Cryptocurrency ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $1.805 billion; 21Shares has submitted the S-1 registration form for the SUI ETF to the SEC
Grayscale GBTC has an implied annual income of over $268 million, exceeding the total of all other Bitcoin ETFs combined.整理：Jerry，ChainCatcher
Last Week's Cryptocurrency Spot ETF Performance
US Bitcoin Spot ETF Net Inflow of $1.805 Billion
Last week, the US Bitcoin spot ETF saw a net inflow over four days, totaling $1.805 billion, with total assets under management reaching $113.15 billion.
Four ETFs experienced net inflows last week, primarily from IBIT, BTC, and HODL, which saw inflows of $2.48 billion, $41.9 million, and $19.2 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Inflow of $106 Million
Last week, the US Ethereum spot ETF had a net inflow over four days, totaling $106 million, with total assets under management reaching $6.4 billion.
The inflow last week mainly came from BlackRock ETHA, with a net inflow of $87.6 million. A total of four Ethereum spot ETFs had no fund movement.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow of 25.73 Bitcoins
Last week, the Hong Kong Bitcoin spot ETF saw a net inflow of 25.73 Bitcoins, with total assets under management reaching $39.7 million. The issuer, Harvest Bitcoin, reduced its holdings to 302.29 Bitcoins, while Huaxia increased to 2,180 Bitcoins.
The Hong Kong Ethereum spot ETF had no fund inflow, with total assets under management at $3.666 million.
Data Source: SoSoValue
Cryptocurrency Spot ETF Options Performance
As of May 2, the nominal total trading volume of US Bitcoin spot ETF options was $910 million, with a nominal total long-short ratio of 3.01.
As of May 1, the nominal total open interest of US Bitcoin spot ETF options reached $13.11 billion, with a nominal total open interest long-short ratio of 2.10.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 51.89%.
Data Source: SoSoValue
Overview of Last Week's Cryptocurrency ETF Developments
According to The Block, Ivy League school Brown University disclosed in its institutional investment manager holdings report submitted to the SEC that it holds approximately $5 million in BlackRock's spot Bitcoin ETF shares.
21Shares Submits S-1 Registration for SUI ETF to SEC
According to CoinDesk, Swiss asset management company 21Shares has submitted an S-1 registration for the SUI ETF to the SEC. 21Shares President Duncan Moir stated at Sui's annual Basecamp conference, "Since we first researched Sui, we have believed it could become one of the most exciting blockchains in the industry, and we are witnessing that assertion come to fruition."
US Wealth Platforms with Over $31 Trillion in Capital Unable to Access Bitcoin ETF
According to data from Tephra Digital, multiple wealth management platforms in the US currently have a total capital exceeding $31 trillion but are still restricted or prohibited from accessing Bitcoin ETFs.
Grayscale Launches Grayscale Bitcoin Adopters ETF
According to official news, Grayscale announced the launch of the Grayscale Bitcoin Adopters ETF (BCOR), providing exposure to companies that have adopted Bitcoin as a treasury reserve asset.
It is reported that these companies span multiple industries but are all driving the adoption of Bitcoin.
21Shares Submits DOGE ETF Application to Nasdaq
According to market news, 21Shares has submitted a DOGE ETF application to Nasdaq.
Documents submitted by Nasdaq to the SEC indicate that Nasdaq plans to list the 21Shares Dogecoin ETF under rule 5711(d), with the trust managed by 21Shares US LLC and Coinbase Custody holding Dogecoin assets, tracking the DOGE-USD reference rate index published by CF Benchmarks. The ETF will only allow cash subscriptions and redemptions, with each basket unit consisting of 10,000 shares, and the trust will not use leverage or derivatives, nor will it participate in staking or yield generation.
According to Edaily, South Korea's ruling party, the People Power Party, announced seven new policies to cultivate the digital asset ecosystem, planning to open BTC and other spot ETF trading within the year and abolish the "1 Exchange - 1 Bank" restriction to promote institutional capital entry.
Other policies include introducing a stablecoin regulatory framework, advancing STO legislation, and formulating a basic law for digital assets. The party also plans to establish a special committee for virtual assets directly under the presidential candidate to coordinate related reforms.
