Bitcoin ETFs Struggle with $60.4M Outflow While Altcoin ETFs Soar

• Bitcoin ETFs saw $60.48M in outflows, while Ethereum ETFs gained $35.5M, led by BlackRock’s ETHA.
• XRP ETFs attracted $900M in institutional capital, with a $38.04M inflow on a single day.
• Solana ETFs saw $1.18M in inflows, totaling $640.06M since October 28, driven by Fidelity’s FSOL.

The US spot Bitcoin ETFs saw a net outflow of $60.48 million, despite BlackRock’s IBIT fund contributing a $28.76 million inflow for the day. In contrast, spot Ethereum ETFs experienced a net inflow of $35.5 million, driven by BlackRock’s ETHA, which brought in $23.7 million in inflows.

According to SoSoValue data, the largest outflow was experienced by Grayscale GBTC, having outflows amounting to $44.03 million, with the Fidelity FBTC fund recording an outflow of $39.44 million. At the same time, the ETFs that tracked Ethereum spot recorded a net inflow of $35.5 million, with ETHA (BlackRock) adding $23.7 million to this total.

Bitcoin ETF Struggles as XRP and Solana Spot ETFs See Record Inflows

Since its debut last month, over $900 million in institutional capital has flowed to Ripple XRP spot ETFs, which suggests capital is moving as arbitrage gets unwound and Bitcoin ETF volatility persists. Remarkably, the XRP gained the biggest altcoin ETF launch over the years, with the four funds recording a single-day inflow of $38.04 million on Monday.

Source: SoSoValue

Moreover, net inflows into spot Solana ETFs increased to $1.18 million in one day, all driven by the Fidelity FSOL fund. Since October 28, when it was launched, Solana has recorded a total net inflow of $640.06 million.

According to the CoinMarketCap data, XRP was on a massive hike in the beginning of December, reaching as high as $2.20. During the last 24 hours, the altcoin shoots up by 3.42% to reach the mark of $2.14, which demonstrates a positive trend. 

Also Read: Bitcoin ETFs See $105M in Weekly Outflows as Accumulation Stalls

Meanwhile, Solana has risen by 1.57% during the last week and is currently trading at $140.65. Bitcoin also rose by 3.5% and is now trading at $93,528.21.

Crypto ETF Market Set to Grow, Says Katherine Dowling

Katherine Dowling, a Bitwise Asset Management executive, tells DL News that the crypto ETF market is going to grow. She stated that ETFs are a great place to start with several investors, adding that altcoin funds such as Solana and XRP have good fundamentals; these funds will lead to higher prices.

Bitfinex analysts, too, perceive it as a healthy strategic rebalancing, saying that the spot ETF channel is still intact.

As to the long-term perspective of Bitcoin, in their opinion, the structural thesis holds strong. They noted that with additional big allocators stepping into the market via ETF wrappers, the future of Bitcoin becoming a regulated store of value remains liquid, and future inflows can become more significant and consistent.

Also Read: XRP Holds 2021 Highs, Technicals Signal $20 Bullish Target