Crypto ETF Weekly Report | 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

Compiled by: Jerry, ChainCatcher

Last Week's Crypto Spot ETF Performance

US Bitcoin Spot ETF Net Inflow of $93.1 Million

Last week, the US Bitcoin spot ETF had 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 had 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

Hong Kong Bitcoin Spot ETF Net Inflow of 52.91 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had no capital flow, with total assets under management reaching $277 million. The issuer, Harvest Bitcoin, reduced its holdings to 219.44 Bitcoins, while Huaxia maintained 2530 Bitcoins.

The Hong Kong Ethereum spot ETF had no capital flow, with total assets under management at $67.79 million.

Data Source: SoSoValue

Crypto Spot ETF Options Performance

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 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 the 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.

Coinbase Announces Launch of Stock Perpetual Futures Contracts Covering "Tech Giants" and ETF Underlyings

According to official news, Coinbase's stock perpetual contract product is officially open for trading to qualified non-US users.

The launched underlyings cover stocks of the "Tech Giants," including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla, while also providing perpetual contracts for SPY and QQQ ETFs (in regions where trading is allowed).

The product supports continuous trading 24/7, offering up to 10x leverage for individual stocks and up to 20x leverage for ETF perpetual contracts, settled in USDC, and supports unified margin management across all perpetual contracts and spot positions.

Hong Kong SFC: 11 Virtual Asset ETFs Have Exceeded HKD 5.4 Billion in Total Market Value, Recognized Tokenized Fund Size Reaches HKD 8.66 Billion

The Hong Kong Securities and Futures Commission released its Q4 2025 report, which noted 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 recognized that the size of tokenized retail currency funds has grown to HKD 8.66 billion (USD 1.11 billion) as of last December since their launch in 2025, 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 their 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, the net inflow of funds for funds registered in Hong Kong surged by 118.5% year-on-year to HKD 356.7 billion in 2025. As of last December, the managed assets of these funds grew 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.

Morgan Stanley Submits Amendment for Bitcoin ETF: Supports Physical Redemption, Has Raised $1 Million in Seed Funding

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.

This ETF will explicitly support 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.

Morgan Stanley: Adoption of Crypto ETFs is Still in "Very Early Stage," 80% of Demand Comes from Self-Directed Investors

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 needs to do a lot of work in 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 the listing of Bitcoin and Solana spot ETFs in January of this year.

At the institutional allocation level, Morgan Stanley's Global Investment Committee recommends that the allocation of crypto assets in model portfolios should not exceed 4%, while Bank of America also supports an allocation range of 1% to 4%. 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 to around 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, the iShares Staked Ethereum Trust ETF (ETHB), has been listed for trading on Nasdaq, with Figment selected to provide validation node infrastructure for transaction validation 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 an all-time high, enhancing network security and risk resistance, while also providing a solid foundation for on-chain economic activities and development.

Views and Analysis on Crypto ETFs

CryptoQuant: Bitcoin ETF Cost Price is Approximately $80,000, Watch for Resistance at This Price Level

CryptoQuant analyst @AxelAdlerJr stated that there has been a rebound in capital 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 indicated that a recovery in demand could drive prices upward, but resistance near $80,000 may trigger profit-taking, and attention should be paid to subsequent macro data to assess breakout potential.