Crypto ETF Weekly Report | US Bitcoin spot ETF net inflows of $920 million last week; BlackRock meets with US SEC Crypto Task Force to discuss staking and options for crypto ETFs
Reprinted from chaincatcher
05/12/2025·27DCompiled by: Jerry, ChainCatcher
Crypto spot ETF performance last week
US Bitcoin spot ETF net inflow of US$920 million
Last week, US Bitcoin spot ETFs had a net inflow of four days, with a total net inflow of US$920 million and a total net asset value of US$118.66 billion.
Last week, four ETFs were in a net inflow, mainly from IBIT, FBTC, and ARKB, with inflows of US$1.03 billion, US$62.4 million and US$45.6 million respectively.
Source: Farside Investors
US Ethereum spot ETF net outflow of US$38.2 million
Last week, U.S. Ethereum spot ETFs experienced net outflows in three days, with a total net outflow of US$38.2 million and a total net asset value of US$7.22 billion.
The outflow last week was mainly from Fidelity FETH, with a net outflow of $37.2 million. There are 6 Ethereum spot ETFs in total and there is no capital flow.
Source: Farside Investors
Hong Kong Bitcoin Spot ETF Net Inflow 23.71 Bitcoins
Last week, Hong Kong Bitcoin spot ETFs had a net inflow of 23.71 bitcoins, with a net asset value of US$429 million. Among them, the issuer Jiashi Bitcoin held by the number of Bitcoin fell to 302.19, while China increased to 2,200.
Hong Kong Ethereum spot ETF has no capital inflow and its net asset value is US$38.63 million.
Source: SoSoValue
Crypto spot ETF Option performance
As of May 9, the nominal total transaction volume of US Bitcoin spot ETF options was US$1.82 billion, and the nominal total long-short ratio was 2.27.
As of May 8, the total nominal holdings of US Bitcoin spot ETF options reached US$14.89 billion, and the total nominal holdings reached 9.10.
The market's trading activity against Bitcoin spot ETF options has increased in the short term, and overall sentiment is bullish.
In addition, the implied volatility is 50.33%.
Source: SoSoValue
A brief overview of the dynamics of encrypted ETFs last week
BlackRock meets with the US SEC Crypto Task Force to discuss staking and options for encrypted ETFs
BlackRock's representatives met with members of the U.S. SEC Crypto Task Force on the topic of solutions to issues related to crypto asset regulation, discussing the pledge and options issues of cryptocurrency exchange-traded funds, according to The block .
According to the document, the meeting discussed “considerations for promoting staking-friendly ETP” and discussed parameters for determining encrypted ETF option positions and exercise limits, including liquidity thresholds. In addition, BlackRock also discussed specific standards for approving crypto ETFs.
Tidal Financial Group plans to launch two Bitcoin and gold hedge ETFs
According to Bloomberg, the Battleshares brand of Tidal Financial Group submitted an application to the US SEC, planning to launch two ETFs that hedge against Bitcoin and gold. This product will allow investors to directly bet on the relative performance of the two types of assets through tools such as short securities, swap contracts and options. Dhaval Joshi, chief strategist at Counterpoint, believes that Bitcoin will gradually erode the gold market share, and the long-term bullish BTC/short gold combination has more potential.
Gold hit new highs this year due to safe-haven demand, while Bitcoin fell simultaneously with risky assets amid tariff turmoil in April, but has recently rebounded strongly with the US digital financial policy. Spectra FX President Brent Donnelly pointed out that Bitcoin is still highly correlated with the Nasdaq 100 index, while gold reflects "short US" sentiment. Data shows that the four major gold ETFs have attracted more than US$14 billion this year, and the leading Bitcoin ETFs have received inflows of US$8 billion.
Harvest Portfolios will list two Bitcoin ETFs on Cboe Canada
Cboe Canada, a Canadian branch of CME Group, announced that it will list two Bitcoin exchange-traded funds, Harvest Bitcoin Enhanced Income ETF (HBIX) and Harvest Bitcoin Leaders Enhanced Income ETF (HBTE), a subsidiary of asset management company Harvest Portfolios. It is reported that both Bitcoin ETFs adopt active backup call options strategy and adopt moderate leverage.
BlackRock Bitcoin Spot ETF Capital inflows surpasses the world 's largest gold ETF this year
According to CoinDesk, although Bitcoin's rise of 3.8% this year is far inferior to the 29% surge in gold, BlackRock's spot Bitcoin ETF (IBIT) ranked sixth in the U.S. ETF funding list with a net inflow of US$6.96 billion, surpassing the world's largest gold ETF (GLD) by US$6.5 billion. This phenomenon shows that institutional investors continue to be optimistic about the long-term value of cryptocurrencies.
Gold benefited from geopolitical tensions and inflation concerns standing above $3384 per ounce, while Bitcoin fell more than 10% from its all-time high in January. Analysts pointed out that the continued money-making process during the weak price period confirmed the asset allocation value of Bitcoin as a "digital gold". It is expected that the scale of BTC ETFs will reach three times the scale of gold ETFs within 3-5 years.
