Encrypted ETF Weekly Report | Last Week, US Bitcoin Spot ETF Net Outflow $9.95 Billion; US Ethereum Spot ETF Net Outflow $255 Million

链捕手Published on 2026-05-18Last updated on 2026-05-18

Abstract

Last week, U.S. Bitcoin spot ETFs saw significant net outflows totaling $995 million over three days, with a major contribution of $317 million from BlackRock's IBIT. Their total net asset value (NAV) stands at $104.2 billion. U.S. Ethereum spot ETFs also experienced net outflows of $255 million over five days, largely from BlackRock's ETHA ($186 million out), bringing their total NAV to $12.93 billion. In Hong Kong, Bitcoin spot ETFs recorded a net outflow of 24.91 BTC, reducing their NAV to $323 million. Hong Kong's Ethereum spot ETFs saw no inflows, with an NAV of $68.13 million. U.S. Bitcoin spot ETF options showed increased activity, with a total nominal trading volume of $797 million and a put/call trading ratio of 1.63, indicating a bullish market sentiment. The total open interest reached $23.08 billion. Key developments include VanEck and Grayscale simultaneously filing amended proposals for BNB ETFs, signaling potential SEC review progress. Grayscale also filed for the first U.S. privacy coin ETF (Zcash). Avenir Group remains Asia's largest institutional holder of Bitcoin ETFs. 21Shares launched an actively managed crypto ETF (TKNS), and Bitwise's Hyperliquid ETF (BHYP) is set to list on the NYSE. Institutional activity varied: JPMorgan dramatically increased its Bitcoin ETF holdings (IBIT up 174%), while Jane Street significantly reduced its exposure (IBIT down 71%). Dartmouth College disclosed holdings of $7.7M in Bitcoin ETF and $3.4M in a Solana ETF.

Compiled by: Jerry, ChainCatcher

Last Week's Performance of Cryptocurrency Spot ETFs

US Bitcoin Spot ETF Net Outflow of $9.95 Billion

Last week, US Bitcoin Spot ETFs experienced net outflows for three days, with a total net outflow of 9.95 billion dollars, and total assets under management (AUM) reached $104.29 billion.

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

Data Source: Farside Investors

US Ethereum Spot ETF Net Outflow of $255 Million

Last week, US Ethereum Spot ETFs experienced net outflows for five days, with a total net outflow of 2.55 billion dollars, and total AUM reached $12.93 billion.

The main outflow last week came from BlackRock's ETHA, with 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, Hong Kong Bitcoin Spot ETFs had a net outflow of 24.91 Bitcoins, with an AUM of $323 million. Among them, issuer Harvest Bitcoin's holdings dropped to 210.92 coins, and ChinaAMC's holdings dropped to 2,570 coins.

Hong Kong Ethereum Spot ETFs had no fund inflows, with an AUM of $68.13 million.

Data Source: SoSoValue

Performance of Cryptocurrency Spot ETF Options

As of May 14, the total notional trading volume for US Bitcoin Spot ETF options was $797 million, with a notional total long/short trading ratio of 1.63.

As of May 14, the total notional open interest for US Bitcoin Spot ETF options reached $23.08 billion, with a notional total long/short ratio of 1.45.

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

Additionally, the implied volatility stands at 41.82%.

Data Source: SoSoValue

Overview of Last Week's Cryptocurrency ETF Dynamics

VanEck and Grayscale File BNB ETF Amendments on Same Day

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

Bloomberg ETF analyst James Seyffart stated that the synchronized actions suggest both issuers are responding to feedback from the US SEC and may be planning a launch in the near future. James Seyffart speculates that BNB might be the next crypto asset to pass SEC scrutiny and have the potential to list in the US.

Meanwhile, Canary Capital separately filed an amendment to its proposal for a staked TRX ETF, which would bundle Tron's staking rewards into a regulated framework.

