U.S. Bitcoin and Ethereum Spot ETFs Record Net Outflows of $296M and $206M, Respectively
Organized by: Jerry, ChainCatcher
Last week’s performance of crypto spot ETFs
US Bitcoin spot ETFs experienced a net outflow of $296 million.
Last week, U.S. spot Bitcoin ETFs experienced a three-day net outflow of $296 million, with total assets under management reaching $84.77 billion.
Last week, six ETFs experienced net outflows, primarily driven by BlackRock’s IBIT with a net outflow of $158 million.
Data source: Farside Investors
U.S. Ethereum spot ETFs experienced net outflows of $206 million
Last week, U.S. Ethereum spot ETFs experienced a five-day net outflow of $206 million,with total assets under management reaching $11.32 billion.
Last week, the primary outflow came from BlackRock’s ETHA, with a net outflow of $285 million. Five spot Ethereum ETFs were in net outflow.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF recorded a net inflow of 34.28 BTC
Last week, Hong Kong’s spot Bitcoin ETFs saw a net inflow of 34.28 Bitcoin, with a total net asset value of $271 million. Among them, the holdings of Harvest Bitcoin decreased to 211.52 Bitcoin, while China Asset Management’s increased to 2,570 Bitcoin.
Hong Kong Ethereum spot ETF experienced a net outflow of 1,210 ETH, with a net asset value of $66.05 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of March 27, the total notional volume of U.S. spot Bitcoin ETF options was $885 million, with a total notional long-to-short ratio of 1.52.
As of March 26, the notional open interest of U.S. Bitcoin spot ETF options reached $19.64 billion, with a net long-to-short ratio of 1.48.
Short-term trading activity for Bitcoin spot ETF options has declined, with overall sentiment remaining bullish.
Additionally, the implied volatility is 54.66%.
Data source: SoSoValue
Last week’s roundup of cryptocurrency ETF developments
21shares will distribute staking rewards to investors in ETH and SOL ETFs.
According to market reports, cryptocurrency exchange-traded product issuer 21shares has announced that it will distribute staking rewards to investors in its Ethereum exchange-traded fund TETH and Solana exchange-traded fund TSOL, with a distribution of $0.01253 per share to TETH investors and $0.016962 per share to TSOL investors.
Morgan Stanley plans to launch a spot Bitcoin ETF with fees as low as 0.14%
According to CoinDesk, Morgan Stanley plans to price its proposed spot Bitcoin ETF.
According to the amended filing submitted to the U.S. Securities and Exchange Commission (SEC), the ETF’s fee is 0.14% (14 basis points). If approved, this would be the lowest-cost fund on the market. Current market fees typically range from 15 to 25 basis points, with the lowest currently being the Grayscale Bitcoin Mini Trust ETF at 0.15%. Larger funds, including BlackRock’s iShares Bitcoin Trust (IBIT), have an expense ratio of 25 basis points.
Hashdex Crypto Index ETF expands to seven assets, adding ADA and LINK
According to its first annual SEC 10-K filing, Hashdex’s x Crypto Index Exchange-Traded Fund, the Nasdaq CME Crypto Index ETF (NCIQ), has expanded its underlying assets to seven, adding ADA and LINK to the existing holdings of BTC, ETH, XRP, SOL, and XLM. This expansion enhances the ETF’s multi-asset diversification by including additional leading blockchains and infrastructure tokens, helping to mitigate risk from single-asset volatility, while reflecting ongoing institutional demand for diversified exposure to cryptocurrency assets.
Franklin Templeton launches tokenized ETFs for 7×24 cryptocurrency wallet trading
According to Bloomberg, Franklin Templeton announced a partnership with Ondo Finance to launch tokenized ETFs that can be traded directly in crypto wallets, enabling 24/7 trading and overcoming the limitations of traditional brokerage accounts and trading hours.
This product covers asset classes such as U.S. equities, fixed income, and gold, and will initially launch in Europe, Asia-Pacific, the Middle East, and Latin America. The launch in the U.S. market remains subject to further regulatory clarity on the registration of on-chain distributed funds.
Bloomberg: Morgan Stanley will become the first U.S. bank to issue and sponsor a Bitcoin ETF.
According to Bloomberg live reporting, Morgan Stanley, which manages $10 trillion in assets, will become the first major U.S. bank to issue and sponsor a Bitcoin ETF.
CoinShares has submitted an application related to a Bitcoin volatility ETF.
Cryptocurrency asset manager CoinShares has submitted an application for a Bitcoin Volatility ETF with the ticker CBIX.
According to The Block, Grayscale has filed an S-1 application with the U.S. SEC to launch the Grayscale HYPE ETF (ticker: GHYP), which aims to track the spot price of the Hyperliquid (HYPE) token and is planned to be listed on Nasdaq, with custody provided by Coinbase Custody.
The current document explicitly states that HYPE staking is not available at this time, but reserves the possibility of enabling staking in the future under specific conditions.
