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 saw net inflows last week, with inflows mainly driven by BlackRock IBIT, for 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.

Last week, inflows mainly came from BlackRock ETHA, with a net inflow of $138 million. 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 assets totaling $311 million. Among them, the issuer, Harvest Bitcoin, reduced its holdings to 211.17 units, while Huaxia Maintains held 2,570 units.

The Hong Kong Ethereum spot ETF had a net inflow of 211.49 ETH, with assets totaling $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 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 declined, and overall sentiment leaned bullish.

In addition, implied volatility was 43.71%.

Data source: SoSoValue

An overview 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 it will include staking yields where applicable.

The fund uses an active management strategy and plans weekly rebalancing, with a management fee of 1%. It is reported that this product is also the first actively managed multi-asset crypto ETF in the U.S. with an accessible staking feature. This launch is the latest move by GSR to expand its crypto ETF and asset management business.

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

According to market news, Grayscale has submitted an amended 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 crypto bank in the U.S. to receive a federal charter. It has recently rapidly expanded into businesses such as 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,” 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 before good use cases emerge

According to The Block, Ciarán Fitzpatrick, global head of ETF product at JPMorgan Securities Services, said: “We believe tokenization will definitely drive changes in the market—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, “nearly instant settlement,” and uninterrupted access—the experiment with ETF tokenization is still ongoing. He added: “I believe tokenization will become part of the ETF ecosystem, but it will take several years before we truly see some good practical use cases.”

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

Hong Kong Financial Secretary Paul Chan published a commissioner’s essay titled “Gathering Greater Power through Innovation and Cooperation.” In it, he pointed out that global investors are accelerating the diversification of asset allocation, reducing reliance on a single market and a single asset. As investment market hotspots and themes develop, the types of underlying assets linked to exchange-traded funds (ETFs) are continuing to increase—from spot and futures of precious metals; to technology companies; to semiconductor firms; and even to digital assets. These different-theme ETFs, or those combining different leverage characteristics, provide investors with efficient and highly transparent investment tool options.

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

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF fund flows have turned fully positive, saying “every rolling period we track is positive,” marking the first time this has happened in several months. BlackRock’s IBIT has recorded cumulative inflows of about $3 billion and has entered the top 1% of ETF fund flow performance. However, Eric Balchunas pointed out that it still requires additional tens of billions of dollars of inflows to return to the previous all-time high of $62.8 billion in cumulative net fund flows, but at least it shows that sentiment for Bitcoin ETFs has clearly improved and market demand is recovering.

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

Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF inflows this year have already surpassed $1 billion, successfully reversing the earlier situation of net outflows and achieving positive growth.

The next key indicator to watch is the cumulative historical net inflow scale (the most important and most challenging metric). The previous peak was $62.8 billion; it is currently around $58 billion, leaving a gap of about $5 billion to set a new all-time high again. In the development of an asset class, what matters is to control the scale of fund outflows during periods of market downturn, thereby reducing the pressure for subsequent recovery. In this regard, spot Bitcoin ETFs have performed better than other popular asset classes.