Crypto ETF Weekly Report | Last week, US Bitcoin Spot ETFs Net Outflows of $2.614 billion, DTCC lists the first batch of Solana Futures ETFs

Compiled: Jerry, ChainCatcher

Summary of market performance of crypto spot ETFs last week

U.S. Bitcoin Spot ETFs have significantly outflowed funds

Last week, US Bitcoin Spot ETFs continued net outflows for four days, with a total outflow of US$2.614 billion, and total net asset value remained at US$95.38 billion. The three ETFs, IBIT, FBTC and GBTC, were most obvious, with outflows of $1.174 billion, $568 million and $188 million respectively. All 11 ETFs experienced net outflows.

Source of Data: Farside Investors

Fund outflow of US Ethereum Spot ETFs

Last week, US Ethereum Spot ETFs had a net outflow of US $335 million, total net asset value fell to US $8.06 billion, and average daily turnover was US $449 million. BlackRock’s ETHA ETF outflow was the most significant, with a net outflow of $174 million. The remaining 4 Ethereum spot ETFs did not see capital flow.

Data source: Farside Investors

Hong Kong Bitcoin and Ethereum Spot ETFs Fund flow

In the Hong Kong market, Bitcoin spot ETFs had a net outflow of 33.28 bitcoins last week, with a net asset value of US$337 million. The holdings of Jiashi Bitcoin ETF remained unchanged, while the holdings of Huaxia Bitcoin ETF decreased to 2,290. At the same time, Hong Kong's Ethereum spot ETF had a net outflow of 277 ETH, and its net asset value dropped to US$41.66 million.

Data source: SoSoValue

Crypto Spot ETF Options Market Performance

As of February 28, the nominal total trading volume of Bitcoin spot ETF options in the United States was US$1.37 billion, with a long-to-short ratio of 1.50, indicating that market trading activity has declined, but overall sentiment is still bullish. As of February 27, the total nominal holdings reached US$9.58 billion, with a long-to-short ratio of 1.92. The implied volatility is 52.28%.

Source of data: SoSoValue

Last week's encryption ETF industry trends

• Solana Futures ETF Listed: DTCC has listed the first Solana Futures ETFs issued by Volatility Shares, with the codes $SOLZ and $SOLT respectively.
• Cardano Spot ETF Applications are accepted: SEC accepts Cardano (ADA) Spot ETF Applications submitted by Grayscale.
• Grayscale Ethereum Spot ETF staking application confirmed: SEC confirmed that Grayscale has received an application to allow its Ethereum Spot ETF to perform pledge services.
• Fidelity Ethereum Spot ETF Option Application has been postponed: SEC has postponed the approval of Fidelity Spot Ethereum ETF Options.
• Bitwise Aptos ETF is registered in Delaware.
• Market News: Nasdaq has submitted 19b-4 application documents for Canary's HBAR ETF and Grayscale DOT ETF.

Encryption ETF Market Perspectives and Analysis

• BlackRock Integrates IBIT into Model Portfolio: Bloomberg reports that BlackRock has included Bitcoin ETF IBIT into its small model portfolio, which is seen as its move to test the waters of Bitcoin ETFs.
• CME SOL Futures Cash Settlement Benefits SOL ETF: The ETF Store President Nate Geraci believes that the SOL futures cash settlement mechanism planned by CME will be beneficial to the application of SOL ETF.
• BlackRock remains cautious about Solana ETF: BlackRock executives remain silent about their plans to launch Solana ETF, emphasizing that the company will focus on customer needs, investment philosophy and the applicability of the ETF structure.
• Bitcoin ETF outflows are lower than 2% of total assets: Bloomberg analysts pointed out that although Bitcoin ETFs outflowed $1.8 billion this week, this figure accounts for less than 2% of total assets.
• The huge outflow of Bitcoin ETFs may be due to hedge fund closing positions: Matthew Sigel, head of digital assets research at VanEck, believes that the recent huge outflow of Bitcoin ETFs may be related to the "basis trading" strategy of closing positions by hedge fund.
• CoinShares believes that the selling wave of Bitcoin ETF is fading: CoinShares head of research James Butterfill believes that despite the net outflow of Bitcoin and digital asset ETP/ETFs this week, the selling wave appears to be weakening.

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