Crypto ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the United States was $995 million; the net outflow of Ethereum spot ETFs in the United States was $255 million

Compiled by: Jerry, ChainCatcher

Last Week's Performance of Crypto Spot ETFs

US Bitcoin Spot ETF Net Outflow of $995 Million

Last week, the US Bitcoin spot ETF experienced a net outflow over three days, totaling $995 million, with a total net asset value of $104.29 billion.

Six ETFs were in a net outflow state last week, with the outflow mainly coming from BlackRock's IBIT, which had a net outflow of $317 million.

Data Source: Farside Investors

US Ethereum Spot ETF Net Outflow of $255 Million

Last week, the US Ethereum spot ETF had a net outflow over five days, totaling $255 million, with a total net asset value of $12.93 billion.

The outflow last week mainly came from BlackRock's ETHA, which had a net outflow of $186 million. Four Ethereum spot ETFs were in a net outflow state.

Data Source: Farside Investors

Hong Kong Bitcoin Spot ETF Net Outflow of 24.91 Bitcoins

Last week, the Hong Kong Bitcoin spot ETF had a net outflow of 24.91 Bitcoins, with a net asset value of $32.3 million. The issuer, Harvest Bitcoin, saw its holdings drop to 210.92 Bitcoins, while Huaxia's holdings fell to 2,570 Bitcoins.

The Hong Kong Ethereum spot ETF had no capital inflow, with a net asset value of $6.813 million.

Data Source: SoSoValue

Performance of Crypto Spot ETF Options

As of May 14, the nominal total trading volume of US Bitcoin spot ETF options was $797 million, with a nominal total long-short ratio of 1.63.

As of May 14, the nominal total open interest of US Bitcoin spot ETF options reached $23.08 billion, with a nominal total open interest long-short ratio of 1.45.

The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.

Additionally, the implied volatility was 41.82%.

Data Source: SoSoValue

Overview of Last Week's Crypto ETF Dynamics

VanEck and Grayscale Submit BNB ETF Amendments on the Same Day

According to The Block, VanEck submitted its fifth amendment to the registration statement for its BNB ETF to the US Securities and Exchange Commission on Friday (May 15), while Grayscale also submitted its second amendment to the Grayscale BNB ETF prospectus on the same day.

Bloomberg ETF analyst James Seyffart stated that the simultaneous actions indicate that both issuers are responding to feedback from the US SEC and may plan to launch soon. James Seyffart speculated that BNB could be the next crypto asset to pass SEC review and be listed in the US.

Meanwhile, Canary Capital submitted a separate amendment to its staking TRX ETF proposal, which will package Tron’s staking yields into a regulated framework.

Grayscale Resubmits Revised BNB ETF S-1, Potentially Paving the Way for US Spot ETF Advancement

Bloomberg ETF analyst James Seyffart stated on the X platform that Grayscale has submitted its second revised S-1 filing for its BNB ETF to the US Securities and Exchange Commission (SEC).

He indicated that this revised version is likely adjusted based on SEC feedback, suggesting that the product may be accelerating its path to listing.

Avenir Group Solidifies Its Position as Asia's Largest Bitcoin ETF Institutional Holder, Ranking First in the Region for Eight Consecutive Quarters

The latest SEC filings show that as of March 31, 2026, Avenir Group held 18,276,100 shares of BlackRock's IBIT Bitcoin spot ETF, with a market value of approximately $702 million based on the quarter-end closing price, a slight decrease of about 0.061% from Q4 2025. Avenir Group has maintained its position as the largest institutional holder of Bitcoin ETFs in Asia for eight consecutive quarters since Q2 2024.

Since 2026, Avenir Group has continued to promote the integration of TradFi and Crypto, including strategic investments in CoinRoutes, leading a $20 million seed round in Inference Research, and signing a cooperation MOU with Tiger Brokers, AMINA Bank, and CoinRoutes during Consensus Hong Kong 2026 to promote the construction of next-generation institutional trading infrastructure.

