Cryptocurrency ETF Weekly | Last week, the net outflow of Bitcoin spot ETFs in the U.S. was $680 million; the net outflow of Ethereum spot ETFs in the U.S. was $68.6 million
Morgan Stanley applies to launch Bitcoin and Solana ETFs, accelerating its layout in the digital asset field.整理：Jerry，ChainCatcher
Last Week's Crypto Spot ETF Performance
US Bitcoin Spot ETF Net Outflow of $680 Million
Last week, the US Bitcoin spot ETF experienced a net outflow over four days, totaling $680 million, with a total net asset value of $11.686 billion.
Six ETFs were in a state of net outflow last week, with the outflows primarily coming from FBTC, GBTC, and ARKB, which saw outflows of $481 million, $171 million, and $45.4 million, respectively.
Data Source: Farside Investors
US Ethereum Spot ETF Net Outflow of $68.6 Million
Last week, the US Ethereum spot ETF had a net outflow over three days, totaling $68.6 million, with a total net asset value of $1.870 billion.
The outflow was mainly from Grayscale's ETHE, which had a net outflow of $145 million. Three Ethereum spot ETFs were in a state of net outflow.
Data Source: Farside Investors
No Fund Inflows for Hong Kong Bitcoin Spot ETF
Last week, there were no fund inflows for the Hong Kong Bitcoin spot ETF, with a net asset value of $34.6 million. The issuer, Harvest Bitcoin, reduced its holdings to 290.96 BTC, while Huaxia maintained 2390 BTC.
There were no fund inflows for the Hong Kong Ethereum spot ETF, with a net asset value of $10 million.
Data Source: SoSoValue
Crypto Spot ETF Options Performance
As of January 9, the nominal total trading volume of US Bitcoin spot ETF options was $1.76 billion, with a nominal total long-short ratio of 2.53.
As of January 8, the nominal total open interest of US Bitcoin spot ETF options reached $29.99 billion, with a nominal total long-short ratio of 1.71.
The market's short-term trading activity for Bitcoin spot ETF options has increased, with overall sentiment leaning bullish.
Additionally, the implied volatility is at 43.94%.
Data Source: SoSoValue
Overview of Last Week's Crypto ETF Dynamics
Grayscale Registers Grayscale HYPE ETF in Delaware
According to company registration information in the state of Delaware, Grayscale has officially registered the Grayscale HYPE ETF in the United States, with registration number 10465863. The entity type is a Statutory Trust, with the registered agent being CSC DELAWARE TRUST COMPANY, and the registered address is 251 LITTLE FALLS DRIVE, Wilmington, DE 19808.
Earlier today, it was reported that Grayscale's BNB ETF has completed registration in Delaware.
The South Korean government plans to develop a "Digital Asset (Virtual Asset) Phase II Bill" this year, which will include a regulatory framework for stablecoins and will simultaneously introduce a cross-border stablecoin trading regulatory scheme linked to this bill. Additionally, digital asset spot exchange-traded funds (ETFs) are also planned to be introduced this year.
On the 5th, the government released the "2026 Economic Growth Strategy," overseen by the Financial Services Commission. First, the Financial Services Commission will advance the Phase II legislation for digital assets. For stablecoins, it is expected to include the following: · Issuance licensing system (capital requirements, etc.) · Reserve asset management (maintaining over 100% of the issuance amount) · Redemption rights, etc. At the same time, a regulatory scheme for cross-border stablecoin transfers and trading linked to this bill will be developed, overseen by the Financial Services Commission and the Ministry of Economy and Finance.
Considering that Bitcoin spot ETFs in other countries and regions, such as the US and Hong Kong, have already achieved active trading, this plan also includes allowing digital asset spot ETFs within this year. Previously, in South Korea, due to Bitcoin and other digital assets not being recognized as underlying assets for ETFs, spot ETF trading was not possible.
In addition to stablecoins, the government also plans to advance a proposal to utilize a quarter of the national treasury funds in digital currency, referred to as "deposit tokens," by 2030. The government stated that it would revise the "Bank of Korea Act," "National Treasury Fund Management Act," etc., after reviewing the results of pilot projects, and establish a legal basis for payment and settlement based on blockchain within the year. Furthermore, it plans to promote electronic wallets for payment and settlement of business promotion fees and other expenses.