Grayscale Submits Revised BNB ETF S-1 Again, Possibly Paving Way for US Spot ETF Advancement

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

He said this revision is likely based on adjustments in response to SEC feedback, suggesting the product may be accelerating its launch process.

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

The latest disclosed SEC filings show that as of March 31, 2026, Avenir Group holds 18,276,100 shares of BlackRock's iShares Bitcoin Trust (IBIT). Based on the quarter-end closing price, the position value is approximately $702 million, a slight decrease of about 0.061% compared to Q4 2025. Avenir Group has maintained its position as Asia's largest institutional holder of Bitcoin ETFs for eight consecutive quarters since Q2 2024.

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

Data: US Dartmouth College Discloses Holding $7.7 Million in Bitcoin ETF and $3.4 Million in SOL ETF

According to MacroScope monitoring, in its submitted 13F filing, US Dartmouth College disclosed that as of March 31, it holds approximately 201,531 shares of BlackRock's Bitcoin ETF "IBIT," valued at $7.7 million, with no change in holdings from the previous quarter.

The college also reported a new position: holdings of Bitwise Solana Staking ETF valued at $3.4 million (304,803 units).

21Shares Announces Launch of Actively Managed Crypto ETF TKNS

According to an official announcement, 21Shares has announced the launch of an actively managed crypto ETF, ticker TKNS. The fund is managed by a professional team, aiming to capture market opportunities and outperform passive index funds. Portfolio managers will adjust 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 select brokerage platforms.

Bitwise Hyperliquid ETF to List on New York Stock Exchange This Friday

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

JPMorgan Chase Significantly Increased Bitcoin ETF Holdings in Q1, IBIT Position Surges 174%

According to a Cointelegraph report, 13F filings show that JPMorgan Chase significantly increased its Bitcoin ETF holdings in the first quarter. Its holdings in BlackRock iShares Bitcoin Trust (IBIT) grew from approximately 3 million shares to 8.3 million shares, an increase of 174%.

Additionally, JPMorgan Chase also significantly increased holdings of other Bitcoin spot ETFs like Fidelity's FBTC and Bitwise's BITB, and slightly increased its holdings of MicroStrategy (MSTR).

Regarding altcoin ETFs, JPMorgan Chase's actions varied: it initiated a position in Bitwise Solana Staking ETF (BSOL), increased holdings of Ethereum-related ETFs, while completely exiting its position in an XRP ETF.

Jane Street Q1 Significantly Reduced Bitcoin ETF Exposure, IBIT Holdings Down 71% QoQ

The latest 13F filing submitted by quantitative giant Jane Street to the US SEC discloses a significant reduction in its Bitcoin ETF exposure for Q1 2026. Its holdings of IBIT decreased approximately 71% quarter-over-quarter to 5,872,212 shares, valued at approximately $225.6 million. Its holdings of FBTC decreased approximately 60% to 1,954,174 shares, valued at approximately $115 million.

Additionally, its holdings of MSTR also decreased approximately 78% quarter-over-quarter to 209,833 shares, valued at approximately $26.18 million.

Grayscale Files First Privacy Coin Spot ETF Application, Multicoin Capital Discloses It Has Accumulated ZEC

Grayscale has filed an application for a Zcash spot ETF, seeking to convert its existing Zcash trust into a spot product, becoming the first privacy coin ETF seeking to list in the US. Concurrently, Multicoin Capital disclosed it has been accumulating ZEC since February, with co-founder Tushar Jain linking the investment thesis to proposed US wealth tax legislation, suggesting that government expansion of surveillance over private financial holdings will drive structural demand for assets shielded from regulatory scrutiny at a mathematical level.

