Record weekly inflows into U.S. crypto spot ETFs, with Bitcoin and Ethereum showing mixed performance separately

Last week, an interesting picture emerged in the crypto spot ETF market. Institutional investors actively participated in US spot ETF products, while Asian markets showed signs of weakness. Data analysis indicates that Bitcoin-focused funds are quite attractive, but there are some discrepancies on the Ethereum side.

US Bitcoin Spot ETF Performs Remarkably

Over a three-day period, US Bitcoin spot ETF products recorded a net inflow of $5.68 billion, bringing the total assets under management (AUM) to $870.7 billion. This figure shows how much investors trust Bitcoin-focused ETFs.

According to Farside Investors data, the leading spot ETF in terms of inflow was iShares Bitcoin Trust (IBIT), which received $6.60 billion. Additionally, Grayscale Bitcoin Mini Trust (BTC) saw $460 million, and Invesco Ether Mini Trust (EZBC) received $225 million. In total, nine different Bitcoin spot ETFs experienced positive flows.

Ethereum Spot ETF Shows Slight but Positive Movement

The outlook for Ethereum spot ETFs was somewhat different. In just two days, these products received a net inflow of $235 million, with total AUM reaching $112.8 billion. This is significantly lower compared to Bitcoin.

According to Farside Investors, Grayscale Ethereum Mini Trust (ETHE) received the largest inflow this week, totaling $138 million. A total of six Ethereum spot ETFs remained in positive flow, indicating continued interest in Ethereum, even if it’s not as strong as Bitcoin.

Hong Kong: Quiet Market, No Major Changes

No new fund flows were observed in Hong Kong’s spot ETF market last week. The total assets of Hong Kong’s Bitcoin spot ETF remained steady at $274 million.

Data from SoSoValue shows that Harvest Bitcoin ETF’s Bitcoin holdings decreased to 219.59 BTC, while China Asset Management Bitcoin ETF’s holdings remained unchanged at 2,510 BTC. Regarding Ethereum spot ETFs, there was a net outflow of 497.74 ETH, with assets valued at $659,200.

Crypto ETF Options Market: Slight Bullish Tilt

By March 3, the total nominated trading volume for Bitcoin spot ETF options reached $1.01 billion, with a long-short ratio of 1.49. This indicates a more bullish sentiment.

For Ethereum spot ETF options, the total nominated amount was $25.04 billion, with a long-short ratio of 1.54. Data suggests that short-term trading activity has decreased, but overall market sentiment remains upward. Implied volatility stands at 53.97%.

Major Crypto ETF Events This Week: Big News and Key Moves

Nasdaq Removes All Restrictions on Bitcoin ETF

The world’s second-largest stock exchange, Nasdaq, took a significant step by removing all restrictions, limits, and caps on Bitcoin spot ETFs on its platform. According to Crypto Times, this decision grants institutional investors, mutual funds, and individual traders unlimited access to Bitcoin.

This move is notable because Nasdaq didn’t just open channels but eliminated all entry barriers. It signals that leading financial centers are beginning to accept crypto spot ETFs as mainstream investment vehicles.

21Shares Launches America’s First Polkadot Spot ETF

Asset management firm 21Shares has launched the first Polkadot spot ETF in the US. This product is now trading on Nasdaq under the ticker TDOT.

According to Bloomberg senior ETF analyst Eric Balchunas, the initial seed investment in this new Polkadot spot ETF is approximately $11 million, with a management fee of 0.3%. This fee is competitive compared to Bitcoin and Ethereum ETFs.

Polkadot is an interesting blockchain network aiming to connect multiple independent blockchains into a unified, interoperable system. Its current market valuation of the DOT token is about $1.7 billion. 21Shares’ move indicates that major asset managers are interested in offering investment options beyond Bitcoin and Ethereum into other blockchain projects.

Morgan Stanley: Coinbase and BNY Mellon Chosen for Bitcoin Trust

According to CoinDesk, global investment bank Morgan Stanley filed an S-1 form with the SEC, announcing the appointment of Coinbase and Bank of New York Mellon (BNY Mellon) as custodians and trustees for their planned Morgan Stanley Bitcoin Trust.

Morgan Stanley plans to primarily use offline “cold storage” for Bitcoin custody, keeping private keys completely offline to prevent hacking. This demonstrates a strong commitment to security.

BNY Mellon will serve not only as trustee but also as fund manager, transfer agent, and cash custodian, handling accounting, shareholder records, and cash flows.

Over $90 Billion Outflows in Four Months: Challenges for Bitcoin and Ethereum ETFs

A significant CoinDesk report revealed that over the past four months, US-listed Bitcoin and Ethereum spot ETFs experienced record redemption levels.

Specifically, Bitcoin spot ETFs faced continuous outflows for four months, totaling $63.9 billion, marking the longest withdrawal period since their January 2024 launch. During the same period, $27.6 billion was withdrawn from Ethereum spot ETFs.

This massive outflow has visibly impacted the prices of both assets. Bitcoin, which peaked at around $126,000 in early October 2025, is now around $67,000, down approximately 47%. Ethereum’s situation is even more severe, dropping over 60% from its August 2025 peak of $4,950.

Expert Analysis: Deep Market Insights

BlackRock’s New Move: Lower Fees for Ethereum Staking ETF

Bloomberg analyst James Saffir shared an important update on X. BlackRock has updated regulatory documents related to its Ethereum staking ETF (ETHB).

The most notable change is that staking fees are being reduced from 18% to 10%, meaning only 10% of staking rewards will be taken as management fees. Additionally, BlackRock is offering tiered discounts based on asset size, reducing fees further for larger investors.

This move aims to make the Ethereum staking ETF more attractive and shows how major asset managers are optimizing product structures to compete.

Polkadot ETF: Small but Ambitious Start

Bloomberg analyst Eric Balchunas provided detailed insights into 21Shares’ new Polkadot spot ETF. Starting with an initial seed investment of $11 million, it charges a competitive fee of 0.3%.

According to 21Shares, Polkadot’s uniqueness lies in integrating multiple independent blockchains into an interoperable network, allowing developers to create and operate their own custom blockchains. The current market cap of DOT is about $1.7 billion.

Solana ETF: Indicator of Institutional Confidence

An interesting observation from Eric Balchunas concerns the Solana spot ETF. Over seven months, Solana’s price has fallen 57—one of the worst launch periods in ETF history.

However, these Solana ETFs have already attracted $15 billion in inflows, with no significant outflows. Even more notable is that about 50% of the assets come from institutional investors filing 13F reports (meaning firms managing $100 million or more).

This indicates that investor base for Solana ETFs is serious and professional. Despite short-term price declines, long-term institutional confidence remains, which is a positive sign for the future.

Bitcoin Spot ETF: Year-Long Recovery

Bloomberg senior ETF analyst Eric Balchunas shared a positive update. Recently, Bitcoin spot ETFs experienced strong inflows—$225.2 million in a single day.

Most importantly, since the beginning of the year, nearly all Bitcoin spot ETF products have had positive net flows. However, it’s crucial to remember that Bitcoin’s price has fallen 22% this year and is down 47% from its October 2025 peak.

This scenario shows an interesting dynamic: despite short-term volatility, institutional investors’ long-term interest in spot ETF products persists. It suggests that crypto assets are becoming a permanent part of traditional portfolios.