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Bitcoin & ETH ETFs Continue To Expand

BTC & ETH ETFs holdings expand among institutions, according to latest 13F filings. Plus the top crypto news and funding rounds of the week.

Author

Ryan Allis
February 19, 2025

Issue Summary: Welcome back to Coinstack, the weekly newsletter for institutional crypto investors and industry insiders. We review the top news, stats, and reports in the digital asset ecosystem for our 300k weekly subscribers. This week, Bitcoin ETFs maintained market lead, Pump.fun launched a mobile app, the SEC requested a 28-day extension to respond to Coinbase's appeal and big venture news for HashKey Group ($30M) and Plasma ($24M).

Price performance since we began writing Coinstack in January 2021

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💵 Weekly Crypto Fundraises & Deals

Here are all the crypto fundraises we heard about this week, ranked by size…

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🗞️ Crypto News Recap: The Top 5 Stories

Welcome back to This Week in Crypto… everything you need to know in one scannable format. Here are the top 5 stories of the week…

  1. ⚖️ Bitcoin ETFs maintain market lead as Ethereum ETFs see surge in institutional adoption, 13F filings show: Bitcoin ETFs continued to gain market share in the fourth quarter, while Ethereum ETFs took a significant jump among institutions, according to the latest 13F filings. Blackrock’s iShares Bitcoin Trust continues to lead the way among bitcoin ETFs, with about 1,100 institutions holding 247 million shares. Institutional ownership of Ethereum ETFs increased quarter over quarter. Overall ETH ETF ownership jumped from 4.8% to 14.5%.

  1. 🚀 Solana memecoin launchpad Pump.fun launches mobile app: The Solana memecoin launchpad Pump.fun unveiled Friday a mobile app supporting iOS and Android devices.The launch allows users to buy, sell and create coins for free from their mobile device. In addition, Pump.fun users can make watchlists and manage their digital portfolio in-app, the platform wrote on the social media platform X

  1. ⚖️ SEC requests 28-day extension to respond to Coinbase's appeal following formation of 'crypto task force': The Securities and Exchange Commission asked for a 28-day extension in response to Coinbase's appeal, a part of a long legal battle between the agency and crypto exchange centered on how to classify digital assets.

  1. ⚖️ NYSE asks SEC to allow staking for Grayscale's Ethereum ETFs: A division of the New York Stock Exchange has filed to permit staking for Grayscale’s spot Ethereum ETF, according to a filing on Friday. The U.S. Securities and Exchange Commission will have to approve the filing before the new product offering goes live.

  1. ⚖️ Court Grants 60-Day Pause in Binance, SEC Dispute: A U.S. district judge has granted a 60-day pause in the ongoing legal battle between global crypto exchange Binance and the U.S. Securities and Exchange Commission, allowing both parties time to assess new regulatory developments.

💬 Tweet of the Week

Source: @arkham

📊 Key Stats of the Week

Here are the most important and interesting stats in crypto this week...

1. Total circulating supply of USDC on Solana has just surpassed $10B for the first time ever.

This past month alone, USDC has grown by $5.75B (132%) on Solana. To put this into perspective, this accounts for more than half of all new USDC issued ($10.4B) and is more than all new USDT ($4.8B) issued throughout the space during the same period.

Overall, there is now more USDC in circulation on Solana than Arbitrum ($3.8B), Base ($3.7B), and Optimism ($284M) combined.

Source: @DavidShuttleworth

2. In the midst of broader market headwinds, $ETH ETFs had one of their best weeks ever with $793M of inflows and outpaced $BTC by 95%. This also included the second largest daily volume of inflows ever (107K ETH). A signal that institutions are viewing the Ethereum roadmap in a positive light or that ETH is oversold? Perhaps both? 😈

Source: @DavidShuttleworth

3. Jupiter, the biggest aggregator on Solana, has been on a steady rise to the top — on Jan. 20, 2025, total swap transactions reached an all-time high of 57.1M.

Source: @OurNetwork

4. 90% or more of the traders on Jupiter are human, while bots account for the remaining percentage. However, when looking at trading volume, bots contribute significantly more—between 1.2x to 1.5x the volume of human traders.

Source: @OurNetwork

5. 1inch is a time-tested aggregator which has maintained its strong market share on EVM chains. Among EVM chains, 1inch ranges between 33% and 45% in terms of volume, 40% and 50% in terms of users, and 38% and 45% in terms of swaps.

Source: @OurNetwork

📝 Highlights from the Top Crypto Reports

Here are the top highlights from the best crypto research reports this week…

About the Author: Paul Veradittakit, is a Managing Partner at Pantera Capital, one of the oldest and largest institutional investors focused on investing into blockchain companies and cryptocurrencies. This is an excerpt from the full article, which you can find here.

Introduction

DeepSeek started as a side project from the hedge fund High-Flyer, boot-strapped by a few thousand Nvidia GPUs. They shocked the world when DeepSeek R1, which took over a billion dollars, 2,000 Nvidia H800 GPUs, and over 55 days, beat benchmarks held by OpenAI’s o1 model which required hundreds of billions of dollars to develop along with over 16,000 advanced GPUs.

DeepSeek R1 has 671 billion parameters while GPT-4 has 1.76 trillion parameters. OpenAI’s large models likely require thousands of GPUs for training and high-end clusters for inference while DeepSeek 7B & 67B can be run on consumer-grade hardware (a few A100 or H100).

As a response, Nvidia’s stock price dropped 18% (loss of $600 billion in market value). The idea that AI models must be closed-source and have loss-leading computational costs to succeed is crumbling.

The Existing Decentralized AI Narrative

AI x Crypto projects believed that crowdsourced, public, decentralized AI would eventually create better models than their centralized counterparts.

This had thus far not been true, as the highest-performing models had come from closed-source companies like OpenAI and Anthropic. Crypto x AI companies have adapted to this by specializing in infrastructure rather than model-building.

For example, GPU marketplaces like Akash, Render, IoNet, and Exabits have developed sustainable revenues. Companies that allow users to share their network bandwidth like Grass and Gradient have found their niche in supplying services, like distributed web scraping, to web2 clients. Storage networks like Arweave, Filecoin, and Ocean have also done well by being the platforms on which these projects are built. Supply networks have flourished because of their ability to tailor their cheaper and more scalable services to off-chain customers.

🎧 Top Crypto Podcasts of The Week

Here are the crypto podcasts that are worth listening to this week...

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📰 The Coinstack Newsletter:

Tracking the most important blockchain stories of the 2020s, including a decentralized internet and the creation of a new open global monetary system that works for everyone. As always, published for informational purposes only. Please do your own research. Just our opinions. Not intended as financial advice as we are not financial advisors. We may own some of the digital assets we write about as we believe strongly in the sector. Please do your own research. Published and written weekly by Ryan Allis and Mike Gavela.

Coinstack is a news and analysis newsletter for the digital asset industry. None of the information here is a recommendation to invest in any securities or other types of investments. Past performance is no guarantee of future results. Any historical returns, expected returns, or probability projections may not reflect actual future performance. All investments involve risk and may result in loss.

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