This week, there have been quite a few developments in the ETF market. The US Bitcoin spot ETF saw a net outflow of $296 million, with BlackRock’s IBIT accounting for $158 million of that alone. Ethereum’s situation is similar as well, with a net outflow of $206 million. What’s interesting, though, is that Hong Kong’s Bitcoin spot ETF instead recorded an inflow of 34.28 BTC, indicating that institutions’ attitudes toward crypto assets still differ quite a lot across regions.

Recently, I came across news that Morgan Stanley is looking to launch a Bitcoin spot ETF, with a fee set at 0.14%. If it is indeed approved, it would be the cheapest offering in the market. Right now, most products charge fees in the range of 15–25 basis points, and BlackRock’s IBIT is at 25 basis points. I’ve also seen that institutions like Grayscale, CoinShares, and Franklin Templeton are rolling out new products—some have added staking features, while others have introduced tokenized ETFs that support 24-hour trading. The emergence of these innovative products shows that the entire ETF market is moving toward a more complex and more diversified direction.

From the data, Bitcoin ETFs are still in a net outflow state, but over the past 30 days there have been inflows of about 38,000 BTC, equivalent to $2.6 billion. Ethereum, on the other hand, is performing even stronger: this week it recorded a net inflow of $160.8 million, setting a new all-time high. Some analysts believe that if geopolitical tensions continue to ease, Bitcoin could test the $74,000–$76,000 resistance zone, though macro factors also need to be taken into account. Overall, institutional interest in etherun and Bitcoin remains, but short-term volatility is relatively high.