Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $823 million; the net inflow for Ethereum spot ETFs in the U.S. was $155 million
GSR enters the cryptocurrency ETF market, launching its first multi-asset cryptocurrency ETF.Compiled by: Jerry, ChainCatcher
Last Week's Performance of Crypto Spot ETFs
U.S. Bitcoin Spot ETF Net Inflow of $823 Million
Last week, the U.S. Bitcoin spot ETF had a five-day net inflow, with a total net inflow of $823 million, bringing the total net asset value to $10.264 billion.
Seven ETFs experienced net inflows last week, primarily driven by BlackRock's IBIT, which had a net inflow of $731 million.
Data Source: Farside Investors
U.S. Ethereum Spot ETF Net Inflow of $155 Million
Last week, the U.S. Ethereum spot ETF had a four-day net inflow, with a total net inflow of $155 million, bringing the total net asset value to $1.379 billion.
The inflow last week was mainly from BlackRock's ETHA, which had a net inflow of $138 million. Four Ethereum spot ETFs experienced net inflows.
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 $31.1 million. The issuer, Harvest Bitcoin, reduced its holdings to 211.17 BTC, while Huaxia maintained 2,570 BTC.
The Hong Kong Ethereum spot ETF had a net inflow of 211.49 ETH, with a net asset value of $6.975 million.
Data Source: SoSoValue
Performance of Crypto Spot ETF Options
As of April 24, the nominal total trading volume of U.S. Bitcoin spot ETF options was $745 million, with a nominal total long-short ratio of 3.55.
As of April 23, the nominal total open interest of U.S. Bitcoin spot ETF options reached $24.14 billion, with a nominal total long-short ratio of 1.54.
The market's short-term trading activity for Bitcoin spot ETF options has decreased, with overall sentiment leaning bullish.
Additionally, the implied volatility is 43.71%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
GSR Enters the Crypto ETF Space, Launches First Multi-Asset Crypto ETF
According to The Block, cryptocurrency market maker GSR has launched its first multi-asset crypto ETF ------ GSR Crypto Core3 ETF, with the ticker BESO, listed on NASDAQ, investing in BTC, ETH, and SOL, and will account for staking income where applicable.
The fund adopts an active management strategy, plans to rebalance weekly, with a management fee of 1%. Reports indicate that this product is also the first actively managed multi-asset crypto ETF in the U.S. to offer staking functionality. This launch is GSR's latest initiative to expand its crypto ETF and asset management business.
Grayscale Updates Hyperliquid ETF Application, Replaces Coinbase with Anchorage as Custodian
According to market news, Grayscale has submitted a revised Hyperliquid ETF application to the U.S. Securities and Exchange Commission (SEC), replacing Coinbase with Anchorage Digital Bank as the fund's custodian.
Anchorage is the first federally chartered crypto bank in the U.S., which has recently rapidly expanded its services in stablecoins, wealth management, and token lifecycle management, and has become the first institution in the U.S. to support Tron. If approved, this ETF will trade on NASDAQ under the ticker "GHYP," with staking functionality still pending regulatory approval.
Views and Analysis on Crypto ETFs
According to The Block, Ciarán Fitzpatrick, Global Head of ETF Products at J.P. Morgan Securities Services, stated: "We believe that tokenization will definitely drive market changes, not just for ETFs but for the entire fund industry as well."
Ciarán Fitzpatrick pointed out that given the potential benefits of tokenization, such as more convenient subscriptions and redemptions, "near-instant settlement," and continuous access, experiments with ETF tokenization are still ongoing. He added: "I believe tokenization will become part of the ETF ecosystem, but it will be a few years before we see some good practical cases."
Hong Kong Financial Secretary Paul Chan published a blog post titled "Gathering Greater Energy through Innovation and Cooperation," in which he pointed out that global investors are accelerating the diversification of asset allocation, reducing reliance on single markets and single assets. As investment market hot themes develop, the types of assets linked to exchange-traded funds (ETFs) continue to increase, ranging from precious metals' spot and futures, technology companies, semiconductor firms, to digital assets. These different themes or ETFs that combine different leverage characteristics provide investors with efficient and high-transparency investment options.
Bloomberg Senior ETF Analyst Eric Balchunas posted on X platform that Bitcoin ETF fund flows have turned positive across the board, stating "all rolling periods we track are positive," marking the first time in several months, with BlackRock's IBIT accumulating about $3 billion in inflows, entering the top 1% of all ETF fund flow performances. However, Eric Balchunas noted that there is still a need for several billion dollars in additional inflows to return to the historical cumulative fund flow high of $62.8 billion, but at least it indicates that Bitcoin ETF fund sentiment has significantly improved, and market demand is recovering.
Bloomberg Analyst: Bitcoin ETF Year-to-Date Fund Inflows Exceed $1 Billion
Bloomberg Senior ETF Analyst Eric Balchunas posted on X platform that Bitcoin ETF year-to-date fund inflows have exceeded $1 billion, successfully reversing the previous net outflow situation and achieving positive growth.
The next key observation indicator is the cumulative historical net inflow scale (the most important and challenging indicator), which previously peaked at $62.8 billion and is currently around $58 billion, with about $5 billion needed to reach a new historical high. In the development of asset classes, the key is to control the scale of fund outflows during market downturns to reduce subsequent repair pressure; in this regard, the performance of spot Bitcoin ETFs is better than that of other popular asset classes.
Risk warning
