Organized by: Jerry, ChainCatcher
Last Week's Performance of Cryptocurrency Spot ETFs
U.S. Bitcoin Spot ETFs See Net Inflows of $459 Million
Last week, the U.S. Bitcoin spot ETF saw net inflows over two days, with a total net inflow of $459 million.US dollars,The total net asset value reached 11.695 billion U.S. dollars.
Last week, six ETFs were in a net inflow state, with the main inflows coming from IBIT, FBTC, and BITB, which saw inflows of $324 million, $106 million, and $41.6 million, respectively.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflows of $160 Million
Last week, the U.S. Ethereum spot ETF had a net inflow of $160 million over three days.U.S. dollars, with total net assets of 1.905 billion U.S. dollars.
Last week's inflows were mainly from Grayscale ETHE, with a net inflow of $103 million. Five Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 14.09 Bitcoins
Last week, Hong Kong's Bitcoin spot ETF experienced a net outflow of 14.09 Bitcoin, with a total net asset value of $337 million. Among them, the holdings of the issuer, CSOP Bitcoin, dropped to 291.09 Bitcoin, while China AMC's holdings fell to 2,390 Bitcoin.
Hong Kong's Ethereum spot ETF experienced a net outflow of 273.34 Ethereum, with an asset net value of $96.15 million.
Data Source: SoSoValue
Performance of Encrypted Spot ETF Options
As of January 2nd, the total notional trading volume of U.S. Bitcoin spot ETF options was $1.36 billion, with a total notional long-short ratio of 2.45.
As of December 31, the total notional open interest for U.S. Bitcoin spot ETF options reached $27.23 billion, with a notional long-to-short ratio of 1.71.
Trading activity for Bitcoin spot ETF options has increased in the short term, with the overall sentiment leaning bullish.
In addition, the implied volatility is 44.21%.
Data Source: SoSoValue
A roundup of developments in crypto ETFs last week
On December 30, Bitwise submitted applications for 11 cryptocurrency ETFs to the U.S. Securities and Exchange Commission (SEC), including the Bitwise AAVE Strategy ETF, Bitwise UNI Strategy ETF, Bitwise ZEC Strategy ETF, Bitwise CC Strategy ETF, Bitwise ENA Strategy ETF, Bitwise Hyperliquid Strategy ETF, Bitwise NEAR Strategy ETF, Bitwise STRK Strategy ETF, Bitwise SUI Strategy ETF, Bitwise TAO Strategy ETF, and Bitwise TRX Strategy ETF.
The trading codes and fees have not yet been disclosed. The investment strategies of these ETFs involve directly investing 60% of their assets in the underlying cryptocurrencies and allocating 40% to ETPs that invest in those cryptocurrencies. They may also use derivatives to gain investment exposure.
Defiance Launches ETF BTFL Tracking Bitcoin Mining Company Bitfarms
ETF issuer Defiance has announced the launch of the Defiance Daily Target 2X Long BITF ETF (BTFL), which tracks the performance of Bitcoin miner Bitfarms. This ETF is primarily targeted at traders seeking amplified short-term bullish returns on Bitfarms, aiming to deliver 200% of the daily price movement of Bitfarms' stock as a return.
Grayscale Submits Application for BitTensor Spot ETF
Grayscale has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC), proposing to launch a spot ETF product tracking BitTensor (TAO), further expanding its line of cryptocurrency ETF products.
Views and Analysis on Encrypted ETFs
According to Cointelegraph, the price of Bitcoin has risen above $90,000, reaching a three-week high. Data shows that despite the price rebound, demand for Bitcoin leveraged long positions remains stable, with the Bitcoin futures basis rate below the neutral threshold, currently offering an annualized premium of 4%.
In addition, funding flows into derivatives and spot ETFs indicate that traders remain cautious, suggesting limited confidence in further price increases. Since December 15, Bitcoin spot ETFs have recorded net outflows of over $900 million, while Bitcoin put options traded at a premium on Saturday, indicating increased demand for downside risk protection among professional traders.
Bloomberg Analyst: ETF AUM Reaches $1.48 Trillion by 2025, IBIT Ranks Sixth
Eric Balchunas, a senior ETF analyst at Bloomberg, posted 2025 exchange-traded fund (ETF) performance data on the X platform, showing that ETF assets under management reached a record $1.48 trillion last year (with an average of nearly $6 billion per day), representing a 28% increase from the previous year.
Among them, BlackRock's Bitcoin exchange-traded fund (iShares Bitcoin Trust, IBIT) has an asset under management (AUM) of approximately $24.844 billion, ranking sixth. However, due to Bitcoin's poor overall performance last year, BlackRock's IBIT was the only ETF among the top 15 ETFs with a negative annual return, posting a yearly return of -6.41%.
The Galaxy Digital research team released a 2026 forecast indicating that it is still possible for Bitcoin to reach a new all-time high in 2026. The options market currently prices a 50-50 chance for Bitcoin to be valued at either $70,000 or $130,000 by the end of June 2026, and a 50-50 chance for it to be valued at either $50,000 or $250,000 by the end of 2026. These broad ranges reflect the uncertainty in the short term. Downside risks remain in the near term until BTC firmly reclaims a price above $100,000 to $105,000. However, it is projected that BTC will reach $250,000 by the end of 2027.
Other predictions include: No Solana inflation reduction proposals will be passed by 2026, and the current proposal SIMD-0411 will be withdrawn without a vote; the ratio of application revenue to network revenue will double; the SEC will face lawsuits from traditional market participants or industry organizations over innovation exemptions; a major bank/broker will accept tokenized stocks as collateral; DEXs will account for more than 25% of total spot trading volume; Polymarket's weekly trading volume will consistently exceed $1.5 billion; the U.S. will launch over 50 spot altcoin ETFs and an additional 50 crypto ETFs (excluding spot single-coin products); net inflows into U.S. spot crypto ETFs will exceed $50 billion; and more than 15 crypto companies will conduct IPOs or uplistings in the U.S.
Analyst Murphy posted on the X platform, stating: "ETFs and DAT companies have absorbed a total of 12.05 million ETH in selling pressure during this market cycle. Without their presence, ETH's price performance would have been even worse. 'Ancient' ETH coins with a holding period of over five years and a cost basis below $400 still show high 'activity,' especially when the price approaches or exceeds $4,000. Currently, there are still 20 million such ETH coins, accounting for 17% of the total circulating supply. Similarly, BTC coins with a cost basis below $1,000 amount to 3.79 million, representing 18.9% of the total supply. However, unlike ETH, 1 million of these BTC coins belong to Satoshi Nakamoto, and the rest are largely lost. Combined with a stronger community consensus, the 'activity' of these ancient BTC coins is significantly lower than that of ETH."
"In my opinion, based on the current ETF + DAT configuration, if we can introduce some new narratives and innovations to consume another half of the remaining 20 million ancient tokens, the price of ETH could potentially experience a qualitative leap."
Matrixport stated in a post that Bitcoin spot ETFs have experienced continuous outflows for nine consecutive weeks, with cumulative net outflows approaching $6 billion. Market liquidity and sentiment continue to face pressure. After net outflows of $3.5 billion in November, about $1.1 billion has flowed out so far in December. If the net outflow continues by month-end, it will mark the most significant withdrawal of funds since the ETFs were listed in January 2024.
Analyst Markus Thielen pointed out that market attention has shifted to January of next year, when it will become clear whether this pressure is a short-term disturbance caused by year-end portfolio adjustments or a sign of a sustained shift in investors' allocation preferences.