Organized by: Jerry, ChainCatcher
Last week's cryptocurrency spot ETF performance
Net outflow of $995 million from U.S. Bitcoin spot ETFs
Last week, U.S. spot Bitcoin ETFs experienced three days of net outflows, totaling $995 million, with total assets under management reaching $104.29 billion.
Last week, six ETFs experienced net outflows, primarily driven by BlackRock's IBIT with a net outflow of $317 million.
Data source: Farside Investors
U.S. Ethereum spot ETFs experienced net outflows of $255 million
Last week, U.S. Ethereum spot ETFs experienced a five-day net outflow of $255 million,with total assets under management reaching $12.93 billion.
Last week, the primary outflow came from BlackRock's ETHA, with a net outflow of $186 million. Four spot Ethereum ETFs were in net outflow.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETFs experienced a net outflow of 24.91 BTC
Last week, Hong Kong’s spot Bitcoin ETFs saw a net outflow of 24.91 Bitcoin, with total assets under management reaching $323 million. The holdings of Harvest Bitcoin decreased to 210.92 Bitcoin, while China Asset Management’s holdings dropped to 2,570 Bitcoin.
Hong Kong Ethereum Spot ETF had no net inflows, with an asset value of $68.13 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of May 14, the total notional volume of U.S. Bitcoin spot ETF options was $797 million, with a total notional long-to-short ratio of 1.63.
As of May 14, the notional open interest of U.S. Bitcoin spot ETF options reached $23.08 billion, with a net long-to-short ratio of 1.45.
Short-term market activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is 41.82%.
Data source: SoSoValue
Last week's roundup of cryptocurrency ETF developments
VanEck and Grayscale submitted amendments to the BNB ETF on the same day.
According to The Block, VanEck filed its fifth amendment to the registration statement for its BNB ETF on Friday, May 15, while Grayscale also filed its second amendment to the prospectus for its Grayscale BNB ETF on the same day.
Bloomberg ETF analyst James Seyffart said the synchronized actions indicate that both issuers are responding to feedback from the U.S. SEC and may be planning a near-term launch. James Seyffart speculated that BNB could be the next crypto asset to pass SEC review and potentially list in the U.S.
Meanwhile, Canary Capital separately submitted an amendment to its proposed TRX staking ETF, which would bundle Tron’s staking rewards into a regulated framework.
Grayscale resubmits revised BNB ETF S-1, potentially paving the way for a U.S. spot ETF
Bloomberg ETF analyst James Seyffart stated on X that Grayscale has filed the second amended S-1 document for its BNB ETF with the U.S. Securities and Exchange Commission (SEC).
He indicated that this revised version was likely adjusted based on SEC feedback, suggesting that the product may be accelerating its path to launch.
The latest SEC filing shows that as of March 31, 2026, Avenir Group held 18,276,100 shares of BlackRock’s IBIT Bitcoin spot ETF, with a market value of approximately $702 million based on the quarter-end closing price, representing a mere 0.061% decline from the fourth quarter of 2025. Since the second quarter of 2024, Avenir Group has maintained its position as Asia’s largest institutional holder of Bitcoin ETFs for eight consecutive quarters.
Since 2026, Avenir Group has continued advancing the integration of TradFi and Crypto, including strategic investments in CoinRoutes, leading a $20 million seed round in Inference Research, and signing memoranda of understanding with Tiger Brokers, AMINA Bank, and CoinRoutes during Consensus Hong Kong 2026 to drive the development of next-generation institutional trading infrastructure.
According to MacroScope monitoring, Dartmouth College disclosed in its filed 13F form that, as of March 31, it held approximately 201,531 shares of BlackRock’s Bitcoin ETF “IBIT,” valued at $7.7 million, with no change in position from the previous quarter.
The institution also reported a new position: holding 304,803 shares of the Bitwise Solana Staking ETF, valued at $3.4 million.
21Shares announces the launch of the actively managed crypto ETF TKNS
According to official announcements, 21Shares has launched an actively managed crypto ETF with the ticker TKNS. Managed by a professional team, the fund aims to capture market opportunities and outperform passive index funds, with portfolio managers adjusting holdings based on market conditions to balance long-term goals with short-term opportunities. The fund operates like a standard stock ETF, with simplified tax reporting, and is currently tradable on select brokerage platforms.
The Bitwise Hyperliquid ETF will list on the New York Stock Exchange this Friday.
The Bitwise Hyperliquid ETF will begin trading on the New York Stock Exchange this Friday under the ticker BHYP. Previously, 21Shares’ Hyperliquid ETF (THYP) launched on Tuesday, recording approximately $1.8 million in trading volume on its first day. BHYP will be the first U.S. fund to offer Hyperliquid staking yields, with staking operations conducted through Bitwise’s subsidiary, Bitwise Onchain Solutions. 21Shares also stated that it plans to stake the majority of its HYPE holdings. Hyperliquid is currently the leading on-chain perpetuals exchange and is expanding into tokenized commodities and spot crypto trading. Its native token, HYPE, is used for platform fee payments and has consistently ranked among the top 15 crypto assets by trading volume.
According to Cointelegraph, 13F filings show that JPMorgan significantly increased its holdings of Bitcoin ETFs in the first quarter, raising its stake in BlackRock iShares Bitcoin Trust (IBIT) from approximately 3 million shares to 8.3 million shares, an increase of 174%.
