Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $1.416 billion; the net inflow for Ethereum spot ETFs in the U.S. was $479 million

整理：Jerry，ChainCatcher

Last Week's Crypto Spot ETF Performance

US Bitcoin Spot ETF Net Inflow of $1.416 Billion

Last week, the US Bitcoin spot ETF saw a net inflow over four days, totaling $1.416 billion, with total assets under management reaching $124.56 billion.

Last week, 9 ETFs were in a net inflow state, with inflows mainly from IBIT, FBTC, and BITB, which saw inflows of $1.034 billion, $194 million, and $79.6 million, respectively.

Data Source: Farside Investors

US Ethereum Spot ETF Net Inflow of $479 Million

Last week, the US Ethereum spot ETF experienced a net inflow over five days, totaling $479 million, with total assets under management reaching $20.42 billion.

The inflow was mainly from Grayscale ETHE, which had a net inflow of $219 million. 7 Ethereum spot ETFs were in a net inflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF No Fund Inflow

Last week, the Hong Kong Bitcoin spot ETF had no fund inflow, with assets under management reaching $36.4 million. The issuer, Harvest Bitcoin, reduced its holdings to 290.85 BTC, while Huaxia maintained 2390 BTC.

The Hong Kong Ethereum spot ETF saw a net outflow of 0.02 ETH, with assets under management at $10.6 million.

Data Source: SoSoValue

Crypto Spot ETF Options Performance

As of January 16, the nominal total trading volume of US Bitcoin spot ETF options was $848 million, with a total long-short ratio of 2.89.

As of January 15, the nominal total open interest of US Bitcoin spot ETF options reached $33.67 billion, with a total long-short ratio of 1.71.

Market activity for Bitcoin spot ETF options has decreased in the short term, with overall sentiment leaning bullish.

Additionally, the implied volatility is at 42.60%.

Data Source: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

Defiance to Shut Down and Liquidate Nasdaq-Listed Ethereum ETF

According to Globenewswire, Defiance has announced its decision to shut down and liquidate its Nasdaq-listed Ethereum exchange-traded fund: Defiance Leveraged Long and Yield Ethereum ETF (ETHI).

Additionally, Defiance will also shut down and liquidate another 7 leveraged long and yield ETFs, namely: PLT, HOOI, SMCC, AMDU, HIMY, TRIL, and LLYZ.

Data: Bitwise LINK Spot ETF Launched, US LINK Spot ETF Sees $2.59 Million Net Inflow in a Single Day

The Bitwise Chainlink ETF (ticker CLNK) has officially launched on the NYSE, bringing the total number of listed LINK spot ETFs to 2.

According to SoSoValue data, CLNK had a net inflow of $2.59 million on its first day of trading, with a trading volume of $3.24 million and total assets under management of $5.18 million.

Yesterday, the Grayscale Chainlink Trust ETF had no net inflow, with a historical total net inflow of $63.78 million.

The Bitwise Chainlink ETF supports cash/physical redemptions, with a management fee of 0.34%, and does not currently support staking.

As of the time of writing, the total assets under management of the LINK spot ETF are $9.587 million, with a LINK net asset ratio of 0.95%, and a historical cumulative net inflow of $66.38 million.

US SEC Delays Decision on PENGU and T. Rowe Crypto ETFs

According to Cointelegraph, the US Securities and Exchange Commission (SEC) has extended the decision deadline for two crypto-related exchange-traded funds (ETFs) while opening public commentary on a third crypto fund option.

The SEC stated in a Federal Register notice that it will extend the consideration of proposals to allow the listing of the Canary Pudgy Penguins (PENGU) ETF on Cboe BZX and the T. Rowe Price Active Crypto ETF on NYSE Arca. Both applications follow the SEC's standard 19b-4 process, allowing the regulator to extend the initial decision window by up to 45 days.

Views and Analysis on Crypto ETFs

Analyst: Bitcoin ETF Has Seen a Cumulative Net Inflow of $1.5 Billion Year-to-Date, Buying Pressure May Have Gradually Absorbed Selling Pressure

Bloomberg ETF analyst Eric Balchunas stated, "The Bitcoin ETF had a strong performance yesterday with a net inflow of $843 million, bringing the net inflow for the past week to $1 billion, and the cumulative net inflow year-to-date is about $1.5 billion. In terms of price, Bitcoin is currently around $97,000, after seemingly oscillating around $88,000 for nearly half a year. The overall feeling is that buying pressure may have gradually absorbed, or even exhausted, selling pressure, but how this ultimately plays out still needs to be observed."

Bitwise CIO: If ETF Continues to Accumulate, Bitcoin May Repeat Gold's Parabolic Surge in 2025

Bitwise Chief Investment Officer Matt Hougan posted on X that Bitcoin's price is expected to repeat gold's trajectory in 2025, as ETFs continue to absorb all new supply. He pointed out that gold initially reacted slowly after central bank purchases doubled in 2022, only to surge 65% in 2025 once selling pressure was exhausted. Currently, Bitcoin ETFs have been buying over 100% of the new supply since their launch in January 2024, and if this demand continues, a significant price surge may occur after long-term sellers are exhausted.

Analysis: Powell's Investigation Triggers Bitcoin's Brief Surge Above $92,000, but Continued Net Outflows from ETFs and Weak Leverage Demand Suppress Upside Potential

According to Cointelegraph, Bitcoin briefly rose above $92,000 on Monday due to a criminal investigation into Federal Reserve Chairman Powell by US federal prosecutors. Analysts questioned whether the independence of the Federal Reserve might be compromised, which could benefit alternative assets like Bitcoin that are seen as scarce.

Despite this news causing a temporary spike, traders remain cautious overall, mainly due to the continued outflows from Bitcoin ETFs and weak demand for leveraged positions. Even with recent rebounds, Bitcoin is still down about 23% from its October 2025 peak, while gold and silver reached historical highs in 2026. This divergence in trends has led traders to begin questioning whether the narrative of "Bitcoin as a digital store of value" is weakening.

The annualized premium of Bitcoin futures (i.e., basis) remains at a neutral to slightly bearish level of about 5%. Generally, when market sentiment truly turns bullish, the premium of Bitcoin futures relative to spot often reaches or exceeds 10%. More importantly, Bitcoin spot ETFs recorded a total net outflow of $1.38 billion over four consecutive trading days.

Even more concerning is that despite Strategy increasing its Bitcoin holdings by approximately $1.25 billion over the past month, Bitcoin's price has still failed to effectively hold above $94,000. Overall, the attractiveness of Bitcoin and cryptocurrencies remains sluggish, as reflected in ETF fund flows and weak demand for Bitcoin leveraged long positions. This indicates that the probability of an unexpected surge to $105,000 in the short term is relatively low.