Last week, the US recorded the highest weekly trading volume for spot ETFs since 2025, with a total trading amount of $25 billion and a net inflow of $2.75 billion, marking the second-highest weekly net inflow since these products were launched at the beginning of 2024. According to CoinAnk data, BlackRock's current holdings of 3.3% of the global Bitcoin supply amount to $19.5 billion, with net fund assets exceeding $71 billion, approximately three times that of the second-ranked Fidelity FBTC. During the same period, Ethereum spot ETF net inflows reached approximately $250 million, the highest level since early February, despite a slight decrease in trading volume.

The cumulative net inflow for US Bitcoin spot ETFs has reached $44.499 billion, setting a new historical record.

We believe that last week's net inflow of $2.75 billion into US Bitcoin spot ETFs, which was the second-highest weekly net inflow since their launch at the beginning of 2024, and the cumulative net inflow exceeding $44.499 billion reflects the continued preference of investors for cryptocurrency assets.

The ETF's weekly trading volume reached $25 billion, the highest level since 2025, and the increase in liquidity further solidifies its status as a mainstream financial product. At the same time, the net inflow of $250 million into Ethereum spot ETFs, marking a new high since early February, indicates that funds are spreading from Bitcoin to other crypto assets, although the decrease in Ethereum trading volume may reflect that the market is still anchored by Bitcoin.

Despite strong ETF demand (purchases reaching six times miners' output), new accounting standards require companies to adjust Bitcoin asset valuations at market prices, which could pose financial report risks if prices fluctuate significantly. Additionally, the monopoly of giants like BlackRock may squeeze the survival space of small and medium-sized institutions, necessitating attention to regulatory potential interventions on market concentration. Current data confirms the deepening of cryptocurrencies as an asset class, but structural differentiation and external risks still need to be monitored.