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.
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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
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· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
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· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
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Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.

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Mixin has launched USTD-margined perpetual contracts, bringing derivative trading into the chat scene.
The privacy-focused crypto wallet Mixin announced today the launch of its U-based perpetual contract (a derivative priced in USDT). Unlike traditional exchanges, Mixin has taken a new approach by "liberating" derivative trading from isolated matching engines and embedding it into the instant messaging environment.
Users can directly open positions within the app with leverage of up to 200x, while sharing positions, discussing strategies, and copy trading within private communities. Trading, social interaction, and asset management are integrated into the same interface.
Based on its non-custodial architecture, Mixin has eliminated friction from the traditional onboarding process, allowing users to participate in perpetual contract trading without identity verification.
The trading process has been streamlined into five steps:
· Choose the trading asset
· Select long or short
· Input position size and leverage
· Confirm order details
· Confirm and open the position
The interface provides real-time visualization of price, position, and profit and loss (PnL), allowing users to complete trades without switching between multiple modules.
Mixin has directly integrated social features into the derivative trading environment. Users can create private trading communities and interact around real-time positions:
· End-to-end encrypted private groups supporting up to 1024 members
· End-to-end encrypted voice communication
· One-click position sharing
· One-click trade copying
On the execution side, Mixin aggregates liquidity from multiple sources and accesses decentralized protocol and external market liquidity through a unified trading interface.
By combining social interaction with trade execution, Mixin enables users to collaborate, share, and execute trading strategies instantly within the same environment.
Mixin has also introduced a referral incentive system based on trading behavior:
· Users can join with an invite code
· Up to 60% of trading fees as referral rewards
· Incentive mechanism designed for long-term, sustainable earnings
This model aims to drive user-driven network expansion and organic growth.
Mixin's derivative transactions are built on top of its existing self-custody wallet infrastructure, with core features including:
· Separation of transaction account and asset storage
· User full control over assets
· Platform does not custody user funds
· Built-in privacy mechanisms to reduce data exposure
The system aims to strike a balance between transaction efficiency, asset security, and privacy protection.
Against the background of perpetual contracts becoming a mainstream trading tool, Mixin is exploring a different development direction by lowering barriers, enhancing social and privacy attributes.
The platform does not only view transactions as execution actions but positions them as a networked activity: transactions have social attributes, strategies can be shared, and relationships between individuals also become part of the financial system.
Mixin's design is based on a user-initiated, user-controlled model. The platform neither custodies assets nor executes transactions on behalf of users.
This model aligns with a statement issued by the U.S. Securities and Exchange Commission (SEC) on April 13, 2026, titled "Staff Statement on Whether Partial User Interface Used in Preparing Cryptocurrency Securities Transactions May Require Broker-Dealer Registration."
The statement indicates that, under the premise where transactions are entirely initiated and controlled by users, non-custodial service providers that offer neutral interfaces may not need to register as broker-dealers or exchanges.
Mixin is a decentralized, self-custodial privacy wallet designed to provide secure and efficient digital asset management services.
Its core capabilities include:
· Aggregation: integrating multi-chain assets and routing between different transaction paths to simplify user operations
· High liquidity access: connecting to various liquidity sources, including decentralized protocols and external markets
· Decentralization: achieving full user control over assets without relying on custodial intermediaries
· Privacy protection: safeguarding assets and data through MPC, CryptoNote, and end-to-end encrypted communication
Mixin has been in operation for over 8 years, supporting over 40 blockchains and more than 10,000 assets, with a global user base exceeding 10 million and an on-chain self-custodied asset scale of over $1 billion.




