Crypto ETF Weekly Report | Last week, the US Bitcoin spot ETF experienced a net outflow of $296 million; the US Ethereum spot ETF experienced a net outflow of $206 million.

Sorted: Jerry, ChainCatcher

Last Week’s Crypto Spot ETF Performance

US Bitcoin Spot ETFs Net Outflow of $296 Million

Last week, US Bitcoin spot ETFs experienced net outflows over three days, totaling $296 million, with a combined net asset value of $84.77 billion.

Six ETFs were in a net outflow state last week; the main outflows came from BlackRock’s IBIT, with a net outflow of $158 million.

Source: Farside Investors

US Ethereum Spot ETFs Net Outflow of $206 Million

Last week, US Ethereum spot ETFs recorded net outflows over five days, with total net outflows of $206 million and a total net asset value of $11.32 billion.

The outflows mainly came from BlackRock’s ETHA, with a net outflow of $285 million. Five Ethereum spot ETFs were in a net outflow state.

Source: Farside Investors

Hong Kong Bitcoin Spot ETFs Net Inflow of 34.28 Bitcoins

Last week, Hong Kong Bitcoin spot ETFs saw a net inflow of 34.28 Bitcoins, with a net asset value of $271 million. Among them, the issuer’s holdings of iShares Bitcoin decreased to 211.52 Bitcoins, while Huaxia increased to 2,570 Bitcoins.

Hong Kong Ethereum spot ETFs experienced a net outflow of 1,210 Ether, with a net asset value of $66.05 million.

Source: SoSoValue

Crypto Spot ETF Options Performance

As of March 27, the total nominal trading volume for US Bitcoin spot ETF options was $885 million, with a put/call ratio of 1.52.

As of March 26, the total nominal open interest for US Bitcoin spot ETF options reached $19.64 billion, with a put/call open interest ratio of 1.48.

Market activity in trading Bitcoin spot ETF options has declined in the short term, and overall sentiment remains bullish.

Additionally, implied volatility was 54.66%.

Source: SoSoValue

An Overview of Last Week’s Crypto ETF Developments

21Shares Will Distribute Staking Rewards as Dividends to ETH and SOL ETF Investors

According to market reports, crypto exchange-traded product issuer 21Shares announced that it will distribute staking rewards as dividends to investors in its Ethereum ETF TETH and Solana ETF TSOL. The dividend per share for TETH is $0.01253, and for TSOL, it is $0.016962.

Morgan Stanley’s Planned Spot Bitcoin ETF Fees as Low as 0.14%

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

Per amended filings submitted to the US 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. Currently, market fees typically range from 15 to 25 basis points; the lowest among existing funds is Grayscale Bitcoin Mini Trust ETF at 0.15%. Larger funds, including BlackRock’s iShares Bitcoin Trust (IBIT), charge 25 basis points.

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

According to its first annual SEC 10-K filing, Hashdex’s Nasdaq CME Crypto Index ETF (NCIQ) has expanded its holdings to 7 assets. In addition to BTC, ETH, XRP, SOL, and XLM, it now includes ADA and LINK. This expansion enhances the ETF’s multi-asset diversification, covering more mainstream layer-1 blockchains and infrastructure tokens, helping to mitigate single-asset volatility risks and reflecting ongoing institutional demand for diversified crypto exposure.

Franklin Templeton Launches Tokenized ETF, Enabling 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 within crypto wallets, enabling 24/7 trading and breaking traditional broker account and trading hour restrictions.

This product covers US equities, fixed income, and gold, initially launching in Europe, Asia-Pacific, Middle East, and Latin America. Its US launch depends on further regulatory clarity regarding on-chain registered funds.

Bloomberg: Morgan Stanley to Become the First Major US Bank to Issue and Sponsor a Bitcoin ETF

Bloomberg reports that Morgan Stanley, managing $10 trillion in assets, will become the first major US bank to issue and sponsor a Bitcoin ETF.

CoinShares Has Filed Applications for a Bitcoin Volatility ETF

CoinShares, a crypto asset management firm, has submitted an application for a Bitcoin Volatility ETF (ticker: CBIX).

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

According to The Block, Grayscale has submitted an S-1 registration statement to the SEC for its planned Grayscale HYPE ETF (ticker: GHYP). The fund aims to track the spot price of Hyperliquid (HYPE) tokens and plans to list on Nasdaq, with custody by Coinbase Custody.

The current filing explicitly states that staking for HYPE will not be available at launch, but reserves the possibility of future staking once certain conditions are met.

Views and Analysis on Crypto ETFs

Bloomberg ETF Analyst: Since the “1011 Crash,” BTC ETFs Have Recovered $3 Billion in Outflows, with Year-to-Date Inflows and Outflows Nearly Balanced

Bloomberg ETF analyst James Seyffart posted on X that data shows Bitcoin ETFs experienced about $9 billion in net outflows, but have already recovered approximately $3 billion of that.

