Cryptocurrency ETF Weekly Report | Last week, the US Bitcoin spot ETF had a net inflow of $823 million; the US Ethereum spot ETF had a net inflow of $155 million

Organized by: Jerry, ChainCatcher

Last week’s performance of crypto spot ETFs

Net inflow of $823 million into U.S. Bitcoin spot ETFs

Last week, the five-day net inflow into U.S. Bitcoin spot ETFs totaled $823 million, with total net assets reaching $102.64 billion.

Seven ETFs experienced net inflows last week, mainly driven by BlackRock IBIT, with a net inflow of $731 million.

Data source: Farside Investors

Net inflow of $155 million into U.S. Ethereum spot ETFs

Last week, the four-day net inflow into U.S. Ethereum spot ETFs totaled $155 million, with total net assets reaching $13.79 billion.

The inflows last week mainly came from BlackRock ETHA, with a net inflow of $138 million. All four Ethereum spot ETFs experienced net inflows.

Data source: Farside Investors

Hong Kong Bitcoin spot ETF sees no capital inflow

Last week, the Hong Kong Bitcoin spot ETF saw no capital inflow, with net assets of $311 million. The issuer, Grayscale Bitcoin Holdings, decreased to 211.17 BTC, while Huaxia maintained 2,570 BTC.

Hong Kong Ethereum spot ETF had a net inflow of 211.49 ETH, with net assets valued at $69.75 million.

Data source: SoSoValue

Performance of crypto spot ETF options

As of April 24, the total nominal trading volume of U.S. Bitcoin spot ETF options was $745 million, with a total long-short ratio of 3.55.

As of April 23, the total nominal open interest of U.S. Bitcoin spot ETF options reached $24.14 billion, with a long-short ratio of 1.54.

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

Additionally, implied volatility stands at 43.71%.

Data source: SoSoValue

Overview of last week’s crypto ETF developments

GSR enters the crypto ETF space, launches its first multi-asset crypto ETF

According to The Block, crypto market maker GSR has launched its first multi-asset crypto ETF — GSR Crypto Core3 ETF, ticker BESO, listed on Nasdaq, with holdings including BTC, ETH, and SOL, and will include staking yields where applicable.

The fund adopts an active management strategy, plans weekly rebalancing, with a management fee of 1%. It is reported to be the first actively managed multi-asset crypto ETF in the U.S. that supports staking features. This launch marks GSR’s latest move to expand its crypto ETF and asset management business.

Grayscale updates Hyperliquid ETF application, replacing Coinbase with Anchorage as custodian

According to market sources, Grayscale has submitted a revised Hyperliquid ETF application to the U.S. Securities and Exchange Commission (SEC), replacing Coinbase with Anchorage Digital Bank as the fund custodian.

Anchorage is the first federally chartered crypto bank in the U.S., recently expanding into stablecoins, wealth management, and token lifecycle management, and is the first institution in the U.S. to support Tron. If approved, the ETF will trade on Nasdaq under the ticker “GHYP,” with staking features still pending regulatory approval.

Views and analysis on crypto ETFs

JPMorgan executive: Tokenization will transform ETFs and the entire fund industry, but good application cases will take years to emerge

According to The Block, Ciarán Fitzpatrick, head of ETF products at JPMorgan Securities Services, said: “We believe tokenization will definitely drive market change, not only for ETFs but for the entire fund industry.”

Fitzpatrick pointed out that, given the potential benefits of tokenization—such as easier subscription and redemption, “near-instant settlement,” and continuous access—the experiment with ETF tokenization is ongoing. He added, “I think tokenization will become part of the ETF ecosystem, but it will take several years before some good practical use cases actually appear.”

Paul Chan: Thematic ETFs like digital assets offer efficient and highly transparent investment options

Hong Kong Financial Secretary Paul Chan wrote in his essay “Gathering Greater Power through Innovation and Cooperation” that global investors are accelerating diversification of asset allocation, reducing reliance on single markets and assets. As investment themes develop, the range of assets linked to ETFs continues to expand—from physical and futures gold, tech companies, semiconductor firms, to digital assets. These ETFs, with different themes or leverage features, provide investors with efficient and highly transparent investment tools.

Bloomberg analyst: Bitcoin ETF capital flows turn positive across the board, IBIT ranks in the top 1% for ETF inflows

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF capital flows have fully turned positive, marking the first time in months that all rolling periods tracked are positive. Among them, BlackRock’s IBIT has accumulated about $3 billion in inflows and ranks in the top 1% for ETF capital flow performance. However, Balchunas noted that it still needs additional tens of billions of dollars to reach the previous all-time high of $62.8 billion in total assets, but the trend clearly indicates a market recovery in Bitcoin ETF sentiment and demand.

Bloomberg analyst: Bitcoin ETF inflows have exceeded $1 billion this year

Eric Balchunas, senior ETF analyst at Bloomberg, posted on X that Bitcoin ETF inflows have surpassed $1 billion this year, reversing previous net outflows and achieving positive growth.

The next key indicator is the cumulative historical net inflow, which peaked at $62.8 billion. Currently, it’s around $58 billion, still about $5 billion short of a new all-time high. In asset development, controlling outflows during market downturns is crucial to reduce subsequent recovery pressure; in this regard, spot Bitcoin ETFs have performed better than other popular asset classes.