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Last Week's Cryptocurrency Spot ETF Performance
U.S. Bitcoin Spot ETF Net Outflow of $995 Million
Last week, the U.S. Bitcoin Spot ETF net outflow was $995 million over three days, with total assets under management reaching $104.29 billion.
Last week, six ETFs were in a net outflow state, with the outflow mainly from BlackRock’s IBIT, netting $317 million.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Outflow of $255 Million
Last week, the U.S. Ethereum Spot ETF saw a five-day net outflow, totaling $255 million, with total assets under management reaching $12.93 billion.
Last week, outflow mainly came from BlackRock’s ETHA, with a net outflow of $186 million. Four Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Outflow of 24.91 Bitcoins
Last week, the Hong Kong Bitcoin Spot ETF saw a net outflow of 24.91 Bitcoins, with assets under management reaching $32.3 million. The holdings of issuer Harvest Bitcoin have dropped to 210.92 Bitcoins, while Huaxia has dropped to 2,570 Bitcoins.
The Hong Kong Ethereum Spot ETF had no fund inflows, with a net asset value of $6.813 million.
Data Source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of May 14, the U.S. Bitcoin Spot ETF options nominal total trading volume was $797 million, with a nominal total long-short ratio of 1.63.
As of May 14, the U.S. Bitcoin Spot ETF options nominal total open interest reached $23.08 billion, with a nominal total open interest long-short ratio of 1.45.
Market activity for Bitcoin Spot ETF options has increased in the short term, with overall sentiment leaning towards bullish.
Additionally, implied volatility stands at 41.82%.
Data Source: SoSoValue
Overview of Cryptocurrency ETF Dynamics Last Week
VanEck and Grayscale Submit Revised BNB ETF Proposals on the Same Day
According to The Block, VanEck submitted its fifth amendment to the registration statement for its BNB ETF to the U.S. Securities and Exchange Commission on Friday (May 15), while Grayscale also submitted its second amendment to the Grayscale BNB ETF prospectus on the same day.
Bloomberg ETF analyst James Seyffart stated that the simultaneous actions of both parties indicate that both issuers are responding to feedback from the U.S. SEC and may plan to launch soon. Seyffart speculated that BNB could be the next crypto asset to pass SEC review and potentially list in the U.S.
Meanwhile, Canary Capital submitted a separate amendment to its staking TRX ETF proposal, which would package Tron staking returns into a regulated framework.
Grayscale Resubmits Revised BNB ETF S-1, Paving the Way for U.S. Spot ETF Advancement
Bloomberg ETF analyst James Seyffart stated on platform X that Grayscale has submitted its second revised S-1 form for its BNB ETF to the U.S. Securities and Exchange Commission (SEC).
He indicated that this revised version is likely adjusted based on SEC feedback, suggesting that the product may be accelerating towards the listing process.
The latest SEC filings reveal that as of March 31, 2026, Avenir Group holds 18,276,100 shares of BlackRock’s IBIT Bitcoin Spot ETF, with a portfolio market value of approximately $702 million based on the quarter-end closing price, showing only a slight decrease of about 0.061% compared to the fourth quarter of 2025. Since the second quarter of 2024, Avenir Group has retained the position of having the largest institutional holding in the Asian Bitcoin ETF for eight consecutive quarters.
Since 2026, Avenir Group has been actively promoting the integration of TradFi and Crypto, including strategic investments in CoinRoutes, leading a $20 million seed round in Inference Research, and signing a cooperation MOU with Tiger Brokers, AMINA Bank, and CoinRoutes during Consensus Hong Kong 2026 to promote the construction of next-generation institutional-grade trading infrastructure.
Data: Dartmouth College Discloses $7.7 Million Bitcoin ETF and $3.4 Million SOL ETF Holdings
According to MacroScope monitoring, Dartmouth College disclosed in its submitted 13F filing that as of March 31, it held approximately 201,531 shares of BlackRock’s Bitcoin ETF “IBIT,” worth $7.7 million, with its holdings unchanged from the previous quarter.
The college also reported a new position, holding 304,803 shares of the Bitwise Solana Staking ETF valued at $3.4 million.
21Shares Announces Launch of Actively Managed Crypto ETF TKNS
According to official news, 21Shares has announced the launch of an actively managed crypto ETF, code TKNS. The fund is managed by a professional team aiming to capture market opportunities and outperform passive index funds, with the portfolio manager adjusting positions based on market conditions to balance long-term objectives with short-term opportunities. The fund operates like a standard stock ETF, with simplified tax reporting, and is currently tradable on certain brokerage platforms.
Bitwise Hyperliquid ETF to List on NYSE This Friday
Bitwise Hyperliquid ETF will start trading on the NYSE this Friday, with the code BHYP. Previously, 21Shares' Hyperliquid ETF (THYP) went live on Tuesday, with first-day trading volume of about $1.8 million. BHYP will be the first fund in the U.S. to offer Hyperliquid staking returns, with related staking operations being conducted through Bitwise’s Bitwise Onchain Solutions. 21Shares has also indicated plans to stake a majority of its HYPE holdings. Hyperliquid is currently a leading on-chain perpetual contracts exchange, gradually expanding into tokenized commodities and spot crypto trading. Its native token HYPE is used for platform fee payments and consistently ranks among the top 15 cryptocurrencies by trading volume.
JPMorgan Significantly Increases Bitcoin ETF Holdings in Q1, IBIT Holdings Surge by 174%
According to Cointelegraph, 13F filings show that JPMorgan significantly increased its Bitcoin ETF holdings in the first quarter, with its holdings in BlackRock iShares Bitcoin Trust (IBIT) rising from approximately 3 million shares to 8.3 million shares, an increase of 174%.
