Cryptocurrency ETF Weekly | Last week, the US Bitcoin spot ETF saw a net outflow of $2.614 billion, and DTCC listed the first batch of Solana futures ETFs
The SEC has accepted Grayscale's application for a Cardano spot ETF.Organizer: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
U.S. Bitcoin Spot ETF Net Outflow of $2.614 Billion
Last week, U.S. Bitcoin spot ETFs experienced net outflows for four consecutive days, totaling $2.614 billion, with total assets under management reaching $95.38 billion.
All 11 ETFs had net outflows last week, primarily from IBIT, FBTC, and GBTC, which saw outflows of $1.174 billion, $568 million, and $188 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $335 Million
Last week, U.S. Ethereum spot ETFs had a net outflow of $335 million, with total assets under management reaching $8.06 billion and an average daily trading volume of $449 million.
The outflow last week mainly came from BlackRock's ETHA, which had a net outflow of $174 million. A total of 4 Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 33.28 BTC
Last week, Hong Kong Bitcoin spot ETFs had a net outflow of 33.28 BTC, with total assets under management reaching $33.7 million. The issuer, CSOP Bitcoin, maintained a holding of 357 BTC, while Huaxia's holdings decreased to 2,290 BTC.
Hong Kong Ethereum spot ETFs had a net outflow of 277 ETH, with total assets under management at $4.166 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of February 28, the nominal total trading volume of U.S. Bitcoin spot ETF options was $1.37 billion, with a nominal total long-short ratio of 1.50.
As of February 27, the nominal total open interest of U.S. Bitcoin spot ETF options reached $9.58 billion, with a nominal total long-short ratio of 1.92.
The market's short-term trading activity for Bitcoin spot ETF options continues to decline, but overall sentiment remains bullish.
Additionally, the implied volatility is at 52.28%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
DTCC Lists First Solana Futures ETFs, Tickers $SOLZ and $SOLT
The Depository Trust & Clearing Corporation (DTCC) has listed the first Solana futures ETFs, issued by Volatility Shares, namely:
• $SOLZ (Volatility Shares Solana ETF)
• $SOLT (Volatility Shares 2X Solana ETF)
SEC Accepts Grayscale's Application for Cardano Spot ETF
The SEC has accepted the application for a Cardano (ADA) spot ETF submitted by Grayscale on behalf of the New York Stock Exchange Arca. Previously, the SEC had accepted numerous cryptocurrency ETFs, including Cboe's XRP ETF and Grayscale's spot XRP and DOGE ETFs.
Earlier reports indicated that NYSE Arca submitted a 19b-4 form on February 11 on behalf of Grayscale to establish the proposed Grayscale Cardano Trust. According to the filing, the custodian will be Coinbase Custody Trust Company, LLC, and the manager will be BNY Mellon Asset Servicing.
U.S. SEC Confirms Receipt of Grayscale Ethereum Spot ETF Staking Application
According to Watcher.Guru, the U.S. Securities and Exchange Commission (SEC) has officially confirmed receipt of Grayscale's application aimed at allowing staking services for its Ethereum spot ETF.
U.S. SEC Delays Approval of Fidelity Ethereum Spot ETF Options
According to information from the SEC's official website, the U.S. Securities and Exchange Commission (SEC) has announced a delay in approving Fidelity's Ethereum spot ETF options.
Bitwise Aptos ETF Registered in Delaware
Market News: Nasdaq Has Submitted a 19b-4 Application for Canary's HBAR ETF
Market News: Nasdaq Has Submitted a 19b-4 Application for Grayscale's DOT ETF
Views and Analysis on Crypto ETFs
Bloomberg Analyst: BlackRock Has Added Bitcoin ETF to a Smaller Model Portfolio
Bloomberg's senior ETF analyst Eric Balchunas revealed on platform X that BlackRock has added the Bitcoin ETF IBIT to a smaller model portfolio. This is a small allocation within an alternative category, but it is noteworthy as it is the first time BlackRock has included a Bitcoin ETF in an investment model, indicating they are testing the waters.
The ETF Store President: CME's SOL Futures are Cash-Settled, Favorable for SOL ETF Applications
The ETF Store President Nate Geraci stated on social media that the SOL futures planned to be launched by the CME on March 17 are cash-settled, which is favorable for SOL ETF applications.
BlackRock Executives Silent on Potential Solana ETF
According to The Block, Rachel Aguirre, head of BlackRock's U.S. iShares product division, did not provide a specific answer when asked about plans to launch a Solana ETF, instead reiterating the company's focus on three core principles.
"First, what do clients need? Second, what is the investment thesis? In the world of cryptocurrencies, not all coins are the same, and this investment thesis is very important. Third, is it suitable for an ETF structure? Is there enough liquidity? Can it support transparency, etc.? So our principles remain unchanged, whether it's an actively managed strategy, a strategy using options and other derivatives, or a strategy in the cryptocurrency space."
According to Bloomberg's senior ETF analyst Eric Balchunas, Bitcoin ETFs are facing outflow pressure, with nearly $1 billion flowing out yesterday and a total outflow of $1.8 billion this week.
Nevertheless, this figure accounts for less than 2% of total assets, and considering the market's pullback, over 98% of funds still choose to hold.
Bitcoin ETFs have seen approximately $2.1 billion in outflows over six consecutive days, marking the longest outflow period since June of last year. VanEck's digital assets research director Matthew Sigel believes that the record outflows may stem from hedge funds unwinding a popular strategy known as "basis trading," which profits from price differences between spot and futures markets. Some funds use ETFs to profit from cryptocurrency 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 from this trading have recently collapsed, significantly reducing its attractiveness. Therefore, hedge funds using ETFs for this trading may have closed their positions, leading to substantial redemptions."
CoinShares research director James Butterfill stated on platform X: "Although the total net outflows from Bitcoin and digital asset ETP/ETFs this week have reached $2.6 billion (a record high), it seems that most basis trades have been closed, and the selling frenzy is subsiding."
