Organized by: Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
Net inflow of $631 million into U.S. Bitcoin spot ETFs
Last week, U.S. spot Bitcoin ETFs saw three days of net inflows, totaling $631 million, with total assets under management reaching $106.61 billion.
Last week, five ETFs experienced net inflows, with the majority coming from BlackRock's IBIT, which saw net inflows of $596 million.
Data source: Farside Investors
U.S. Ethereum spot ETF sees net inflows of $70.3 million
Last week, U.S. Ethereum spot ETFs saw four consecutive days of net inflows, totaling $70.3 million.The total net asset value reached $13.73 billion.
Last week, the primary inflow came from BlackRock's ETHA, with a net inflow of $100 million. Three Ethereum spot ETFs were in net inflow.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF recorded a net inflow of 15.57 BTC
Last week, Hong Kong’s spot Bitcoin ETFs saw a net inflow of 15.57 Bitcoin, with total assets under management reaching $320 million. Among them, Harvest Bitcoin’s holdings decreased to 211.01 Bitcoin, while China Asset Management’s increased to 2,590 Bitcoin.
Hong Kong Ethereum Spot ETF had no net inflows, with an asset value of $68.49 million.
Data source: SoSoValue
Performance of Crypto Spot ETF Options
As of May 8, the total notional volume of U.S. Bitcoin spot ETF options was $976 million, with a total notional long-to-short ratio of 2.90.
As of May 7, the notional open interest of U.S. Bitcoin spot ETF options reached $27.89 billion, with a net long-to-short ratio of 1.51.
Short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is 41.81%.
Data source: SoSoValue
Last week's highlights on crypto ETFs
Market analysis reports show that Coinbase and Kraken together account for 22% of all AI usage across cryptocurrency categories, with Coinbase at 13% and Kraken at 9%, leading other U.S. exchanges by more than three times.
Gemini ranks third at 5.5%, Robinhood Crypto ranks fourth at 5%, and BlackRock’s spot Bitcoin ETF, IBIT, ranks fifth at 4.5% and dominates queries related to “Bitcoin ETFs.” Analysis shows that hardware wallets are losing influence in AI responses; while Ledger and Trezor still dominate questions about “best crypto wallets,” AI is increasingly recommending regulated exchange custody solutions for questions about “best ways to store crypto assets.”
The report finds that the "self-custody narrative" that emerged after the FTX event is no longer the dominant framework cited by AI. Additionally, AI is rapidly shaping the retail crypto finance brand landscape in the U.S.: “Platforms prioritized by AI when users ask ChatGPT where to buy Bitcoin will have the opportunity to define the industry’s landscape over the next decade.”
According to Reuters, the U.S. Securities and Exchange Commission (SEC) has delayed its review of the first batch of prediction market ETFs, causing the launch of over 24 planned products to be postponed. Sources familiar with the matter said the SEC is requesting issuers to provide further clarification on product mechanics and disclosure details, and this delay is expected to be temporary.
Issuers such as Roundhill Investments, Bitwise Asset Management, and GraniteShares submitted applications in February this year to launch ETF products linked to real-world events such as election outcomes, economic recessions, tech layoffs, and oil prices.
Under SEC rules, ETF applications typically become effective 75 days after submission unless the regulator intervenes. Roundhill has currently set May 5 as the effective date, and Bitwise and GraniteShares products are expected to launch simultaneously. The market is closely watching whether the SEC will ultimately approve these products, which would create a new asset class of “event contracts.”
Bitwise Chief Investment Officer Matt Hougan said, "This is a rapidly maturing field, and regulation is maturing alongside it," noting that innovative products like Bitcoin ETFs also went through lengthy review processes before ultimately being launched.
Opinions and analysis on crypto ETFs
Nate Geraci, President of The ETF Store, stated on X that U.S. SEC Commissioner Hester Peirce mentioned in her speech an effort to balance regulation and innovation. Nate Geraci emphasized that this appears to refer to prediction market ETFs, which could be launched soon.
Bitcoin fell below the $80,000 mark for the week, as five consecutive days of net inflows into spot ETFs came to an end, and the market's rebound momentum from February lows showed signs of cooling. The U.S. April non-farm payrolls report added 115,000 jobs, exceeding the expected 62,000, while the unemployment rate held steady at 4.3%. Although the data overall was stronger than anticipated, it did not significantly alleviate market concerns about macroeconomic uncertainty; instead, it reinforced expectations that energy-driven inflation is limiting room for rate cuts.
In terms of fund flows, spot Bitcoin ETFs turned net outflows of $277 million on Thursday, ending a consecutive inflow streak totaling $1.69 billion; Ethereum ETFs also recorded net outflows of $104 million on the same day, indicating a short-term cooling in institutional risk appetite. On the geopolitical front, tensions between Iran and the U.S. have escalated again, prompting markets to reprice risks associated with the Strait of Hormuz, leading to a rebound in oil prices, which partially offset the previous support for risk assets from falling oil prices.
The derivatives market shows longer-term hawkish expectations, with interest rate futures pricing in a greater than 50% probability of rate hikes beyond 2027, suggesting that the easing cycle may be delayed until 2028. On-chain data indicates that this round of Bitcoin price appreciation has been primarily driven by institutional spot buying and short covering, while retail participation remains low; funding rates have stayed at moderate levels, reflecting weak market momentum. Analysis suggests that if retail capital does not return, BTC could still face a retest of the $75,000–$78,000 support range.
Nic Puckrin, co-founder and CEO of Coin Bureau, posted on X that Bitcoin has broken above $80,000, reaching its highest level in nearly three months, and has reentered several key technical and on-chain indicator zones, including the middle of the CME gap ($79K–$84K), the bull support band, and above both the short-term holder realized price and the true market average.
Nic Puckrin analyzes that if Bitcoin’s price can stabilize within the current range, the next levels of interest include the approximately $83,000 ETF average cost range and the upper edge of the approximately $84,500 CME gap. Overall, Bitcoin’s short-term price action has entered a critical validation phase, and the market may be entering a more volatile trading window.