Compiled by: Jerry, ChainCatcher
Last Week's Cryptocurrency Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $816 Million
Last week, the U.S. Bitcoin Spot ETF saw a three-day net inflow of $816 million, with total assets under management reaching $94.92 billion.
Last week, 8 ETFs experienced net inflows, primarily driven by BlackRock's IBIT, which accounted for a net inflow of $612 million.
Data source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $187 Million
Last week, the U.S. Ethereum Spot ETF recorded a three-day net inflow of $187 million, with total assets under management reaching $12.96 billion.
Most of the inflow last week came from BlackRock's ETHA, which had a net inflow of $168 million. Four Ethereum Spot ETFs experienced net inflows.
Data source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 4.68 Bitcoin
Last week, the Hong Kong Bitcoin Spot ETF had a net inflow of 4.68 Bitcoin, with total assets under management reaching $284 million. The issuer, China Asset Management, reduced its holdings to 211.35 Bitcoin, while Huaxia remained at 2570 Bitcoin.
The Hong Kong Ethereum Spot ETF saw no inflow, with total assets valued at $6.649 million.
Data source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of April 10, the nominal total trading volume of U.S. Bitcoin Spot ETF options reached $1.15 billion, with a total long-short ratio of 2.27.
As of April 9, the nominal total open interest of U.S. Bitcoin Spot ETF options reached $22.63 billion, with a total long-short ratio of 1.52.
The market's short-term trading activity for Bitcoin Spot ETF options has increased, with overall sentiment leaning bullish.
Furthermore, the implied volatility stands at 44.74%.
Data source: SoSoValue
Overview of Cryptocurrency ETF Dynamics Last Week
Bitwise Updates Hyperliquid ETF Application, Trading Code Set as BHYP
Bloomberg ETF analyst Eric Balchunas tweeted that Bitwise has once again updated the Hyperliquid ETF application, with the trading code set as BHYP and a management fee of 67 basis points (0.67%). He noted that this typically indicates a forthcoming official launch.
Canary Capital Submits PEPE ETF S-1 Registration Statement
According to SEC documents, Canary Capital has submitted the S-1 registration statement for the Canary PEPE ETF, intending to launch upon the effectiveness of the registration.
Previously, the institution applied for a multitude of altcoin ETFs, which drew skepticism that it was merely for speculation.
The NASDAQ Submits Rule Change to Extend BlackRock IBIT and ETHA Transition to Generic ETF
NASDAQ has submitted a rule change to extend the transition period of BlackRock's iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) from specific listing requirements to generic listing standards, delaying it from the originally scheduled Q1 2026 to Q3 2026 to give the initiator, BlackRock, more time to complete the conversion.
This change was submitted on March 31, 2026, and is effective immediately.
BlackRock's Ethereum Staking ETF Charges 18% Commission on Staking Earnings
According to Fortune, BlackRock's iShares Staked Ethereum Trust (code ETHB) launched today with a management fee of 0.25% (temporary promotional period of 0.12%) and charges an 18% commission on total staking earnings of approximately $318 million in staked ETH, which is shared between BlackRock and Coinbase.
Based on the current staking yield of approximately 2.74% for ETH, an 18% commission corresponds to a total return of about 49 basis points. Falconedge CEO Roy Kashi believes this 18% covers costs such as custody, penalty risks, validator fees, and brand premium, estimating the operational cost baseline for staking ETFs to be around 5%. GlobalStake founder Richard Shorten pointed out that there are still many hidden fees before the earnings reach the ETF.
Ethan Buchman, co-founder of Cosmos, stated that 18% is not unreasonable for institutional products but expects it to be compressed to 15% or even 10% in the future. Harriet Browning, vice president of sales at Twinstake, cautioned that excessive fee competition may lead to some providers lowering standards in terms of security and transparency. Currently, this commission is still lower than the maximum 25% rate paid by retail investors for direct ETH staking on mainstream crypto platforms. Financial advisor Tyrone Ross questioned whether it is worthwhile to cede 18% of staking earnings to BlackRock and Coinbase.
Opinions and Analysis on Cryptocurrency ETFs
Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that as the market focuses on the listing of Morgan Stanley's Bitcoin ETF MSBT, the Bitcoin "Night Strategy" exchange-traded fund, Bitcoin After Dark ETF (NGHT), was also launched this Wednesday. The product's trading performance on the first day was mediocre but saw significant volume increase on the second day, with future performance still to be observed.
Historical studies show that “night returns” often outperform daytime returns, but for long-term ETF holders, holding products like MSBT can already cover both day and night earnings, thus the difference in impact is limited. However, if NGHT sees strong inflows going forward, it may gain market recognition; conversely, it may quickly become marginalized. Meanwhile, Morgan Stanley's Bitcoin ETF, leveraging channel distribution advantages, is expected to continue achieving significant success.
According to Cointelegraph, the head of digital assets at Morgan Stanley stated that the bank's newly launched Bitcoin ETF achieved the best first-day trading performance among all of the bank's ETF products, with more crypto products under development.
Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that U.S. “Baby Boomer” investors quietly poured approximately $500 million into Bitcoin Spot ETFs amid a challenging market environment and an influx of macro headwinds, partially filling the funding gap since the beginning of the year.
However, data shows that the overall net inflow of Bitcoin ETFs has been slightly negative so far this year, indicating that the market as a whole remains in a wait-and-see approach, with recent inflows suggesting some traditional capital's long-term interest in Bitcoin ETFs.
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