Cryptocurrency ETF Weekly | Last week, the U.S. Bitcoin spot ETF saw a net outflow of $580 million, and the SEC has accepted the applications for spot ETFs from 21Shares and others

Organizer: Fairy, ChainCatcher

Last Week's Crypto Spot ETF Performance

US Bitcoin Spot ETF Net Outflow of $580 Million

Last week, the US Bitcoin spot ETF experienced a net outflow for four consecutive days, totaling $580 million, with a total net asset value of $114.4 billion.

Last week, 9 ETFs were in a net outflow state, with the outflows mainly coming from FBTC, ARKB, and GBTC, which saw outflows of $282 million, $162 million, and $107 million, respectively. Additionally, only BlackRock's IBIT and Grayscale's BTC were in a net inflow state.

Source: Farside Investors

US Ethereum Spot ETF Net Outflow of $26.3 Million

Last week, the US Ethereum spot ETF had a net outflow of $26.3 million, with a total net asset value of $1.035 billion and an average daily trading volume of $273 million.

The outflow last week mainly came from Grayscale's ETHE, which saw a net outflow of $56.5 million. A total of 6 Ethereum spot ETFs had no fund movements.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Outflow of 30.19 BTC

Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 30.19 BTC, with a net asset value of $41.7 million. The issuer, Harvest Bitcoin, reduced its holdings to 354 BTC, while Huaxia held 2,340 BTC.

The Hong Kong Ethereum spot ETF had a net outflow of 401.27 ETH, with a net asset value of $5.494 million.

Data: SoSoValue

Crypto Spot ETF Options Performance

As of February 14, the nominal total trading volume of US Bitcoin spot ETF options was $1.58 billion, with a nominal total long-short ratio of 3.17. As of February 13, the nominal total open interest of US Bitcoin spot ETF options reached $11.94 billion, with a nominal total open interest long-short ratio of 1.99. The market for Bitcoin spot ETF options is active, with overall sentiment leaning bullish.

Additionally, the implied volatility is 54.7%.

Data: SoSoValue

Overview of Last Week's Crypto ETF Developments

NYSE's Arca Has Submitted an Application to SEC to "Allow Grayscale's Ethereum ETF to Stake"

The NYSE's Arca has submitted an application to the SEC to "allow Grayscale's Ethereum ETF to stake." If approved, these ETFs will be able to earn additional returns from their substantial ETH holdings, which may be passed on to investors. The NYSE's filing noted that the "trust" will also receive a portion of the staking rewards.

Cboe BZX Exchange Submits Proposal to Allow 21Shares Ethereum ETF to Participate in Staking

Cboe BZX Exchange has submitted a proposal to allow the 21Shares Core Ethereum ETF to stake its Ethereum and is awaiting a decision from the SEC.

According to Bloomberg analyst James Seyffart, this is the first ETF to submit a staking application to the SEC. The SEC approved several Ethereum ETFs last year, including those from 21Shares, BlackRock, and Fidelity, but many companies removed the staking feature during registration.

SEC Accepts Grayscale XRP Trust Conversion ETF Application, Review Process Has Begun

According to Fox Business reporter Eleanor Terrett, the SEC has officially accepted the 19b-4 application submitted by Grayscale and NYSE to convert the Grayscale XRP Trust ($XRP Trust) into an exchange-traded fund (ETF). While this does not mean automatic approval and does not guarantee that the SEC will ultimately agree to the application, this development indicates a more open attitude from the SEC towards crypto ETFs rather than outright rejection of such products.

Previously, due to the SEC's firm stance, exchanges withdrew their Solana ($SOL) ETF applications. However, the SEC's acceptance of the XRP ETF application suggests that crypto ETFs for LTC, DOGE, SOL, XRP, and others still have a chance of approval. The SEC is expected to publish the application in the Federal Register within a few days, officially opening the 240-day approval window. Additionally, XRP ETF applications from institutions such as Bitwise, 21Shares, Canary Funds, and WisdomTree are still awaiting SEC processing.

US SEC Has Accepted 21Shares, Bitwise, Canary, and VanEck's Solana Spot ETF Applications

Several institutions have submitted applications for Solana spot exchange-traded funds (ETFs) to the SEC, which has confirmed receipt and acceptance of the relevant documents.

Cboe BZX Exchange has submitted a proposed rule change form to support the listing and trading of Solana spot ETFs issued by 21Shares, Bitwise, Canary Capital, and VanEck. Previously, these companies' Solana ETF applications had been rejected.

US SEC Accepts 21Shares Spot XRP ETF Application

US SEC Has Confirmed Acceptance of DOGE ETF Application

NYSE Submits Cardano ETF Application for Grayscale

SEC Accepts 21Shares Bitcoin and Ethereum Spot ETF Physical Redemption Application

Nasdaq Has Submitted Listing and Trading Application Documents for CoinShares XRP ETF and LTC ETF to the SEC

Views and Analysis on Crypto ETFs

The ETF Store President: Being Rug Pulled by President Meme Coins Shouldn't Blame Crypto, Technology Will Further Develop

The ETF Store President Nate Geraci posted on X, stating: "Creating a meme coin only takes a few clicks, which is why 60,000 meme coins are created every day, and everyone knows this.

At this point, if you get 'rug pulled'—whether by Trump, Milei, or anyone else—this is not an indictment of crypto, but your own 'fault.' For my traditional finance friends who haven't played with meme coins yet, the focus should be on the technology, not the 'grift.'

The technology is nearly flawless; it is currently just a real-time testing environment serving what you see, but it will further develop from this stage."

Bloomberg ETF Analyst Says Crypto ETF Application Progress Varies, LTC Leads

Bloomberg ETF analyst Eric Balchunas stated that the progress of several cryptocurrency ETF applications in the market varies, describing that "most ETFs are still running to first base, while the Litecoin (LTC) ETF is nearing third base."

This comment was made in response to a user's question about the approval timeline for crypto ETFs, indicating that the LTC ETF may be the fastest among many applications, while others (such as XRP, SOL, DOGE, etc.) are still in the early review stage.

Earlier this week, analysts predicted the approval probabilities for LTC, DOGE, SOL, and XRP spot ETFs, with LTC reaching as high as 90%.

Bloomberg Analyst: Probability of Solana ETF Approval Before October 10, 2025, is 70%

Bloomberg's digital asset analyst James Seyffart and senior ETF analyst Eric Balchunas publicly shared their probability forecasts for the approval of four cryptocurrency ETF applications, including the highly anticipated Solana ETF.

According to the Bloomberg analysts' assessment, Solana has a 70% chance of officially entering the traditional financial market before October 10, 2025 (the SEC's final ruling deadline). Seyffart and Balchunas are optimistic because the SEC has recently officially accepted Grayscale's 19b-4 application, a key development that had never been achieved under former SEC Chairman Gary Gensler.

Opinion: SEC and Ripple Lawsuit Will Be Resolved Before XRP ETF Approval, as ETFs Need More Time to Prepare

Lawyer Jeremy Hogan believes that the SEC's lawsuit against Ripple will be resolved before the XRP ETF is approved. He added that this is not because it must happen in this order, but because ETFs will need more time to refine every detail.