Crypto ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $296 million; the net outflow of Ethereum spot ETFs in the U.S. was $206 million

Compiled by: Jerry, ChainCatcher

Performance of Crypto Spot ETFs Last Week

US Bitcoin Spot ETF Net Outflow of $296 Million

Last week, the US Bitcoin spot ETF experienced a net outflow over three days, totaling $296 million, with a total net asset value of $84.77 billion.

Six ETFs were in a net outflow state last week, with the outflow mainly coming from BlackRock's IBIT, which had a net outflow of $158 million.

Data Source: Farside Investors

US Ethereum Spot ETF Net Outflow of $206 Million

Last week, the US Ethereum spot ETF saw a net outflow over five days, totaling $206 million, with a total net asset value of $11.32 billion.

The outflow last week mainly came from BlackRock's ETHA, which had a net outflow of $285 million. Five Ethereum spot ETFs were in a net outflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Inflow of 34.28 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 34.28 Bitcoins, with a net asset value of $27.1 million. The issuer, Harvest Bitcoin, saw its holdings decrease to 211.52 Bitcoins, while Huaxia increased to 2570 Bitcoins.

The Hong Kong Ethereum spot ETF had a net outflow of 1210 Ethers, with a net asset value of $6.605 million.

Data Source: SoSoValue

Performance of Crypto Spot ETF Options

As of March 27, the nominal total trading volume of US Bitcoin spot ETF options was $885 million, with a nominal total long-short ratio of 1.52.

As of March 26, the nominal total open interest of US Bitcoin spot ETF options reached $19.64 billion, with a nominal total open interest long-short ratio of 1.48.

The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.

Additionally, the implied volatility is 54.66%.

Data Source: SoSoValue

Overview of Crypto ETF Dynamics Last Week

21Shares to Distribute Staking Rewards to ETH and SOL ETF Investors

According to market news, cryptocurrency exchange-traded product issuer 21Shares announced that it will distribute staking rewards to investors in its Ethereum ETF TETH and Solana ETF TSOL, with TETH investors receiving $0.01253 per share and TSOL investors receiving $0.016962 per share.

Morgan Stanley Plans to Launch Bitcoin Spot ETF with Fees as Low as 0.14%

According to CoinDesk, Morgan Stanley plans to price its proposed Bitcoin spot ETF.

According to a revised filing with the US Securities and Exchange Commission (SEC), the ETF's fee is 0.14% (14 basis points). If approved, this would be the lowest-priced fund on the market. Currently, fees in the market typically range from 15 to 25 basis points, with the lowest being Grayscale's Bitcoin Mini Trust ETF at 0.15%. Larger funds, including BlackRock's iShares Bitcoin Trust (IBIT), have a fee rate of 25 basis points.

Hashdex Expands Crypto Index ETF to 7 Assets, Adding ADA and LINK

According to its first annual SEC 10-K filing, Hashdex's x Crypto Index ETF (NCIQ) has expanded its component assets to 7, adding ADA and LINK to the existing BTC, ETH, XRP, SOL, and XLM. This expansion means the ETF further enhances its multi-asset allocation breadth, covering more mainstream public chains and infrastructure tokens, helping to diversify single-asset volatility risks, while reflecting institutional investors' ongoing demand for diversified crypto asset exposure.

Franklin Templeton Launches Tokenized ETF for 24/7 Crypto Wallet Trading

According to Bloomberg, Franklin Templeton announced a partnership with Ondo Finance to launch a tokenized ETF that can be traded directly in crypto wallets, enabling 24/7 trading and breaking through traditional brokerage account and trading hour restrictions.

This product covers asset classes such as US stocks, fixed income, and gold, and will initially launch in Europe, Asia-Pacific, the Middle East, and Latin America. The launch in the US market still depends on regulatory clarification regarding on-chain distribution of registered funds.

Bloomberg: Morgan Stanley Will Be the First US Bank to Issue and Sponsor a Bitcoin ETF

According to on-site reports from Bloomberg, Morgan Stanley, which manages $10 trillion in assets, will be the first major US bank to issue and sponsor a Bitcoin ETF.

CoinShares Has Submitted an Application for a Bitcoin Volatility ETF

Cryptocurrency asset management company CoinShares has submitted an application for a Bitcoin Volatility ETF, with the code CBIX.

Grayscale Has Submitted an S-1 Application for HYPE ETF, Staking Function Not Allowed for Now

According to The Block, Grayscale has submitted an S-1 application to the US SEC to launch the Grayscale HYPE ETF (code: GHYP), which aims to track the spot price of Hyperliquid (HYPE) tokens and plans to list on NASDAQ, with Coinbase Custody as the custodian.

The current filing explicitly states that the HYPE staking function is not provided for now, but reserves the possibility of staking in the future under specific conditions.

Views and Analysis on Crypto ETFs

Bloomberg ETF Analyst: BTC ETF Has Recovered $3 Billion of Outflows Since the "1011 Crash," Funds Close to Breaking Even This Year

According to Bloomberg ETF analyst James Seyffart's post on X platform, data shows that Bitcoin ETFs recorded approximately $9 billion in large-scale fund outflows, but have now recovered about $3 billion of that outflow.

