Cryptocurrency ETF Weekly Report | Last week, the US Bitcoin spot ETF had a net inflow of $996 million; the US Ethereum spot ETF had a net inflow of $275 million

Jerry, ChainCatcher

Last week’s performance of cryptocurrency spot ETFs

Net inflow of $996 million into U.S. Bitcoin spot ETFs

Last week, U.S. Bitcoin spot ETFs experienced four days of net inflows, totaling a net inflow of $996 million, with total assets under management reaching $101.45 billion.

Seven ETFs were in a net inflow state last week, mainly driven by BlackRock IBIT, with a net inflow of $906 million.

Data source: Farside Investors

Net inflow of $275 million into U.S. Ethereum spot ETFs

Last week, U.S. Ethereum spot ETFs experienced three days of net inflows, totaling a net inflow of $275 million, with total assets under management reaching $14.26 billion.

The inflows last week mainly came from BlackRock ETHA, with a net inflow of $99.2 million. Five Ethereum spot ETFs were in a net inflow state.

Data source: Farside Investors

Hong Kong Bitcoin spot ETF net inflow of 44.20 Bitcoins

Last week, Hong Kong Bitcoin spot ETFs saw a net inflow of 44.20 Bitcoins, with assets valued at $300 million. The issuer, Jiashi Bitcoin, held 211.27 Bitcoins, while Huaxia maintained 2,570 Bitcoins.

Hong Kong Ethereum spot ETF experienced a net outflow of 483.67 ETH, with assets valued at $6.995 million.

Data source: SoSoValue

Performance of crypto spot ETF options

As of April 17, the total notional trading volume of U.S. Bitcoin spot ETF options was $1.71 billion, with a long/short ratio of 2.97.

As of April 16, the total notional open interest of U.S. Bitcoin spot ETF options reached $25.5 billion, with a long/short ratio of 1.59.

Market activity for Bitcoin spot ETF options has increased in the short term, with overall sentiment leaning bullish.

Additionally, implied volatility stands at 44.37%.

Data source: SoSoValue

Overview of last week’s crypto ETF developments

Morgan Stanley Bitcoin ETF’s 6-day net inflow surpasses WisdomTree

Morgan Stanley’s physical Bitcoin ETF (MSBT), listed just 6 trading days ago, has already surpassed the cumulative inflows of WisdomTree Bitcoin Fund (WBTC) since its launch in January 2024.

On Wednesday, MSBT saw a single-day inflow of $19.3 million, with total net inflows reaching $103 million, exceeding WBTC’s $86 million. MSBT was listed on April 8 at a market-low fee rate of 0.14%. If momentum continues, it may catch up to Invesco Galaxy Bitcoin ETF ($245 million), Valkyrie Bitcoin ETF ($326 million), and Franklin Bitcoin ETF ($375 million).

Currently, the Bitcoin spot ETF market is led by BlackRock IBIT with a net inflow of $64.3 billion, followed by Fidelity FBTC with $10.9 billion. Additionally, Goldman Sachs submitted an application to the SEC on Tuesday to launch its own Bitcoin-linked ETF, indicating that more asset managers are accelerating their entry into the Bitcoin ETF market.

Bitnomial launches Injective futures in the U.S., potentially supporting spot ETF applications

According to Cointelegraph, Chicago-based crypto derivatives exchange Bitnomial has launched Injective monthly futures contracts, marking Injective tokens’ first entry into the U.S. regulated derivatives market. These contracts are settled in INJ, expire monthly, and allow traders to gain price exposure without holding the underlying asset. All cryptocurrencies or USD can be used as margin via Bitnomial’s clearing.

Institutional clients can trade these futures immediately, while retail traders are expected to gain access in the coming weeks through Bitnomial’s Botanical platform. Bitnomial also plans to add INJ perpetual futures and options.

Analysts say this launch of Injective futures will initiate a six-month trading record, potentially supporting spot ETF applications. Previously, Canary Capital submitted a pledge-based INJ ETF application to the SEC.

Bitwise launches AVAX spot ETF, with $400,000 traded in the first 90 minutes

Bitwise officially launched the spot Avalanche ETF (ticker: BAVA) today. The ETF directly holds AVAX tokens and plans to stake the holdings, sharing an average staking yield of about 5.4% while maintaining liquidity.

In the first 90 minutes of trading today, the spot AVAX ETF traded $400,000. Bloomberg ETF analyst James Seyffart commented that this is “quite impressive.”

21Shares updates Hyperliquid ETF filing, ticker THYP

According to Bloomberg ETF analyst James Seyffart on X, 21Shares US has updated its Hyperliquid ETF filing, with the ETF ticker THYP.

The filing does not disclose management fee details at this time. The update appears to be in response to feedback from the U.S. Securities and Exchange Commission (SEC).

Goldman Sachs submits application for Bitcoin Premium Income ETF

Market sources indicate that Goldman Sachs has submitted an application for a Bitcoin Premium Income ETF.

Opinions and analysis on crypto ETFs

Bloomberg analyst: IBIT has nearly consecutive gains over the past three weeks, up about 19% since U.S.-Iran conflict

Bloomberg senior ETF analyst Eric Balchunas posted on X that BlackRock’s physical Bitcoin ETF (IBIT) has been rising almost daily over the past three weeks, gaining about 3.5% again. Since the U.S.-Iran conflict triggered market sell-offs, it has gained approximately 19%. As concerns over geopolitical shocks ease, capital sentiment has significantly recovered, driving continued strength in Bitcoin-related ETFs.

Analysis: Bitcoin ETF holders’ average cost basis around $74,200, market structure still needs optimization

Crypto quant analyst @AxelAdlerJr states that Bitcoin recently touched the average entry cost for U.S. Bitcoin ETF holders at $74,200. If Bitcoin can stay above this level, ETF holders as a whole will shift from loss to breakeven (neutral); if it falls below, it indicates the market structure remains weak, with ongoing pressure.

Meanwhile, short-term holder (STH) cost basis is approximately $83,734, representing a key resistance level. Analysts believe that only when the ETF holder’s cost basis further narrows the gap with STH’s cost basis can the Bitcoin market structure see more significant improvement.

Bloomberg analyst: Bitcoin ETF successfully “fills the gap,” capital flow turns positive for the year

Bloomberg senior ETF analyst Eric Balchunas on X said that Bitcoin ETFs have again seen steady weekly capital inflows, and overall capital flow has officially turned positive. Although previous outflows were not large, the inability of price momentum to rise significantly means that capital has successfully “filled the gap,” demonstrating resilience.