Organized by Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
Net inflows into U.S. Bitcoin spot ETFs amounted to $823 million.
Last week, U.S. spot Bitcoin ETFs saw five days of net inflows, totaling $823 million, bringing total assets under management to $102.64 billion.
Last week, seven ETFs experienced net inflows, with the majority coming from BlackRock's IBIT, which saw net inflows of $731 million.
Data source: Farside Investors
Net inflow of $155 million into the U.S. Ethereum spot ETF
Last week, U.S. Ethereum spot ETFs recorded four consecutive days of net inflows, totaling $155 million.The total assets under management reached $13.79 billion.
Last week, the main inflows came from BlackRock's ETHA, with net inflows of $138 million. Four spot Ethereum ETFs were in net inflow.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF sees no capital inflow
Last week, Hong Kong's spot Bitcoin ETFs saw no net inflows, with a total net asset value of $311 million. Among them, the holdings of Harvest Bitcoin decreased to 211.17 BTC, while China Asset Management remained at 2,570 BTC.
Hong Kong Ethereum spot ETF had a net inflow of 211.49 ETH, with a net asset value of $69.75 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of April 24, the total notional volume of U.S. Bitcoin spot ETF options was $745 million, with a total notional long-to-short ratio of 3.55.
As of April 23, the notional open interest of U.S. Bitcoin spot ETF options reached $24.14 billion, with a net long-to-short ratio of 1.54.
Short-term trading activity for Bitcoin spot ETF options has declined, with overall sentiment remaining bullish.
Additionally, the implied volatility is 43.71%.
Data source: SoSoValue
Last week's highlights on crypto ETFs
GSR enters the crypto ETF space with its first multi-asset crypto ETF
According to The Block, cryptocurrency market maker GSR has launched its first multi-asset crypto ETF, the GSR Crypto Core3 ETF, ticker BESO, listed on Nasdaq, with underlying assets including BTC, ETH, and SOL, and will include staking rewards where applicable.
The fund employs an active management strategy, with weekly rebalancing and a management fee of 1%. The report states that this product is also the first actively managed multi-asset crypto ETF in the U.S. to offer staking functionality. This launch represents GSR’s latest initiative to expand its crypto ETF and asset management business.
According to market reports, Grayscale has submitted an amended application for the Hyperliquid ETF to the U.S. Securities and Exchange Commission (SEC), replacing Coinbase with Anchorage Digital Bank as the fund's custodian.
Anchorage, the first federally chartered crypto bank in the United States, has recently expanded rapidly into stablecoins, wealth management, and token lifecycle management, and has become the first institution in the U.S. to support Tron. If approved, this ETF will trade on Nasdaq under the ticker "GHYP," with staking functionality still pending regulatory approval.
Opinions and analysis on crypto ETFs
According to The Block, Ciarán Fitzpatrick, Global Head of ETF Products at J.P. Morgan Securities Services, said: "We believe tokenization will undoubtedly drive changes in the market, not only for ETFs but for the entire fund industry."
Ciarán Fitzpatrick noted that experiments with tokenizing ETFs are ongoing, given the potential benefits of tokenization, such as easier subscription and redemption, “near-instant settlement,” and continuous access. He added, “I believe tokenization will become part of the ETF ecosystem, but it will still be several years before we see some solid real-world use cases.”
Hong Kong's Financial Secretary, Paul Chan, in his essay "Harnessing Innovation and Collaboration to Generate Greater Momentum," noted that global investors are accelerating the diversification of their asset allocations, reducing reliance on single markets or single assets. As investment market themes evolve, the range of assets linked to exchange-traded funds (ETFs) continues to expand—from physical and futures commodities such as precious metals, to technology companies, semiconductor firms, and even digital assets. These ETFs, tied to diverse themes or incorporating various leverage characteristics, provide investors with efficient and highly transparent investment options.
Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETF fund flows have turned positive across the board, stating, “All rolling periods we track are now positive,” the first time in several months. BlackRock’s IBIT has seen cumulative inflows of approximately $3 billion, placing it in the top 1% of all ETF fund flows. However, Eric Balchunas noted that billions more in inflows are still needed to surpass the historical cumulative high of $62.8 billion, but the data clearly signals a significant rebound in Bitcoin ETF investor sentiment and a recovery in market demand.
Bloomberg analyst: Bitcoin ETF inflows have surpassed $1 billion this year.
Bloomberg senior ETF analyst Eric Balchunas posted on X that Bitcoin ETFs have seen over $1 billion in net inflows this year, successfully reversing the previous net outflow trend and achieving positive growth.
The next key metric to watch is the cumulative historical net inflow size (the most important and challenging metric), which previously peaked at $62.8 billion and is currently around $58 billion, leaving a gap of approximately $5 billion to surpass its all-time high. During the development of this asset class, the key lies in controlling outflows during market downturns to reduce the subsequent recovery pressure; in this regard, spot Bitcoin ETFs have outperformed other popular asset classes.