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Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $763 million; the net inflow for Ethereum spot ETFs in the U.S. was $160 million
Compiled by: Jerry, ChainCatcher
Last Week's Cryptocurrency Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $763 Million
Last week, the U.S. Bitcoin spot ETF had a five-day net inflow, with a total net inflow of $763 million, bringing the total assets under management to $91.83 billion.
Last week, 6 ETFs were in a net inflow state, with inflows mainly coming from IBIT, FBTC, and BTC, which saw inflows of $600 million, $147 million, and $15.3 million respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $160 Million
Last week, the U.S. Ethereum spot ETF had a four-day net inflow, with a total net inflow of $160 million, bringing the total assets under management to $12.26 billion.
The inflow last week mainly came from Fidelity's FETH, with a net inflow of $90.1 million. 7 Ethereum spot ETFs were in a net inflow 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 a net inflow of 52.91 Bitcoins, with total assets under management reaching $28 million. The issuer, Harvest Bitcoin, saw its holdings drop to 219.5 Bitcoins, while Huaxia increased to 2530 Bitcoins.
The Hong Kong Ethereum spot ETF had no capital flow, with total assets under management of $6.652 million.
Data Source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of March 13, the nominal total trading volume of U.S. Bitcoin spot ETF options was $1.7 billion, with a nominal total long-short ratio of 1.62.
As of March 12, the nominal total open interest of U.S. Bitcoin spot ETF options reached $25.26 billion, with a nominal total long-short ratio of 1.58.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility was 52.47%.
Data Source: SoSoValue
Overview of Last Week's Cryptocurrency ETF Dynamics
BlackRock Plans to Carefully Consider Launching "Complex Structures" of Cryptocurrency ETFs and Will Strictly Filter Products
According to Cointelegraph, Robert Mitchnick, head of digital assets at BlackRock, stated that although some asset management firms in the market are attempting to create more "complex" cryptocurrency ETF structures, BlackRock will not make such products a core strategy but will continue to adopt a relatively cautious product layout.
Mitchnick pointed out in the CNBC Crypto World program that more innovative or "heterogeneous" ETF structures may emerge in the future market, some of which may be welcomed by investors, but BlackRock will maintain strict filtering when expanding its product line, prioritizing market maturity, liquidity scale, and actual application scenarios.
Meanwhile, BlackRock launched the Ethereum ETF supporting staking rewards—iShares Staked Ethereum Trust (ETHB) on Thursday. Data shows that the product's trading volume exceeded $15.5 million on its first day and attracted about $43.5 million in inflows. This ETF allows investors to gain potential price appreciation of Ether while earning additional rewards through the staking mechanism.
Grayscale Launches Avalanche Staking ETF on Nasdaq
According to The Block, Grayscale's Avalanche Staking ETF began trading on Nasdaq on Wednesday, providing exposure to AVAX and staking rewards. The asset management company stated that Avalanche has processed over 11.4 billion transactions since 2020, with the new fund staking AVAX to participate in the network's proof-of-stake system.
Avalanche itself is a multi-chain smart contract platform that supports high-throughput applications, a custom blockchain known as Avalanche L1, and enterprise-level configurability. According to on-chain data, the network has processed over 11.4 billion transactions since its launch in 2020.
BlackRock's Staked Ethereum ETF Set to Launch on Nasdaq
According to CoinDesk, BlackRock's staked Ethereum exchange-traded fund iShares Staked Ethereum Trust ETF (ETHB) is set to launch on Nasdaq this Thursday. ETHB will hold spot ETH and stake part of its holdings, aiming to combine exposure to Ether's price with staking rewards while providing the operational advantages of an ETF.
VanEck Partners with Basic Capital to Include Some Digital Asset ETFs in Its Corporate 401(k) Retirement Plan Platform
Asset management company VanEck has partnered with fintech company Basic Capital to include some digital asset ETFs in its corporate 401(k) retirement plan platform, allowing U.S. retirement savers to indirectly invest in cryptocurrency assets through exchange-traded funds. VanEck's products include the spot Bitcoin ETF VanEck Bitcoin Trust (HODL) and the Ethereum ETF VanEck Ethereum Trust (ETHV).
