IBIT, with outflows of US$201 million, US$163 million and US$129 million respectively.
Source: Farside Investors
US Ethereum spot ETF net outflow of US$93.9 million
Last week, the net outflow of US Ethereum spot ETFs was US$93.9 million, with a total net asset value of US$7.76 billion, and an average daily turnover of US$433 million.
The outflow last week was mainly from BlackRock ETHA, with a net outflow of $63.6 million. There are 4 Ethereum spot ETFs with no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow 0.94 Bitcoins
Last week, Hong Kong Bitcoin spot ETFs had a net outflow of 0.94 bitcoins, with a net asset value of US$375 million. Among them, the issuer Jiashi Bitcoin held by 357 pieces, while Huaxia dropped to 2,270 pieces.
Hong Kong Ethereum spot ETF has a net inflow of 0.02 ETH, with a net asset value of US$43.14 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of March 7, the nominal total transaction volume of US Bitcoin spot ETF options was US$1.24 billion, and the nominal total transaction ratio was 2.07.
As of March 6, the total nominal holdings of US Bitcoin spot ETF options reached US$11.17 billion, and the total nominal holdings long and short ratio reached 2.02.
The market's trading activity against Bitcoin spot ETF options continues to decline in the short term, but overall sentiment is biased towards bullishness.
In addition, the implied volatility is 54.24%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
Canary Capital applies to US SEC to launch ETFs that track cross-chain protocol Axelar
Canary Capital, a digital asset-focused investment company founded by former Valkyrie Funds co-founder Steven McClurg, is planning to launch an ETF that tracks the price of Axelar (AXL).
The company filed S-1 documents with the U.S. Securities and Exchange Commission (SEC) on Wednesday, launching the process for launching such funds. The hedge fund has previously submitted documents for several other ETFs. Some of them have been confirmed by the SEC and are awaiting approval.
It is reported that Axelar is a cross-chain protocol connecting blockchains, which has been integrated by major players such as JPMorgan Chase, Microsoft, Uniswap and MetaMask, and former Coinbase legal director Brian Brooks has joined Axelar's new institutional advisory board.
BlackRock becomes the 1100th institution to hold Bitcoin ETFs
BlackRock, the world's largest asset manager, has become the 1,100th institutional investor to hold Bitcoin ETFs, indicating that investment advisers' perceptions of cryptocurrencies are shifting from "speculative assets" to serious asset classes, Cointelegraph reported.
Nasdaq has submitted 19b-4 application documents for Grayscale Hedera ETF
According to Cointelegraph, Nasdaq has submitted 19b-4 application documents for Grayscale Hedera ETF.
21Shares submits an updated version of its spot Polkadot ETF S-1 application to the US SEC
Market News: CANARY SUI ETF Registered in Delaware
NYSE has submitted 19b-4 application documents for Bitwise Dogecoin ETF
Bitwise submits S-1 files for its Aptos ETF
Perspectives and analysis on encrypted ETFs
According to forecasts by State Street, the world's largest ETF service provider, demand for cryptocurrency ETFs surges, and its total assets are expected to surpass North American precious metal ETFs by the end of this year. This change will make digital token ETF the third largest asset class in the $15 trillion ETF industry, second only to stocks and bonds, surpassing real estate, alternative investments and multi-asset funds.
"We are very surprised at how fast cryptocurrencies are growing. I expect pent-up demand, but I didn't expect it to be so strong," said Frank Koudelka, head of global ETF solutions at State Street. He expects cryptocurrency ETFs to continue to grow rapidly this year, noting that data shows that more and more investment advisers are interested in cryptocurrencies and include them in their portfolios. Precious metal ETFs have a 20-year first-mover advantage. The world's first physically supported gold ETF, the SPDR Gold Trust (GLD), was launched in 2004, and is still the largest precious metal ETF to this day. However, State Street expects that the total size of North American precious metals ETFs is $165 billion in assets to be surpassed by cryptocurrency ETFs this year.
State Street also predicts that the U.S. Securities and Exchange Commission will approve more digital asset ETFs this year. In addition to existing Bitcoin and Ethereum ETFs, fund management companies have applied to launch ETFs based on various tokens such as SOL, XRP and XRP. State Street expects ETFs based on the top 10 tokens in market cap will be approved by 2025.
Matrixport analysis pointed out that since the launch of Bitcoin ETF in January 2024, the scale of capital outflows this month has hit a new high, which may be related to hedge fund closing base trading (long ETFs, short futures). This trend is consistent with the decline of CME Bitcoin futures open contracts by $8 billion after the Federal Reserve's December 2024 FOMC meeting, exceeding 20% of total ETF capital inflows.
In addition, the expiration of futures contracts in February may also be a source of selling pressure, but this factor has been digested by the market. Matrixport believes hedge funds may reduce ETF sell-offs and reassess the arbitrage opportunity in late March as the impact fades. At present, the selling pressure of ETFs seems to have temporarily stopped.
According to pymnts, after Trump announced the inclusion of XRP, ADA, and even SOL in the strategic reserve of crypto, it has received strong criticism from industry insiders, but Chris Chung, founder of Solana Eco-DEX Titan, said the question now is whether we will see some practical details about crypto legislation in the foreseeable future.
He added: "It's clear that U.S. President Trump is now the driver of the crypto market trend, and he is definitely favoring certain crypto tokens. But I think the U.S. government's confidence vote could speed up the approval of altcoin ETFs, including Solana, XRP and other tokens awaiting the SEC's decision."
According to Yonhap News Agency Infomax, Seo-hoon, mayor of Seoul, South Korea, expressed support for cryptocurrency ETFs and securities token issuance (STO). In a Facebook post, Wu Sehun said that South Korea should develop a regulatory framework that combines virtual assets with the real economy, similar to the model in the United States and Europe.
He stressed the importance of establishing basic legislation for virtual assets, which will make cryptocurrency ETFs, corporate cryptocurrency trading and STO possible, noting that these practices have been widely accepted in leading countries.
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