U.S. Spot Bitcoin ETFs Pull In $816M; Spot Ethereum ETFs Add $187M Over the Past Week

Compiled by Jerry, ChainCatcher U.S. spot Bitcoin ETFs: $816M net inflow U.S.-listed spot Bitcoin ETFs recorded $816 million in net inflows over the past week, with net buying on three trading days. Total assets under management climbed to $94.92 billion. Eight funds posted net inflows, led by BlackRock's iShares Bitcoin Trust (IBIT) with $612 million. Source: Farside Investors U.S. spot Ethereum ETFs: $187M net inflow U.S. spot Ethereum ETFs brought in $187 million over the week, also posting net inflows on three days. Total net asset value reached $12.96 billion. BlackRock's iShares Ethereum Trust (ETHA) accounted for most of the demand with $168 million in net inflows. Four Ethereum spot ETFs were net positive. Source: Farside Investors Hong Kong spot crypto ETFs Hong Kong spot Bitcoin ETFs saw a net inflow of 4.68 BTC last week, with total net asset value at $284 million. Harvest's Bitcoin holdings fell to 211.35 BTC, while China Asset Management remained at 2,570 BTC. Hong Kong spot Ethereum ETFs reported no net inflows; assets stood at $66.49 million. Source: SoSoValue Crypto ETF options snapshot As of April 10, total notional volume in U.S. spot Bitcoin ETF options was $1.15 billion, with a notional long-to-short ratio of 2.27. As of April 9, notional open interest reached $22.63 billion, with a net long-to-short ratio of 1.52. Short-term activity has picked up and sentiment is tilted bullish; implied volatility was 44.74%. Source: SoSoValue Key developments Bitwise updates Hyperliquid ETF filing Bloomberg ETF analyst Eric Balchunas said Bitwise has amended its Hyperliquid ETF application again, setting the ticker to BHYP and listing an expense ratio of 67 bps (0.67%). He said such updates often suggest a launch is nearing. Canary Capital files for a PEPE ETF SEC filings show Canary Capital submitted an S-1 registration statement for the Canary PEPE ETF, with plans to begin the offering after the registration becomes effective. The firm's earlier wave of altcoin ETF filings had drawn skepticism from some observers. Nasdaq extends timeline for IBIT and ETHA transition to generic listing standards Nasdaq filed a rule change to push the planned transition of BlackRock's IBIT and ETHA from specific listing requirements to generic listing standards from Q1 2026 to Q3 2026, giving sponsor BlackRock more time. The change was submitted on March 31, 2026, and became effective immediately. BlackRock's Ethereum staking ETF takes 18% of staking rewards Fortune reported that BlackRock's iShares Staked Ethereum Trust (ETHB) launched today with a 0.25% management fee (temporarily discounted to 0.12%) and an 18% commission on total staking rewards generated by roughly $318 million of staked ETH held in the trust. The commission is split between BlackRock and Coinbase. With ETH staking yield around 2.74%, an 18% take rate equates to roughly 49 bps of total return. Falconedge CEO Roy Kashi said the 18% covers custody, slashing risk, validator costs and brand premium, estimating the operational cost floor for a staking ETF at about 5%. GlobalStake founder Richard Shorten said meaningful hidden fees can apply before yields reach the ETF. Cosmos co-founder Ethan Buchman called 18% reasonable for institutional products but expects it to compress to 15% or 10% over time. Twinstake sales VP Harriet Browning warned that extreme fee competition could lead some providers to cut corners on security and transparency. The 18% remains below the maximum 25% fee often paid by retail users staking ETH directly on major crypto platforms. Financial advisor Tyrone Ross questioned whether giving up 18% of staking rewards to BlackRock and Coinbase is worth it. Commentary and analysis Balchunas on Bitcoin 'day/night' ETFs: NGHT launches alongside MSBT attention Balchunas said that as markets watched the listing of Morgan Stanley's Bitcoin ETF (MSBT), the Bitcoin After Dark ETF (NGHT) also launched Wednesday. Trading was modest on day one, then jumped on day two, with longer-term traction still uncertain. Research suggests "nighttime returns" often beat daytime returns, though long-term investors holding products like MSBT already capture both, limiting the practical difference. Balchunas said NGHT could gain acceptance if it attracts sustained inflows; without that, it may quickly fade. He added that Morgan Stanley's Bitcoin ETF is positioned for meaningful success given the firm's distribution advantages. Morgan Stanley: new Bitcoin ETF posts record first-day trading for the bank Cointelegraph reported that Morgan Stanley's head of digital assets said the firm's newly launched Bitcoin ETF delivered the strongest first-day trading performance of any ETF product the bank has offered, with more crypto products in development. Balchunas: baby boomers add $500M to spot Bitcoin ETFs in a single day Balchunas said U.S. baby boomer investors quietly put about $500 million into spot Bitcoin ETFs during a period of market pressure and recurring macro headwinds, partially offsetting the year-to-date funding gap. Data still shows year-to-date net flows for Bitcoin ETFs remain slightly negative, suggesting broader investors are in wait-and-see mode, while the recent buying points to rising long-term allocation interest among some traditional capital.