ETF Issuer Teucrium to Launch Inverse XRP ETF
According to CoinDesk, ETF issuer Teucrium announced plans to launch an inverse XRP ETF to allow investors to profit from a decline in XRP prices, pending demand assessment.
Additionally, Teucrium has launched the first XRP ETF in the US, the Teucrium 2x Long Daily XRP ETF, aimed at providing twice the daily return of XRP through swap agreements, referencing European exchange-traded products as the benchmark rate.
According to Bitcoin.com, asset management company Grayscale met with the SEC's crypto working group on April 21, applying for permission to stake its Ethereum ETF (ETHE and ETH). The company stated that due to regulatory restrictions, its managed assets of $8.1 billion have missed approximately $61 million in potential earnings since the product's launch until February 2025.
Grayscale presented three arguments:
1) Similar products in Europe and Canada have successfully implemented staking; 2) Staking can enhance the security of the Ethereum network; 3) A risk control plan has been developed, including a "liquidity reserve."
Coinbase Custody will provide technical support to mitigate forfeiture risks. Currently, US spot Ethereum exchange-traded products (ETPs) cannot fully reflect the underlying asset value due to the prohibition of staking. Grayscale calls on the SEC to update regulatory rules in reference to traditional financial products.
According to Cointelegraph, nearly 16 months after the launch of spot Bitcoin ETFs, Grayscale's GBTC continues to dominate in revenue generation, with implied annual revenue exceeding $268 million—this figure surpasses the total revenue of all other Bitcoin ETFs combined ($211 million).
US SEC Delays Approval of Franklin XRP Spot ETF to June 17
US SEC Delays Decision on Bitwise Spot DOGE ETF Application
Views and Analysis on Cryptocurrency ETFs
According to The Block, Bitwise Chief Investment Officer Matt Hougan stated that four major financial institutions—Merrill Lynch, Morgan Stanley, Wells Fargo, and UBS Group (managing over $10 trillion in client assets)—are expected to fully support Bitcoin ETF products by the end of this year.
Despite the inflow into Bitcoin ETFs being lower than the same period in 2024 (attracting only about $4 billion so far this year compared to $11.8 billion last year), Hougan still predicts a record net inflow for 2025.
He noted that institutional participation is on the rise—nine of the world's top ten hedge funds now hold Bitcoin, including institutional investors like Emory University and the Texas Teacher Retirement System, as well as large asset management companies like BlackRock entering the market, which will drive more investors into the Bitcoin market.
According to The Block, BlackRock's digital asset head Robert Mitchnick stated at the Token2049 event in Dubai that Bitcoin ETF funds are flowing in on a large scale, and the investor structure is shifting from retail to institutional.
Mitchnick pointed out that the initial phase of ETF launches was mainly participated in by retail clients, including high-net-worth individuals with holdings exceeding $100 million. However, the proportion of retail clients has gradually decreased each quarter, while the proportion of institutional and wealth management clients has been steadily increasing. Regarding altcoin ETFs, he mentioned that current market interest remains primarily focused on Bitcoin, as Bitcoin's properties as a portfolio hedge differ from other cryptocurrencies.
Matrixport: Bitcoin ETF and Futures Capital Flowing Back, Long-Term Holding Demand Rebounding
Matrixport released a chart today indicating that since March 19, Bitcoin ETF funds have been continuously flowing out, and the open interest in the futures market has also decreased. From January to April, the ETF saw cumulative net outflows of nearly $5 billion.
However, recently we have observed a large-scale inflow of nearly $3 billion, with an increase in open interest in futures. Interestingly, the funding rate remains at a low level.
This indicates that the current new capital inflow mainly comes from genuine long-term holding demand, compared to the ETF buying driven by arbitrage funds at the beginning of the year, with overall bullish signals being more positive.
According to data shared by Bloomberg analyst @JSeyff, several institutions have submitted applications for spot crypto ETFs for LTC, SOL, XRP, and others.
Bloomberg Intelligence estimates that the probability of approval for Litecoin, Solana, and crypto asset basket/index ETFs is 90%, while XRP is at 85%, DOGE and HBAR at 80%, and DOT, AVAX, ADA, etc., at 75%.
All projects' 19b-4 filings have been confirmed by the SEC, with final approval deadlines concentrated in the second half of 2025.
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