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

BNB Chain Releases Research Report, Exploring Post-Quantum Cryptography Migration Path for BSC

BNB Chain, a leading Layer-1 blockchain ecosystem, has released a research report exploring the potential migration path for BNB Smart Chain (BSC) to post-quantum cryptography. The study evaluates replacing traditional cryptographic systems with quantum-resistant alternatives, specifically examining the use of ML-DSA-44 for transaction signing and pqSTARK for aggregating validator consensus signatures. While quantum computers are not currently a practical threat to existing blockchain cryptography, the research represents a proactive effort to ensure long-term network security and infrastructure resilience. The report assessed several core areas of the BSC tech stack, including post-quantum transaction signing, validator signature aggregation, transaction validation, public key storage, and network performance under increased data loads. A key finding is that achieving post-quantum readiness is technically feasible today but requires significant trade-offs in scalability. Test data indicates: • Transaction size would increase from ~110 bytes to ~2.5 kilobytes. • Block size would grow from ~110 kilobytes to ~2 megabytes. • Native transfer TPS would decrease from 4,973 to 2,997. The primary performance bottleneck is not signature verification itself, but the increased network transmission overhead caused by larger transaction and block sizes. Conversely, the pqSTARK aggregation technology proved highly efficient, compressing validator signatures by an approximately 43:1 ratio, which helps manage consensus-layer overhead. The report notes that post-quantum alternatives for areas like P2P handshakes and KZG commitments were not within the scope of this evaluation and require further research and broader ecosystem coordination. BNB Chain emphasizes this work is a research-oriented exploration and not a response to any imminent security threat.

marsbit13m ago

BNB Chain Releases Research Report, Exploring Post-Quantum Cryptography Migration Path for BSC

marsbit13m ago

After Developer Numbers Halved: Crypto Isn't Dead, It's Just Giving Up Talent to AI

The title "After a 50% Drop in Developer Count: Crypto Isn't Dead, It's Just Ceding Talent to AI" suggests a shift, not an end. The article analyzes GitHub data showing a significant drop in overall Crypto developer activity from a peak of 45K monthly active developers in 2022 to about 23K in 2026. However, this masks a deeper trend of "talent deleveraging." The exodus consists mainly of newcomers who entered during the bull market for hype-driven roles (e.g., NFT contracts, forked DeFi protocols), with over 50% of developers with less than one year of experience leaving. In contrast, established developers (2+ years of experience) have hit record highs, contributing roughly 70% of the code. They are consolidating in ecosystems with real users and revenue, like Bitcoin and Solana. These experienced builders possess unique skills forged in Crypto's "code is law" environment: the ability to build trust and functional systems from scratch in the absence of external authority or rules, with zero tolerance for error. The article argues that AI's scaling faces structurally similar trust, coordination, and verification problems—particularly regarding compute aggregation, multi-agent incentive alignment, and autonomous payments. Crypto builders are already applying these skills in AI. Examples include CoreWeave (mining to AI compute), OpenRouter (NFT marketplace routing to AI model routing), and projects like Hyperbolic (using crypto-native mechanisms for decentralized compute verification) and EigenLayer (applying restaking logic to AI agent governance). Stablecoin infrastructure is becoming critical for AI agent micro-payments (e.g., x402 protocol). The role of these builders is evolving from writing smart contracts to "designing trusted mechanisms for autonomous AI systems." This shift is reflected in new hiring trends at major exchanges and significant venture capital flowing into the crypto-AI convergence (e.g., funds from Paradigm, Haun Ventures). The article concludes that while developer numbers have halved, the core density of talent has increased, and their uniquely cultivated skills are finding a new, larger stage in the AI era.

marsbit23m ago

After Developer Numbers Halved: Crypto Isn't Dead, It's Just Giving Up Talent to AI

marsbit23m ago

After the Developer Count Halved: Crypto Is Not Dead, It's Just Ceding Talent to AI

