Cryptocurrency ETF Weekly | Last week, the net inflow of Bitcoin spot ETFs in the U.S. was $196 million; Calamos Asset Management's three Bitcoin ETFs have raised over $100 million
Nasdaq submitted the 19b-4 form for the Avalanche ETF to the SEC.Organizer: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $196 Million
Last week, the U.S. Bitcoin spot ETF had a net inflow over four days, totaling $196 million, with a total net asset value of $94.39 billion.
Three ETFs were in a net inflow state last week, with inflows mainly from IBIT, FBTC, and HODL, which saw inflows of $172 million, $86.8 million, and $5 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $8.4 Million
Last week, the U.S. Ethereum spot ETF experienced a net outflow over three days, totaling $8.4 million, with a total net asset value of $6.42 billion.
The outflow last week mainly came from Grayscale ETH, with a net outflow of $6.7 million. A total of four Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 12.67 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 12.67 Bitcoins, with a net asset value of $36.2 million. The issuer, Harvest Bitcoin, maintained a holding of 357 Bitcoins, while Huaxia decreased to 2,240 Bitcoins.
The Hong Kong Ethereum spot ETF had no movement, with a net asset value of $3.808 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of March 28, the nominal total trading volume of U.S. Bitcoin spot ETF options was $797 million, with a nominal total trading long-short ratio of 0.91.
As of March 27, the nominal total open interest of U.S. Bitcoin spot ETF options reached $9.12 billion, with a nominal total open interest long-short ratio of 2.40.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bearish.
Additionally, the implied volatility was 50.94%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Developments
BlackRock Launches Bitcoin ETF in European Market: IB1T GY and IB1T FP
BlackRock has launched its Bitcoin ETF in the European market, with the following details:
iShares Bitcoin ETP
Codes: IB1T GY (Germany Xetra Exchange) and IB1T FP (Pan-European Exchange)
Fees: 0.25%, reduced to 0.15% until December 31, 2025
Registered in: Switzerland
ISIN: XS2940466316
In response, Bloomberg senior ETF analyst Eric Balchunas commented that BlackRock has brought its highly anticipated IBIT to Europe. Liquidity + low fees + brand effect = strong appeal everywhere, although Europe is largely immune to "spicy" ETFs. It will be interesting to see how it performs. Keep an eye on this area.
Cboe BZX Exchange Files Application with SEC to List Fidelity Solana ETF
According to SEC filings, Cboe BZX Exchange has submitted a 19b-4 form application to the SEC, proposing to list and trade shares of the Fidelity Solana ETF under BZX Rule 14.11.
According to CoinDesk, Calamos Investments, which manages over $41.3 billion in assets, stated that it will continue to focus on its three launched Bitcoin-protected ETFs, which have raised over $100 million. The company believes that Ethereum lacks sufficient liquidity and hedging tools, and is not yet ready to launch related products, while explicitly ruling out the possibility of entering the meme coin ETF space.
Canary Capital CEO Steven McClurg stated that the company's recently submitted "innovative" crypto exchange-traded fund (ETF) application is a well-considered strategy aimed at positioning for assets with potential and unmet market demand.
Steven McClurg said, "If you are a large institution like BlackRock, you can take risks. But smaller companies like us won't act rashly unless we really believe we can succeed. We are very cautious with time and funds, ensuring that all decisions are feasible." He believes that many proposals may be approved next year.
Nasdaq Submits 19b-4 Form for Avalanche ETF to SEC
Views and Analysis on Crypto ETFs
According to Bloomberg, U.S. exchange-traded funds directly investing in ETH have faced the longest outflow record since their launch in July 2024. Nine ETFs have seen net outflows for 13 consecutive days, with a total outflow of approximately $415 million.
In contrast, U.S. Bitcoin ETFs have rebounded from a period of weakened investor demand, achieving net inflows for six consecutive days as of March 21.
Standard Chartered Bank lowered its year-end target price for ETH by 60% to $4,000 last week, citing concerns over Ethereum's scalability.
The bank stated in a report that Ethereum has "essentially been commoditized within its self-created L2 framework," raising doubts about its long-term competitive advantage.
According to CoinDesk, at the Exchange conference held in Las Vegas, Todd Rosenbluth, head of research at TMX VettaFi, and senior investment strategist Cinthia Murphy shared survey results indicating that cryptocurrency exchange-traded funds (ETFs) are receiving widespread attention, with 57% of advisors planning to increase their investment allocations to crypto ETFs this year, while only 1% indicated they would decrease allocations.
Murphy noted, "Last year, investing in cryptocurrency might have been seen as a reputational risk, but now no advisor can avoid having basic conversations about cryptocurrency."
The survey showed that advisors particularly favor crypto equity ETFs, which invest in publicly traded companies directly related to the crypto industry, such as Strategy (formerly MicroStrategy) or Tesla. Murphy stated, "Crypto equity ETFs are easier to understand and more accessible, which may explain their popularity."
Additionally, spot crypto ETFs and multi-token funds are attracting increasing interest. 22% of respondents plan to allocate funds to spot crypto ETFs, such as spot Bitcoin (BTC) or spot Ethereum (ETH) ETFs; another 19% expressed interest in crypto asset funds holding multiple tokens.
The ETF Store President: Ripple Case Conclusion Means XRP ETF Approval is Imminent
The ETF Store President Nate Geraci stated on social media that the conclusion of the Ripple case means that the approval of a spot XRP ETF is clearly just a matter of time. It is expected that BlackRock, Fidelity, and others will be involved.
XRP is currently the third-largest non-stablecoin crypto asset by market capitalization. The largest ETF issuers will not overlook this.
Previous News, Ripple agreed to waive its cross-appeal, and the SEC will retain $50 million of the $125 million fine.
Bloomberg Analyst: XRP ETF May Launch in Coming Months, Expect XRP Futures ETF to be Approved First
According to The Block, Bloomberg analyst James Seyffart stated that the XRP ETF may launch in the coming months, and it is likely that the XRP futures ETF will be approved first. Due to the SEC's decision to withdraw the Ripple lawsuit, the chances of XRP ETF approval in 2025 have increased.
Ripple CEO Brad Garlinghouse revealed in an interview with Bloomberg TV that the XRP ETF may launch in the second half of 2025, with approximately 11 different companies' XRP ETF issuance applications currently awaiting approval from the SEC.
