Crypto ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $739 million, and Nasdaq has submitted a 19b-4 application for the Grayscale Hedera ETF
21Shares submitted an updated version of its S-1 application for a spot Polkadot ETF to the SEC.整理：Jerry，ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Outflow of $739 Million
Last week, the US Bitcoin spot ETF experienced a net outflow over four days, totaling $739 million, with a total net asset value of $98.48 billion.
Nine ETFs were in a net outflow state last week, with the outflows mainly coming from FBTC, ARKB, and IBIT, which saw outflows of $201 million, $163 million, and $129 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Outflow of $93.9 Million
Last week, the US Ethereum spot ETF had a net outflow of $93.9 million, with a total net asset value of $7.76 billion and an average daily trading volume of $433 million.
The outflow mainly came from BlackRock ETHA, which saw a net outflow of $63.6 million. Four Ethereum spot ETFs had no fund flows.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 0.94 Bitcoin
Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 0.94 Bitcoin, with a net asset value of $375 million. The issuer, Harvest Bitcoin, maintained a holding of 357 Bitcoins, while Huaxia's holdings decreased to 2,270 Bitcoins.
The Hong Kong Ethereum spot ETF saw a net inflow of 0.02 ETH, with a net asset value of $43.14 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of March 7, the nominal total trading volume of US Bitcoin spot ETF options was $1.24 billion, with a nominal total long-short ratio of 2.07.
As of March 6, the nominal total open interest of US Bitcoin spot ETF options reached $11.17 billion, with a nominal total open interest long-short ratio of 2.02.
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 54.24%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
Canary Capital Applies to the SEC to Launch an ETF Tracking the Cross-Chain Protocol Axelar
Canary Capital, an investment firm focused on digital assets founded by former Valkyrie Funds co-founder Steven McClurg, is planning to launch an ETF that tracks the price of Axelar (AXL).
The firm submitted an S-1 filing to the US Securities and Exchange Commission (SEC) on Wednesday, initiating the process to launch such a fund. This hedge fund has previously submitted filings for several other ETFs, some of which have been confirmed by the SEC and are awaiting approval.
It is reported that Axelar is a cross-chain protocol that connects blockchains and has been integrated by major players such as JPMorgan, Microsoft, Uniswap, and MetaMask, with former Coinbase legal chief Brian Brooks joining Axelar's new institutional advisory board.
BlackRock Becomes the 1,100th Institution to Hold a Bitcoin ETF
According to Cointelegraph, the world's largest asset management company, BlackRock, has become the 1,100th institutional investor to hold a Bitcoin ETF, indicating a shift in investment advisors' views on cryptocurrencies from "speculative assets" to serious asset classes.
Nasdaq Has Submitted a 19b-4 Application for Grayscale Hedera ETF
According to Cointelegraph, Nasdaq has submitted a 19b-4 application for the Grayscale Hedera ETF.
21Shares Submits an Updated Version of Its Spot Polkadot ETF S-1 Application to the SEC
Market News: CANARY SUI ETF Registered in Delaware
NYSE Has Submitted a 19b-4 Application for Bitwise Dogecoin ETF
Bitwise Submits an S-1 Filing for Its Aptos ETF
Views and Analysis on Crypto ETFs
State Street: Predicts Crypto ETFs Will Surpass North American Precious Metal ETFs by Year-End
According to State Street, the world's largest ETF service provider, the demand for crypto ETFs is surging, and it is expected that by the end of this year, their total assets will surpass those of North American precious metal ETFs. This change will make digital token ETFs the third-largest asset class in the $15 trillion ETF industry, following stocks and bonds, surpassing real estate, alternative investments, and multi-asset funds.
Frank Koudelka, head of State Street's global ETF solutions, stated, "The growth rate of cryptocurrencies has surprised us. I expected there would be pent-up demand, but I didn't expect it to be this strong." He anticipates that crypto ETFs will continue to grow rapidly this year and notes that data shows an increasing number of investment advisors are interested in cryptocurrencies and incorporating them into their portfolios. Precious metal ETFs have a 20-year first-mover advantage, with the world's first physically-backed gold ETF—the $85 billion SPDR Gold Trust (GLD)—launched in 2004, and it remains the largest precious metal ETF to date. However, State Street expects that the total assets of North American precious metal ETFs, currently at $165 billion, will be surpassed by crypto ETFs this year.
State Street also predicts that the SEC will approve more digital asset ETFs this year. In addition to the existing Bitcoin and Ethereum ETFs, fund managers have applied to launch ETFs based on various tokens such as SOL, XRP, and others. State Street expects that by 2025, ETFs based on the top ten tokens by market capitalization will be approved.
Matrixport analysis indicates that since the launch of Bitcoin ETFs in January 2024, the outflow of funds this month has reached a new high, which may be related to hedge funds closing basis trades (going long on ETFs and shorting futures). This trend aligns with the $8 billion reduction in open interest for Bitcoin futures on the CME after the Fed's December 2024 FOMC meeting, which exceeds the total fund inflow into ETFs by 20%.
Additionally, the expiration of February futures contracts may also be a source of selling pressure, but this factor has now been digested by the market. Matrixport believes that as the impact gradually diminishes, hedge funds may reduce ETF selling and reassess arbitrage opportunities in late March. Currently, ETF selling pressure seems to have temporarily halted.
According to pymnts, after Trump announced that XRP, ADA, and even SOL would be included in the crypto strategic reserves, he faced strong criticism from industry insiders. However, Chris Chung, founder of the Solana ecosystem DEX Titan, stated that the current question is whether we will see some actual details regarding crypto legislation in the foreseeable future.
He further explained, "It is clear that President Trump is now a driving force behind the crypto market's movements, and he is certainly favoring certain crypto tokens. But I believe that the US government's confidence vote may accelerate the approval of altcoin ETFs, including Solana, XRP, and other tokens awaiting SEC decisions."
Seoul Mayor Supports Crypto ETFs and STOs, Calls for Regulatory Framework
According to Yonhap News Infomax, Seoul Mayor Oh Se-hoon expressed support for crypto ETFs and security token offerings (STOs). In a Facebook post, he stated that South Korea should establish a regulatory framework that integrates virtual assets with the real economy, similar to the models in the US and Europe.
He emphasized the importance of establishing foundational legislation for virtual assets, which would make crypto ETFs, corporate crypto trading, and STOs possible, noting that these practices have been widely accepted in leading countries.
