Crypto ETF Weekly Report | Last week, the net outflow of US Bitcoin spot ETFs was US$580 million, and the SEC has accepted Sol spot ETF applications such as 21Shares

Compiled: Fairy, ChainCatcher

Summary of market performance of crypto spot ETFs last week

The net outflow of US dollar-denominated Bitcoin spot ETFs is significant

Last week, US Bitcoin spot ETFs had net outflows of funds for four consecutive trading days, with a total outflow of US$580 million, and the total net asset value remained at US$114.4 billion. The outflows of three ETFs, FBTC, ARKB and GBTC, were the most obvious, with outflows of $282 million, $162 million and $107 million respectively. It is worth noting that only BlackRock IBIT and Grayscale BTC ETFs showed a net inflow of funds.

Source of data: Farside Investors

Ethereum spot ETF net outflow is limited

Last week, the U.S. spot ETF net outflow was US$26.3 million, with a total net asset value of US$10.35 billion, and an average daily turnover of US$273 million. Grayscale ETHE ETF outflows were the most significant, with a net outflow of $56.5 million. The remaining 6 Ethereum spot ETFs did not have capital flows.

Source of data: Farside Investors

Net outflow of funds from Hong Kong Bitcoin and Ethereum Spot ETFs

Last week, Hong Kong Bitcoin Spot ETFs had a net outflow of 3.019 Bitcoins, with a net asset value of US$417 million. The holdings of Jiashishen Bitcoin ETFs fell to 354, while the holdings of Huaxia Bitcoin ETFs were 2340. At the same time, Hong Kong's Ethereum spot ETF had a net outflow of 401.27 ETH, with a net asset value of US$54.94 million.

Data source: SoSoValue

Crypto Spot ETF Options Market Performance

As of February 14, the nominal total transaction volume of Bitcoin spot ETF options in the United States reached US$1.58 billion, with a long-to-short ratio of 3.17. As of February 13, the total nominal holdings were US$11.94 billion, with a long-to-short ratio of 199. The market is active, and the overall sentiment is bullish, with an implied volatility of 54.7%.

Source of data: SoSoValue

Last week's encryption ETF industry trends

• Progress in staking application: Arca has applied to the SEC to allow Grayscale Ethereum ETF to be pledged; Cboe BZX Exchange has also submitted a proposal to allow 21Shares Ethereum ETF to be pledged.
• XRP ETF application has been accepted: The SEC has accepted the Grayscale XRP Trust Conversion ETF application and officially started the review process.
• Solana ETF applications have been accepted: The SEC has accepted 21Shares, Bitwise, Canary and VanEck's Solana spot ETF applications.
• Progress in other ETF applications: The SEC has accepted the 21Shares spot XRP ETF application and has confirmed its acceptance of the DOGE ETF application; the New York Stock Exchange has submitted a Cardano ETF application for Grayscale; the SEC has accepted the physical redemption application for 21Shares bitcoin and Ethereum spot ETF; Nasdaq has submitted application documents for listing and trading CoinShares XRP ETF and LTC ETF to the SEC.

Market Perspectives and Analysis

• Nate Geraci, president of The ETF Store, believes that the risk of Meme coins should not be attributed to the cryptocurrency technology itself, which is still developing and improving.
• Bloomberg ETF analyst Eric Balchunas pointed out that the application progress of different cryptocurrency ETFs varies greatly, and LTC ETFs lead the progress.
• Bloomberg analysts James Seyffart and Eric Balchunas predict the probability that the Solana ETF will be approved by October 10, 2025 is 70%.
• Security Jeremy Hogan believes that the SEC's lawsuit with Ripple will be settled before the XRP ETF is approved.

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