Grayscale BNB ETF Completes Registration in Delaware
Grayscale has officially registered a Binance Coin (BNB)-based ETF entity in Delaware (in the form of a Delaware statutory trust), which is an important preliminary step in advancing potential BNB ETF investment products. A specific issuance timeline or regulatory approval progress has not yet been announced.
21Shares to Distribute Staking Rewards to Its Ethereum ETF Holders, $0.010378 per Share
According to market news, institutional digital asset broker FalconX's subsidiary 21Shares announced that it will distribute earnings from ETH staking to holders of its Ethereum exchange-traded fund 21Shares Ethereum ETF (TETH), with each holder receiving $0.010378 per share. The distribution will take place on January 9, 2026.
Previously, Grayscale also announced this week that it would distribute Ethereum staking earnings to ETHE holders, with each share receiving $0.083178.
Florida's New Proposal: Allow 10% of Public Funds to Invest in Bitcoin and ETFs
According to Bitcoin Magazine, Florida has recently proposed an innovative bill to establish a strategic Bitcoin reserve. This bill will allow the state government to allocate up to 10% of critical public funds for holding Bitcoin and Bitcoin ETF products.
WisdomTree Withdraws Its S-1 Registration Application for Spot XRP ETF
According to Cryptopolitan, WisdomTree has officially withdrawn its proposed registration application for a spot XRP ETF. In a document submitted on Tuesday, the company stated that it has "decided not to proceed" with the issuance of this product at this time and requested the SEC to withdraw the registration statement and all accompanying exhibits and amendments.
Previously, WisdomTree submitted the S-1 registration document related to the spot XRP ETF to the SEC in December 2024.
Market News: Morgan Stanley Submits Ethereum ETF Application to the SEC
According to market news, Morgan Stanley has submitted an Ethereum ETF application to the SEC.
Bitwise Approved by the SEC to List LINK Spot ETF on NYSE Arca
According to market news, asset management company Bitwise has received approval from the SEC to list the LINK spot ETF (ticker CLNK) on the NYSE Arca platform, with its assets jointly custodied by Coinbase Custody and BNY Mellon.
Morgan Stanley Applies to Launch Bitcoin and Solana ETFs, Accelerating Its Digital Asset Strategy
According to Reuters, Wall Street investment banking giant Morgan Stanley has filed documents with the SEC to apply for the launch of exchange-traded funds (ETFs) linked to the prices of crypto assets. The documents indicate that Morgan Stanley plans to launch ETF products tracking the prices of Bitcoin (BTC) and Solana (SOL).
This move will further deepen the bank's positioning in the crypto asset space. Notably, this action comes after the SEC approved spot Bitcoin ETFs two years ago, marking a continued commitment from traditional financial institutions to the digital asset market.
Views and Analysis on Crypto ETFs
JPMorgan: January Crypto ETF Fund Inflows Rebound, Market Sell Pressure May Have Eased
JPMorgan analysts indicate that following outflows in December, crypto ETF fund flows are stabilizing. Analysts led by Nikolaos Panigirtzoglou report that despite global stock ETFs recording a record inflow of $235 billion, Bitcoin and Ethereum ETFs still experienced outflows last month.
Currently, indicators such as ETF fund flows and perpetual futures market positions suggest that sell pressure in the crypto market may be easing. Analysts believe that the recent pullback in the crypto market was primarily due to investors' risk-averse behavior following MSCI's announcement of potential index removals in October, rather than a deterioration in market liquidity. MSCI's decision not to remove Bitcoin and crypto financial companies from the global stock benchmark review in February 2026 may further support market stability.
JPMorgan: The Crypto De-risking Phase May Be Over, ETF Fund Flows Show Signs of Stabilization
JPMorgan states that the previous "de-risking" process in the crypto market may be nearing its end, with fund flows in Bitcoin and Ethereum ETFs showing signs of stabilization. The analysis team led by JPMorgan Managing Director Nikolaos Panigirtzoglou noted in their latest report that although BTC and ETH ETFs experienced outflows in December 2025, global stock ETFs recorded a historic monthly net inflow of $235 billion during the same period, but several indicators began to improve entering January 2026.
The report states that fund flows in Bitcoin and Ethereum ETFs have shown "signs of bottoming," while perpetual contracts and CME Bitcoin futures position indicators indicate that sell pressure is easing. Analysts believe that the phase of simultaneous reduction in positions by retail and institutional investors during the fourth quarter of 2025 is likely over.