Data: Dartmouth College Discloses Holdings of $7.7 Million in Bitcoin ETF and $3.4 Million in SOL ETF

According to MacroScope monitoring, Dartmouth College disclosed in its submitted 13F filing that as of March 31, it held approximately 201,531 shares of BlackRock's Bitcoin ETF "IBIT," valued at $7.7 million, unchanged from the previous quarter.

The college also reported a new position, holding a Bitwise Solana Staking ETF valued at $3.4 million (304,803 shares).

21Shares Announces Launch of Actively Managed Crypto ETF TKNS

According to official news, 21Shares announced the launch of an actively managed crypto ETF, code TKNS. The fund is managed by a professional team aimed at capturing market opportunities and outperforming passive index funds, with portfolio managers adjusting holdings based on market conditions to balance long-term goals with short-term opportunities. The fund operates like a standard stock ETF, with simplified tax reporting, and is currently tradable on some brokerage platforms.

Bitwise Hyperliquid ETF to List on NYSE This Friday

The Bitwise Hyperliquid ETF will begin trading on the NYSE this Friday, under the code BHYP. Previously, 21Shares' Hyperliquid ETF (THYP) launched on Tuesday, with a first-day trading volume of approximately $1.8 million. BHYP will become the first fund in the US to offer Hyperliquid staking yields, with related staking operations completed through Bitwise's Bitwise Onchain Solutions. 21Shares also stated plans to stake most of its holdings in HYPE. Hyperliquid is currently a leading on-chain perpetual contract exchange and is gradually expanding into tokenized commodities and spot crypto trading. Its native token HYPE is used for platform fee payments and consistently ranks among the top 15 crypto assets by trading volume.

JPMorgan Significantly Increases Holdings in Bitcoin ETF in Q1, IBIT Holdings Surge by 174%

According to Cointelegraph, the 13F filing shows that JPMorgan significantly increased its Bitcoin ETF holdings in Q1, with its holdings in BlackRock iShares Bitcoin Trust (IBIT) rising from approximately 3 million shares to 8.3 million shares, an increase of 174%.

Additionally, JPMorgan also significantly increased its holdings in other Bitcoin spot ETFs such as Fidelity FBTC and Bitwise BITB, while slightly increasing its position in Strategy (MSTR).

In terms of altcoin ETFs, JPMorgan's actions were mixed: it made its first purchase of Bitwise Solana Staking ETF (BSOL), increased its holdings in Ethereum-related ETFs, while completely liquidating its XRP ETF.

Jane Street Significantly Reduces Bitcoin ETF Exposure in Q1, IBIT Holdings Decrease by 71%

Quantitative giant Jane Street disclosed in its latest 13F filing to the SEC that it significantly reduced its Bitcoin ETF exposure in Q1 2026, with its holdings in IBIT decreasing by approximately 71% to 5,872,212 shares of IBIT, valued at about $225.6 million. Its holdings in FBTC decreased by about 60% to 1,954,174 shares, valued at approximately $115 million.

Additionally, its holdings in MSTR also decreased by about 78% to 209,833 shares, valued at approximately $26.18 million.

Grayscale Submits First Application for Privacy Coin Spot ETF, Multicoin Capital Discloses ZEC Accumulation

Grayscale has submitted an application for a Zcash spot ETF, converting its existing Zcash trust into a spot product, becoming the first privacy coin ETF seeking to be listed in the US. Meanwhile, Multicoin Capital disclosed that it has been accumulating ZEC since February, with co-founder Tushar Jain linking the investment logic to the proposed wealth tax legislation in the US, believing that the government's expanded monitoring of private financial holdings will drive structural demand for assets that shield regulatory oversight on a mathematical level.

However, this application also raises institutional custody challenges: approximately 30% of Zcash's supply is located in shielded address pools, a historical high, but ETF custody almost must use transparent address pools to meet audit and balance proof requirements. Previously, the SEC concluded its long-term review of Zcash in January 2026 without taking enforcement action, significantly reducing regulatory uncertainty.