Additionally, JPMorgan also significantly increased its stakes in other Bitcoin spot ETFs, including Fidelity FBTC and Bitwise BITB, while slightly increasing its holdings in Strategy (MSTR).
In terms of altcoin ETFs, JPMorgan's actions were mixed: it purchased Bitwise Solana Staking ETF (BSOL) for the first time, increased its holdings in Ethereum-related ETFs, while completely liquidating its XRP ETF positions.
Jane Street Significantly Reduces Bitcoin ETF Exposure in Q1, IBIT Holdings Decrease by 71%
Quantitative giant Jane Street disclosed in its latest 13F filed with the SEC that it significantly reduced its Bitcoin ETF exposure in the first quarter, with its holdings in IBIT decreasing by approximately 71% to 5,872,212 shares of IBIT, worth about $225.6 million. Its holdings in FBTC also dropped by about 60% to 1,954,174 shares, worth about $115 million.
Moreover, its holdings in MSTR also decreased by approximately 78% to 209,833 shares, worth about $26.18 million.
Grayscale Submits First Privacy Coin Spot ETF Application, Multicoin Capital Discloses ZEC Holdings
Grayscale has submitted an application for a Zcash spot ETF, seeking to convert its existing Zcash trust into a spot product, making it the first to seek a listing for a privacy coin ETF in the U.S. Meanwhile, Multicoin Capital disclosed that it has been building a position in ZEC since February, linking the investment logic to the proposed wealth tax legislation in the U.S., believing that the government's expanded monitoring of private financial holdings will drive structural demand for assets with mathematical privacy shielding.
However, the application raises custodial challenges: approximately 30% of Zcash’s supply is located in shielded address pools, a historic high, but ETF custody almost universally requires the use of transparent address pools to meet audit and balance proof requirements. Previously, the SEC concluded its long review of Zcash in January 2026 without enforcement action, significantly reducing regulatory uncertainty.
Views and Analysis on Cryptocurrency ETFs
According to The Block, sovereign wealth funds, universities, and banks have recently disclosed their 2026 first-quarter 13F holding reports. From the sovereign wealth fund side, Abu Dhabi's Mubadala sovereign wealth fund increased its holdings in BlackRock’s iShares Bitcoin Trust ETF (stock code IBIT), increasing its shares from 12,702,323 to 14,721,917, adding over $90 million in holdings for a total value close to $660 million. The Abu Dhabi Investment Authority (ADIC), under Mubadala, maintained its IBIT holdings unchanged at 8,218,712 shares, valued at $315.8 million.
Several university endowments reported that their cryptocurrency ETF holdings remained largely stable. Harvard University Endowment reported holding 3,044,612 shares of IBIT, valued at approximately $117 million. This is a 43% decrease from the 5.35 million shares held at the end of 2025, following a 21% reduction in the fourth quarter. IBIT is no longer its largest holding (surpassed by TSMC, Alphabet, Microsoft, SPDR Gold Trust). Harvard also completely liquidated its previously established position in BlackRock’s Ethereum Spot ETF worth $86.8 million from the previous quarter.
Dartmouth College reported holding 201,531 shares of IBIT, worth slightly over $9 million, unchanged from the previous quarter. The college shifted its Ethereum ETF holdings from Grayscale Ethereum Mini Trust to Grayscale's Ethereum Staking ETF, maintaining its 178,148 shares. Dartmouth College also disclosed a new position in the Bitwise Solana Staking ETF, holding 304,803 shares valued at nearly $3.67 million. This marks the first time an institutional endowment has expressed interest in extending its investment range to cryptocurrencies beyond Bitcoin or Ethereum.
Meanwhile, Brown University maintained its holdings of 212,500 shares of IBIT, while Emory University reduced the number of Bitcoin funds from two to one. The university liquidated its holding of 4,450 shares of IBIT, while increasing its holdings in Grayscale Bitcoin Mini Trust from slightly over 1 million shares to 1,354,148 shares.
Traditional financial institutions are also actively rebalancing positions and hedging. The Royal Bank of Canada (RBC) increased its direct shares of IBIT and enhanced the use of put options and call options for hedging purposes. Scotiabank increased its holdings by 214,370 shares of IBIT after liquidating its previous holdings in U.S. Bitcoin stocks related to Trump. Barclays Bank also disclosed its IBIT positions, including approximately 4.46 million shares of spot stocks and a large number of put and call options related to that ETF. Hong Kong-based Laurore has reduced its IBIT holdings from 8,786,279 shares to 6,846,279 shares.
Bloomberg ETF Analyst: Bitcoin Spot ETF IBIT Performance Far Outpaces Gold ETF GLD
Bloomberg senior ETF analyst Eric Balchunas stated on platform X that since March of this year, the Bitcoin spot ETF $IBIT has greatly outperformed the gold ETF $GLD, leading by 33 percentage points.
Financially, $IBIT saw a net inflow of $4.2 billion, while $GLD faced a net outflow of $9 billion, resulting in a staggering $13 billion in capital movement difference between the two.
Bloomberg senior ETF analyst Eric Balchunas disclosed on platform X that the predictive market ETF has not been launched as originally planned, possibly due to the U.S. Securities and Exchange Commission (SEC) deciding to further review relevant products. Currently, the delay “is not a deathblow,” but resembles the regulatory agency's desire for additional checks on disclosure documents.
He pointed out that these products are of pioneering significance, and once approved for listing, they will set important regulatory precedents for predictive market ETFs, so it's understandable that the SEC would want to take more time to review, and the market is still awaiting further developments.
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