Cryptocurrency ETF Weekly Report | Last week, US Bitcoin spot ETFs experienced a net outflow of $1.487 billion; US Ethereum spot ETFs experienced a net outflow of $327 million

Editor: Jerry, ChainCatcher

Last Week’s Cryptocurrency Spot ETF Performance

US Bitcoin Spot ETF Net Outflow of $1.487 Billion

Last week, the US Bitcoin spot ETFs experienced a four-day net outflow, totaling $1.487 billion, with a total net asset value of $106.96 billion.

Eight ETFs were in a net outflow state last week, mainly due to outflows from IBIT, FBTC, and GBTC, which saw outflows of $963 million, $191 million, and $119 million respectively.

Source: Farside Investors

US Ethereum Spot ETF Net Outflow of $327 Million

Last week, the US Ethereum spot ETFs experienced a three-day net outflow, totaling $327 million, with a total net asset value of $15.86 billion.

The main outflow came from BlackRock’s ETHA, with a net outflow of $264 million. Five Ethereum spot ETFs were in a net outflow state.

Source: Farside Investors

Hong Kong Bitcoin Spot ETF No Fund Inflows

Last week, the Hong Kong Bitcoin spot ETF saw no fund inflows, with an asset net value of $339 million. The issuer, Jiashi Bitcoin, held 290.72 coins, while Huaxia maintained 2,390 coins.

The Hong Kong Ethereum spot ETF also saw no fund inflows, with an asset net value of $86.27 million.

Source: SoSoValue

Cryptocurrency Spot ETF Options Performance

As of January 30, the total nominal trading volume of US Bitcoin spot ETF options was $2.3 billion, with a total long/short ratio of 2.35.

As of January 29, the total nominal open interest of US Bitcoin spot ETF options reached $24.52 billion, with a long/short ratio of 1.56.

Market activity in Bitcoin spot ETF options has increased in the short term, with overall sentiment leaning bullish.

Additionally, implied volatility stands at 45.13%.

Source: SoSoValue

Last Week’s Cryptocurrency ETF Developments

Bitwise has registered “Bitwise Uniswap ETF” in Delaware

According to market sources, cryptocurrency asset management firm Bitwise has registered the “Bitwise Uniswap ETF” statutory trust entity in Delaware, preparing for a potential future application related to the decentralized trading protocol Uniswap.

Such state-level registration usually precedes formal SEC filings by several months, and most do not advance to subsequent stages. Analysts note this move is a strategic step by Bitwise to retain flexibility, and does not imply SEC review or a clear listing timetable.

Grayscale Bitcoin Mini Trust ETF Now Available on Morgan Stanley Platform

Grayscale CEO Peter Mintzberg announced, “The Grayscale Bitcoin Mini Trust ETF (ticker: BTC) is now live on the Morgan Stanley platform, opening investment channels for over $7.4 trillion in advisory-managed assets (AUM).”

Hang Seng Gold ETF to Issue Tokenized Fund Units Based on Ethereum

Hang Seng Investment announced the issuance of the Hang Seng Gold ETF, expected to list on the Hong Kong Stock Exchange. The ETF will establish tokenized non-listed fund units, with HSBC acting as the tokenization agent. Initially, Ethereum will be used as the primary blockchain, with future consideration for other public blockchains with comparable security resilience and distributed ledger technology.

Fund unit holders can subscribe or redeem tokenized fund units through qualified distributors in the form of tokens.

US’s First AVAX Spot ETF Listed, No Net Inflows on Day One

The first US AVAX single-token spot ETF — VanEck Avalanche ETF (ticker: VAVX) — officially listed and traded on Nasdaq.

According to SoSoValue data, VAVX had no net inflow on its first day, with a trading volume of $330,000 and a total net asset value of $2.41 million.

The VanEck Avalanche ETF supports cash/physical redemption, with a management fee of 0.30%, and supports staking.

As of press time, the total net asset value of AVAX spot ETFs is $2.41 million, with an AVAX net asset ratio of 0.05%.

