Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $93.1 million; the net outflow for Ethereum spot ETFs in the U.S. was $60 million
Coinbase announced the launch of stock perpetual futures contracts, covering the "Tech Seven Giants" and ETF targets.Compiled by: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
US Bitcoin Spot ETF Net Inflow of $93.1 Million
Last week, the US Bitcoin spot ETF saw a two-day net inflow, with a total net inflow of $93.1 million, bringing the total assets under management to $90.3 billion.
Three ETFs were in a net inflow state last week, with the inflow mainly coming from BlackRock's IBIT, which had a net inflow of $190 million.
Data Source: Farside Investors
US Ethereum Spot ETF Net Outflow of $60 Million
Last week, the US Ethereum spot ETF experienced a three-day net outflow, with a total net outflow of $60 million, bringing the total assets under management to $12.33 billion.
The outflow last week mainly came from BlackRock's ETHA, which had a net outflow of $69.6 million. Eight Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
No Fund Flow for Hong Kong Bitcoin Spot ETF
Last week, the Hong Kong Bitcoin spot ETF had no fund flow, with total assets under management reaching $27.7 million. The issuer, Harvest Bitcoin, reduced its holdings to 219.44 BTC, while Huaxia maintained 2530 BTC.
The Hong Kong Ethereum spot ETF also had no fund flow, with total assets under management at $6.779 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of March 20, the nominal total trading volume of US Bitcoin spot ETF options was $888 million, with a nominal total long-short ratio of 1.07.
As of March 19, the nominal total open interest of US Bitcoin spot ETF options reached $26.24 billion, with a nominal total open interest long-short ratio of 1.61.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 53.51%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
Data: BlackRock's Staked Ethereum ETF Surpasses $250 Million in AUM in One Week
According to Crypto-economy, BlackRock's staked Ethereum exchange-traded fund, iShares Staked Ethereum Trust (ETHB), has reached an asset management scale of $254 million one week after its launch.
It is reported that ETHB investors can receive 82% of staking rewards through monthly dividends, while the remaining 18% is allocated to the trust institutions, custodians, and service providers involved in the staking process. Current validators supporting the fund include Figment, Galaxy Blockchain Infrastructure, and Attestant.
According to official news, Coinbase's stock perpetual contract products are officially open for trading to qualified non-US users.
The newly launched products cover stocks of the "Tech Giants," including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla, while also offering perpetual contracts for ETFs SPY and QQQ (in regions where trading is permitted).
The products support continuous trading 24/7, with a maximum leverage of 10 times for individual stocks and 20 times for ETF perpetual contracts, settled in USDC, and support unified margin management across all perpetual contracts and spot positions.
The Hong Kong Securities and Futures Commission (SFC) released its Q4 2025 report, stating that the SFC has officially become a member of the Hong Kong Police Force's virtual asset intelligence working group, strategically promoting the continuous growth of Hong Kong's listed and digital asset markets.
In terms of digital assets, the SFC has recognized tokenized retail currency funds since their launch in 2025, with the asset management scale growing to HKD 8.66 billion (USD 1.11 billion) as of last December, a quarterly increase of 14%. Additionally, since the launch of Asian virtual asset spot exchange-traded funds in 2024, a total of 11 such ETFs have been listed in Hong Kong, with a total market value increasing by 142% to over HKD 5.4 billion (USD 702 million) since listing. As of last December, the total market value of recognized ETFs and leveraged and inverse products by the SFC surged by 33.7% year-on-year to HKD 618.7 billion.
Moreover, net inflows into funds registered in Hong Kong surged by 118.5% year-on-year to HKD 356.7 billion in 2025, with the assets under management of these funds growing by 38.3% year-on-year to HKD 22.8 trillion, while the total number of funds increased by 9.1% year-on-year to 1,041.
According to official documents, Morgan Stanley submitted an S-1/A amendment for its Bitcoin spot ETF "Morgan Stanley Bitcoin Trust" (MSBT). The document reveals that the trust has raised $1 million in seed funding by selling 50,000 seed shares at a price of $20 per share.
The ETF explicitly supports both cash and physical subscription and redemption models. The disclosed authorized participants include not only the usual Virtu Americas and Jane Street but also Macquarie Capital. Additionally, Coinbase Custody and BNY Mellon serve as Bitcoin custodians, with BNY Mellon also acting as the manager, cash custodian, and transfer agent. The trust is required to pay a fixed trustee fee of $20,000 per year and will not participate in any Bitcoin forks or airdrops.
According to The Block, Morgan Stanley's head of digital asset strategy, Amy Oldenburg, stated at the Washington Blockchain Summit that the adoption of crypto ETFs is still in a very early stage, with about 80% of the demand for crypto ETFs on the platform coming from self-directed investors rather than advisor-managed accounts.
Oldenburg described Morgan Stanley's push for crypto products as "an orderly step-by-step journey," emphasizing that the wealth management team still has a lot of work to do in terms of education and portfolio construction to help financial advisors incorporate digital assets into asset allocation models. Morgan Stanley has opened brokerage account purchasing permissions for Bitcoin ETFs in 2024 and applied for listing Bitcoin and Solana spot ETFs in January this year.
In terms of institutional allocation, Morgan Stanley's Global Investment Committee recommends that the allocation of crypto assets in model portfolios should not exceed 4%, while Bank of America supports an allocation range of 1% to 4%, and BlackRock and Fidelity have provided similar guidance. Bitwise's Chief Investment Officer Matt Hougan noted that some professional investors are currently considering raising their allocation ratio to about 5%.
T. Rowe Price Submits Second Amendment for Its Actively Managed Cryptocurrency ETF
According to CoinDesk, T. Rowe Price has submitted a second amendment for its actively managed cryptocurrency ETF, which will track multiple assets including Bitcoin, Ethereum, Ripple, Litecoin, and SHIB.
BlackRock Chooses Figment to Provide Validation Nodes for Its Ethereum Staking ETF
According to official news, BlackRock's first ETF offering staking rewards, iShares Staked Ethereum Trust ETF (ETHB), has been listed for trading on Nasdaq, with Figment selected to provide validation node infrastructure for transaction verification and Ethereum network security.
Industry insiders pointed out that the launch of ETHB benefits from regulatory clarity driven by long-term policy, allowing broader investor participation in Ethereum staking. The amount staked has reached a record high, enhancing network security and risk resistance, and providing a solid foundation for on-chain economic activities and development.
Views and Analysis on Crypto ETFs
CryptoQuant: Bitcoin ETF Cost Price Around $80,000, Caution Advised at This Resistance Level
CryptoQuant analyst @AxelAdlerJr stated that there has been a rebound in fund inflows into Bitcoin spot ETFs recently, but the Bitcoin price is still $5,174 lower than the ETF realization price (note: can be approximated as the average cost price of Bitcoin held by the ETF), which is around $80,000.
The analyst noted that a recovery in demand could drive prices up, but the resistance level near $80,000 may trigger profit-taking, and attention should be paid to subsequent macro data to assess breakthrough potential.
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