Compiled by: Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
US Bitcoin spot ETFs saw net inflows of $816 million.
Last week, US Bitcoin spot ETFs saw net inflows over three days, totaling $816 million , bringing their total net asset value to $94.92 billion.
Last week, eight ETFs saw net inflows, with the majority of inflows coming from BlackRock IBIT, which saw a net inflow of $612 million.
Data source: Farside Investors
US Ethereum spot ETF saw net inflows of $187 million.
Last week, the U.S. Ethereum spot ETF saw net inflows over three days, totaling $187 million, bringing its total net asset value to $12.96 billion.
Last week's inflows primarily came from BlackRock ETHA, with a net inflow of $168 million. Four Ethereum spot ETFs were also experiencing net inflows.
Data source: Farside Investors
The Hong Kong Bitcoin spot ETF saw a net inflow of 4.68 Bitcoins.
Last week, Hong Kong Bitcoin spot ETFs saw a net inflow of 4.68 Bitcoins, bringing their net asset value to US$284 million. Among them, the issuer, Harvest Bitcoin ETF, reduced its holdings to 211.35 Bitcoins, while ChinaAMC maintained its holdings at 2570 Bitcoins.
The Hong Kong Ethereum spot ETF saw no inflows, with a net asset value of US$66.49 million.
Data source: SoSoValue
Crypto spot ETF options performance
As of April 10, the notional total trading volume of U.S. Bitcoin spot ETF options was $1.15 billion, with a notional long/short ratio of 2.27.
As of April 9, the total notional open interest of U.S. Bitcoin spot ETF options reached $22.63 billion, with a notional long/short ratio of 1.52.
Short-term trading activity in Bitcoin spot ETF options has increased, with overall sentiment leaning towards a bullish outlook.
In addition, the implied volatility is 44.74%.
Data source: SoSoValue
A summary of last week's crypto ETF activity
Bitwise updates its Hyperliquid ETF application documents, setting the trading symbol as BHYP.
Bloomberg ETF analyst Eric Balchunas tweeted that Bitwise has updated its Hyperliquid ETF application documents again, with the trading ticker symbol set as BHYP and a management fee of 67 basis points (0.67%). He stated that this usually indicates an imminent official launch.
Canary Capital submits registration statement for PEPE ETF S-1
According to SEC filings, Canary Capital has submitted an S-1 registration statement for the Canary PEPE ETF, intending to launch the offering once the registration becomes effective.
Previously, the institution had applied for a large number of Altcoin ETFs, which was questioned by outsiders as being merely for speculation.
Nasdaq has filed a rule change to extend the timeframe for switching BlackRock's iShares Bitcoin Trust ETF (IBIT) and iShares Ethereum Trust ETF (ETHA) from specific listing requirements to the general listing standard from the original first quarter of 2026 to the third quarter of 2026, giving the sponsor BlackRock more time to complete the conversion.
The change was submitted on March 31, 2026, and took effect immediately.
BlackRock's Ethereum ETF charges an 18% commission on staking yields.
According to Fortune, BlackRock's iShares Staked Ethereum Trust (ticker symbol ETHB) launched today with a management fee of 0.25% (0.12% during a temporary discount period). It also charges an 18% commission on the total staking yield of approximately $318 million worth of staked ETH within the trust, which is split between BlackRock and Coinbase.
Based on the current ETH staking yield of approximately 2.74%, an 18% commission is equivalent to a total return of about 49 basis points. Falconedge CEO Roy Kashi believes that this 18% covers costs such as custody, forfeiture risk, validator fees, and brand premium, and estimates that the operating cost floor for staking ETFs is approximately 5%. GlobalStake founder Richard Shorten points out that there are significant hidden fees before the returns reach the ETF.
Cosmos co-founder Ethan Buchman stated that 18% is not outrageous for institutional products, but he expects it to be compressed to 15% or even 10% in the future. Harriet Browning, VP of Sales at Twinstake, cautioned that excessive fee competition could lead some providers to lower their standards in terms of security and transparency. Currently, this commission is still lower than the maximum 25% fee paid by retail investors directly staking ETH on mainstream crypto platforms. Financial advisor Tyrone Ross questioned whether it's worthwhile to cede 18% of staking rewards to BlackRock and Coinbase.
Opinions and Analysis on Crypto ETFs
Eric Balchunas, a senior ETF analyst at Bloomberg, said on the X platform that while the market is focused on the listing of Morgan Stanley's Bitcoin ETF MSBT, the Bitcoin After Dark ETF (NGHT), a Bitcoin "night strategy" exchange-traded fund, was also launched on Wednesday. The product's trading performance was mediocre on the first day, but trading volume increased significantly on the second day. Its future performance remains to be seen.
Historical research shows that "nighttime gains" tend to outperform daytime gains, but for long-term ETF holders, holding products like MSBT already covers both day and night gains, so the difference has a limited impact. However, if NGHT experiences strong subsequent inflows, it may gain market acceptance; otherwise, it could quickly become marginalized. Meanwhile, the Morgan Stanley Bitcoin ETF, with its distribution advantages, is expected to achieve significant success.
According to Cointelegraph, Morgan Stanley's head of digital assets stated that the bank's newly launched Bitcoin ETF achieved the best first-day trading performance among all its ETF products, and more crypto products are in the pipeline.
Eric Balchunas, a senior analyst at Bloomberg ETF, wrote on the X platform that U.S. baby boomer investors have quietly poured about $500 million into Bitcoin spot ETFs amid a stressful market environment and frequent macroeconomic headwinds. This inflow has, to some extent, filled the funding gap since the beginning of the year.
However, data shows that the overall net inflow of Bitcoin ETFs so far this year is still slightly negative, indicating that the market as a whole is still in a wait-and-see state. The recent round of capital inflows shows that some traditional capital has a long-term interest in Bitcoin ETFs.
