Compiled by: Jerry, ChainCatcher
Last week's performance of crypto spot ETFs
US Bitcoin spot ETFs saw net outflows of $680 million.
Last week, the U.S. Bitcoin spot ETF experienced net outflows for four days, totaling $680 million , bringing its total net asset value to $116.86 billion.
Last week, six ETFs experienced net outflows, with the outflows mainly coming from FBTC, GBTC, and ARKB, which saw outflows of $481 million, $171 million, and $45.4 million, respectively.
Data source: Farside Investors
The US Ethereum spot ETF saw a net outflow of $68.6 million.
Last week, the U.S. Ethereum spot ETF experienced net outflows over three days, totaling $68.6 million, with total net assets reaching $18.7 billion.
Last week's outflows primarily came from Grayscale's ETHE, with a net outflow of $145 million. Three Ethereum spot ETFs were also experiencing net outflows.
Data source: Farside Investors
No inflows into Hong Kong Bitcoin spot ETFs
Last week, there were no inflows into Hong Kong Bitcoin spot ETFs, with a net asset value of US$346 million. Among them, the issuer, Harvest Bitcoin ETF, saw its holdings decrease to 290.96 Bitcoins, while ChinaAMC maintained its holdings at 2390 Bitcoins.
The Hong Kong Ethereum spot ETF saw no inflows, with a net asset value of US$100 million.
Data source: SoSoValue
Crypto spot ETF options performance
As of January 9, the notional total trading volume of U.S. Bitcoin spot ETF options was $1.76 billion, with a notional long/short ratio of 2.53.
As of January 8, the total notional open interest of U.S. Bitcoin spot ETF options reached $29.99 billion, with a notional long/short ratio of 1.71.
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 43.94%.
Data source: SoSoValue
A summary of last week's crypto ETF activity
Grayscale registers Grayscale HYPE ETF in Delaware
According to Delaware company registration information, Grayscale has officially registered the Grayscale HYPE ETF in Delaware, USA, with registration number 10465863. The entity type is a statutory trust, the registered agent is CSC DELAWARE TRUST COMPANY, and the registered address is 251 LITTLE FALLS DRIVE, Wilmington, DE 19808.
Earlier today, it was reported that Grayscale's BNB ETF had completed its registration in Delaware.
The South Korean government plans to enact the "Second Phase of the Digital Assets (Virtual Assets) Act" this year, which includes a regulatory framework for stablecoins. Simultaneously, it will launch a regulatory scheme for cross-border stablecoin transactions linked to this act. Furthermore, digital asset spot exchange-traded funds (ETFs) are also planned for introduction this year.
On May 5th, the government released the "2026 Economic Growth Strategy," which includes the aforementioned content, with the Financial Services Commission (FSC) as the responsible authority. Firstly, the FSC will advance the second phase of legislation for digital assets. Regarding stablecoins, this is expected to include the following: • Issuance licensing system (capital requirements, etc.) • Reserve asset management (maintaining issuance at over 100%) • Redemption rights, etc. Simultaneously, a regulatory framework for cross-border stablecoin transfers and transactions will be developed in conjunction with this legislation. The responsible authorities are the FSC and the Ministry of Finance and Economy.
Given the active trading of Bitcoin spot ETFs in other countries and regions such as the United States and Hong Kong, this plan also includes allowing spot ETFs of digital assets this year. Previously in South Korea, spot ETF trading was not possible because digital assets such as Bitcoin were not recognized as underlying assets for ETFs.
In addition to stablecoins, the government plans to advance a program to use a quarter of the national treasury funds in the form of digital currencies, or so-called "deposit tokens," by 2030. The government stated that it will revise the Bank of Korea Act and the National Treasury Funds Management Act after reviewing the results of pilot projects, and will establish a legal basis for blockchain-based payment and settlement within the year. Furthermore, it plans to promote e-wallets that can be used for payments such as business development fees.
Grayscale BNB ETF completes registration in Delaware
Grayscale has officially registered a Binance Coin (BNB)-based ETF entity (in the form of a Delaware statutory trust) in Delaware, USA. This is an important preliminary step towards a potential future BNB ETF investment product. No specific launch timeline or regulatory approval progress has been announced yet.