Although net outflows still exceed $6 billion, year-to-date, inflows and outflows have nearly balanced out, indicating some market sentiment recovery.

Analysis: Goldman Sachs’ $152 Million XRP ETF Holdings Did Not Boost Price; XRP Still Under Pressure and Could Drop 50%

Cointelegraph reports that despite Goldman Sachs holding about $152 million in spot XRP ETFs, making it the largest institutional holder in this space, XRP’s price remains weak.

Disclosed holdings include four XRP ETF products: Bitwise XRP ETF (~$39.8 million), Franklin XRP Trust (~$38.5 million), Grayscale XRP ETF (~$38 million), and 21Shares XRP ETF (~$36 million), accounting for roughly 73% of the top 30 institutional holdings.

Market sentiment remains cautious. Technically, XRP has formed a bearish flag pattern and broken down, suggesting a potential 50% downside. While institutional allocations show long-term confidence, macro pressures and weakening capital flows pose significant short-term adjustment risks.

CryptoQuant: BTC ETF Funds Rebound, Selling Pressure Significantly Eases

CryptoQuant analyst Darkfost reports that Bitcoin ETF fund flows have rebounded sharply after a large outflow. Although the total Bitcoin held by ETFs remains negative (~-4,000 BTC), it has improved significantly from the low of about -42,000 BTC. Over the past month, ETF net inflows totaled approximately 38,000 BTC, worth about $2.6 billion.

The analyst notes that increased ETF demand has been a key driver behind recent positive Bitcoin market trends. However, Bitcoin’s price remains range-bound; whether the trend continues depends on sustained demand.

Bloomberg Analyst: Morgan Stanley’s Bitcoin ETF Gets NYSE Listing Announcement, Possibly Imminent

Bloomberg senior ETF analyst Eric Balchunas states that Morgan Stanley’s Bitcoin ETF (ticker: $MSBT) has received an official listing notice from NYSE.

Such announcements typically indicate the product will be launched soon.

21Shares: Active Management Crypto ETPs Will Be the Next Investment Phase; Global Active ETF Assets Near $1.8 Trillion

Duncan Moir, President of 21Shares, said that as the crypto market matures from simple price-tracking funds, actively managed ETPs will become the next stage. Data from Morningstar and Goldman Sachs shows that by the end of 2025, global active ETF assets will approach $1.8 trillion.

He emphasized that crypto’s emerging and growing asset class is particularly suitable for active management. 21Shares combines bottom-up research on individual assets with risk management and allocation strategies using quantitative and proprietary top-down approaches, expanding its portfolio management and trading teams.

Moir added that after FalconX acquired 21Shares in October, integration is expected to accelerate product development, especially for more complex products. Demand for crypto ETPs and ETFs varies by region; in Europe, with a more mature investor base, institutions already holding Bitcoin and Ethereum are seeking further crypto allocation increases.

Recently, 21Shares launched in Europe an exchange-traded product linked to Strategy Preferred Shares (STRC), offering high-yield exposure related to its Bitcoin capital strategy, which has seen strong early demand across multiple regions.

The report notes that as the crypto ETP and ETF markets evolve, issuers are developing more complex structures, with staking becoming a growth focus. In October, Grayscale introduced staking into its ETPs; in March, BlackRock launched a Nasdaq-listed Ethereum product with staking features, which recorded $15.5 million in trading volume on day one.

Moir stated that 21Shares evaluates new products based on internal research, customer needs, and market trends. Using its Bitcoin and gold ETPs as examples—these products have been operational for four years and recently listed in London—indicating ongoing innovation.

Wintermute: BTC Reclaims $70,000; ETH Sets Weekly ETF Fund Flow Inflow Record

According to Wintermute’s weekly market report, after Trump announced a five-day pause on attacks against Iran’s energy infrastructure, geopolitical risk premiums declined. BTC rebounded from the $68,000 lows to above $70,000, while Brent crude oil fell sharply. The Federal Reserve kept interest rates steady at 3.50%-3.75%, and the dot plot showed that 14 of 19 officials expect zero or only one rate cut in 2026; the market has fully priced out rate cuts before fall.

Overall, BTC declined about 3.4% this week. The FOMC meeting caused a single-day ETF outflow of $708 million, the largest in nearly two months. Gold posted its worst weekly performance since 1983, down over 10%. ETH performed relatively well, with weekly ETF net inflows of $160.8 million, setting a record.

Wintermute noted that if shipping through the Strait of Hormuz normalizes and diplomatic negotiations progress, BTC could challenge resistance in the $74,000–$76,000 range, with an extreme bullish scenario pushing toward $80,000. Conversely, if negotiations fail and shipping restrictions persist, BTC may retest support around the mid-$60,000s.