I reviewed the spot ETF data this week, and it’s interesting to see how the flows are distributed. Net outflows continue on Bitcoin, with about $296 million leaving U.S. ETFs, while Ethereum has lost $206 million. It’s mainly BlackRock’s Bitcoin ETF that dragged the numbers down, with an outflow of $158 million.

What surprised me is that despite these outflows, assets under management remain solid: $84.77 billion for Bitcoin and $11.32 billion for Ethereum. Hong Kong tells a different story, with net inflows of 34.28 BTC into local ETFs, suggesting that institutional demand really varies by region.

When it comes to options, activity has decreased in the short term, but overall sentiment remains bullish, with a long/short ratio around 1.52. Implied volatility is about 54.66%, which isn’t excessive for now.

Sector news is moving quite a bit: Morgan Stanley would reportedly be preparing a Bitcoin ETF with fees of 0.14%, which would be the cheapest in the market if confirmed. Franklin Templeton is launching tokenized ETFs for 24/7 trading in crypto portfolios, and Grayscale has submitted an application to track the Hyperliquid token. 21Shares continues to expand its offering with integrated staking.

Analysts point out that Bitcoin ETF flows are gradually recovering. After losing 42,000 BTC at the low point, cumulative balances have recovered about 38,000 BTC through net inflows last month, or roughly $2.6 billion. This is a positive signal for market momentum, even if prices are still fluctuating within their range.

Ethereum surprised to the upside with a record weekly net flow of $160.8 million into its ETFs. Meanwhile, analysts think Bitcoin could test the $74,000–$76,000 area if geopolitical conditions stabilize, but could also fall back to around $60,000 in a pessimistic scenario.

Overall, the crypto ETF market seems to be entering a more mature phase, with more complex products and active strategies gaining traction. Worth keeping an eye on.