Previously, the U.S. Department of Labor had withdrawn restrictive guidance on providing cryptocurrency investments in 401(k) plans.
Views and Analysis on Cryptocurrency ETFs
Goldman Sachs Becomes the Largest Holder of XRP Spot ETF, Analysts Say "Super Fans" May Make Up the Main Investor Group
Analyst data shows that Goldman Sachs has become one of the largest holders of the XRP spot ETF. At the same time, there are many unidentified investors in the market, referred to by analysts as "super fans" of XRP.
Bloomberg analyst James Seyffart stated that the XRP ETF investors visible through regulatory filings only represent a small portion, as the vast majority of investors do not need to submit 13F disclosure documents. Data shows that the top 30 holders of the XRP spot ETF collectively hold about $211 million in fund shares. Overall, these ETF products have attracted over $1 billion in inflows by the end of 2025. Another Bloomberg analyst, Eric Balchunas, believes that this funding likely comes mainly from XRP's core supporters rather than ordinary retail investors.
Bloomberg Analyst: XRP ETF Performs Steadily Amid Price Decline, Accumulating $1.4 Billion Since Launch
Bloomberg analyst James Seyffart posted on X platform stating that despite a significant pullback in XRP's price, the related ETF has performed steadily, accumulating about $1.4 billion in funds since its launch.
Bloomberg Analyst: Solana ETF's Main Buyers Are Mostly Market Makers and Investment Institutions, Goldman Sachs Holds Over $100 Million
Bloomberg analyst James Seyffart posted on X platform stating that based on the latest disclosed data, the list of investors purchasing Solana ETF is primarily composed of various market makers and cryptocurrency investment institutions, representing a "star lineup" of industry institutions.
According to disclosed data, the top three holders of Solana ETF exposure are: Electric Capital Partners (over $137 million), Goldman Sachs Group (over $107 million), and Elequin Capital (over $87.9 million). Additionally, Morgan Stanley currently holds about $15.308 million.
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Sun Valley Releases 2025 Financial Report: Bitcoin Mining Revenue Reaches $670 Million, Accelerating Transformation to AI Infrastructure Platform
On March 16, 2026, in Dallas, Texas, USA, CanGu Company (New York Stock Exchange code: CANG, hereinafter referred to as "CanGu" or the "Company") today announced its unaudited financial performance for the fourth quarter and full year ended December 31, 2025. As a btc-42">bitcoin mining enterprise relying on a globally operated layout and dedicated to building an integrated energy and AI computing power platform, CanGu is actively advancing its business transformation and infrastructure development.
• Financial Performance:
Total revenue for the full year 2025 was $688.1 million, with $179.5 million in the fourth quarter.
Bitcoin mining business revenue for the full year was $675.5 million, with $172.4 million in the fourth quarter.
Full-year adjusted EBITDA was $24.5 million, while the fourth quarter was -$156.3 million.
• Mining Operations and Costs:
A total of 6,594.6 bitcoins were mined throughout the year, averaging 18.07 bitcoins per day; of which 1,718.3 bitcoins were mined in the fourth quarter, averaging 18.68 bitcoins per day.
The average mining cost for the full year (excluding miner depreciation) was $79,707 per bitcoin, and for the fourth quarter, it was $84,552;
The all-in sustaining costs were $97,272 and $106,251 per bitcoin, respectively.
As of the end of December 2025, the company has cumulatively produced 7,528.4 bitcoins since entering the bitcoin mining business.
• Strategic Progress:
The company has completed the termination of the American Depositary Receipt (ADR) program and transitioned to a direct listing on the NYSE to enhance information transparency and align with its strategic direction, with a long-term goal of expanding its investor base.
