Compiled by: Jerry, ChainCatcher
Last Week's Cryptocurrency Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $823 Million
Last week, the U.S. Bitcoin spot ETF had a five-day net inflow, with a total net inflow of $823 million, and total assets under management reached $10.264 billion.
Last week, seven ETFs were in a net inflow state, with the primary inflow coming from BlackRock's IBIT, which had a net inflow of $731 million.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $155 Million
Last week, the U.S. Ethereum spot ETF had a four-day net inflow, with a total net inflow of $155 million, and total assets under management reached $1.379 billion.
The inflow mainly came from BlackRock's ETHA, with a net inflow of $138 million. Four Ethereum spot ETFs were in a net inflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF No Fund Inflow
Last week, there was no fund inflow for the Hong Kong Bitcoin spot ETF, with total assets under management reaching $31.1 million. The issuer, Jiashi Bitcoin, reduced its holdings to 211.17 coins, while Huaxia maintained 2570 coins.
The Hong Kong Ethereum spot ETF had a net inflow of 211.49 Ethereum, with total assets under management at $6.975 million.
Data Source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of April 24, the nominal total trading volume of U.S. Bitcoin spot ETF options was $745 million, with a nominal long-short ratio of 3.55.
As of April 23, the nominal total open interest of U.S. Bitcoin spot ETF options reached $24.14 billion, with a nominal long-short ratio of 1.54.
The market's short-term trading activity for Bitcoin spot ETF options has declined, with overall sentiment leaning bullish.
Additionally, implied volatility stands at 43.71%.
Data Source: SoSoValue
Overview of Last Week's Cryptocurrency ETF Developments
GSR Enters Cryptocurrency ETF Space, Launches First Multi-Asset Cryptocurrency ETF
According to The Block, cryptocurrency market maker GSR has launched its first multi-asset cryptocurrency ETF — GSR Crypto Core3 ETF, ticker BESO, listed on Nasdaq, investing in BTC, ETH, and SOL, and will account for staking income where applicable.
The fund employs an actively managed strategy, planning to adjust its portfolio weekly, with a management fee of 1%. It is reported that this product is also the first actively managed multi-asset cryptocurrency ETF in the U.S. with staking functionality. This launch is GSR's latest move to expand its cryptocurrency ETF and asset management business.
Grayscale Updates Hyperliquid ETF Application, Replaces Coinbase with Anchorage as Custodian
According to market sources, Grayscale has submitted a revised Hyperliquid ETF application to the U.S. Securities and Exchange Commission (SEC), replacing the previous custodian Coinbase with Anchorage Digital Bank.
Anchorage is the first federally chartered cryptocurrency bank in the U.S. and has recently rapidly expanded its services in stablecoins, wealth management, and token lifecycle management, becoming the first institution to support Tron in the U.S. If approved, this ETF will trade on Nasdaq under the ticker "GHYP," with staking functionality pending regulatory approval.
Views and Analysis on Cryptocurrency ETFs
According to The Block, Ciarán Fitzpatrick, Global Head of ETF Products at JPMorgan Securities Services, stated, “We believe that tokenization will undoubtedly drive changes in the market, not only for ETFs but for the entire fund industry.”
Ciarán Fitzpatrick pointed out that given the multiple benefits tokenization may bring, such as easier subscription-redemption, “near-instant settlement,” and continuous access, experiments in ETF tokenization are still ongoing. He added, “I believe tokenization will become a part of the ETF ecosystem, but it will be several years before we see some good use cases come to fruition.”
Hong Kong Financial Secretary Chan Mo-po published a blog post titled “Gathering Greater Energy Through Innovation and Collaboration,” indicating that global investors are accelerating the diversification of asset allocation and reducing reliance on single markets and assets. As the hot themes in the investment market develop, the types of underlying assets linked to exchange-traded funds (ETFs) continue to increase, ranging from precious metals, spot and futures; technology companies; semiconductor firms; to digital assets, these diverse themed ETFs or those incorporating different leverage characteristics provide investors with efficient and high-transparency investment options.
Bloomberg Analyst: Bitcoin ETF Fund Flows Fully Turn Positive, IBIT Enters Top 1% of ETF Fund Flows
Bloomberg senior ETF analyst Eric Balchunas posted on platform X, stating that Bitcoin ETF fund flows have fully turned positive, remarking “All rolling cycles we track are positive,” which is the first time in months, with BlackRock's IBIT accumulating approximately $3 billion in inflows, placing it in the top 1% of all ETF fund flow performances. However, Eric Balchunas pointed out that there is still a need for several billion dollars of inflows to return to the historical cumulative fund flow high ($62.8 billion), but it at least shows that market sentiment around Bitcoin ETF funds has significantly warmed, and market demand is recovering.
Bloomberg Analyst: Bitcoin ETF Inflows Have Exceeded $1 Billion This Year
Bloomberg senior ETF analyst Eric Balchunas posted on platform X, stating that Bitcoin ETF inflows have exceeded $1 billion this year, successfully reversing the previous net outflow situation and achieving positive growth.
The next key observation metric is the cumulative historical net inflow scale (the most important and challenging metric), which previously peaked at $62.8 billion, currently approaching $58 billion, with about a $5 billion gap remaining to create a new historical high. In the development of asset classes, the key is to control the scale of outflows during market downturns to reduce subsequent repair pressure; in this regard, the performance of spot Bitcoin ETFs is superior to other popular asset classes.
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