Views and Analysis on Crypto ETFs

Analysis: Harvard University Liquidates Ethereum ETF, Abu Dhabi Sovereign Wealth Fund Increases IBIT Holdings

According to The Block, sovereign wealth funds, universities, and banks have recently disclosed their 13F holdings reports for Q1 2026. Among sovereign wealth funds, Abu Dhabi's Mubadala increased its holdings in BlackRock's iShares Bitcoin Trust ETF (stock code IBIT) from 12,702,323 shares to 14,721,917 shares, adding over $90 million in holdings, with a total holding value of nearly $660 million. Mubadala's Abu Dhabi Investment Council (ADIC) maintained its IBIT holdings unchanged, holding 8,218,712 shares valued at $315.8 million.

Several university endowment funds reported that their cryptocurrency ETF holdings remained relatively stable. Harvard University's endowment fund reported holding 3,044,612 shares of IBIT, valued at approximately $117 million, a 43% decrease from the 5.35 million shares held at the end of 2025, as Harvard had already reduced its holdings by 21% in Q4. IBIT is no longer its largest holding (surpassed by TSMC, Alphabet, Microsoft, and SPDR Gold Trust). Harvard also completely liquidated its previously held $86.8 million position in BlackRock's Ethereum spot ETF.

Dartmouth College reported holding 201,531 shares of IBIT, valued slightly above $9 million, unchanged from the previous quarter. The college transferred its Ethereum ETF holdings from Grayscale Ethereum Mini Trust to Grayscale's Ethereum Staking ETF, maintaining its holdings of 178,148 shares. Dartmouth College also disclosed a new position in the Bitwise Solana Staking ETF, holding 304,803 shares, currently valued at nearly $3.67 million. This is the first time an institutional endowment fund has expressed interest in expanding its investment scope beyond Bitcoin or Ethereum.

Meanwhile, Brown University maintained its holdings of 212,500 shares of IBIT, while Emory University reduced its Bitcoin fund holdings from two to one. The school liquidated its 4,450 shares of IBIT while increasing its holdings in Grayscale Bitcoin Mini Trust from slightly above 1 million shares to 1,354,148 shares.

Traditional financial institutions are also actively rebalancing positions and hedging. Royal Bank of Canada (RBC) increased its direct shares in IBIT and increased the use of put and call options for hedging. Canadian Imperial Bank of Commerce liquidated its previously held Trump-related US Bitcoin stocks and increased its holdings by 214,370 shares of IBIT. Barclays also disclosed its holdings in IBIT, including approximately 4.46 million shares of spot stock and a large number of put and call option positions related to the ETF. Hong Kong-based Laurore reduced its IBIT holdings from 8,786,279 shares to 6,846,279 shares.

Bloomberg ETF Analyst: Bitcoin Spot ETF IBIT Significantly Outperforms Gold ETF GLD

Bloomberg senior ETF analyst Eric Balchunas stated on the X platform that since March of this year, the Bitcoin spot ETF $IBIT has significantly outperformed the gold ETF $GLD, leading by 33 percentage points.

In terms of capital flow, $IBIT saw a net inflow of $4.2 billion during this period, while $GLD experienced a net outflow of $9 billion, creating a total capital flow gap of up to $13 billion between the two.

Bloomberg Analyst: Prediction Market ETF Delays May Be Due to Further SEC Review of Disclosure Documents

Bloomberg senior ETF analyst Eric Balchunas revealed on the X platform that the prediction market ETF has not launched as originally planned, possibly due to the US Securities and Exchange Commission (SEC) deciding to further review related products. Currently, the delay "is not a fatal issue," but rather reflects the regulatory agency's desire for additional verification of disclosure documents.

He pointed out that such products are groundbreaking, and once approved for listing, they will set an important regulatory precedent for prediction market ETFs, so it is understandable that the SEC wants to invest more time in reviewing them, as the market is still waiting for further developments.