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

Compiled by: Jerry, ChainCatcher

Cryptocurrency Spot ETF Performance Last Week

Net inflow of U.S. Bitcoin Spot ETFs: $823 million

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

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

Data source: Farside Investors

Net inflow of U.S. Ethereum Spot ETFs: $155 million

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

Inflows last week were mainly from BlackRock ETHA, with a net inflow of $138 million. Four Ethereum spot ETFs were in a net inflow state.

Data source: Farside Investors

Hong Kong Bitcoin Spot ETF Sees No Fund Inflows

Last week, Hong Kong Bitcoin spot ETFs saw no fund inflows, with net asset value reaching $311 million. Among issuers, Grayscale Bitcoin holdings were reduced to 211.17 BTC, while Huaxia maintained 2,570 BTC.

Hong Kong Ethereum spot ETFs recorded a net inflow of 211.49 ETH, with net asset value of $69.75 million.

Data source: SoSoValue

Cryptocurrency Spot ETF Options Performance

As of April 24, the total nominal trading volume of U.S. Bitcoin spot ETF options was $745 million, and the 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, trading activity for Bitcoin spot ETF options has declined, and overall sentiment is leaning bullish.

In addition, implied volatility stands at 43.71%.

Data source: SoSoValue

A Snapshot of Last Week’s Crypto ETF Developments

GSR Enters the Crypto ETF Space, Launching 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 uses an active management strategy, planning to rebalance weekly, with a management fee of 1%. The report states that the product is also the first actively managed multi-asset crypto ETF in the U.S. that supports staking functionality. This launch is the latest move by GSR to expand its crypto ETF and asset management businesses.

Grayscale Updates Hyperliquid ETF Application, Replacing Coinbase with Anchorage as the 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 rapidly expanded into businesses such as stablecoin issuance, wealth management, and token lifecycle management, and it became the first institution in the U.S. to support Tron. If approved, the ETF will trade on Nasdaq under the ticker “GHYP,” while its staking functionality still awaits regulatory approval.

Views and Analysis on Crypto ETFs

JPMorgan Executive: Tokenization Will Transform ETFs and the Entire Fund Industry, but Good Use Cases Will Take Years to Arrive

According to The Block, Ciarán Fitzpatrick, Global Head of ETF Products at JPMorgan Securities Services, said, “We believe tokenization will definitely drive market change—both for ETFs and for the entire fund industry.”

Ciarán Fitzpatrick noted that, given the potential benefits of tokenization—such as more convenient 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 emerge.”

Paul Chan: Thematic ETFs on Digital Assets, etc. Offer Efficient and Highly Transparent Investment Options

Hong Kong Financial Secretary Paul Chan published a policy op-ed titled “Gathering Greater Power Through Innovation and Cooperation.” In it, he said that global investors are accelerating diversification of asset allocation, reducing reliance on a single market and a single asset. As trading market hot topics develop, the range of underlying assets for exchange-traded funds (ETFs) continues to expand—from spot and futures in precious metals; to technology companies; to semiconductor companies; and even digital assets. These ETFs, covering different themes or combining different leverage characteristics, provide investors with efficient and highly transparent investment tool options.

Bloomberg Analyst: Bitcoin ETF Fund Flows Fully Turn Positive, with IBIT Ranking in the Top 1% of ETF Fund Flows

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF fund flows have fully turned positive, stating, “All of the rolling periods we track are positive,” marking the first time in months. Among them, BlackRock’s IBIT has accumulated inflows of about $3 billion and has entered the top 1% of ETF fund flow performance. However, Eric Balchunas noted that it still needs additional inflows of tens of billions of dollars to reach the new all-time high of $62.8 billion in cumulative fund flows, but at least it shows that sentiment for Bitcoin ETFs has clearly warmed and market demand is recovering.

Bloomberg Analyst: Bitcoin ETF Year-to-Date Fund Flows Have Surpassed $1 Billion

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF year-to-date fund inflows have surpassed $1 billion, successfully reversing the prior net outflow situation and achieving positive growth.

The next key indicator to watch is the cumulative historical net inflow (the most important and most challenging metric). This figure previously peaked at $62.8 billion; it is currently around $58 billion, leaving a gap of about $5 billion to set a new all-time high. In the development of an asset class, it is crucial to control the scale of fund outflows during market downturns in order to reduce the pressure for subsequent recovery; in this regard, spot Bitcoin ETFs have performed better than other popular asset categories.