21Shares will distribute staking rewards of $0.010378 per share to its Ethereum ETF holders.
According to market sources, 21Shares, a subsidiary of institutional-grade digital asset brokerage FalconX, announced that it will distribute the rewards earned through ETH staking to holders of its Ethereum exchange-traded fund, 21shares Ethereum ETF (TETH). According to the distribution plan, TETH holders will receive $0.010378 for each TETH share they hold, and the distribution will take place on January 9, 2026.
Previously, Grayscale also announced this week that it would distribute Ethereum staking rewards to ETHE holders, with each holder receiving $0.083178.
New Florida proposal: Allow 10% of public funds to invest in Bitcoin and ETFs
According to Bitcoin Magazine, Florida recently introduced an innovative bill to establish a strategic Bitcoin reserve. This bill would allow the state government to allocate up to 10% of its key public funds to holding Bitcoin and Bitcoin ETF products.
WisdomTree withdrew its S-1 registration application for its spot XRP ETF.
According to Cryptopolitan , WisdomTree has officially withdrawn its proposed registration application for a spot XRP ETF. In a filing on Tuesday, the company stated that it has "decided not to proceed with" the product launch at this time and requested the SEC to withdraw its registration statement and all accompanying exhibits and amendments.
Previously, WisdomTree filed an S-1 registration document with the U.S. SEC in December 2024 regarding its spot XRP ETF.
Market news: Morgan Stanley submits application to the US SEC for an Ethereum ETF.
According to market sources, Morgan Stanley has submitted an application to the U.S. Securities and Exchange Commission (SEC) for an Ethereum ETF.
Bitwise has received approval from the U.S. SEC to list its LINK spot ETF on the NYSE Arca.
According to market sources, asset management firm Bitwise has received approval from the U.S. Securities and Exchange Commission (SEC) to list the LINK spot ETF (ticker symbol CLNK) on the New York Stock Exchange's Arca platform. Its assets will be jointly custodied by Coinbase Custody and Bank of New York Mellon.
According to Reuters, Wall Street investment banking giant Morgan Stanley has filed documents with the U.S. Securities and Exchange Commission (SEC) to apply for the launch of exchange-traded funds (ETFs) linked to the prices of crypto assets. The documents show that Morgan Stanley plans to launch ETF products that track the prices of Bitcoin (BTC) and Solana (SOL).
This move will further deepen the bank's presence in the crypto asset sector. It's worth noting that this action comes two years after the SEC approved a spot Bitcoin ETF, signifying the continued increase in investment from traditional financial institutions in the digital asset market.
Opinions and Analysis on Crypto ETFs
JPMorgan analysts say cryptocurrency ETF flows are stabilizing after outflows in December. A report by a team of analysts led by Nikolaos Panigirtzoglou notes that while global equity ETFs recorded record inflows of $235 billion, Bitcoin and Ethereum ETFs still saw outflows last month.
Current indicators such as ETF fund flows and perpetual futures market positions suggest that selling pressure in the cryptocurrency market may be easing. Analysts believe that the recent cryptocurrency market correction was primarily due to investor risk aversion following MSCI's announcement in October of potential index removals, rather than a deterioration in market liquidity. MSCI's decision not to remove Bitcoin and cryptocurrency finance companies from its February 2026 global equity benchmark review could further support market stability.
JPMorgan Chase suggests that the previous "de-risking" process in the crypto market may be nearing its end, with stabilizing signs appearing in Bitcoin and Ethereum ETF flows. In a recent report, an analysis team led by JPMorgan Managing Director Nikolaos Panigirtzoglou noted that while BTC and ETH ETFs experienced outflows in December 2025, global equity ETFs recorded a historic monthly net inflow of $235 billion during the same period. However, several indicators began to improve in January 2026.
The report states that fund flows into Bitcoin and Ethereum ETFs have shown signs of bottoming out, while open interest indicators for perpetual contracts and CME Bitcoin futures suggest that selling pressure is easing. Analysts believe that the phase of simultaneous selling by retail and institutional investors likely ended in the fourth quarter of 2025.
