Cryptocurrency ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $1.487 billion; the net outflow of Ethereum spot ETFs in the U.S. was $327 million
Bitwise has registered the "Bitwise Uniswap ETF" in Delaware.Organizer: Jerry, ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Outflow of $1.487 Billion
Last week, the US Bitcoin spot ETF experienced a net outflow over four days, totaling $1.487 billion, with a total net asset value of $106.96 billion.
Eight ETFs were in a net outflow state last week, with the outflows mainly coming from IBIT, FBTC, and GBTC, which had outflows of $963 million, $191 million, and $119 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Outflow of $327 Million
Last week, the US Ethereum spot ETF saw a net outflow over three days, totaling $327 million, with a total net asset value of $15.86 billion.
The outflow mainly came from BlackRock's ETHA, with a net outflow of $264 million. Five Ethereum spot ETFs were in a net outflow state.
Data Source: Farside Investors
Hong Kong Bitcoin Spot ETF No Fund Inflows
Last week, the Hong Kong Bitcoin spot ETF had no fund inflows, with a net asset value of $33.9 million. The holdings of the issuer, Harvest Bitcoin, decreased to 290.72 coins, while Huaxia maintained 2390 coins.
The Hong Kong Ethereum spot ETF had no fund inflows, with a net asset value of $8.627 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of January 30, the nominal total trading volume of US Bitcoin spot ETF options was $2.3 billion, with a nominal total long-short ratio of 2.35.
As of January 29, the nominal total open interest of US Bitcoin spot ETF options reached $24.52 billion, with a nominal total long-short ratio of 1.56.
The trading activity of Bitcoin spot ETF options has increased in the short term, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 45.13%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
Bitwise has registered the "Bitwise Uniswap ETF" in Delaware
According to market news, cryptocurrency asset management company Bitwise has registered the "Bitwise Uniswap ETF" statutory trust entity in Delaware, preparing for potential future ETF applications related to the decentralized trading protocol Uniswap.
Such state-level registrations typically occur months before a formal application to the US Securities and Exchange Commission (SEC), and most do not advance to subsequent stages. Analysts point out that this move is a strategic step by Bitwise to retain optionality and does not imply that it has entered SEC review or established a clear listing timeline.
Grayscale Bitcoin Mini Trust ETF is now live on the Morgan Stanley platform
Grayscale CEO Peter Mintzberg announced, "The Grayscale Bitcoin Mini Trust ETF (ticker: BTC) is now live on the Morgan Stanley platform, opening investment channels for over $7.4 trillion in assets under management (AUM)."
Hang Seng Gold ETF will issue tokenized fund units based on Ethereum
Hang Seng Investment announced the issuance of the gold exchange-traded fund "Hang Seng Gold ETF," expected to be listed on the Hong Kong Stock Exchange. This ETF will have tokenized non-listed fund units, with HSBC acting as the tokenization agent, initially planning to use Ethereum as the primary blockchain, with the possibility of adopting other public blockchains with equivalent security resilience and distributed ledger technology in the future.
It is reported that fund unit holders can subscribe to or redeem tokenized fund units in token form through qualified distributors.
The first AVAX spot ETF in the US is listed, with no net inflows on the first day
The first AVAX single-token spot ETF—VanEck Avalanche ETF (ticker: VAVX)—was officially listed on Nasdaq.
According to SoSoValue data, there were no net inflows on the first day of VAVX's listing, with a trading volume of $330,000 and a total net asset value of $2.41 million.
The VanEck Avalanche ETF supports cash/physical redemptions, has a management fee rate of 0.30%, and supports staking.
As of the time of writing, the total net asset value of the AVAX spot ETF is $2.41 million, with an AVAX net asset ratio of 0.05%.
According to Bloomberg's senior ETF analyst Eric Balchunas on X platform, BlackRock has just released the official S-1 application document for the upcoming iShares Bitcoin Quality Yield ETF, but has not yet disclosed fee and trading code information.