BlackRock Publishes S-1 Filing for iShares Bitcoin Quality Yield ETF, Fees and Ticker Not Disclosed

According to Bloomberg senior ETF analyst Eric Balchunas on X, BlackRock has just released the official S-1 filing for the upcoming iShares Bitcoin Quality Yield ETF, but fees and trading code details have not yet been disclosed.

This ETF aims to track Bitcoin price movements and generate quality income through actively managed covered call strategies, mainly targeting IBIT stocks, and occasionally targeting ETP indices.

Japanese Financial Group SBI Plans to Launch BTC and XRP Dual-Asset Crypto ETF

Japanese financial group SBI Holdings has submitted an application to launch a dual-asset crypto ETF, combining BTC and XRP into a regulated product.

Opinions and Analysis on Crypto ETFs

Glassnode: Short-term Support Level for Bitcoin at $83,400, Recovery in Spot and ETF Demand Key to Stabilization

Glassnode’s weekly report states that Bitcoin continues to consolidate near structurally important on-chain levels, with the confidence of holders and marginal demand remaining very delicate. Short-term holders are still weak, with the lower bound of the compression range (minus 1 standard deviation) at $83,400. This level is a recent key support; if broken, it could lead to further correction toward the real market mean of around $80,700. However, overall capital flow patterns have stabilized.

ETF selling pressure has eased, with initial signs of improvement in spot market positions, especially offshore, indicating buyer interest is beginning to rebuild. Meanwhile, derivatives markets remain restrained, with neutral financing indicating low leverage levels and less influence from speculative momentum. Options position adjustments reinforce this cautious stance. Skew has turned bearish, with short-term protective pricing rising, and market makers’ gamma dropping below zero, increasing the likelihood of sharp price swings during volatility.

The key to future market direction lies in whether spot and ETF demand can sustain. Continued positive capital inflows and stronger spot buying will support the trend, while persistent weakness and rising downside hedging demand could lead to further consolidation or deeper corrections.

Analysis: Bitcoin Spot ETF Investors Facing Stress Test, Market Fluctuating Near Entry Price

According to Cointelegraph, the average entry price for US Bitcoin spot ETF investors is around $86,000. As the market fluctuates near this level, ETF investors are facing a “test of conviction”—whether to hold through risk or take profits to avoid potential losses.

CryptoQuant analyst Moreno states, “Historically, the entry price zone acts as a psychological pivot; prices above it boost investor confidence and stabilize capital flows, while sustained prices below accelerate redemptions as investors lose profit buffers.”

Since October last year, US Bitcoin spot ETF holdings have decreased by 8.4%, with cumulative inflows dropping from approximately $72.6 billion to about $66.5 billion. The ETF performance in the latter half of January has also been poor, with net outflows on 6 of 7 trading days, and only a modest $6.8 million net inflow on January 26.

Wintermute: Bitcoin Stuck in 60-Day Range, Record ETF Outflows Signal Selling Pressure in US

Market sources report that Bitcoin has been trapped in an $85,000 to $94,000 range for 60 days, with recent US market selling pressure being a key factor in the dominant direction.

Despite an attempt to rally to $97,000 in early January, lack of follow-up buying caused prices to retreat to the mid-range. Market momentum and ETF capital flows are closely linked: January’s strength was accompanied by strong ETF inflows, while subsequent pullbacks corresponded with record outflows from BTC and ETH ETFs. Coinbase premium turned from premium to discount, further confirming that US trading counterparties are net sellers, indicating institutional capital inflows (via ETFs, corporate treasuries, etc.) have turned negative, adding pressure.

Analysts believe that to break the range effectively, ETF capital flows and Coinbase premium must turn positive. Only when both indicators reverse can the market truly break above the $90,000 mid-level. This week’s macro events—such as Fed rate decisions, Powell’s speeches, tech earnings reports (Microsoft, Meta, Tesla, Apple), trade negotiations, potential USD/JPY interventions, and government shutdown risks—may serve as catalysts to break the deadlock.

Gold continues to hit record highs, but the “digital gold” narrative for Bitcoin has not yet shown the same safe-haven appeal in the current market environment. Analysts suggest closely monitoring the $85,000 support level and ETF capital flows before a confirmed breakout. The prolonged 60-day consolidation combined with macro risks suggests the market is approaching a decisive move.