Last week, the spot ETFs for Bitcoin and Ethereum in the U.S. had very different performances. Bitcoin saw net outflows of $296 million, with BlackRock’s iShares Bitcoin Trust accounting for most of that withdrawal (158 million). Meanwhile, Ethereum surprised with stronger inflows toward the end of the week, offsetting earlier losses.

What caught my attention was the recovery in Bitcoin flows after that bigger scare. Bitcoin spot ETFs are rebounding: the cumulative balance is still negative, but much better than it was a few weeks ago. According to analyses, there was a positive net flow of roughly 38,000 BTC over the last 30 days, equivalent to about $2.6 billion. This shows that institutional demand for exposure hasn’t disappeared—it has only cooled off a bit.

In Hong Kong, spot Bitcoin ETFs recorded an inflow of 34.28 BTC, while Ethereum saw outflows of 1,210 tokens. Different markets, different dynamics.

What interested me most was the movement of new products. Morgan Stanley is set to launch a Bitcoin spot ETF with a fee as low as 0.14%—which would be the cheapest in the market if it’s approved. Grayscale, 21Shares, and other issuers are expanding their offerings, focusing on staking and more sophisticated products. It seems the cryptocurrency ETF industry is evolving into something more complex.

Overall, the data suggest that while there is selling pressure in some periods, institutional demand for Bitcoin exposure via spot ETFs remains solid. The market is consolidating, with new players and more innovative product structures. Volatility stays high, but interest in spot products seems here to stay.