Crypto ETF Weekly Report | Last week, US Bitcoin Spot ETFs had a net outflow of US$2.614 billion, DTCC listed the first batch of Solana futures ETFs
Reprinted from chaincatcher
03/03/2025·2MCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin Spot ETF Net Outflows of US$2.614 billion
Last week, US Bitcoin spot ETFs experienced net outflows for four consecutive days, with a total net outflow of 26.14 $95.3 billion, with a total net asset value of $95.3 billion.
Last week, 11 ETFs were in a net outflow, mainly from IBIT, FBTC, and GBTC, with outflows of US$1.174 billion, US$568 million and US$188 million respectively.
Source: Farside Investors
US Ethereum spot ETF net outflow of US$335 million
Last week, the net outflow of US Ethereum spot ETFs was US$335 million, with a total net asset value of US$8.06 billion, and an average daily turnover of US$449 million.
The outflow last week was mainly from BlackRock ETHA, with a net outflow of $174 million. There are 4 Ethereum spot ETFs with no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow 33.28 Bitcoins
Last week, Hong Kong Bitcoin spot ETFs had a net outflow of 33.28 bitcoins, with a net asset value of US$337 million. Among them, the issuer Jiashi Bitcoin held by 357 pieces, while Huaxia dropped to 2,290 pieces.
Hong Kong Ethereum spot ETF had a net outflow of 277 ETH, with a net asset value of US$41.66 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of February 28, the nominal total transaction volume of US Bitcoin spot ETF options was US$1.37 billion, and the nominal total transaction ratio was 1.50.
As of February 27, the total nominal holdings of US Bitcoin spot ETF options reached US$9.58 billion, and the total nominal holdings reached 1.92.
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 52.28%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
DTCC lists the first batch of Solana futures ETFs with codes $SOLZ and $SOLT
The US Deposit Trust and Clearing Corporation (DTCC) has listed the first batch of Solana futures ETFs issued by Volatility Shares, respectively:
• $SOLZ (Volatility Shares Solana ETF)
• $SOLT (Volatility Shares 2X Solana ETF)
SEC accepts Cardano spot ETF applications submitted by Grayscale
The SEC accepts Cardano (ADA) spot ETF applications filed by Arca on behalf of Grayscale on the New York Stock Exchange. Previously, the SEC had accepted a large number of cryptocurrency ETFs, including Cboe's XRP ETF, Grayscale's spot XRP and DOGE ETF.
Previously, NYSE Arca submitted a Form 19b-4 on behalf of Grayscale on February 11 to form the proposed Grayscale Cardano Trust Fund. According to the document, the custodian will be Coinbase Custody Trust Company, LLC and the administrator will be BNY Mellon Asset Services.
US SEC confirms receipt of Grayscale Ethereum Spot ETF pledge application
According to Watcher.Guru, the U.S. Securities and Exchange Commission (SEC) has officially confirmed the receipt of an application submitted by Grayscale, which aims to allow its Ethereum spot ETF to perform staking services.
US SEC delays approval of Fidelity Ethereum spot ETF options
According to the SEC official website information, the U.S. Securities and Exchange Commission (SEC) announced that it would postpone the approval of Fidelity Spot Ethereum ETF options.
Bitwise Aptos ETF Registered in Delaware
Market News: Nasdaq has submitted 19b-4 application documents for Canary 's HBAR ETF
Market News: Nasdaq has submitted 19b-4 application documents for Grayscale DOT ETF
Perspectives and analysis on encrypted ETFs
Bloomberg analyst: BlackRock has added Bitcoin ETF to a smaller model portfolio
Eric Balchunas, senior ETF analyst at Bloomberg, disclosed on the X platform that he heard that BlackRock has added Bitcoin ETF IBIT to a smaller model portfolio, which is a small part of the allocation in the alternative category, but BlackRock has put Bitcoin ETFs into the investment model for the first time, so it is worth paying attention to, like testing the waters.
The ETF Store President: CME SOL futures are cash settlement, which is good for SOL ETF application
Nate Geraci, president of The ETF Store, said on social platforms that CME Group plans to launch SOL futures on March 17 for cash settlement, which is beneficial to the application for SOL ETF.
BlackRock executives remain silent on potential Solana ETFs
Rachel Aguirre, head of BlackRock's iShares product division, was asked if he had followed up with the plan to launch the Solana ETF, but instead reiterated that the company will focus on three core principles.
"First, what do customers need? Second, what is this investment philosophy? In the cryptocurrency world, not all currencies are the same. This investment philosophy is very important. Third, is it suitable for ETF structure? Is there sufficient liquidity? Can it support transparency, etc.? So our principles remain unchanged, whether it is an active management strategy, a strategy for options and other derivatives, or a strategy for cryptocurrency."
According to Eric Balchunas, senior ETF analyst at Bloomberg, Bitcoin ETF is facing pressure to flow out, with nearly $1 billion outflow yesterday and a total outflow of $1.8 billion this week.
Nevertheless, this figure accounts for less than 2% of total assets, and more than 98% of funds still choose to hold, considering the market pullback.
Bitcoin ETFs have been outflowing about $2.1 billion for six consecutive days, the longest outflow cycle since last June. Matthew Sigel, head of digital assets research at VanEck, believes that record outflows could be due to hedge funds’ dismissal of a popular strategy called “basis trading” that takes advantage of price differences between spot and futures markets to make profits. Some funds use ETFs to profit from cryptocurrencies’ volatility or hedge short positions in derivatives, he explained: “This strategy involves buying bitcoin spot (usually through ETFs) while shorting bitcoin futures to lock in low-risk returns. However, the profits of such transactions have recently collapsed, making it much less attractive. Therefore, hedge funds that use ETFs for such transactions may have closed positions, resulting in large numbers of redemptions.”
"Although the total net outflows of Bitcoin and digital asset ETP/ETFs have reached $2.6 billion so far this week, it looks like most basis transactions have been closed and the sell-off fanatic is fading," said James Butterfill, head of research at CoinShares.
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