Following a significant decline in the total number of open-source crypto developers, from a peak of 45K in 2022 to approximately 23K by 2026, this article argues the industry is undergoing a "talent deleveraging" rather than a collapse. The exodus primarily consists of newcomers who entered during the bull market, while the core of experienced developers (2+ years) has grown to a record high, contributing around 70% of code. These established builders are concentrating in ecosystems with real users and revenue, like Bitcoin and Solana. The article posits that crypto has cultivated a unique skill set in building trustless, autonomous systems with near-zero tolerance for error—a capability now finding high demand in the AI era. As AI scales, it faces structural gaps in decentralized compute aggregation, multi-agent coordination/incentive alignment, and autonomous payment infrastructure. Crypto builders are transitioning their expertise to address these exact problems. Examples include CoreWeave (mining to AI compute), Hyperbolic (decentralized compute verification), EigenLayer (extending restaking mechanisms to AI agent governance), and the x402 protocol (enabling AI agent micro-payments via stablecoins). The role of the crypto builder is evolving from writing smart contracts to designing the rule-based, trust-minimized frameworks necessary for AI-native systems. Venture capital is increasingly funding this convergence, viewing it as a structural opportunity rather than a narrative shift. The core talent and systemic design principles from crypto are not disappearing but being re-priced and applied to the foundational challenges of scalable AI.

链捕手27m ago

After the Developer Count Halved: Crypto Is Not Dead, It's Just Ceding Talent to AI

链捕手27m ago

Goldman Sachs Dumps XRP and Solana ETFs in Major Crypto Portfolio Shake-Up

In a significant portfolio shift, Goldman Sachs has eliminated its holdings in XRP and Solana exchange-traded funds (ETFs) as of Q1 2026, according to SEC filings. The bank's Q4 2025 filing had shown about $154 million invested across four XRP ETFs, but these positions were absent in the subsequent quarter. While divesting from these altcoin products, Goldman Sachs maintained substantial investments in Bitcoin and Ethereum ETFs. It held $690 million in BlackRock's iShares Bitcoin Trust (IBIT) and $25 million in Fidelity's Wise Origin Bitcoin Fund (FBTC), despite a 10% reduction in each. Its stake in the iShares Ethereum Trust (ETHA) was cut by over 70%, leaving a position worth approximately $114 million. The move highlights the bank's strategic reallocation within the crypto ETF space, favoring the two largest digital assets over other alternatives like XRP and Solana.

TheNewsCrypto28m ago

Goldman Sachs Dumps XRP and Solana ETFs in Major Crypto Portfolio Shake-Up

TheNewsCrypto28m ago

A Quick Look at the Latest Moves of the 24-Year-Old 'AI Stock God': Sixty Percent of the Portfolio Hedging Against Semiconductor Downturn

24-year-old AI investing prodigy Leopold Aschenbrenner's fund, Situational Awareness LP, has disclosed its Q1 2026 13F holdings. The fund's total portfolio nominal value surged 148% to $13.7 billion, driven by both investment gains and significant new capital inflows. The most striking move was the establishment of massive short-term hedges against potential volatility in the AI semiconductor sector. Over 60% of the fund's nominal exposure is now in put options (bets on declines) targeting major AI hardware stocks like NVIDIA (NVDA), VanEck Semiconductor ETF (SMH), Broadcom (AVGO), and AMD. Notably, the fund also holds call options (bets on rises) on some names like Micron (MU) and TSMC, indicating it expects extreme price swings in these stocks. Alongside these hedges, the fund remains a long-term bull on AI infrastructure. It significantly increased its equity stakes in companies like GPU cloud provider CoreWeave (CRWV) and added to positions in power/energy infrastructure firms like Bloom Energy (BE), albeit after taking substantial profits on the latter. The fund also exited positions in optical communication hardware (LITE, COHR) and reduced leverage by clearing out large call option positions on Intel and CoreWeave. In essence, the portfolio reflects a dual strategy: cautious on near-term semiconductor valuations and potential over-extension, while maintaining a conviction that the true long-term bottlenecks and value will be in the underlying infrastructure powering the AI revolution—such as energy, data centers, and compute availability.

marsbit33m ago

A Quick Look at the Latest Moves of the 24-Year-Old 'AI Stock God': Sixty Percent of the Portfolio Hedging Against Semiconductor Downturn

marsbit33m ago

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