Compiled by: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
U.S. Bitcoin Spot ETF Net Inflow of $631 Million
Last week, the net inflow of the U.S. Bitcoin spot ETF over three days was a total of $631 million, with total assets under management reaching $10.661 billion.
Last week, five ETFs experienced net inflows, primarily driven by BlackRock's IBIT, which saw a net inflow of $596 million.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $7.03 Million
Last week, the net inflow of the U.S. Ethereum spot ETF over four days was a total of $7.03 million, with total assets under management reaching $1.373 billion.
Last week, inflows mainly came from BlackRock's ETHA, with a net inflow of $100 million. Three Ethereum spot ETFs were in a state of net inflow.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 15.57 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 15.57 Bitcoins, with total assets under management reaching $32 million. The holdings of the issuer, China Asset Management, fell to 211.01 Bitcoins, while Hua Xia increased to 2,590 Bitcoins.
The Hong Kong Ethereum spot ETF had no fund inflow, and its total assets under management were $6.849 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of May 8, the total nominal trading volume of U.S. Bitcoin spot ETF options was $976 million, with a long-short ratio of 2.90.
As of May 7, the total nominal open interest of U.S. Bitcoin spot ETF options reached $27.89 billion, with a long-short ratio of 1.51.
The market showed increased trading activity for Bitcoin spot ETF options in the short term, with overall sentiment leaning bullish.
In addition, the implied volatility was 41.81%.
Data Source: SoSoValue
Overview of Crypto ETF Dynamics Last Week
Market analysis reports indicate that Coinbase and Kraken together account for 22% of all crypto category AI citations, with Coinbase at 13% and Kraken at 9%, leading other U.S. trading platforms by more than three times.
Gemini ranked third with 5.5%, Robinhood Crypto ranked fourth with 5%, and BlackRock's spot Bitcoin ETF IBIT ranked fifth with 4.5%, dominating questions related to "Bitcoin ETF". Analysis points out that the influence of hardware wallets in AI responses is waning, and while Ledger and Trezor still dominate questions related to "best crypto wallets," AI is increasingly inclined to recommend regulated trading platform custodial solutions for "best crypto asset storage methods".
The report notes that the "self-custody narrative" that arose after the FTX incident is no longer the dominant framework for AI citations. Furthermore, AI is rapidly shaping the landscape of retail crypto financial brands in the U.S. "When users ask ChatGPT where to buy Bitcoin, the platforms prioritized by AI will have the opportunity to define the industry landscape for the next decade."
According to Reuters, the U.S. Securities and Exchange Commission (SEC) has postponed its review of the first batch of predictive market ETFs, resulting in a delay for more than 24 products originally scheduled for launch. Sources revealed that the SEC is requesting further clarification from issuers on product mechanisms and information disclosure details, and this delay is expected to be temporary.
Issuers like Roundhill Investments, Bitwise Asset Management, and GraniteShares submitted applications in February of this year to launch ETFs linked to real events such as election outcomes, economic recessions, tech layoffs, and oil prices.
According to SEC rules, ETF applications typically become effective automatically 75 days after submission unless regulators intervene. Roundhill has currently set May 5 as the effective date, and products from Bitwise and GraniteShares are also expected to launch around the same time. The market closely watches whether the SEC will ultimately approve these products, which aim to open up the "event contract" asset class.
Bitwise Chief Investment Officer Matt Hougan stated, "This is a rapidly maturing field, and regulation is maturing in tandem," noting that innovative products like Bitcoin ETFs have also gone through a long review process before ultimately being launched successfully.
Perspectives and Analysis on Crypto ETFs
The ETF Store President Nate Geraci stated on platform X that U.S. SEC Commissioner Hester Peirce mentioned in a speech the attempt to balance regulation and innovation. Nate Geraci emphasized that this seems to refer to predictive market ETFs, which may soon be launched.
Bitcoin's weekly price fell below $80,000, following a continuous five-day net inflow trend for spot ETFs coming to an end, with market momentum cooling from the February low. The U.S. April non-farm payrolls added 115,000 jobs, exceeding the expected 62,000, with the unemployment rate holding steady at 4.3%. Although the overall data was strong, it did not significantly alleviate concerns about macro uncertainties, but instead reinforced expectations of "energy-driven inflation limiting room for interest rate cuts".
In terms of capital flow, the spot Bitcoin ETF turned to a net outflow of $277 million on Thursday, ending a previous cumulative inflow of $1.69 billion; the Ethereum ETF also recorded a net outflow of $104 million on the same day, indicating a short-term cooling of institutional risk appetite. Geopolitically, the tension between Iran and the U.S. has escalated again, leading the market to reprice the risks in the Strait of Hormuz, with oil prices rebounding, partially offsetting the support previously seen for risk assets from falling oil prices.
The derivatives market, however, indicates a more long-term hawkish outlook, with interest rate futures pricing in over a 50% probability of rate hikes beyond 2027, potentially delaying the easing cycle until 2028. On-chain data shows that Bitcoin's recent rally was primarily driven by institutional spot buying and short covering, with retail participation remaining low, and funding rates holding at moderate levels, reflecting a weak market momentum structure. Analysts believe that if retail funds do not flow back in, BTC may still be at risk of revisiting the $75,000–$78,000 support range.
Nic Puckrin, co-founder and CEO of Coin Bureau, posted on platform X stating that Bitcoin has surpassed the $80,000 mark, reaching a nearly three-month high, and is back above several key technical and on-chain indicator ranges, including the midpoint of the CME gap ($79,000–$84,000), the bull market support zone, and has risen above the price point where short-term holders realize gains and the true market mean.
Nic Puckrin analyzed that if Bitcoin's price stabilizes in the current range, the next levels to watch include the ETF average cost range of around $83,000, as well as the upper end of the CME gap around $84,500. Overall, Bitcoin's short-term trend is entering a critical validation phase, and the market may be entering a more volatile trading window.
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