South Korean presidential campaign leader promises approval of Bitcoin ETF
According to the Korea Economic Daily (KED), South Korea's Democratic Party leader Lee Jae-ming has become the latest presidential candidate to promise to approve spot cryptocurrency exchange-traded funds (ETFs) and other crypto-friendly measures if elected. Lee Jae-ming announced his cryptocurrency commitment on May 6 as part of a broader initiative to provide more investment opportunities for South Korean youth, one of the main target groups for the upcoming June 3 election.
KED quoted Lee Jae-ming as saying in Korean: “I will create a safe investment environment where young people can [accumulate] assets and plan for the future.” He also promised to legalize spot cryptocurrency ETFs, reduce transaction fees and take more consumer protection measures.
Defiance launches four ETFs while tracking long and short positions in Bitcoin, Ethereum and gold
According to the filing of Defiance ETFs, LLC with the U.S. Securities and Exchange Commission (SEC), the agency has applied for four new exchange-traded funds, including:
- Bitcoin vs. Ethereum ETF: long BTC and short ETH;
- Ethereum vs. Bitcoin ETF: short BTC and long ETH;
- Bitcoin vs. Gold ETF: Long BTC and short gold;
- Gold vs. Bitcoin ETF: Short BTC and long gold.
It is reported that each fund tracks the leverage performance of one asset relative to another through derivatives, and adopts an active management model to seek total returns through synthetic exposure to the underlying assets. These funds do not hold spot assets, but use a combination of futures contracts, swaps, options, and ETFs or exchange-traded products (ETPs) listed in the United States to establish leverage exposure.
Bitwise has submitted a listing application for spot NEAR ETF to the US SEC
According to Cointelegraph, digital asset management company Bitwise has filed a listing application for spot NEAR ETFs to the U.S. Securities and Exchange Commission, adding a new addition to the growing number of alternative coins currently competing for regulatory approval.
Bitwise Near Bitwise's registration statement on May 6 shows that ETFs will track the price trend of NEAR tokens through traditional brokers and deduct fees. Bitwise Specifies Coinbase Custody as the custodian of the Bitwise NEAR ETF. The management fees, stock code and listing exchange for Bitwise NEAR ETF have not been determined.
US SEC delays decision on Canary Capital 's Litecoin Spot ETF application submitted
According to former Fox Business reporter Eleanor Terrett, the Securities and Exchange Commission (SEC) has delayed its decision on Canary Capital's Litecoin (LTC) spot ETF application and initiated a public solicitation process focusing on evaluating whether the ETF meets regulatory requirements to prevent fraud and manipulation. The deadline for comments is May 26 (May 27 Beijing time) and the deadline for defense is June 9 (June 10 Beijing time).
The extension is consistent with Bloomberg analyst James Seyffart's prediction yesterday that "there is a high probability that he will choose to postpone the final decision rather than directly approve or refuse."
VanEck on-chain economic ETF (NODE) will be officially launched on May 14
Market News: VanEck submits S-1 file for BNB ETF
Perspectives and analysis on encrypted ETFs
Eric Balchunas, senior ETF analyst at Bloomberg, posted on the X platform that many people criticized VanEck's BNB ETF application submitted yesterday.
However, just knowing some of Zhao Changpeng's speeches last week, you will know that he is providing advice to multiple governments on establishing cryptocurrency reserves and also recommending BNB in the reserves, which may be why Jan VanEck noticed and took action. Again, this is just a hypothetical idea, but the logic is very clear.
Eric Balchunas, senior ETF analyst at Bloomberg, posted on a social platform, saying, “IBIT absorbed $500 million again yesterday, and has been inflowing funds for 15 consecutive days, and is currently ranked sixth in the annual inflow ranking, surpassing GLD.
Given that IBIT has only risen 4% and GLD is in its best performance period in history, it can attract more capital inflows in this case, which is a very good signal for the long-term outlook and also enhances our confidence that the Bitcoin ETF will have a three-fold asset management scale within 3-5 years. ”
QCP Capital released market analysis pointed out that the macro data released last Friday provided a meticulous snapshot of the U.S. economy, with non-farm employment increasing by 177,000, surpassing the expected 133,000, and the unemployment rate stabilized at 4.2%. However, behind the strong data, economists continue to warn that the full economic impact of the recent tariffs has not yet appeared, and the market is cautiously optimistic.
Meanwhile, the market generally expects the Fed to keep interest rates unchanged at this week's policy meeting. Despite a record high in the first quarter, Strategy has doubled its financing target to $84 billion, a loss amid the adoption of new digital asset market accounting standards, a new move that underscores the firm belief in its long-term Bitcoin strategy. Meanwhile, the steady inflow of spot Bitcoin ETFs indicates persistent institutional demand and reinforces the asset's growing role in diversified portfolios.
James Seyffart, senior Bloomberg ETF analyst, posted an analysis, saying, "Canary Capital's Litecoin ETF application will make a decision before Monday, May 5 (which may be extended). The SEC has approved and postponed many applications in advance, but this time it has not. If there is any asset that has the opportunity to get approval in advance, in my opinion, it is Litecoin. I personally think the possibility of a delay is greater, but it is definitely worth paying attention."
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