Organized by: Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
Net inflows into U.S. Bitcoin spot ETFs amounted to $816 million.
Last week, U.S. spot Bitcoin ETFs saw three days of net inflows, totaling $816 million, with total assets under management reaching $94.92 billion.
Last week, 8 ETFs experienced net inflows, with the majority coming from BlackRock's IBIT, which saw net inflows of $612 million.
Data source: Farside Investors
Net inflow of $187 million into U.S. Ethereum spot ETF
Last week, U.S. Ethereum spot ETFs saw three days of net inflows, totaling $187 million.The total net asset value reached $12.96 billion.
Last week, the main inflows came from BlackRock's ETHA, with a net inflow of $168 million. Four Ethereum spot ETFs were in net inflow.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF recorded a net inflow of 4.68 BTC
Last week, Hong Kong's spot Bitcoin ETFs saw a net inflow of 4.68 Bitcoin, with a total net asset value of $284 million. Among them, the holdings of Harvest Bitcoin decreased to 211.35 Bitcoin, while China Asset Management remained at 2,570 Bitcoin.
Hong Kong Ethereum Spot ETF had no net inflows, with an asset value of $66.49 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of April 10, the total notional volume of U.S. Bitcoin spot ETF options was $1.15 billion, with a total notional long-to-short ratio of 2.27.
As of April 9, the notional open interest of U.S. spot Bitcoin ETF options reached $22.63 billion, with a net long-to-short ratio of 1.52.
Short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is 44.74%.
Data source: SoSoValue
Last week's highlights on crypto ETFs
Bitwise updated the Hyperliquid ETF application, with the ticker symbol set as BHYP.
Bloomberg ETF analyst Eric Balchunas tweeted that Bitwise has updated its Hyperliquid ETF filing again, with the ticker symbol set as BHYP and an expense ratio of 67 basis points (0.67%). He noted that this typically signals an imminent official launch.
Canary Capital files the S-1 registration statement for the PEPE ETF
According to SEC filings, Canary Capital has filed an S-1 registration statement for the Canary PEPE ETF, with plans to initiate the offering after the registration becomes effective.
Previously, the institution applied for a large number of altcoin ETFs, leading to external skepticism that it was merely for hype.
Nasdaq has submitted a rule change to extend the timeline for transitioning BlackRock iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) from specific listing requirements to general listing standards from the originally planned first quarter of 2026 to the third quarter of 2026, providing the sponsor, BlackRock, with additional time to complete the transition.
This change was submitted on March 31, 2026, and took effect immediately.
BlackRock's Ethereum staking ETF charges an 18% commission on staking rewards.
According to Fortune, BlackRock’s iShares Staked Ethereum Trust (ticker: ETHB) launched today with a management fee of 0.25% (temporarily discounted to 0.12%), and an 18% commission on the total staking rewards from approximately $318 million in staked ETH within the trust, with the commission split between BlackRock and Coinbase.
At the current ETH staking yield of approximately 2.74%, an 18% commission equates to roughly 49 basis points in total return. Falconedge CEO Roy Kashi believes this 18% covers costs such as custody, slashing risk, validator fees, and brand premium, and estimates the operational cost floor for a staking ETF to be around 5%. Richard Shorten, founder of GlobalStake, notes that there are significant hidden fees before yields reach the ETF.
Cosmos co-founder Ethan Buchman said that 18% is not unreasonable for institutional products, but expects it to compress to 15% or even 10% in the future. Harriet Browning, Vice President of Sales at Twinstake, cautioned that excessive fee competition could lead some providers to compromise on security and transparency. Currently, this commission remains below the maximum 25% fee paid by retail users who stake ETH directly on major crypto platforms. Financial advisor Tyrone Ross questioned whether it is worth ceding 18% of staking rewards to BlackRock and Coinbase.
Opinions and analysis on crypto ETFs
Bloomberg senior ETF analyst Eric Balchunas said on X that, as the market focuses on the listing of Morgan Stanley’s Bitcoin ETF MSBT, the Bitcoin After Dark ETF (NGHT), a “nighttime strategy” ETF, was also launched on Wednesday. The product saw modest trading volume on its first day, but volume surged significantly on the second day—its future performance remains to be seen.
Historical research shows that "nighttime returns" often outperform daytime returns, but for long-term ETF investors, holding products similar to MSBT already captures both nighttime and daytime returns, making the difference relatively minor. However, if NGHT experiences strong future inflows, it may gain market recognition; otherwise, it could quickly become marginalized. Meanwhile, the Morgan Stanley Bitcoin ETF is expected to achieve significant success due to its distribution channel advantages.
According to Cointelegraph, the head of digital assets at Morgan Stanley said that the bank’s newly launched Bitcoin ETF achieved the best first-day trading performance of any ETF product offered by the bank, with additional crypto products in development.
Bloomberg ETF Senior Analyst Eric Balchunas posted on X that U.S. Baby Boomer investors have quietly poured approximately $500 million into spot Bitcoin ETFs amid market pressure and frequent macro headwinds, partially offsetting the funding gap since the beginning of the year.
However, data shows that year-to-date, net inflows into Bitcoin ETFs remain slightly negative, indicating that the overall market is still in a wait-and-see mode; the recent wave of capital inflows suggests growing long-term allocation interest from some traditional capital in Bitcoin ETFs.