Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $996 million; the net inflow for Ethereum spot ETFs in the U.S. was $275 million

整理：Jerry，ChainCatcher

Last Week's Performance of Crypto Spot ETFs

US Bitcoin Spot ETF Net Inflow of $996 Million

Last week, the US Bitcoin spot ETF had a net inflow over four days, totaling $996 million, with total assets under management reaching $101.45 billion.

Seven ETFs were in a net inflow state last week, with the inflow mainly coming from BlackRock's IBIT, which had a net inflow of $906 million.

Data Source: Farside Investors

US Ethereum Spot ETF Net Inflow of $275 Million

Last week, the US Ethereum spot ETF had a net inflow over three days, totaling $275 million, with total assets under management reaching $14.26 billion.

The inflow last week mainly came from BlackRock's ETHA, which had a net inflow of $99.2 million. Five Ethereum spot ETFs were in a net inflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Inflow of 44.20 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 44.20 Bitcoins, with total assets under management reaching $30 million. The issuer, Harvest Bitcoin, saw its holdings decrease to 211.27 Bitcoins, while Huaxia maintained 2570 Bitcoins.

The Hong Kong Ethereum spot ETF had a net outflow of 483.67 Ethereum, with total assets under management of $6.995 million.

Data Source: SoSoValue

Performance of Crypto Spot ETF Options

As of April 17, the nominal total trading volume of US Bitcoin spot ETF options was $1.71 billion, with a nominal total long-short ratio of 2.97.

As of April 16, the nominal total open interest of US Bitcoin spot ETF options reached $25.50 billion, with a nominal total long-short ratio of 1.59.

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 44.37%.

Data Source: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

Morgan Stanley Bitcoin ETF Surpasses WisdomTree in Net Inflows in Just 6 Days

Morgan Stanley's spot Bitcoin ETF (MSBT) has surpassed the cumulative net inflows of WisdomTree Bitcoin Fund (WBTC) since its launch in January 2024, achieving over $103 million in net inflows in just six trading days.

On Wednesday, MSBT saw a single-day inflow of $19.3 million, exceeding WBTC's $86 million. MSBT was listed on April 8 with a market minimum fee rate of 0.14%. If the momentum continues, it is expected to catch up with Invesco Galaxy Bitcoin ETF ($245 million), Valkyrie Bitcoin ETF ($326 million), and Franklin Bitcoin ETF ($375 million).

Currently, the spot Bitcoin ETF market is led by BlackRock's IBIT with a net inflow of $64.3 billion, followed by Fidelity's FBTC with $10.9 billion. Additionally, Goldman Sachs submitted an application to the SEC to launch its own Bitcoin-linked ETF, indicating that more asset management companies are accelerating their entry into the Bitcoin ETF market.

Bitnomial Launches Injective Futures in the US, Expected to Support Spot ETF Application Eligibility

According to Cointelegraph, Chicago-based crypto derivatives exchange Bitnomial has launched Injective monthly futures contracts, marking the first entry of Injective tokens into the regulated derivatives market in the US. The contracts are settled in INJ and expire monthly, allowing traders to gain price exposure without holding the underlying asset, with all cryptocurrencies or USD accepted as margin through Bitnomial.

Institutional clients can trade these futures immediately, while retail trading is expected to open in the coming weeks via Bitnomial's Botanical platform. Bitnomial also plans to introduce INJ perpetual futures and options.

Analysts suggest that the launch of Injective futures contracts will begin a six-month trading record, potentially supporting the application for spot ETFs. Previously, Canary Capital submitted a staking-based INJ ETF application to the SEC.

Bitwise AVAX Spot ETF Launches with $400,000 Trading Volume in First 90 Minutes

Bitwise officially launched the spot Avalanche ETF (ticker: BAVA) today. This ETF directly holds AVAX tokens and plans to stake the AVAX held, sharing an average staking yield of about 5.4% while maintaining liquidity.

The spot AVAX ETF recorded a trading volume of $400,000 in the first 90 minutes of trading today, which Bloomberg ETF analyst James Seyffart described as "quite good."

21Shares Updates Hyperliquid ETF Filing, Ticker THYP

According to Bloomberg ETF analyst James Seyffart's disclosure on the X platform, 21Shares US has updated its filing for the Hyperliquid ETF, with the ETF ticker being THYP.

The filing does not yet disclose information regarding management fees. This filing update is suspected to be an adjustment due to feedback from the SEC.

Goldman Sachs Submits Application for Bitcoin Premium Income ETF

According to market news, Goldman Sachs has submitted an application for a Bitcoin Premium Income ETF.

Views and Analysis on Crypto ETFs

Bloomberg Analyst: IBIT Has Risen Almost Daily for Three Weeks, Up About 19% Since US-Iran Conflict

Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that BlackRock's spot Bitcoin ETF IBIT has been rising almost daily for the past three weeks, with a recent increase of about 3.5%, totaling approximately 19% since the market sell-off triggered by the US-Iran conflict. As concerns about geopolitical shocks diminish, funding sentiment has clearly improved, driving Bitcoin-related ETFs to continue strengthening.

Analysis: Bitcoin ETF Holder's Cost is About $74,200, Current Market Structure Still Needs Optimization

Crypto quantitative analyst @AxelAdlerJr stated that Bitcoin recently reached the average entry cost of $74,200 for US Bitcoin ETF holders. If Bitcoin can maintain above this level, ETF holders will shift from losses to breakeven (neutral); if it falls below, it indicates that the market structure remains weak, and pressure continues.

On the other hand, the cost basis for short-term holders (STH) is about $83,734, which is currently the main resistance level in the market. Analysts believe that only when the cost of Bitcoin ETF holders further narrows the gap with the STH cost basis can we see a more significant improvement in the Bitcoin market structure.

Bloomberg Analyst: Bitcoin ETF Successfully "Filled the Gap," Year-to-Date Fund Flows Have Turned Positive

Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that Bitcoin ETFs recorded a solid week of inflows, and overall fund flows have officially turned positive. Although the previous outflows were not substantial, against the backdrop of limited price increase momentum, funds have successfully "filled the gap," demonstrating strong resilience.