The strategy of this ETF is to track Bitcoin price movements and provide quality yields through an actively managed covered call strategy, primarily targeting IBIT stocks and occasionally targeting ETP indices.
SBI Holdings plans to launch a dual-asset crypto ETF combining BTC and XRP
SBI Holdings has submitted an application to launch a dual-asset crypto ETF that combines BTC and XRP into a single regulated product.
Views and Analysis on Crypto ETFs
Glassnode published a weekly report stating that Bitcoin continues to consolidate near structurally important price levels on-chain, with the balance between holder confidence and marginal demand remaining very delicate. The condition of short-term holders remains weak, with the lower bound of the current compression range (-1 standard deviation) at $83,400. This level is a recent key support level, and if it is breached, it could lead to a further price correction towards the real market average near $80,700. However, the overall capital flow pattern has stabilized.
The selling pressure from ETFs has eased, and there are initial signs of improvement in the spot market positions, especially in offshore markets, indicating that buyer interest is beginning to rebuild. Meanwhile, the derivatives market remains restrained, with neutral financing indicating low market leverage levels, and prices are less affected by speculative momentum. The adjustment of options positions has reinforced this cautious attitude. The skew has turned bearish, short-term protection pricing has increased, and the gamma of traders has fallen below zero, increasing the likelihood of sharp price fluctuations during periods of market volatility.
Going forward, the key to market trends lies in whether the demand from spot and ETF channels can be sustained. Continued positive capital inflows and stronger spot buying will support the continuation of the trend, while ongoing weakness and rising downside hedging demand will make the market susceptible to further consolidation or deeper corrections.
According to Cointelegraph, the average entry price for US Bitcoin spot ETF investors is currently around $86,000. As the market fluctuates near this entry price, ETF investors are facing a "faith" test, deciding whether to take the risk to continue holding or to take profits to avoid the possibility of turning gains into losses.
CryptoQuant analyst Moreno stated, "Historically, the entry price range serves as a psychological pivot; prices above this level enhance investor confidence and stabilize capital flows, while prices consistently below this range accelerate redemptions as investors lose their profit buffer."
Since October last year, the holdings of US Bitcoin spot ETFs have decreased by 8.4%, with cumulative capital inflows dropping from about $72.6 billion to approximately $66.5 billion. The performance of ETFs in the second half of January has also been poor, with net outflows on six of the seven trading days, and only achieving a mere $6.8 million net inflow on January 26.
According to market news, Bitcoin prices have been trapped in the $85,000 to $94,000 range for 60 days, with recent selling pressure from the US market becoming a key factor in the dominant direction.
Although Bitcoin attempted to rise to $97,000 at the beginning of January, it lacked subsequent buying support and the price fell back to the mid-range. Market momentum is closely related to ETF fund flows: the strong performance in January was accompanied by strong ETF inflows, while the subsequent pullback corresponded to record outflows from BTC and ETH ETFs. Meanwhile, the Coinbase premium has turned into a discount, further confirming that US counterparties are net sellers, indicating that institutional capital inflows (through ETFs, corporate treasuries, etc.) have turned negative, putting pressure on the market.
Analysts believe that to effectively break out of the range, it is necessary to observe whether ETF fund flows and the Coinbase premium can turn positive. Only when both indicators reverse can the market truly break through the mid-level of $90,000. This week's dense macro events may serve as catalysts to break the deadlock, including: the Federal Reserve's interest rate decision and Powell's speech, tech giants' earnings reports (Microsoft, Meta, Tesla, Apple), progress in tariff negotiations, and potential dollar/yen intervention and government shutdown risks.
Gold continues to set historical highs, while Bitcoin's "digital gold" narrative has not yet shown equal safe-haven appeal in the current market environment. Analysts summarize that before the range is effectively broken, attention should be paid to the $85,000 support level and the direction of ETF fund flows. The 60-day consolidation coinciding with dense macro risk events suggests that the market is about to choose a direction.
Risk warning
Risk warning