Although the overall net outflow still exceeds $6 billion, the inflow and outflow of Bitcoin ETFs have nearly balanced out this year, indicating some recovery in market sentiment.

Analysis: Goldman Sachs' $152 Million XRP ETF Position Has Not Boosted Prices, But Prices Remain Under Pressure and May Drop 50%

According to Cointelegraph, despite Goldman Sachs disclosing a position of approximately $152 million in spot XRP ETFs, becoming the largest institutional investor in this field, XRP's recent performance remains weak.

Disclosed information shows that Goldman Sachs currently holds four XRP ETF products, including: Bitwise XRP ETF (approximately $39.8 million), Franklin XRP Trust (approximately $38.5 million), Grayscale XRP ETF (approximately $38 million), and 21Shares XRP ETF (approximately $35.9 million), accounting for about 73% of the total holdings of the top 30 institutional investors.

However, market sentiment remains cautious, and technically, XRP has formed a bearish flag pattern, indicating a potential downside of about 50%. Analysts believe that although institutional allocation reflects long-term confidence, XRP still faces significant adjustment risks in the short term against the backdrop of macro pressure and weakening fund flows.

CryptoQuant: BTC ETF Fund Flow Warms Up, Selling Pressure Significantly Eased

According to on-chain analysis platform CryptoQuant analyst Darkfost's monitoring, Bitcoin ETF fund flow has significantly warmed up after experiencing large outflows. The cumulative Bitcoin balance of the ETF is still negative (approximately -4,000 BTC), but has improved significantly from its lowest point (-42,000 BTC), with a net inflow of approximately 38,000 BTC in the past month, equivalent to about $2.6 billion.

Analysts point out that the rebound in ETF demand is an important driving factor for the recent positive trend in the Bitcoin market, but Bitcoin prices are still oscillating within the current range, and whether this positive momentum can continue depends on the sustainability of this trend.

Bloomberg Analyst: Morgan Stanley Bitcoin ETF's NYSE Official Listing Announcement May Be Coming Soon

Bloomberg senior ETF analyst Eric Balchunas stated that Morgan Stanley's Bitcoin ETF (code: $MSBT) has received the official listing announcement from the New York Stock Exchange (NYSE).

Such announcements typically indicate that the related product is about to launch officially.

21Shares: Actively Managed Crypto ETPs Will Be the Next Stage of Investment, Global Active ETF Scale Approaching $1.8 Trillion

21Shares President Duncan Moir stated that as the crypto market matures from simple price-tracking funds, actively managed exchange-traded products will become the next stage of crypto investment. Data compiled by Morningstar and Goldman Sachs Asset Management shows that by the end of 2025, the global assets of actively managed ETFs will approach $1.8 trillion.

Duncan Moir pointed out that crypto, as an emerging and growing asset class, is particularly suitable for active management; 21Shares combines bottom-up research on single assets with quantitative and top-down strategies to manage risks and allocations, and has expanded its portfolio management and trading team.

Duncan Moir added that after FalconX acquired 21Shares in October, the integration is expected to accelerate product development, especially in more complex product directions. Duncan Moir stated that the demand for crypto ETPs and ETFs varies by region, with Europe having a more mature investor base, and institutions that already hold Bitcoin and Ethereum are seeking to further enhance their crypto allocations.

Against this backdrop, 21Shares recently launched an exchange-traded product linked to Strategy Preferred Stock STRC in Europe, providing exposure to high-yield tools related to the company's Bitcoin capital strategy, and reported strong early demand for the product in multiple regions.

The report mentioned that as the crypto ETP and ETF market develops, issuers are launching more complex structures, with staking becoming one of the growth directions; Grayscale introduced staking in its ETP in October, and BlackRock launched a NASDAQ-listed Ethereum product with staking mechanisms in March, recording a trading volume of $15.5 million on its first day.

Duncan Moir stated that 21Shares will evaluate new products based on internal research, customer demand, and market trends, citing its Bitcoin and gold ETP as examples, which has been running for four years and recently cross-listed in London.

Wintermute: BTC Returns to $70,000, ETH Sets Record for Weekly ETF Fund Inflows

According to Wintermute's market weekly report, after Trump announced a five-day suspension of strikes on Iran's energy infrastructure, geopolitical risk premiums have receded, and BTC rebounded from a low of $68,000 back above $70,000, while Brent crude oil fell significantly. The Federal Reserve maintained interest rates at 3.50%-3.75% during this meeting, with the dot plot showing that 14 out of 19 officials expect zero or only one rate cut in 2026, and the market has completely ruled out expectations for a rate cut before autumn.

This week, BTC overall fell about 3.4%, with the FOMC meeting triggering $708 million in ETF fund outflows in a single day, the largest single-day outflow in nearly two months; gold recorded its worst weekly performance since 1983, with a decline of over 10%. ETH performed relatively well, with a net inflow of $160.8 million into ETFs in a single week, setting a historical record.

Wintermute pointed out that if transportation through the Strait of Hormuz normalizes and diplomatic negotiations continue to progress, BTC is expected to challenge the resistance range of $74,000 to $76,000, with an extremely optimistic scenario potentially reaching $80,000; if negotiations break down and transportation restrictions continue, BTC may retest the mid-support level of $60,000.