Last week, the U.S. market's BTC and ETH Spot ETFs finally welcomed some long-awaited good news — a total net inflow of over $380 million. This is the first sign of capital inflow since November.

Let's talk about Bitcoin first. Although there was a net outflow of 70.05 million USD overall (that's right, an outflow), Fidelity's FBTC has surged ahead, absorbing 230 million USD in a single week, with total inflows now exceeding 12 billion USD. Following closely are Grayscale's GBTC and BTC, with inflows of 16.33 million and 8.88 million USD respectively, while ARK 21Shares' ARKB also brought in 6.44 million.

However, interestingly, BlackRock's IBIT, VanEck's HODL, and Bitwise's BITB encountered net outflows last week, losing 137 million, 36.95 million, and 18.1 million USD respectively. This forms a stark contrast. As of now, the total net asset value of BTC Spot ETFs has reached 119.39 billion USD, accounting for 6.56% of Bitcoin's total market capitalization, with a cumulative net inflow of 57.71 billion USD.

Looking at Ethereum, the ETH Spot ETF performed even better last week, with a net inflow of nearly $313 million, marking the first positive inflow since November. BlackRock's ETHA led the charge with a single-week inflow of $257 million, bringing the cumulative inflow to $13.15 billion (this number is a bit exaggerated). Fidelity's FETH and Grayscale's ETH also contributed inflows of $45.32 million and $24.37 million, respectively. Although 21Shares' TETH and Bitwise's ETHW had smaller inflow scales, they also recorded positive numbers.

The only exception? Grayscale's ETHE saw an outflow of $15.05 million last week, becoming the only "contrarian" in the ETH ETF category. Currently, the total net asset value of ETH Spot ETFs is $19.15 billion, accounting for 5.19% of Ethereum's total market capitalization, with a cumulative net inflow of $12.94 billion.

Overall, has institutional capital started to warm up? Or is it just a short-term fluctuation? The market is still in wait-and-see mode.