Crypto ETF Weekly | Last week, the net inflow for Bitcoin spot ETFs in the U.S. was $816 million; the net inflow for Ethereum spot ETFs in the U.S. was $187 million

Compiled by: Jerry, ChainCatcher

Last Week's Crypto Spot ETF Performance

US Bitcoin Spot ETF Net Inflow of $816 Million

Last week, the US btc-42">Bitcoin spot ETF had a three-day net inflow of $816 million, bringing the total net assets to $94.92 billion.

Eight ETFs were in a net inflow state last week, with the inflow mainly coming from BlackRock's IBIT, which had a net inflow of $612 million.

Data Source: Farside Investors

US Ethereum Spot ETF Net Inflow of $187 Million

Last week, the US Ethereum spot ETF had a three-day net inflow of $187 million, bringing the total net assets to $12.96 billion.

The inflow last week mainly came from BlackRock's ETHA, which had a net inflow of $168 million. Four Ethereum spot ETFs were in a net inflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Inflow of 4.68 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net inflow of 4.68 Bitcoins, with net assets reaching $28.4 million. The issuer, Harvest Bitcoin, reduced its holdings to 211.35 Bitcoins, while Huaxia maintained 2570 Bitcoins.

The Hong Kong Ethereum spot ETF had no capital inflow, with net assets of $6.649 million.

Data Source: SoSoValue

Crypto Spot ETF Options Performance

As of April 10, the nominal total trading volume of US Bitcoin spot ETF options was $1.15 billion, with a nominal total long-short ratio of 2.27.

As of April 9, the nominal total open interest of US Bitcoin spot ETF options reached $22.63 billion, with a nominal total long-short ratio of 1.52.

The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.

Additionally, the implied volatility was 44.74%.

Data Source: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

Bitwise Updates Hyperliquid ETF Application, Trading Code Set as BHYP

Bloomberg ETF analyst Eric Balchunas tweeted that Bitwise has updated its Hyperliquid ETF application again, with the trading code set as BHYP and a management fee of 67 basis points (0.67%). This move typically indicates that a formal launch will occur soon.

Canary Capital Submits PEPE ETF S-1 Registration Statement

According to SEC documents, Canary Capital has submitted the S-1 registration statement for the Canary PEPE ETF, intending to launch the issuance after the registration becomes effective.

Previously, the firm applied for a large number of altcoin ETFs, which raised suspicions that it was merely for hype.

Nasdaq Submits Rule Change, Extends Transition Period for BlackRock's IBIT and ETHA to General ETF Standards

Nasdaq submitted a rule change to extend the time for BlackRock's iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) to transition from specific listing requirements to general listing standards, from the originally scheduled first quarter of 2026 to the third quarter of 2026, allowing the sponsor BlackRock more time to complete the conversion.

This change was submitted on March 31, 2026, and took effect immediately.

BlackRock's Ethereum Staking ETF Charges 18% Commission on Staking Returns

According to Fortune, BlackRock's iShares Staked Ethereum Trust (code ETHB) launched today, with a management fee of 0.25% (temporary promotional period of 0.12%), and charges an 18% commission on the total staking returns of approximately $318 million in staked ETH, which is shared between BlackRock and Coinbase.

Based on the current staking yield of about 2.74% for ETH, the 18% commission equates to approximately 49 basis points of total return. Falconedge CEO Roy Kashi believes that this 18% covers costs such as custody, risk of forfeiture, validator fees, and brand premiums, estimating the operational cost baseline for the staking ETF to be around 5%. GlobalStake founder Richard Shorten pointed out that there are still many hidden fees before the returns reach the ETF.

Cosmos co-founder Ethan Buchman stated that 18% is not outrageous for institutional products but expects it to compress to 15% or even 10% in the future. Twinstake's VP of Sales Harriet Browning warned that excessive fee competition could lead some providers to lower standards in security and transparency. Currently, this commission is still lower than the maximum 25% rate that retail investors pay for directly staking ETH on mainstream crypto platforms. Financial advisor Tyrone Ross questioned whether it is worth ceding 18% of staking returns to BlackRock and Coinbase.

Views and Analysis on Crypto ETFs

Bloomberg Analyst: Bitcoin "Day/Night" ETFs Launch on Same Day, NGHT Recovers but Future Performance Remains to be Seen

Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that as the market focuses on the launch of Morgan Stanley's Bitcoin ETF MSBT, the Bitcoin "night strategy" exchange-traded fund Bitcoin After Dark ETF (NGHT) was also launched this Wednesday. The product had a mediocre trading performance on its first day, but trading volume significantly increased on the second day, with future performance still to be observed.

Historical research shows that "night returns" often outperform daytime, but for long-term ETF holders, holding products like MSBT can cover both day and night returns simultaneously, thus the impact of the difference is limited. However, if NGHT sees strong inflows in the future, it may gain market recognition; otherwise, it could quickly become marginalized. Morgan Stanley's Bitcoin ETF, with its channel distribution advantage, is expected to achieve great success.

Morgan Stanley: New Bitcoin ETF Sets Record for First Day Trading Performance, More Crypto Products in Preparation

According to Cointelegraph, Morgan Stanley's head of digital assets stated that the newly launched Bitcoin ETF achieved the best first-day trading performance among all of the bank's ETF products, and more crypto products are in preparation.

Bloomberg Analyst: Baby Boomers Entering the Market Against the Trend, Adding $500 Million to Bitcoin ETF in a Single Day

Bloomberg senior ETF analyst Eric Balchunas posted on the X platform that US "Baby Boomer" investors have quietly invested about $500 million into Bitcoin spot ETFs amid a challenging market environment and frequent macro headwinds, partially filling the funding gap since the beginning of the year.

However, data shows that the overall net inflow for Bitcoin ETFs so far this year is still slightly negative, indicating that the market as a whole remains in a wait-and-see attitude. The recent round of inflows shows some traditional capital's long-term allocation interest in Bitcoin ETFs.