Organizer: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $93.1 Million
Last week, the U.S. Bitcoin Spot ETF had a two-day net inflow, with a total net inflow of $93.1 million, and the total assets under management reached $90.3 billion.
Last week, three ETFs were in a net inflow state, primarily driven by BlackRock's IBIT, which had a net inflow of $190 million.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $60 Million
Last week, the U.S. Ethereum Spot ETF had a three-day net outflow, with a total net outflow of $60 million, and the total assets under management reached $12.33 billion.
The outflow last week primarily came from BlackRock's ETHA, with 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 fund flows, with total assets under management reaching $277 million. Among them, the holdings of the issuer, CSOP Bitcoin, fell to 219.44 bitcoins, while Huaxia maintained 2,530 bitcoins.
The Hong Kong Ethereum Spot ETF had no fund flows, with total assets under management of $67.79 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of March 20, the nominal total trading volume of U.S. Bitcoin Spot ETF options was $888 million, with a total long-short ratio of 1.07.
As of March 19, the nominal total open interest of U.S. Bitcoin Spot ETF options reached $26.24 billion, with a total long-short ratio of 1.61.
Market activity regarding Bitcoin Spot ETF options has decreased in the short term, reflecting a generally bullish sentiment.
Moreover, the implied volatility stands at 53.51%.
Data Source: SoSoValue
Overview of Crypto ETF Developments Last Week
Data: BlackRock's Staked Ethereum ETF Surpasses $250 Million in AUM in One Week
According to Crypto-economy reports, BlackRock's newly launched staked Ethereum ETF, iShares Staked Ethereum Trust (ETHB), has reached $254 million in assets under management one week post-launch.
It is reported that ETHB investors can earn 82% of staking rewards through monthly distributions, with the remaining 18% allocated to the trust institutions, custodians, and service providers involved in the staking process. Currently, validators supporting this fund include Figment, Galaxy Blockchain Infrastructure, and Attestant.
According to official news, Coinbase's stock perpetual contract product has officially been opened for trading for eligible non-U.S. users.
The launched assets include stocks of the "Tech Giants", including Apple, Microsoft, Alphabet, Amazon, NVIDIA, Meta Platforms, and Tesla, alongside offering perpetual contracts for ETFs such as SPY and QQQ (where trading is permitted).
The product supports continuous trading 24/7, with a maximum leverage of 10 times for single stocks and 20 times for ETF perpetual contracts, settling in USDC, and supporting unified margin management across all perpetual contracts and spot positions.
The Hong Kong Securities and Futures Commission released the Q4 2025 report, which noted that it has officially become a member of the Hong Kong Police Force's virtual asset intelligence working group, with strategic innovations promoting continuous growth in Hong Kong's listing and digital asset markets.
In terms of digital assets, the Hong Kong Securities and Futures Commission recognized the growth of tokenized retail money market funds since their launch in 2025, with the asset scale increasing to HKD 8.66 billion (USD 1.11 billion) by December last year, a quarterly increase of 14%. Moreover, since the market launched Asian virtual asset spot exchange-traded funds in 2024, a total of 11 such ETFs have been listed in Hong Kong, with total market value rising by 142% to over HKD 5.4 billion (USD 702 million), and by December last year, the total market value of recognized ETFs and leveraged and inverse products by the Hong Kong Securities and Futures Commission increased year-on-year by 33.7% to HKD 618.7 billion.
Additionally, net fund flows into funds registered in Hong Kong surged by 118.5% year-on-year in 2025, reaching HKD 356.7 billion, and as of December last year, 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.
According to official documents, Morgan Stanley submitted an S-1/A amendment for its Bitcoin spot ETF "Morgan Stanley Bitcoin Trust" (MSBT). The document disclosed that the trust 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. Authorized participants disclosed include not only the regular Virtu Americas and Jane Street, but also Macquarie Capital. Furthermore, Coinbase Custody and Bank of New York Mellon (BNY) serve as Bitcoin custodians; BNY also acts as the manager, cash custodian, and transfer agent. The trust is required to pay a fixed trustee fee of $20,000 annually, and will not engage in any Bitcoin forks or airdrops.
According to The Block, Morgan Stanley's Digital Asset Strategy Head Amy Oldenburg stated at the Washington Blockchain Summit that crypto ETF adoption is currently still in a very early stage, with approximately 80% of crypto ETF demand coming from self-directed investors rather than advisor-managed accounts.
Oldenburg described Morgan Stanley's crypto product ramp-up as an "orderly step-by-step journey," emphasizing that wealth management teams still need to do a lot of work in education and portfolio construction to help financial advisors integrate digital assets into asset allocation models. Morgan Stanley opened brokerage account purchase permissions for Bitcoin ETFs in 2024 and applied for the listing of Bitcoin and Solana spot ETFs in January this year.
At the institutional allocation level, Morgan Stanley's Global Investment Committee recommends a maximum crypto asset allocation of no more than 4% in model portfolios, with Bank of America also supporting a range of 1% to 4%, and BlackRock and Fidelity providing similar guidelines. Bitwise Chief Investment Officer Matt Hougan indicated that some professional investors are currently considering raising this 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 Selects Figment to Provide Validation Nodes for Its Ethereum Staking ETF
According to official news, BlackRock's first ETF providing staking yields, the iShares Staked Ethereum Trust ETF (ETHB), has been listed on NASDAQ, with Figment chosen to provide validation node infrastructure for transaction verification and the security of the Ethereum network.
Industry insiders point out that the launch of ETHB benefits from regulatory clarity driven by long-term policy support, allowing broader investor participation in Ethereum staking. The quantity of staking has reached a historical high, enhancing not only network security and risk resilience but also 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, Beware of Resistance at This Price Level
CryptoQuant analyst @AxelAdlerJr indicated that the recent inflow of funds into Bitcoin spot ETFs showed a rebound, but the price of Bitcoin is still $5,174 (approximately $80,000) lower than the ETF realized price (which can be approximated as the average cost price of Bitcoin held by the ETF).
Analysts suggest that recovering demand may push prices higher, but resistance around $80,000 could trigger profit-taking, necessitating attention to subsequent macro data to assess breakthrough potential.
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