Furthermore, JPMorgan Chase points out that MSCI's decision in its February 2026 index review not to remove Bitcoin and crypto asset reserve companies from its global equity indices provides "at least temporary relief" to the market, benefiting related companies including Strategy. The report also denies that the recent crypto market correction was caused by deteriorating liquidity. JPMorgan Chase believes the real trigger was MSCI's October 10th statement regarding the MicroStrategy index status, which initiated a systemic de-risking process, and current indications suggest this process is largely complete.
BTC price rebounded to $90,500 after testing the $89,200 support level, which coincides with the 50-day moving average. Jake Ostrovskis, head of OTC trading at Wintermute, stated that the market's failure to break the key $95,000 level led to two-way trading, primarily driven by ETF outflows over the past two trading days. Furthermore, derivatives positioning indicates increasing market leverage.
The total open interest in BTC futures and options has climbed to nearly 700,000 BTC, a three-week high, and has increased by approximately 75,000 BTC since the beginning of the year. Meanwhile, the funding rate for perpetual futures remains positive at around 0.09%, indicating that long positions are paying short positions to maintain their exposure, and traders may be using leverage to buy on dips, which increases the risk of long liquidation.
Bitwise Chief Investment Officer Matt Hougan stated, "Morgan Stanley currently manages 20 ETFs, but most of them are launched under brands such as Calvert, Parametric, and Eaton Vance. The Bitcoin and Solana ETFs that have been applied for will be the third and fourth ETFs directly operated under the 'Morgan Stanley' brand, which is quite remarkable."
Matrixport: Bitcoin ETF inflows are expected to continue and may strengthen again in 2026.
Matrixport published an analysis of Bitcoin ETF inflows, stating that although the inflows are not linearly increasing, the overall scale remains considerable. Data shows that Bitcoin ETFs saw net inflows of approximately $34 billion in 2024, with an additional $22 billion in 2025, and this continued buying has provided support for Bitcoin prices.
Matrixport points out that ETF inflows slowed in early 2025 due to Trump's tariff policies, but continued to outpace 2024 for most of the year until the FOMC meeting in late October. Inflows accelerated significantly mid-year, before stagnating in the fourth quarter. Matrixport believes this shift is more of a cyclical adjustment than a structural weakening, potentially laying the foundation for a new, and potentially larger, round of Bitcoin ETF inflows in 2026.
Jeff Park, an advisor at Bitwise, commented on Morgan Stanley's launch of a Bitcoin ETF on the X platform, saying that he sees the move as significant.
Jeff Park stated that Morgan Stanley's decision to launch its own-brand product two years after the first Bitcoin spot ETFs had already captured the majority of liquidity reflects its assessment through internal wealth management channels that the market size and demand from new clients remain commercially viable.
Jeff Park further pointed out that Bitcoin ETFs are not only financial products for asset management institutions, but also have symbolic significance on a brand and social level, and can be used to reach specific client groups such as ultra-high-net-worth independent investors. He also believes that this move can be seen as a defensive arrangement for platform distribution rights and fee retention, that is, controlling client relationships through proprietary products, rather than relinquishing distribution revenue to third parties. Against this backdrop, Jeff Park expressed his optimism about Bitwise and Morgan Stanley's related moves.
Bloomberg ETF analyst Eric Balchunas posted on social media that ETFs recorded $7.1 billion in inflows on January 2nd (the first trading day of the year for US stocks). If this pace continues, the total inflows this year could reach $1.8 trillion (an exaggerated estimate).
VOO (Vanguard's ETF tracking the S&P 500) remains at the top of the list as usual. BlackRock's SGOV is also still on the list, with its Bitcoin spot ETF IBIT ranking tenth with $287 million in inflows. The overall trend is very similar to last year. Although the current data is still early and may contain noise, market narratives often begin to take shape at the beginning of the new year.
Nate Geraci, president of The ETF Store, stated in an article on the X platform that more than 130 cryptocurrency-related ETF filings have been submitted to the U.S. Securities and Exchange Commission (SEC).
Several trends are expected to emerge in 2026, including further mainstream adoption of spot BTC and ETH ETFs, and growing market interest in SOL and XRP ETFs. Nate Geraci believes cryptocurrency index ETFs will see significant growth this year.