Additionally, JPMorgan noted that MSCI's decision not to remove Bitcoin and crypto asset reserve companies from the global stock index in the February 2026 index review provides "at least a temporary relief" for the market, benefiting related companies including Strategy. The report also denies that the recent pullback in the crypto market was caused by deteriorating liquidity. JPMorgan believes that the real trigger was MSCI's statement on October 10 regarding MicroStrategy's index status, which triggered systemic de-risking operations, and current signs indicate that this process is largely complete.
BTC price rebounded to $90,500 after testing the $89,200 support level, which aligns with the 50-day moving average. Jake Ostrovskis, head of over-the-counter trading at Wintermute, stated that the market's failure to break through the critical level of $95,000 has led to two-way trading, primarily dominated by ETF outflows over the past two trading days. Additionally, derivatives positions indicate that market leverage is increasing.
The total open interest in BTC futures and options has surged to nearly 700,000 BTC, reaching a three-week high, with an increase of approximately 75,000 BTC since the beginning of the year. Meanwhile, the perpetual futures funding rate remains at a positive value of around 0.09%, indicating that long positions are paying fees to shorts to maintain exposure, suggesting that traders may be using leverage to buy on dips, which increases the risk of long liquidations.
Bitwise Chief Investment Officer Matt Hougan stated, "Morgan Stanley currently manages 20 ETFs, but most are launched under brands like Calvert / Parametric / Eaton Vance. The Bitcoin and Solana ETFs being applied for will be the 3rd and 4th ETFs directly operated under the 'Morgan Stanley' brand, which is quite noteworthy."
Matrixport: Bitcoin ETF Fund Inflows Are Sustainable, May Strengthen Again in 2026
Matrixport published an analysis of Bitcoin ETF fund inflows, stating that although the related fund flows are not linear, the overall scale remains considerable. Data shows that Bitcoin ETF net inflows were approximately $34 billion in 2024, with an additional $22 billion in 2025, providing ongoing buying support for Bitcoin prices.
Matrixport pointed out that at the beginning of 2025, ETF fund inflow rates slowed due to Trump's tariff policies, but before the FOMC meeting in late October, the inflow pace for most of the year remained faster than in 2024. Fund inflows accelerated significantly in the middle of the year, while the fourth quarter saw a temporary stagnation. Matrixport believes that this change is more of a cyclical adjustment rather than a structural weakening, potentially laying the groundwork for a new round of larger Bitcoin ETF fund inflows in 2026.
Bitwise advisor Jeff Park expressed his views on Morgan Stanley's launch of a Bitcoin ETF, stating that this move is significant in his opinion.
Jeff Park noted that after the first Bitcoin spot ETFs have dominated liquidity for two years, Morgan Stanley still chooses to launch its own branded products, reflecting its assessment through internal wealth management channels that the market size and new client demand remain commercially viable.
Jeff Park further pointed out that Bitcoin ETFs are not only financial products for asset management institutions but also carry symbolic significance on branding and social levels, allowing access to specific client groups such as ultra-high-net-worth independent investors. He also believes that this move can be seen as a defensive arrangement for platform distribution rights and fee retention, controlling customer relationships through proprietary products rather than ceding distribution profits to third parties. In this context, Jeff Park expressed his optimistic stance on Bitwise and Morgan Stanley's related strategies.
Bloomberg ETF analyst Eric Balchunas stated on social media that ETFs recorded $7.1 billion in fund inflows on January 2 (the first trading day of US stocks this year). If this pace continues, the fund inflow scale this year could reach $1.8 trillion (an exaggerated statement).
VOO (Vanguard's ETF tracking the S&P 500) topped the list as usual. BlackRock's SGOV also remains on the list, with its Bitcoin spot ETF IBIT ranking tenth with an inflow of $287 million. The overall trend is very similar to last year. Although current data is still early and noisy, market narratives often begin to take shape in the early days of the new year.
Nate Geraci: Over 130 Cryptocurrency-Related ETF Applications Have Been Submitted to the SEC
The ETF Store President Nate Geraci stated on social media that over 130 cryptocurrency-related ETF documents have been submitted to the SEC.
In 2026, several trends will emerge, including the further mainstream application of spot BTC and ETH ETFs, as well as growing market interest in SOL and XRP ETFs. Nate Geraci believes that cryptocurrency index ETFs will see significant growth this year.
Risk warning
Risk warning