In addition, JPMorgan significantly increased its positions in other Bitcoin spot ETFs such as Fidelity FBTC and Bitwise BITB, and slightly increased its holdings in Strategy (MSTR).
Regarding altcoin ETFs, JPMorgan has taken mixed actions: it made its first purchase of the Bitwise Solana Staking ETF (BSOL), increased its holdings in Ethereum-related ETFs, and fully exited its position in the XRP ETF.
In its latest 13F filing submitted to the U.S. SEC, quantitative giant Jane Street disclosed a significant reduction in its Bitcoin ETF exposure for the first quarter of 2026. Its holdings in IBIT decreased by approximately 71% quarter-over-quarter to 5,872,212 shares of IBIT, equivalent to about $225.6 million. Holdings in FBTC declined by approximately 60% to 1,954,174 shares, equivalent to about $115 million.
Additionally, its stake in MSTR decreased by approximately 78% month-over-month to 209,833 shares, equivalent to about $26.18 million.
Grayscale has submitted an application for a Zcash spot ETF, converting its existing Zcash trust into a spot product, becoming the first privacy coin ETF seeking listing in the United States. Meanwhile, Multicoin Capital disclosed that it has been steadily accumulating ZEC since February, with co-founder Tushar Jain linking the investment thesis to proposed U.S. wealth tax legislation, arguing that increased government surveillance of private financial holdings will drive structural demand for assets mathematically shielded from regulation.
However, this application has also raised institutional custody challenges: approximately 30% of Zcash’s supply is held in shielded address pools, the highest level in history, but ETF custody almost certainly requires the use of transparent address pools to meet audit and proof-of-reserves requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking any enforcement action, significantly reducing regulatory uncertainty.
Opinions and analysis on crypto ETFs
According to The Block, sovereign wealth funds, universities, and banks recently disclosed their Q1 2026 13F holdings reports. Among sovereign wealth funds, Mubadala, the Abu Dhabi sovereign wealth fund, increased its stake in the BlackRock iShares Bitcoin Trust ETF (ticker: IBIT), raising its holdings from 12,702,323 shares to 14,721,917 shares, adding over $90 million in position value, with a total holding value of nearly $660 million. Mubadala’s Abu Dhabi Investment Committee (ADIC) maintained its IBIT position unchanged, holding 8,218,712 shares of IBIT valued at $315.8 million.
Several university endowments reported that their holdings in cryptocurrency ETFs remained largely stable. Harvard University’s endowment reported holding 3,044,612 shares of IBIT, valued at approximately $117 million—down 43% from the 5.35 million IBIT shares held at the end of 2025, following a 21% reduction in the fourth quarter. IBIT is no longer its largest holding, having been surpassed by TSMC, Alphabet, Microsoft, and the SPDR Gold Trust. Harvard also fully exited its $86.8 million position in BlackRock’s spot Ethereum ETF, which it had established in the previous quarter.
Dartmouth College reported holding 201,531 shares of IBIT, valued at just over $9 million, unchanged from the previous quarter. The college shifted its Ethereum ETF position from the Grayscale Ethereum Mini Trust to Grayscale’s Ethereum Staking ETF, maintaining its holding of 178,148 shares. Dartmouth also disclosed a new position in the Bitwise Solana Staking ETF, holding 304,803 shares, currently valued at nearly $3.67 million. This marks the first time an institutional endowment has indicated interest in expanding its investment scope beyond Bitcoin or Ethereum.
Meanwhile, Brown University maintained its holding of 212,500 shares of IBIT, while Emory University reduced its Bitcoin funds from two to one. The university sold all 4,450 shares of IBIT it held and increased its stake in the Grayscale Bitcoin Mini Trust from just over 1 million shares to 1,354,148 shares.
Traditional financial institutions are also actively rebalancing positions and hedging. Royal Bank of Canada (RBC) increased its direct holdings of IBIT and enhanced the use of put and call options for hedging. Bank of Nova Scotia increased its holdings by 214,370 shares of IBIT after divesting its previous positions in U.S. bitcoin stocks linked to Trump. Barclays also disclosed its IBIT position, including approximately 4.46 million shares of spot stock and significant put and call option positions related to the ETF. Hong Kong-based Laurore reduced its IBIT holdings from 8,786,279 shares to 6,846,279 shares.
Bloomberg ETF analyst: Bitcoin spot ETF IBIT significantly outperforms gold ETF GLD
Bloomberg senior ETF analyst Eric Balchunas posted on X that since March this year, the spot Bitcoin ETF $IBIT has significantly outperformed the gold ETF $GLD, leading by 33 percentage points.
On the funding side, $IBIT saw a net inflow of $4.2 billion, while $GLD experienced a net outflow of $9 billion, creating a combined funding flow gap of $13 billion.
Bloomberg senior ETF analyst Eric Balchunas posted on X that the prediction market ETF has not launched as originally planned, possibly due to the U.S. Securities and Exchange Commission (SEC) deciding to conduct further review of the product. The delay appears to be “not a fatal issue,” but rather reflects regulators’ desire to perform additional scrutiny on the disclosure documents.
He noted that such products are groundbreaking, and if approved for listing, they would establish an important regulatory precedent for prediction market ETFs; therefore, it is understandable that the SEC wishes to spend more time reviewing them, and the market is still awaiting further developments.