Opinions and analysis on crypto ETFs
According to data disclosed by Bloomberg ETF analyst James Seyffart on X, Bitcoin ETFs experienced a significant outflow of approximately $9 billion, but have since recovered about $3 billion of that outflow.
Although the overall net outflow still exceeds $6 billion, year-to-date, Bitcoin ETF inflows and outflows have nearly balanced out, indicating a modest recovery in market sentiment.
According to Cointelegraph, despite Goldman Sachs disclosing a spot XRP ETF position of approximately $152 million, making it the largest institutional investor in the space, XRP has recently underperformed.
According to disclosed information, Goldman Sachs currently holds four XRP ETF products: the Bitwise XRP ETF (approximately $39.8 million), the Franklin XRP Trust (approximately $38.5 million), the Grayscale XRP ETF (approximately $38 million), and the 21Shares XRP ETF (approximately $35.9 million), accounting for approximately 73% of the total holdings of the top 30 institutional investors.
However, market sentiment remains cautious, and technically, XRP has formed a bearish flag breakdown pattern, suggesting a potential downside of approximately 50%. Analysts believe that although institutional allocation reflects long-term confidence, XRP still faces significant adjustment risk in the short term due to macroeconomic pressures and weakening capital flows.
CryptoQuant: BTC ETF funding improves, selling pressure significantly eases
According to analysis by Darkfost, a researcher at the on-chain analytics platform CryptoQuant, Bitcoin ETF fund flows have significantly rebounded after a period of heavy outflows. Although the cumulative Bitcoin balance across ETFs remains negative (approximately -4,000 BTC), it has improved substantially from its low point of -42,000 BTC. Over the past month, net inflows into ETFs totaled approximately 38,000 BTC, equivalent to about $2.6 billion.
Analysts note that the rebound in ETF demand has been a key driver behind the recent positive market movement for Bitcoin, but the price remains range-bound; whether this positive momentum can continue depends on the sustainability of this trend.
Bloomberg senior ETF analyst Eric Balchunas posted that Morgan Stanley’s Bitcoin ETF (ticker: $MSBT) has received official listing approval from the New York Stock Exchange (NYSE).
The release of this announcement typically means the related product is about to be officially launched.
Duncan Moir, CEO of 21Shares, said that as the crypto market matures beyond simple price-tracking funds, actively managed exchange-traded products will be the next stage in crypto investing. Data compiled by Morningstar and Goldman Sachs Asset Management shows that global assets under management in actively managed ETFs approached $1.8 trillion by the end of 2025.
Duncan Moir notes that crypto, as an emerging and growing asset class, is particularly well-suited for active management; 21Shares combines bottom-up research on individual assets with quantitative and discretionary top-down strategies to manage risk and allocation, and has expanded its portfolio management and trading team.
Duncan Moir added that following FalconX’s acquisition of 21Shares in October, the integration is expected to accelerate product development, particularly in more complex products. Duncan Moir noted that demand for crypto ETPs and ETFs varies by region, with Europe, due to its more mature investor base, seeing institutional holders of Bitcoin and Ethereum seeking to further increase their crypto allocations.
In this context, 21Shares recently launched an exchange-traded product in Europe linked to Strategy’s preferred shares, STRC, providing exposure to a high-yield instrument tied to the company’s Bitcoin capital strategy, citing strong early demand across multiple regions.
The report notes that as the crypto ETP and ETF markets evolve, issuers are introducing more complex structures, with staking emerging as one of the growth directions; Grayscale introduced staking in its ETP in October, and BlackRock launched a Nasdaq-listed Ethereum product with staking in March, recording $15.5 million in volume on its first day.
Duncan Moir said that 21Shares evaluates new products based on internal research, client needs, and market trends, citing its Bitcoin and Gold ETPs as examples, which have been operating for four years and recently launched a cross-listing in London.
Wintermute: BTC returns to $70,000, ETH sets weekly ETF fund inflow record
According to Wintermute’s weekly market report, Trump announced a five-day pause on strikes against Iran’s energy infrastructure, causing the geopolitical risk premium to decline; BTC rebounded from a low of $68,000 back above $70,000, while Brent crude prices fell sharply. The Fed maintained its interest rate at 3.50%-3.75% at this meeting; the dot plot showed that 14 of 19 officials expect zero or only one rate cut in 2026, and the market has fully priced out any rate cuts before autumn.
This week, BTC fell approximately 3.4%, with a single-day outflow of $708 million from ETFs triggered by the FOMC meeting—the largest single-day outflow in nearly two months; gold recorded its worst weekly performance since 1983, dropping over 10%. ETH outperformed relatively, with a weekly net inflow of $160.8 million into ETFs, setting a new record.
Wintermute noted that if oil transportation through the Strait of Hormuz normalizes and diplomatic negotiations continue to progress, BTC could challenge the $74,000 to $76,000 resistance range, with an extreme bullish scenario potentially reaching $80,000; if negotiations collapse and transport restrictions persist, BTC may retest the mid-$60,000 support level.
