Crypto 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

U.S. Bitcoin spot ETF net inflow of $823 million

Last week, U.S. Bitcoin spot ETFs recorded a five-day net inflow of $823 million, bringing total net inflow to $823 million and total net assets to $102.64 billion.

Seven ETFs were in a net inflow status last week, with inflows mainly coming from BlackRock’s IBIT, which saw a net inflow of $731 million.

Data source: Farside Investors

U.S. Ethereum spot ETF net inflow of $155 million

Last week, U.S. Ethereum spot ETFs recorded a four-day net inflow of $155 million, bringing total net inflow to $155 million and total net assets to $13.79 billion.

Inflow last week mainly came from BlackRock’s ETHA, with a net inflow of $138 million. Four Ethereum spot ETFs were in a net inflow status.

Data source: Farside Investors

Hong Kong Bitcoin spot ETF sees no fund inflow

Last week, Hong Kong Bitcoin spot ETFs saw no fund inflow, with net assets reaching $311 million. Among them, the issuer Harvest Bitcoin Holdings fell to 211.17 BTC, while Huaxia maintained 2,570 BTC.

The Hong Kong Ethereum spot ETF recorded a net inflow of 211.49 ETH, with net assets of $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, and the total nominal long-short ratio was 3.55.

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

In the short term, market activity for Bitcoin spot ETF options has declined, and overall sentiment is tilted bullish.

In addition, implied volatility stands at 43.71%.

Data source: SoSoValue

Roundup of last week’s crypto ETF developments

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

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

The fund adopts an active management strategy, plans to rebalance weekly, and charges a management fee of 1%. It was reported that this product is also the first actively managed multi-asset crypto ETF in the U.S. that provides access to staking features. This launch is 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. It has recently expanded rapidly into areas such as stablecoins, wealth management, and token lifecycle management, and became the first institution in the U.S. to support Tron. If approved, the ETF will trade on Nasdaq under the code “GHYP,” while the staking feature remains subject to regulatory approval.

Views and analysis on crypto ETFs

JPMorgan executive: Tokenization will change ETFs and the entire fund industry, but it will take years for good real-world use cases to emerge

According to The Block, Ciarán Fitzpatrick, Global 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 as well.”

Ciarán Fitzpatrick noted that, given the potential benefits of tokenization—such as easier subscription and redemptions, “near-instant settlement,” and uninterrupted access—the experimentation with ETF tokenization is still ongoing. He added: “I think tokenization will become part of the ETF ecosystem, but it will take a few more years before some truly good practical use cases show up.”

Paul Chan: Thematic ETFs such as digital assets offer efficient and highly transparent investment tool options

In an official policy blog essay titled “Gathering Greater Power through Innovation and Cooperation,” Hong Kong Financial Secretary Paul Chan pointed out that global investors are accelerating the diversification of asset allocation, reducing reliance on any single market or any single asset. As trading-market hotspots and themes develop, the categories of underlying assets for exchange-traded funds (ETF) tied to those themes continue to increase—from spot and futures of precious metals; to technology companies; to semiconductor firms; and even to digital assets. These thematic ETFs, which may combine different theme elements or leverage different leverage characteristics, offer investors efficient and highly transparent investment tool options.

Bloomberg analyst: Bitcoin ETF fund flows fully turn positive; IBIT ranks in the top 1% for ETF inflows

Bloomberg senior ETF analyst Eric Balchunas posted on X, saying that Bitcoin ETF fund flows have fully turned positive and that “all rolling periods we track are positive,” the first time this has happened in months. Among them, BlackRock’s IBIT has recorded cumulative inflows of about $3 billion and has entered the top 1% of all ETF fund performance. However, Eric Balchunas noted that an additional tens of billions of dollars in inflows are still needed to return to the previous all-time high of $62.8 billion in cumulative fund flows. Still, at least it indicates that the sentiment around Bitcoin ETFs has clearly improved and that market demand is recovering.

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

Bloomberg senior ETF analyst Eric Balchunas posted on X, saying that Bitcoin ETF fund inflows have surpassed $1 billion this year. This has successfully reversed the previous net outflow situation and achieved positive growth.

The next key observation metric is the cumulative historical net inflow level (the most important and most challenging metric). Previously, the peak was $62.8 billion; it is currently about $58 billion, which is a gap of roughly $5 billion from setting a new all-time high. In the development of asset categories, controlling the magnitude of outflows during market downturns is crucial to reduce the pressure of subsequent recovery; in this regard, spot Bitcoin ETFs have performed better than other popular asset classes.