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

Compilation: Jerry, ChainCatcher

Cryptocurrency Spot ETF Performance Last Week

Net inflow of U.S. Bitcoin Spot ETF $823 million

Last week, the U.S. Bitcoin Spot ETF had a five-day net inflow totaling $823 million, with total net assets reaching $102.64 billion.

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

Data source: Farside Investors

Net inflow of U.S. Ethereum Spot ETF $155 million

Last week, the U.S. Ethereum Spot ETF had a four-day net inflow totaling $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. Four Ethereum spot ETFs were in a net inflow state.

Data source: Farside Investors

Hong Kong Bitcoin Spot ETF No Fund Inflows

Last week, the Hong Kong Bitcoin Spot ETF saw no fund inflows, with assets totaling $311 million. The issuer, Jiashi Bitcoin, holdings decreased to 211.17 coins, while Huaxia maintained 2,570 coins.

Hong Kong Ethereum Spot ETF had a net inflow of 211.49 ETH, with assets valued at $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, with a 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 Cryptocurrency ETF Dynamics Last Week

GSR Enters the Crypto ETF Space, Launches 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, with holdings including BTC, ETH, and SOL, and will include staking yields where applicable.

The fund adopts an active management strategy, rebalancing weekly, with a management fee of 1%. The product is also 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, Replaces 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 rapidly into stablecoins, wealth management, and token lifecycle management, and has become 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 Use Cases Will Take Years to Materialize

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.”

Fitzpatrick pointed out that, given the potential benefits of tokenization—such as easier subscription and redemption, “near-instant settlement,” and continuous access—the experimentation 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 emerge.”

Paul Chan: Thematic ETFs in 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 market hot topics develop, the types of assets linked to ETFs are continuously increasing—from physical and futures gold, tech companies, semiconductor firms, to digital assets. These ETFs, which combine different themes or leverage features, provide investors with efficient and highly transparent investment tools.

Bloomberg Analyst: Bitcoin ETF Fund Flows Turn Positive, IBIT Ranks in the Top 1% for ETF Fund Flows

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF fund flows have fully turned positive, stating “All our tracked rolling periods are positive,” marking the first time in months. Among them, BlackRock’s IBIT has accumulated about $3 billion in inflows and ranks in the top 1% for ETF fund 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 fund flows, but at least it indicates a clear market sentiment recovery and demand resurgence for Bitcoin ETFs.

Bloomberg Analyst: Bitcoin ETF Capital Inflows Surpass $1 Billion Year-to-Date

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

The next key indicator to watch is the cumulative historical net inflow (the most important and challenging metric), which previously peaked at $62.8 billion. Currently, it’s about $58 billion, still about $5 billion short of a new all-time high. In asset class 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.