CEO Paul Yu stated: "2025 marked the company's first full year as a bitcoin mining enterprise, characterized by rapid execution and structural reshaping. We completed a comprehensive adjustment of our asset system and established a globally distributed mining network. Additionally, the company introduced a new management team, further strengthening our capabilities and competitive advantage in the digital asset and energy infrastructure space. The completion of the NYSE direct listing and USD pricing also signifies our transformation into a global AI infrastructure company."
"As we enter 2026, the company will continue to optimize its balance sheet structure and enhance operational efficiency and cost resilience through adjustments to the miner portfolio. At the same time, we are advancing our strategic transformation into an AI infrastructure provider. Leveraging EcoHash, we will utilize our capabilities in scalable computing power and energy networks to provide cost-effective AI inference solutions. The relevant site transformations and product development are progressing simultaneously, and the company is well-positioned to sustain its execution in the new phase."
The company's Chief Financial Officer, Michael Zhang, stated: "By 2025, the company is expected to achieve significant revenue growth through its scaled mining operations. Despite recording a net loss of $452.8 million from ongoing operations, mainly due to one-time transformation costs and market-driven fair value adjustments, the company, from a financial perspective, will reduce its leverage, optimize its Bitcoin reserve strategy and liquidity management, introduce new capital to strengthen its financial position, and seize investment opportunities in high-potential areas such as AI infrastructure while navigating market volatility."
The total revenue for the fourth quarter was $1.795 billion. Of this, the Bitcoin mining business contributed $1.724 billion in revenue, generating 1,718.3 Bitcoins during the quarter. Revenue from the international automobile trading business was $4.8 million.
The total operating costs and expenses for the fourth quarter amounted to $4.56 billion, primarily attributed to expenses related to the Bitcoin mining business, as well as impairment of mining machines and fair value losses on Bitcoin collateral receivables.
This includes:
· Cost of Revenue (excluding depreciation): $1.553 billion
· Cost of Revenue (depreciation): $38.1 million
· Operating Expenses: $9.9 million (including related-party expenses of $1.1 million)
· Mining Machine Impairment Loss: $81.4 million
· Fair Value Loss on Bitcoin Collateral Receivables: $171.4 million
The operating loss for the fourth quarter was $276.6 million, a significant increase from a loss of $0.7 million in the same period of 2024, primarily due to the downward trend in Bitcoin prices.
The net loss from ongoing operations was $285 million, compared to a net profit of $2.4 million in the same period last year.
The adjusted EBITDA was -$156.3 million, compared to $2.4 million in the same period last year.
The total revenue for the full year was $6.881 billion. Of this, the revenue from the Bitcoin mining business was $6.755 billion, with a total output of 6,594.6 Bitcoins for the year. Revenue from the international automobile trading business was $9.8 million.
The total annual operating costs and expenses amount to $1.1 billion.
Specifically, they include:
· Revenue Cost (excluding depreciation): $543.3 million
· Revenue Cost (depreciation): $116.6 million
· Operating Expenses: $28.9 million (including related-party expenses of $1.1 million)
· Miner Impairment Loss: $338.3 million
· Bitcoin Collateral Receivable Fair Value Change Loss: $96.5 million
The full-year operating loss is $437.1 million. The continuing operations net loss is $452.8 million, while in 2024, there was a net profit of $4.8 million.
The 2025 non-GAAP adjusted net profit is $24.5 million (compared to $5.7 million in 2024). This measure does not include share-based compensation expenses; refer to "Use of Non-GAAP Financial Measures" for details.
As of December 31, 2025, the company's key assets and liabilities are as follows:
· Cash and Cash Equivalents: $41.2 million
· Bitcoin Collateral Receivable (Non-current, related party): $663.0 million
· Miner Net Value: $248.7 million
· Long-Term Debt (related party): $557.6 million
In February 2026, the company sold 4,451 bitcoins and repaid a portion of related-party long-term debt to reduce financial leverage and optimize the asset-liability structure.
As per the stock repurchase plan disclosed on March 13, 2025, as of December 31, 2025, the company had repurchased a total of 890,155 shares of Class A common stock for approximately $1.2 million.
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